بررسی رابطه بین قدرت مدیر عامل و ارزش شرکت با نقش تعاملی رقابت بازار و حاکمیت شرکتی

نوع مقاله: مدیریت سازمانی(چالشهای کسب وکار -اخلاق و مسولیت اجتماعی -تحول سازمانی - عملکرد سازمانی -ریسک)

نویسندگان

1 دانشجوی کارشناسی ارشد دانشگاه ازاد اسلامی واحد دولت آباد، اصفهان ایران

2 استادیار گروه حسابداری، دانشگاه ازاد اسلامی واحد دولت آباد، اصفهان ایران

چکیده

هدف تحقیق بررسی رابطه بین قدرت مدیر عامل و ارزش شرکت با نقش تعاملی رقابت بازار و قلمرو مکانی شرکت های پذیرفته شده در بورس اوراق بهادار تهران و قلمرو زمانی 1390 تا 1396 بوده است. بر اساس روش حذف سیستماتیک 145 شرکت به عنوان نمونه آماری انتخاب گردید و به منظور تحلیل داده‌ها ابتدا آزمون های ناهمسانی واریانس،F-لیمر و هاسمن و آزمون جارک – برا و سپس آزمون رگرسیون چند متغیره برای تایید و رد فرضیه های تحقیق استفاده گردید. نتایج نشان داد هنگامی که رقابت در بازار محصول بالاست، قدرت مدیرعامل با ارزش شرکت رابطه مثبتی دارد و هنگامی که رقابت در بازار محصول بالا است و حاکمیت شرکتی قوی است، قدرت مدیرعامل با ارزش شرکت رابطه مثبتی دارد. در نتیجه هنگامی که بازارها رقابتی هستند، قدرت اجرایی مدیران افزایش می‌یابد و مدیران اجرایی با تصمیم گیری‌های سریع و واکنش به تغییرات در شرایط بازار ارتباط برقرار می‌کنند. همچنین حاکمیت قوی شرکت‌ها منجر به نظارت مؤثر بر مدیران می‌شود و باعث می‌گردد تا مدیران تصمیمات استراتژیک خود در جهت ارزش شرکت سوق دهند.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

The Effect of CEO Power on the Value of the Company with the Interactive Role of Market Competition and Corporate Governance

نویسندگان [English]

  • Farzaneh Anooshirvani 1
  • Rahman Saedi 2
1 Department of Accounting , Islamic Azad Univercity, Dolatabad Branch, Isfahan, Iran
2 Department of Accounting , Islamic Azad Univercity، Dolatabad Branch, , Isfahan, Iran
چکیده [English]

This study aimed at investigating the effect of CEO power on the value of the company with the interactive role of market competition in companies listed in Tehran Stock Exchange and was during 2011-2017. Based on the systematic elimination method, 145 companies were selected as the statistical sample. In order to analyze the data, variance heterogeneity pre-test, F Limer test, Hausman test and Jarque-Bera test and then multivariate regression test were used to confirm and reject the research hypotheses. The results showed that when the competition in the product market is high, the power of the CEO has a positive relationship with the value of the company; in addition, when the competition in the product market is high and the corporate governance is strong, the power of the CEO is positively related to the value of the company. The results obtained in this study are consistent with the documentation referenced in the research theoretical framework and financial literature. Consequently, when markets are competitive, executive capacity increases, and executives communicate with rapid decisions and responses to changes in market conditions. Also, strong corporate governance leads to effective oversight of managers and leads managers to push their strategic decisions to value the company.

کلیدواژه‌ها [English]

  • CEO Power
  • Company Value
  • Market Competition
  • Corporate Governance
  • Shareholders

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