بررسی تأثیر ساختار مالکیت بر ارزش شرکت‌های دارویی پذیرفته شده در بورس اوراق بهادار تهران با استفاده از داده‌های ترکیبی

نوع مقاله: مقاله پژوهشی

نویسندگان

1 استادیار حسابداری دانشگاه فردوسی مشهد

2 دانشجوی کارشناسی‌ارشد حسابداری دانشگاه آزاد اسلامی واحد علوم و تحقیقات بیرجند

چکیده

مقدمه: هدف این پژوهش بررسی تأثیر ساختار مالکیت از منظر تمرکز مالکیت و درجه کنترل بر ارزش شرکت‌های دارویی پذیرفته شده در بورس اوراق بهادار تهران است.
روش پژوهش: در این پژوهش برای آزمون فرضیه‌های مطرح‌شده از داده‌های ترکیبی استفاده شده است. تأثیر تمرکز مالکیت بر ارزش شرکت از طریق پنج متغیر به‌عنوان معیارهای تمرکز مالکیت بررسی شده است. هم‌چنین، از متغیر کیو توبین برای اندازه‌گیری ارزش شرکت‌ها استفاده شده است. نمونه آماری شامل 28 شرکت در بازه زمانی 1391-1387 است که در صنعت دارو فعالیت داشته‌اند. فن آماری مورد استفاده در این پژوهش از نوع رگرسیون خطی چند متغیره است و برای تجزیه و تحلیل داده‌های آماری از نرم‌افزار SAS نسخه 1/9 استفاده شده است.
یافته‌ها: یافته‌های پژوهش نشان می‌دهد که متغیرهای جمع سهام سهامداران اصلی، لگاریتم طبیعی جمع سهام سهامداران اصلی، درصد سهام سهامداران اصلی، جمع مربعات درصد سهام سهامداران اصلی و لگاریتم طبیعی درصد سهام سهامداران اصلی به عنوان معیارهای تمرکز مالکیت و هم‌چنین، متغیرهای حقیقی یا حقوقی‌بودن سهامداران اصلی و درجه کنترل بر ارزش شرکت تأثیرگذار نیست.
نتیجه‌گیری: به طور کلی، تفسیر یافته‌های پژوهش بیانگر این است که بین تمرکز مالکیت و ارزش شرکت در صنعت دارو، از نظر آماری رابطه معناداری وجود ندارد. افزون براین، نوع سهامدار اصلی و درجه کنترل بر ارزش شرکت تأثیرگذار نیست.

کلیدواژه‌ها


عنوان مقاله [English]

Investigating the Effect of Ownership Structure on the Firm Value of Pharmaceutical Companies Listed on the Tehran Stock Exchange via Panel Data Analysis

نویسندگان [English]

  • M. Salehi 1
  • F. Davtalabe Tousi 2
1 Assistant Professor, Department of Accounting, Ferdowsi University of Mashhad
2 M. A. Student in Accounting, Islamic Azad University, Birjand Science and Research Branch
چکیده [English]

Introduction: The aim of this research is to investigate the effect of ownership structure from the perspective of concentration ownership and degree of control on the firm value of the pharmaceutical companies listed on the Tehran Stock Exchange.
Method: Panel data has been used in this research in order to test the presented hypotheses. The effect of ownership concentration on firm value has been done by five variables as ownership concentration criteria. Moreover, Tobin's Q has been used to evaluate firms' value. The statistical sample includes 28 companies during 2008-2012 which have been working in the industrial field of pharmaceutical materials. The statistical model of multivariate linear regression is used in this research, and for analyzing statistical data, SAS Version. 9.1 has been applied.
Results: The results of the research reveal that the variables such as: sum of the share of the main shareholders, natural logarithm of sum of the share of the main shareholders, the main equity capital percentage, sum of the squares of the share percentage of the main shareholders, natural logarithm of the main equity capital percentage as the standards of ownership concentration as well as the variables of reality and legality of the main shareholders, and the degree of control have no effect on firm value.
Conclusion: In general, the interpretation of the findings of the research suggest that there is no meaningful relationship between ownership concentration and firm value statistically. Besides, type of the main shareholder and the degree of control do not have any influence on firm value.

کلیدواژه‌ها [English]

  • Corporate Governance
  • Firm Value
  • Ownership Concentration
  • Ownership Structure
  • Panel Data
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