تأثیر ابعاد مسئولیت‌پذیری اجتماعی بر ارزش‌آفرینی شرکت‌های دارویی و غیردارویی پذیرفته شده در بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشجوی دکتری، گروه حسابداری، واحد علوم و تحقیقات خوزستان، دانشگاه آزاد اسلامی، اهواز، ایران.

2 دانشیار، گروه حسابداری، دانشگاه شهید چمران، اهواز، ایران.

3 استادیار، گروه اقتصاد، واحد اهواز، دانشگاه آزاد اسلامی، اهواز، ایران.

4 مربی، گروه حسابداری، واحد اهواز، دانشگاه آزاد اسلامی، اهواز، ایران.

چکیده

مقدمه: مسئولیت‌پذیری اجتماعی به عنوان ابزاری راهبردی برای افزایش ارزش و پایداری شرکت در درازمدت، از طریق ایجاد روابط مثبت با جامعه، رعایت قوانین و مقررات و اعمال رویه‌های اخلاقی است. هدف پژوهش حاضر، بررسی تأثیر کوتاه‌مدت و درازمدت ابعاد مسئولیت‌پذیری اجتماعی بر ارزش‌آفرینی شرکت‌های دارویی و غیردارویی است.
روش پژوهش: پژوهش حاضر از لحاظ هدف کاربردی و از لحاظ ماهیت علی پس‌رویدادی است. داده‌های مربوط به 27 شرکت دارویی و 77 شرکت غیردارویی پذیرفته شده در بورس اوراق بهادار تهران در بازه زمانی 1395-1389 تجزیه و تحلیل شده است. برای سنجش ابعاد مسئولیت‌پذیری اجتماعی از نظریه اسچوارتز و کارول و روش رتبه‌بندی دهکی منطبق بر متغیرهای حسابداری استفاده و فرضیه‌های پژوهش از طریق الگوی خطی چندمتغیره و شیوه داده‌های ترکیبی آزمون شده است.
یافته‌ها: ابعاد اقتصادی، قانونی و اخلاقی مسئولیت‌پذیری اجتماعی شرکت‌ها تأثیر مثبت و معنی‌داری بر ارزش‌آفرینی شرکت‌ها دارد. ابعاد مسئولیت‌پذیری در درازمدت تأثیر بیشتری بر ارزش‌آفرینی شرکت‌ها دارد.
نتیجه‌گیری: مسئولیت‌پذیری اجتماعی شرکت‌ها باعث کاهش نامتقارنی اطلاعات و رعایت حقوق همه گروه‌های ذی‌نفع خواهد شد. اعمال رویه‌های اخلاقی در تهیه گزارش‌های مالی و رعایت قوانین و مقررات، کیفیت اطلاعات را بالا برده و موجب تصمیم‌گیری بهینه سرمایه‌گذاران می‌شود. با توجه به این‌که عملکرد اقتصادی شرکت تحت تأثیر عملکرد اجتماعی آن قرار می‌گیرد لازم است مدیران شرکت‌ها برای ایجاد ارزش و بیشیه‌کردن ثروت سهامداران در راستای حفظ منافع کلیه ذی‌نفعان و کاهش هزینه‌های نمایندگی، متعهد به ایفای وظایف مسئولیت‌پذیری اجتماعی باشند.

کلیدواژه‌ها


عنوان مقاله [English]

The Effect of Corporate Social Responsibility Dimensions on Value Creation of the Pharmaceutical and Non-Pharmaceutical Companies Listed on the Tehran Stock Exchange

نویسندگان [English]

  • L. Asadi 1
  • A. vaez 2
  • A. JerJer Zadeh 3
  • A. Kaab Amir 4
1 Ph. D. Student in Accounting, Department of Accounting, Khouzestan Science and Research Branch, Islamic Azad University, Ahvaz, Iran.
2 Associate Professor, Department of Accounting, Shahid Chamran University, Ahvaz, Iran.
3 Assistant Professor, Department of Economics, Ahvaz Branch, Islamic Azad University, Ahvaz, Iran.
4 Instructor, Department of Accounting, Ahvaz Branch, Islamic Azad University, Ahvaz, Iran
چکیده [English]

Introduction: Corporate social responsibility is a strategic tool for increasing the value and sustainability of a company in the long run through establishing positive relationships with the community, complying with the rules and regulations and applying ethical procedures. The purpose of this study is to investigate the short-run and long-run effects of corporate social responsibility dimensions on the value creation of pharmaceutical and non-pharmaceutical companies.
Method: This research is applied in terms of its purpose and by nature, it is ex-post facto study. The data gathered from 27 pharmaceutical companies and 77 non-pharmaceutical companies listed on the Tehran Stock Exchange during 2010-2016 was analyzed. To measure the dimensions of corporate social responsibility Schwartz and Carroll's theory was applied and multivariate linear regression model and panel data method were administered to test the decimal ranking method based on accounting variables.
Results: Economic, legal and ethical dimensions of corporate social responsibility has a positive and significant effect on the value creation of companies. The corporate social responsibility mostly impacts the companies’ value creation in the long run.
Conclusion: Corporate social responsibility will reduce information asymmetry and respect all stakeholder rights. Applying ethical procedures in preparing financial reports and complying with rules and regulations will increase the quality of information and lead to optimal decision making by investors. As the company’s social performance impacts its economic performance, the companies’ managers commit to take their social responsibly in order to create value, maximize shareholders’ wealth, serve interests of stakeholders, and reduce agency costs.

کلیدواژه‌ها [English]

  • Cash Value Added
  • Corporate Social Responsibility
  • Economic Value Added
  • Value Creation
1      Lamata, M. T.; Liern, V.; and B. Pérez-Gladish (2018). “Doing Good by Doing Well: A MCDM Framework for Evaluating Corporate Social Responsibility Attractiveness”, Annals of Operations Research, Vol. 267, Nos.1 and 2, pp. 249-266.
2      Han, J. J.; Kim, H. J.; and J. Yu (2016). “Empirical Study on Relationship between Corporate Social Responsibility and Financial Performance in Korea”, Asian Journal of Sustainability and Social Responsibility, Vol. 1, No. 1, pp. 61-76.
3      McWilliams, A. and D. Siegel (2001). “Corporate Social Responsibility: A Theory of the Firm Perspective”, The Academy of Management Review, Vol. 26, No. 1, pp. 117-127. 
4      Masoud, N. (2017). “How to Win the Battle of Ideas in Corporate Social Responsibility: The International Pyramid Model of CSR”, International Journal of Corporate Social Responsibility, Vol. 2, No. 4, pp. 1-22.
5      Schwartz, M. S. and A. B. Carroll (2003). “Corporate Social Responsibility: A Three-Domain Approach”, Business Ethics Quarterly, Vol. 13, No. 4, pp. 503-530.
6      Mousavi, S.; Rezaei, F.; and F. Shahveisi (2016). “Developing the Model of Corporate Social Responsibility and its Impact on Stock Price Crash Risk”, Financial Accounting Knowledge, Vol. 3, No. 3, pp. 47-74. [In Persian]
7       Gaioa, C. and C. Raposo (2011). “Earnings Quality and Firm Valuation: International Evidence”, Accounting and Finance, Vol. 51, No. 2, pp. 467-499.
8      Badavar Nahandi, Y. and V. Taghizadeh Khanqah (2014). “Investigating the Relationship between Auditor Tenure and the Management of Real Activities in the Pharmaceutical Companies Listed on the Tehran Stock Exchange”, Journal of Health Accounting, Vol. 3, No. 1, pp. 20-41. [In Persian]
9       Vaez, S. A. and S. S. Dorseh (2017). “Investigating the Effect of Auditor Specialization in Industry on the Relationship between Tax Avoidance and the Risk of Future Stock Price Crash of Pharmaceutical and Non-Pharmaceutical Companies Listed on the Tehran Stock Exchange”, Journal of Health Accounting, Vol. 3, No. 1, pp. 79-106. [In Persian]
10   Vyas, V. and S. Raitani (2015). “An Examination of Linkages between CSR and Cross-Buying”, Social Responsibility Journal, Vol. 11, No. 3, pp. 622-640.
11  Friedman, M. (1970). “The Social Responsibility of Business is to Increase Its Profits”, New York Times Magazine, September 13, pp. 32-33.
12   Ning, Y.; Xiao, Z.; and J. lee (2015). “Shareholders and Managers: Who Care More about Corporate Diversity and Employee Benefits?”, Journal of Management & Governance, Vol. 21, No. 1, pp. 93-118.
13  Carroll, A. B. (1991). “The Pyramid of Corporate Social Responsibility: Toward the Moral Management of Organizational Stakeholders”, Business Horizons, Vol. 34, No. 4, pp. 39-48.
14  Carroll, A. B. (2016). “Carroll’s Pyramid of CSR: Taking another Look”, International Journal of Corporate Social Responsibility, Vol. 1, No. 3, pp. 1-8.
15  Karim, K.; Hyun, S.; and S. J. Tang (2016). “Do Ethical Firms Create Value?”, Social Responsibility Journal, Vol. 12, No.1, pp. 54-68.
16  Rezaei, F. and H. Ramezan Niya (2017). “Investigating the Effect of Corporate Social Responsibility on Systematic Risk and Non Systematic Risk: Using the Model of Data Envelopment Analysis”, Iranian Journal of Value & Behavioral Accounting, Vol. 2, No. 4, pp. 214-189. [In Persian]
17  Garmsiri, S.; Vakilifard, H. R.; and Q. H. Talebnia (2017). “Investigating the Effect of Corporate Social Responsibility Reporting Quality, Corporate Governance Characteristics and Financial Performance on Social Reputation of the Companies Listed on the Tehran Stock Exchange”,  Management Accounting, Vol. 10, No. 35, pp. 31-43. [In Persian]
18  Hajiha, Z. and H. Chenari Bouket (2016). “Corporate Social Responsibility and Skewness of Return on Stock”, Iranian Journal of Value & Behavioral Accounting, Vol. 1, No. 1, pp. 77-98. [In Persian]
19  Wothington, A. C. and T. West (2001). “Economic Value-Added: A Review of the Theoretical and Empirical Literature”, Asian Review of Accounting, Vol. 9, No. 1, pp. 67-86.
20  Reddy Irala, L. (2005). “EVA: The Right Measure of Managerial Performance”, Indian Journal of Accounting & Finance, Vol. 119, No. 2, pp. 1-10.
21  Rahnamay Roodposhti, F. and M. Mahmoudi (2009). “Investigating and Evaluating the Economic Value-Added and Market Value-Added in Management of Shareholders Value-Added”, Journal of Industrial Strategic Management, Vol. 7, Special Issue, pp. 73-89. [In Persian]
22  Darabi, R. and M. Bani (2009). “Evaluating the Correlation between Economic Value-Added, Net Profit and Operating Income with the Value of Stock Market of the Companies Listed on the Tehran Stock Exchange”, Journal of Finance Accounting, Vol. 1, No.1, pp. 119-136. [In Persian]
23  Chen, S. and J. L. Dodd (1997). “Economic Value Added: An Empirical Examination of a New Corporate Performance Measure”, Journal of Management, Vol. 9, No. 3, pp. 318-333.
24  Noravesh, I. and B. Mashayekhi (2005). “The Usefulness of Value-Added Variables in Predicting  Accounting Profit of  the Companies Listed on the Tehran Stock Exchange”, The Iranian Accounting and Auditing Review, Vol. 11, No. 36, pp. 95-108. [In Persian]
25  Rahnamay Roodposhti, F. (2007). “Investigating and Evaluating the Functioning of Economic Value-Added and Market Value-Added to Evaluate the Economic Performance of the Companies”, Economic Research Journal, Vol. 7, No. 25, pp. 157-175. [In Persian]
26  Levitt, T. (1958). “The Dangers of Social Responsibility”, Harvard Business Review, Vol. 36, No. 5, pp. 41-50.
27  Freeman, R.E. (1984). Strategic Management: A Stakeholder Perspective, 3th Edition, Boston, Pitman Publishing.
28  Connelly, B. L.; Certo, S. T.; Ireland, R. D.; and C. R. Reutzel (2011). “Signaling Theory: A Review and Assessment”, Journal of Management, Vol. 37, No. 1, pp. 39-67.
29  Barney, J. B. (1991). “Firm Resources and Sustained Competitive Advantage”, Journal of Management, Vol. 17, No. 1, pp. 99-120.
30  Waddock, S. A. and S. B. Graves (1997). “The Corporate Social Performance-Financial Performance Link”, Strategic Management Journal, Vol. 18, No. 4, pp. 303-319.
31  Arabsalehi, M.; Sadeghi, G.; and M. Moein Aldin (2013). “The Relationship between Social Responsibility and Financial Performance of the Companies Listed on the Tehran Stock Exchange”, Empirical Accounting Research, Vol. 3, No. 9, pp. 1-20. [In Persian]
32  Jensen, M. C. (2002). “Value Maximization, Stakeholder Theory, and the Corporate Objective Function”, Business Ethics Quarterly, Vol. 12, No. 2, pp. 235-256.
33  Hart, S. L. and G. Ahuja (1996). “Does it Pay to be Green? An Empirical Examination of the Relationship between Emission Reduction and Firm Performance”, Business Strategy and the Environment, Vol. 5, No. 1, pp 30-37.
34  Taneja, S. S.; Taneja, P. K.; and R. K. Gupta (2011). “Researches in Corporate Social Responsibility: A Review of Shifting Focus, Paradigms, and Methodologies”, Journal of Business Ethics, Vol. 101, No. 3, pp. 343-364.
35  Vahidi Elizayee, I. and M. Fakhari (2015). “The Effect of Corporate Social Responsibility on Corporate Financial Performance”, Accounting and Audit Research, Vol. 7, No. 27, pp. 81-99. [In Persian]
36  Darabi, R.; Vaghfi, S. H.; and M. Salmaniyan (2016). “Investigating the Relationship between Corporate Social Responsibility Reporting and Values and Risks of the Companies Listed on the Tehran Stock Exchange”, Iranian Journal of Value & Behavioral Accounting, Vol. 1, No. 2, pp. 119-213. [In Persian]
37  Imani, P.; Hajiha, Z.; and Z. Amir Hosseini (2017). “Examining the Effect of Earnings Persistence and Profitability on the Disclosure Level of Corporate Social Responsibility of the Companies Listed on the Tehran Stock Exchange”, Journal of Management Accounting, Vol. 10, No. 33, pp. 55-66. [In Persian]
38  Nollet, J.; Filis, G.; and E. Mitrokostas (2016). “Corporate Social Responsibility and Financial Performance: A Non-linear and Disaggregated Approach”, Economic Modelling, Vol. 52, Part B, pp. 400-407.
39  Wen, W. and J. Song (2017). “Can Returnee Managers Promote CSR Performance? Evidence from China”, Frontiers of Business Research in China, Vol. 11, No. 3, pp. 309-340.
40  Chen, C. Y. R.; Wang, J. C.; and S. W. Hung (2017). “The Impact of Corporate Governance on the Corporate Social Responsibility and Firm Values”, Sun Yat-Sen Management Review, Vol. 25, No.1, pp.135-176.
41   Chen, C. Y. R. and C. H. Lee (2017). “The Influence of CSR on Firm Value: An Application of Panel Smooth Transition Regression on Taiwan”, Applied Economics, Vol. 49, No. 34, pp. 3422-3434.
42  Wooldridge, J. M. (2003). “Introaductory Econometrics: A Modern Approach”, 5th Edition, Mason, Ohio, USA: South-Western College Publishing.
43  Rezaei, F. and M. Ghanaeenejad (2014). “A Review on Transparency in Financial Reporting and Its Effects on Tax Avoidance and Firm Value”, Journal of Commerce & Accounting Research, Vol. 3, No. 2, pp. 1-22.
44  Kasznik, R. (1999). “On the Association between Voluntary Disclosure and Earnings Management”, Journal of Accounting Research, Vol. 37, No. 1, pp. 57-81.
45  Noravesh, I.; Momeni Yansari, A.; and M. Safari Gerayeli (2015). “Earnings Quality and Firm Value: Evidence from Iranian Companies”, Financial Accounting Researches, Vol. 7, No. 4, pp. 1-18. [In Persian]
46  Francis, J.; LaFond, R.; Olsson, P.; and K. Schipper (2005). “The Market Pricing of Accruals Quality”, Journal of Accounting and Economics, Vol .39, No. 2, pp. 295-327.
47  McNichols, M. (2002). “Discussion of The Quality of Accruals and Earnings: The Role of Accruals Estimation Errors”, The Accounting Review, Vol. 77, Issue s-1, pp. 61-69.
48  Cormier, D.; Houle, S.; and M. Ledoux (2013). “The Incidence of Earnings Management on Information Asymmetry in an Uncertain Environment: Some Canadian Evidence”, Journal of International Accounting, Auditing and Taxation, Vol. 22, No. 1, pp. 26-38.
49  Dyreng, S.; Michelle Hanlon, M.; and E. Maydew (2008). “Long-run Corporate Tax Avoidance”, The Accounting Review, Vol. 83, No. 1, pp.61-82.
50  Karami, Sh.; Rahnamay Roodposhti, F.; and Z. Dianati Deilami (2016). “Evaluating the Effect of Tax Avoidance on Earnings Informativeness of the Companies Listed on the Tehran Stock Exchange”, Journal of Management Accounting, Vol. 9, No. 28, pp. 15-37. [In Persian]
51  Dastgir, M.; Aghanaghi, J. and A. Rasaeian (2012). “The Effect of Some Corporate Governance Instruments on the Information Asymmetry of the Quarterly Earnings Announcement Using Self-feedback Method”, Financial Accounting and Audit Research Journal, Vol. 4, No. 15, pp. 63-83. [In Persian]
52  Hemmatfar, M. and M. Moghaddesi (2013). “Investigating the Disclosure Quality (Reliability and Timeliness) on Stock Value of the Companies Listed on the Tehran Stock Exchange”, The Iranian Accounting and Auditing Review, Vol. 20, No. 2, pp. 133-147. [In Persian]
53  Serlak, N. and M. Akbari (2013). “The Relationship Between Related-Party Transactions and Profit Management”, The Iranian Accounting and Auditing Review, Vol. 20, No. 4, pp. 77-92. [In Persian]
54  Rezaei, E. and E. Abbasi (2017). “The Effect of Intellectual Capital on the Economic Value-Added Ratio to Accounting Profit and Market Value-Added Ratio to Accounting Profit”, The Financial Accounting and Auditing Researchs, Vol. 8, No. 31, pp. 127-144. [In Persian]
55  Saleh Abadi, A. and A. Ahmadpour (2010). “Correlation between Ratio of Economic Value-Added (EVA) to Capital and Ratio of Market Value-Added (MVA) to Capital in the Tehran Stock Exchange”, Economic Research, Vol. 10, No. 4, pp. 255-271. [In Persian]
56  Noravesh, I. and M. Heidari (2004). “Evaluating the Management Performance of the Companies Listed on the Tehran Stock Exchange Using the CVA Model and Investigating the Relationship Between this Model and the Return on Stock”, Accounting and Auditing Reviews, Vol. 11, No. 38, pp. 121-147. [In Persian]
57  Orlitzky, M. (2001). “Does Firm Size Confound the Relationship Between Corporate Social Performance and Firm Financial Performance?”, Journal of Business Ethics, Vol. 33, No. 2, pp. 167-180.
58  Price, J. M. and W. Sun (2017). “Doing Good and Doing Bad: The Impact of Corporate Social Responsibility and Irresponsibility on Firm Performance”, Journal of Business Research, Vol. 80, pp. 82-97.
59  Shahab, Y. and Ch. Ye (2018). “Corporate Social Responsibility Disclosure and Corporate Governance: Empirical Insights on Neo-institutional Framework from China”, International Journal of Disclosure and Governance, Vol. 15, No. 2, pp. 87-103.
60  Jovanovic, B. (1982). “Selection and the Evolution of Industry”, Econometrica, Vol. 50, No. 3, pp. 649-670.
61   Diebecker, J. and F. Sommer (2017). “The Impact of Corporate Sustainability Performance on Information Asymmetry: The Role of Institutional Differences”, Review of Managerial Science, Vol. 11, No. 2, pp. 471-517.