رابطه راهبری شرکتی و مخارج تحقیق و توسعه شرکت‌های دارویی پذیرفته شده در بورس اوراق بهادار تهران

نوع مقاله: مقاله پژوهشی

نویسندگان

1 استادیار حسابداری دانشگاه تهران.

2 دانشجوی دکترای حسابداری دانشگاه تهران.

3 کارشناس ارشد حسابداری از دانشگاه تهران.

چکیده

مقدمه: دارو از صنایع راهبردی در تأمین نیازهای اساسی جامعه محسوب می‌شود و در این راستا، فعالیت‌های تحقیق و توسعه در این صنعت از جایگاهی ویژه برخوردار است. با این وجود، بر اساس نظریه نمایندگی می‌توان انتظار داشت که مدیریت واحد گزارشگر به دلیل دیر بازده بودن و خطر بالای فعالیت‌های تحقیق و توسعه، تمایل چندانی به تحمل مخارج آن نداشته باشد. برای حل این مشکل سیاست‌های نظام راهبری شرکتی می‌تواند در مدیریت مسئله نمایندگی و صیانت از منافع جامعه بسیار مثمرثمر واقع شود.
روش پژوهش: طرح پژوهش حاضر شبه‌تجربی بوده و از لحاظ هدف و نتیجه اجرا مطالعه‌ای تحلیلی و کاربردی محسوب می‌شود. در این پژوهش تعداد 25 شرکت دارویی پذیرفته شده در بورس اوراق بهادار تهران در بازه زمانی 1384-1395 بررسی و برای آزمون فرضیه‌های پژوهش، از الگوی رگرسیون چند متغیره و روش حداقل مربعات تعمیم‌یافته استفاده شد.
یافته‌ها: یافته‌های پژوهش نشان می‌دهد که استقلال هیئت مدیره و مالکیت سرمایه‌گذاران نهادی رابطه مثبت و معنی‌داری با مخارج تحقیق و توسعه دارد. هم‌چنین، بین مالکیت سهامداران عمده و مخارج تحقیق و توسعه، رابطه منفی و معنی‌داری وجود دارد.
نتیجه‌گیری: یافته‌های پژوهش حاضر حاکی از تأثیرپذیری سیاست‌های تحقیق و توسعه شرکت‌ها از نظام راهبری شرکتی است. بنابراین، به منظور فراهم کردن بستری مناسب برای فعالیت‌های تحقیق و توسعه در صنایع دانش‌بنیان مانند صنعت دارو، توجه بیش از پیش به رعایت نظام راهبری شرکتی ضروری به نظر می‌رسد.

کلیدواژه‌ها


عنوان مقاله [English]

The Relationship between Corporate Governance and Research and Development Expenditures of Pharmaceutical Companies Listed on the Tehran Stock Exchange

نویسندگان [English]

  • M. Mehrabanpour 1
  • M.i Jandaghi Ghomi 2
  • A. Zarei Ahvar 3
1 Assistant Professor, Department of Accounting, Tehran University.
2 Ph. D. Student in Accounting, Tehran University.
3 M. A. in Accounting, Tehran University.
چکیده [English]

Introduction: Drugs are one of the strategic industries in meeting the basic needs of the society. In this vein, research and development activities have special place in this industry. Nevertheless, based on the agency theory, it can be expected that the management of the reporting entity would not be willing to bear such expenses because of the lateness and high risk of research and development activities. To solve this problem corporate governance policies can be highly effective in managing the agency issue and protecting the interests of the society.
Method: This study is a quasi-experimental and it is considered as an analytical and applied study regarding its purpose and implications. The statistical population included 25 pharmaceutical companies listed on the Tehran Stock Exchange from 2005 to 2017 and multivariate regression model as well as the generalized least squares were administered to test the research hypotheses.
Results: The results indicate that the board of directors’ independence and the ownership of institutional investors develop a positive and significant relationships with research and development expenditures. On the other hand, it was observed that there is a negative and significant relationship between the ownership of major shareholders and research and development expenditures.
Conclusion: The findings reveal that research and development policies of the companies are affected by corporate governance. Therefore, in order to provide an appropriate setting for research and development activities in the knowledge-based industries such as the pharmaceutical industry, it is required to pay more attention to corporate governance.

کلیدواژه‌ها [English]

  • Corporate Governance
  • Pharmaceutical Industry
  • Research and Development Expenditures
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