بررسی روابط متقابل حاکمیت شرکتی، نقدشوندگی و عملکرد با استفاده از سیستم معادلات همزمان

نوع مقاله : علمی - پژوهشی

نویسندگان

1 دانشگاه علامه طباطبایی

2 *دانشجوی دکتری دانشگاه علامه طباطبائی

چکیده

صاحبنظران امروزه حاکمیت شرکتی را بهترین سازوکار بهبود روابط میان سهامداران و مدیریت، می­دانند. از این­رو، بهبود آن می­تواند وضعیت نقدشوندگی و عملکرد شرکت­ها را که مرتبط با عملکرد سهامداران و مدیریت است تحت­الشعاع قرار دهد. از سوی دیگر، بهبود نقدشوندگی و عملکرد شرکت­ها می­تواند خود محرکی برای افزایش جذب و جلب­توجه سهامداران و مدیریت تلقی شود و با تحریک مجدد حاکمیت شرکتی روند بهبود وضعیت نقدینگی و عملکرد را تسریع بخشد. از این­رو، بهتر است این متغیرها در قالب چرخه­ای همزمان مورد مطالعه قرار گیرند. هدف این پژوهش، بررسی روابط متقابل بین حاکمیت شرکتی، نقدشوندگی و عملکرد شرکت­های پذیرفته‌شده در بورس اوراق بهادار تهران است. بدین منظور حاکمیت شرکتی بر مبنای روش امتیازبندی حاکمیت شرکتی براون و کایلور (2006) و تعدیل آن با توجه به پیش­نویس حاکمیت شرکتی بورس اوراق بهادار تهران (1386)، با 7 مکانیزم دوگانگی وظیفه مدیرعامل، استقلال هیئت­مدیره، اندازه هیئت­مدیره، مالکیت سرمایه­گذاران نهادی، اندازه موسسه حسابرسی، دوره تصدی حسابرس و دوره تصدی مدیرعامل؛ نقدشوندگی با بهره­گیری از نرخ گردش سهام و عملکرد با تاکید بر فرصت رشد (Q توبین)، سنجیده شده است و با استفاده از روش نمونه­گیری حذفی در قلمرو زمانی 1388 تا 1392، نمونه از بورس تهران انتخاب و با توجه به مبانی نظری حاکمیت شرکتی، نقدشوندگی و عملکرد، به تبیین مدل­ها در قالب سیستم معادلات همزمان پرداخته شده است. نتایج برآورد مدل‌های رگرسیونی در قالب معادلات همزمان نشان می­دهد که تاثیر برخی از مکانیسم­های حاکمیت شرکتی بر عملکرد شرکت­ها بدون درنظر گرفتن متغیر واسطه­ای نقدشوندگی معکوس و معنادار است. بین عملکرد و نقدشوندگی بدون درنظر گرفتن متغیر واسطه­ای حاکمیت شرکتی رابطه دوطرفه وجود دارد و با درنظر گرفتن آن، تنها تاثیر نقدشوندگی بر عملکرد معنادار است. در نهایت بین حاکمیت شرکتی و نقدشوندگی هیچ­گونه رابطه معناداری وجود ندارد. 

کلیدواژه‌ها

عنوان مقاله [English]

Examining the interrelationships of corporate governance, liquidity and performance using the system of simultaneous equations

نویسندگان [English]

  • Ali Saghafi 1
  • Mahdieh Kamran 2
1
2 phd candidate, Allame Tabatabaei
چکیده [English]

Today, experts consider corporate governance as the best mechanism for improving relations between shareholders and management. Therefore, its improvement can overshadow the liquidity situation and the performance of companies, which is related to the performance of shareholders and management. On the other hand, improving the liquidity and performance of companies can be considered as a stimulus to increase the attraction and attention of shareholders and management, and accelerate the process of improving liquidity and performance by re-stimulating corporate governance. Therefore, it is better to study these variables in the form of simultaneous wheels. The purpose of this research is to examine the interrelationships between corporate governance, liquidity and performance of companies listed on the Tehran Stock Exchange. For this purpose, corporate governance is based on the scoring method of corporate governance by Brown and Kaylor (2006) and its adjustment according to the corporate governance draft of Tehran Stock Exchange (2006), with 7 mechanisms of dual duties of the CEO, independence of the board of directors, size of the board of directors, ownership of institutional investors, the size of the auditing firm, the tenure of the auditor and the tenure of the CEO; Liquidity has been measured using the stock turnover rate and performance with an emphasis on growth opportunity (Tobin's Q), and using the elimination sampling method in the period from 1388 to 1392, a sample was selected from the Tehran Stock Exchange and according to the theoretical foundations of corporate governance, Liquidity and performance have been explained in the form of simultaneous equations system. The results of the estimation of regression models in the form of simultaneous equations show that the effect of some corporate governance mechanisms on the performance of companies is inverse and significant without considering the variables of liquidity mediators. There is a two-way relationship between performance and liquidity without considering the mediating variable of corporate governance, and considering it, only the effect of liquidity on performance is significant. Finally, there is no significant relationship between corporate governance and liquidity.

کلیدواژه‌ها [English]

  • Corporate governance
  • liquidity
  • Function
  • growth opportunity
  • System of simultaneous equations

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