بررسی تأثیر مسئولیت‌پذیری اجتماعی شرکت‌ها بر کارایی سرمایه‌گذاری و نوآوری

نوع مقاله: مقاله پژوهشی

نویسندگان

1 دانشجوی دکتری، گروه حسابداری، واحد تبریز، دانشگاه آزاد اسلامی، تبریز، ایران.

2 استادیار گروه حسابداری، واحد تبریز، دانشگاه آزاد اسلامی، تبریز، ایران

چکیده

مقدمه: یکی از جلوه‌های بیشینه‌سازی ارزش شرکت انجام فعالیت‌‌های مربوط به مسئولیت‌پذیری اجتماعی است که ممکن است مزایایی همچون انجام سرمایه‌گذاری‌های مطلوب و بهبود تولیدات را در پی داشته باشد. از این رو، هدف پژوهش حاضر، بررسی تأثیر مسئولیت‌پذیری اجتماعی شرکت‌ها بر کارایی سرمایه‌گذاری و نوآوری شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران است.  
روش پژوهش: پژوهش حاضر، کاربردی با رویکرد پس‌رویدادی و طرح آن از نوع شبه‌تجربی است. در این پژوهش تعداد 60 شرکت پذیرفته شده در بورس اوراق بهادار تهران در بازه زمانی 1393-1388 بررسی شد. برای اندازه‌گیری مسئولیت‌پذیری اجتماعی از رتبه‌بندی مؤسسه پژوهشی کیندر، لیدنبرگ و دومینی و برای اندازه‌گیری کارایی سرمایه‌گذاری از الگو‌های بیدل و همکاران و چن و همکاران استفاده شد. هم‌چنین، فرضیه‌های پژوهش با استفاده از الگوی داده‌های ترکیبی آزمون شد.  
یافته‌ها: نتایج پژوهش نشان داد که مسئولیت‌پذیری اجتماعی شرکت تأثیر مثبت و معناداری بر کارایی سرمایه‌گذاری و تأثیر منفی و معناداری بر سرمایه‌گذاری بیشتر از حد و کم‌تر از حد دارد. هم‌چنین، مسئولیت‌پذیری اجتماعی شرکت تأثیر مثبت و معناداری بر نوآوری دارد.  
نتیجه‌گیری: افشای مسئولیت‌پذیری اجتماعی شرکت‌ها تضادهای نمایندگی و هر گونه سوءاستفاده مدیران از جریان‌های نقد آزاد و وام‌های اخذ شده در قالب بدهی را کاهش می‌دهد. از این رو، ناکارایی سرمایه‌گذاری کاهش می‌یابد. هم‌چنین، شواهد گویای این واقعیت است که افشای مسئولیت‌پذیری اجتماعی با تولید محصولات جدید و استفاده مناسب از نتایج حاصل از سرمایه‌گذاری در تحقیق و توسعه همراه است. بنابراین، لازم است مدیران برای انجام سرمایه‌گذاری بهینه، تولید محصول با کیفیت و فن‌آوری بالا، حفظ منافع ذی‌نفعان و کاهش هزینه‌های نمایندگی متعهد به ایفای وظایف مسئولیت‌پذیری اجتماعی باشند.

کلیدواژه‌ها


عنوان مقاله [English]

Investigating the Effect of Corporate Social Responsibility on the Investment Efficiency and Innovation

نویسندگان [English]

  • Vahid Taghizade Khanghah 1
  • Mehdi Zeynali 2
چکیده [English]

Introduction: One of the manifestations of maximizing the value of a company is
performing those activities related to social responsibility that may result in some benefits
such as desirable investment and the improvement of products. Therefore, the aim of this
research is to investigate the effect of corporate social responsibility on the investment
efficiency and innovation of the companies listed on the Tehran Stock Exchange.
Method: Type of the present research is applied, with ex post facto approach and its design
is quasi-experimental. In this research, 60 companies listed on the Tehran Stock Exchange
have been investigated during 2009-2014. In order to measure social responsibility, Kinder,
Lydenberg, & Domini Co. Inc. ranking method and to measure investment efficiency,
Beadle et al. and Chen et al. models have been used. Also, the hypotheses of the research
were tested by the Panel Data model.
Results: The results of the research showed that corporate social responsibility has a
significant positive effect on the investment efficiency, and it has a significant and negative
effect on overinvestment and undercapitalization. Moreover, corporate social responsibility
has a significant and positive effect on innovation.
Conclusion: The disclosure of corporate social responsibility reduces agency conflicts and
any exploitation of managers of free cash flows and extracted loans in the form of debt.
Therefore, the investment inefficiency decreases. Also, evidence points to the fact that the
disclosure of social responsibility associates with producing new products as well as
appropriate use of the results out of investment in research and development. So, it is
necessary for managers to commit to their performing social responsibility duties in order
to invest optimally, to produce high quality and high technology products, to retain
stakeholders' interests, and to reduce agency costs.

کلیدواژه‌ها [English]

  • Corporate Social Responsibility
  • Innovation
  • Investment Efficiency
  • Stakeholders Theory
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