شهرت شرکت، ریسک و بازدهی سهام

نوع مقاله : علمی - پژوهشی

نویسندگان

1 گروه حسابداری، دانشگاه بوعلی سینا، همدان، ایران

2 کارشناس ارشد، گروه حسابداری، مؤسسه آموزش عالی الوند، همدان، ایران

3 استادیار، گروه حسابداری، دانشکده علوم اقتصادی و اجتماعی، دانشگاه بوعلی‌سینا، همدان، ایران

چکیده

چکیده

هدف: در سال‌های اخیر شهرت شرکت به عنوان انگیزه‌ای برای عملیات تجاری کارآمد و مولد مطرح شده و ابزار موثری در مدیریت رفتار ذی‌نفعان است. بر اساس نظریه علامت‌‌دهی، شهرت شرکت علامت ریسک است، به‌طوری که شهرت بالاتر به معنای ریسک کمتر است. همچنین طبق دیدگاه مبتنی بر منابع، شهرت شرکت یک منبع در اختیار شرکت و یک دارایی حیاتی است که منجر به عملکرد پایدار و مزیت رقابتی می‌‌شود. بنابراین شهرت شرکت، دارایی نامشهودی است که به مرور زمان ایجاد شده و می‌‌تواند باعث خلق ارزش و ثروت و بهبود عملکرد شکت گردد. بر این اساس هدف پژوهش حاضر بررسی تأثیر شهرت شرکت بر ابعاد ریسک شامل ریسک کلی شرکت، ریسک سیستماتیک و ریسک ورشکستگی مالی و همچنین بازدهی سهام است.

روش: آزمون فرضیه‌‌ها با استفاده از اطلاعات 156 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی دوره زمانی 11 ساله 1392 تا 1402 انجام شده است. برای سنجش شهرت از روش تحلیل مؤلفه‌‌های اصلی استفاده شده است و از رتبه‌‌بندی سازمان مدیریت صنعتی نیز به عنوان معیار مکمل استفاده شد. برای آزمون فرضیه‌ها مدل‌‌های رگرسیونی نیز با رویکرد پانل پویا و برآوردگر گشتاورهای تعمیم یافته برازش شدند.

یافته‌ها: آزمون آماری فرضیه‌‌های پژوهش نشان داد اول، بین شهرت شرکت و ریسک کل ارتباط مستقیم و معناداری با استفاده از هر دو سنجه شهرت شرکت وجود دارد. دوم، بین شهرت شرکت و ریسک سیستماتیک ارتباط منفی و معنا‌‌داری یافت شد. سوم، ارتباط منفی و معنا‌‌داری بین شهرت شرکت و ریسک ورشکستگی مالی با استفاده از تعریف شهرت بر مبنای تحلیل مؤلفه اصلی بدست آمد. چهارم، بین شهرت شرکت و بازدهی مازاد سهام ارتباط مستقیم و معناداری با هر دو تعریف از شهرت شرکت مشاهده شد.

نتیجه‌گیری: شهرت نقش مهمی در پاسخ‌های استراتژیک شرکت‌ها به تهدیدات محیطی ایفا می‌کند. شهرت شرکت و حفظ آن در فضای رقابتی عامل مهمی برای موفقیت واحد تجاری است. شرکت‌های با شهرت بالا عموما دسترسی آسان‌تر و کم‌هزینه‌تری به منابع مالی دارند و در مواقع محدودیت مالی می‌توانند از این طریق مشکلات مالی و سرمایه‌گذاری را مرتفع نمایند. در نتیجه این شرکت‌ها با ریسک ورشکستگی کمتری روبرو خواهند بود و عملکرد بهتری را برای ذینفعان خواهند داشت. شرکت‌های با شهرت بالاتر بیشتر مورد توجه سهامداران قرار گرفته و این موضوع منجر به استحکام مالی و در نتیجه کاهش ریسک شرکت می‌گردد. این پژوهش دارای مفاهیم نظری و عملی برای تدوین‌کنندگان الزامات در بورس اوراق بهادار و سهامداران است. یافته‌های پژوهش حاضر به تدوین‌کنندگان الزامات بورس اوراق بهادار کمک می‌نماید که موضوع شهرت شرکت‌ها و به‌ویژه رتبه‌بندی آنان را مد نظر قرار دهند. همچنین نتایج پژوهش حاضر می‌تواند به تصمیم‌گیری اثربخش سهامداران در زمینه انتخاب شرکت‌ها جهت سرمایه‌گذاری یاری رساند. یافته‌های پژوهش حاضر می‌تواند منجر به بسط و توسعه مبانی تجربی پژوهش‌های حوزه شهرت شرکتی گردد.

کلیدواژه‌ها

عنوان مقاله [English]

Firm reputation, risk, and stock return

نویسندگان [English]

  • Mohsen Khotanlou 1
  • Ali Souezi 2
  • Mahdi Kazemioloum 3
1 Department of Accounting, Faculty of Economics and Social Science, Bu-Ali Sina University, Hamedan, Iran
2 MSc, Department of Accounting, Alvand Institute of Higher Education, Hamedan, Iran.
3 Assistant Professor, Department of Accounting, Faculty of Economics and Social Science, Bu-Ali Sina University, Hamedan, Iran
چکیده [English]

Abstract

Purpose: In recent years, corporate reputation has emerged as a driving force for efficient and productive business operations, effectively managing stakeholder behavior. According to signaling theory, corporate reputation signifies risk, with higher reputation levels indicating lower risk. Additionally, from a resource-based perspective, corporate reputation is a strategic asset and a valuable resource, leading to sustainable performance and competitive advantage. Consequently, corporate reputation is an intangible asset that accumulates over time, potentially generating value and wealth for the company while enhancing its performance. This study examines corporate reputation's impact on various dimensions of risk, including total company risk, systematic risk, financial distress risk, and stock returns.

Methodology: The study tests its hypotheses using data from 156 companies listed on the Tehran Stock Exchange over 11 years from 2013 to 2024. Corporate reputation was measured through principal component analysis and supplemented by the Industrial Management Organization rankings. Regression models were fitted using a dynamic panel approach and the generalized method of moments estimator.

Findings: Statistical testing of the research hypotheses revealed several vital results. First, using both reputation measures, a significant and direct relationship exists between corporate reputation and total risk. Second, a negative and significant relationship was found between corporate reputation and systematic risk. Third, a negative and significant association was identified between corporate reputation and financial distress risk when reputation was defined based on principal component analysis. Fourth, a positive and significant relationship was observed between corporate reputation and excess stock returns across both definitions of reputation.

Conclusion: Corporate reputation shapes companies' strategic responses to environmental threats. A high corporate reputation within a competitive landscape is critical for business success. Reputable companies generally enjoy easier and more cost-effective access to financial resources, which can help alleviate financial and investment constraints during financial stress. Consequently, these companies will likely face lower financial distress risks and deliver superior performance to stakeholders. However, the impact of corporate reputation goes beyond financial performance. High-reputation firms attract greater attention from shareholders, leading to enhanced financial stability and reduced risk. This research offers theoretical and practical insights for policymakers within the stock exchange and shareholders alike. The findings support policymakers in recognizing the importance of corporate reputation and ranking systems. Additionally, these results may assist shareholders in making effective investment decisions and contribute to expanding and developing empirical research foundations in corporate reputation.

Conclusion: Corporate reputation shapes companies' strategic responses to environmental threats. A high corporate reputation within a competitive landscape is critical for business success. Reputable companies generally enjoy easier and more cost-effective access to financial resources, which can help alleviate financial and investment constraints during financial stress. Consequently, these companies will likely face lower financial distress risks and deliver superior performance to stakeholders. However, the impact of corporate reputation goes beyond financial performance. High-reputation firms attract greater attention from shareholders, leading to enhanced financial stability and reduced risk. This research offers theoretical and practical insights for policymakers within the stock exchange and shareholders alike. The findings support policymakers in recognizing the importance of corporate reputation and ranking systems. Additionally, these results may assist shareholders in making effective investment decisions and contribute to expanding and developing empirical research foundations in corporate reputation.

کلیدواژه‌ها [English]

  • Bankruptcy Risk
  • Abnormal Stock Return
  • Firm Reputation
  • Systematic Risk
  • Total Risk

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دوره 14، شماره 48
1403
صفحه 34-54

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