اثر ساختار مالکیت بر عملکرد مالی شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران: رویکرد پانل پویا

نوع مقاله : علمی - پژوهشی

نویسندگان

1 کارشناسی ارشد مالی- مهندسی مالی و مدیریت ریسک، دانشگاه علامه طباطبائی، تهران، ایران .

2 دانشیار، گروه مالی و بانکداری، دانشگاه علامه طباطبائی، تهران، ایران.

3 استادیار، گروه مالی و بانکداری، دانشگاه علامه طباطبائی، تهران، ایران

چکیده

شکل‌گیری نظام جدید حاکمیت شرکتی پس از سقوط انرون و ورلدکام در سال‌های ابتدایی قرن بیست و یکم در سطح جهانی و سرعت گرفتن روند واگذاری دارایی‌های دولت همگام با توسعه بازار سرمایه و تقویت سرمایه‌گذاری نهادی در سطح کشور، مسئله مالکیت و تاثیر آن بر عملکرد شرکت‌ها را به موضوعی مناقشه‌ برانگیز در حوزه ادبیات مالی بدل ساخته است. هدف پژوهش حاضر، بررسی رابطه میان ساختار مالکیت با عملکرد مالی شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران می‌باشد. بر این اساس، پژوهش به بررسی اثر مالکیت نهادی و دولتی بر عملکرد مالی 146 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران طی دوره 1400-1392 و با استفاده از روش پانل پویا پرداخته است. نتایج پژوهش حاکی از اثر مثبت مالکیت نهادی بر عملکرد شرکت‌های نمونه می‌باشند. همچنین سنجه‌های عملکردی مبتنی بر اطلاعات حسابداری، رابطه معنادار و منفی مالکیت دولتی بر عملکرد شرکت را نشان می‌دهند. سایر یافته‌های پژوهش بیانگر اثر مثبت اهرم مالی و نگاه مثبت سهامداران نسبت به سهام شرکت‌های بزرگ و رشدی در ارزیابی عملکرد مالی شرکت می‌باشند.

کلیدواژه‌ها

عنوان مقاله [English]

The Effect of Ownership Structure on the Corporate Financial Performance in Tehran Stock Exchange: a Dynamic Panel Data Analysis

نویسندگان [English]

  • Milad Badiei 1
  • Mohammad Hasan Ebrahimi Sarve Oliya 2
  • Mostafa Sargolzaei 3
1 M.Sc. in Financial Engineering and Risk Management, Allameh Tabataba'i University, Tehran, Iran.
2 Associate Prof., Department of Finance and banking, University of Allame Tabataba’i, Tehran, Iran
3 Assistant Prof, Department of Finance and banking, University of Allame Tabataba’i, Tehran, Iran
چکیده [English]

The developmentof a new system of corporate governance after the collapse of Enron and WorldCom in the early years of the 21st century at the global level and the acceleration of the process of handing over government assets simultaneously with the development of the capital market and the strengthening of institutional investment at the country level, the issue of ownership and its impact has made the performance of companies a controversial topic in the field of financial literacy. The purpose of this research is to investigate the relationship between the ownership structure and the financial performance of companies listed in the Tehran Stock Exchange. Based on this, the research investigated the effect of the relationship between institutional and government ownership on the financial performance of 146 listed companies on the Tehran Stock Exchange from 2012 to 2021 using the dynamic panel(Panel GMM) method. The research results indicate the positive effect of institutional ownership on the performance of sample companies. Also, performance metrics based on accounting information show a significant and negative relationship between government ownership and company performance. Other findings of the research show the positive effect of financial leverage and the positive view of shareholders towards the shares of large and growing companies in evaluating the company's financial performance

کلیدواژه‌ها [English]

  • Dynamic panel
  • Firm Performance
  • Government ownership
  • Institutional ownership

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چشم انداز مدیریت مالی
دوره 13، شماره 42
شهریور 1402
صفحه 63-90

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