ارائه الگویی برای تبیین رابطه بین سرمایه اجتماعی و هزینه سرمایه

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشیار، گروه حسابداری، واحد بندرگز، دانشگاه آزاد اسلامی، بندرگز، ایران

2 استادیار، گروه حسابداری، دانشکده ادبیات و علوم انسانی، دانشگاه گیلان، رشت، ایران

چکیده

مقدمه: سرمایه اجتماعی مفهومی است که در کنار سرمایه‌های انسانی و اقتصادی به آن توجه می‌شود. انتظار می‌رود سرمایه اجتماعی از طریق بهبود اعتماد متقابل موجب افزایش مشارکت سرمایه‌گذاران در بازار سرمایه و کاهش هزینه‌های تأمین مالی شود.
روش پژوهش: این پژوهش از لحاظ هدف، کاربردی و از نظر نحوه گردآوری داده، توصیفی-‌همبستگی است. پژوهش حاضر با استفاده از روش معادلات ساختاری به بررسی رابطه بین سرمایه اجتماعی و هزینه سرمایه شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران پرداخته است. برای سنجش هزینه سرمایه از سه روش شامل الگوی اوهانلون و استیل، الگوی قیمت‌گذاری دارایی‌های سرمایه‌ای و نسبت سود به قیمت سهام تعدیل‌شده صنعت و برای اندازه‌گیری سرمایه اجتماعی از پرسش‌نامه ناهاپیت و قوشال استفاده شده است.
یافته‌ها: پس از اطمینان یافتن از برازش پذیرفتنی الگو‌های اندازه‌گیری و ساختاری پژوهش، نتایج پژوهش حاکی از آن بود که سرمایه اجتماعی موجب کاهش هزینه سرمایه می‌شود.
بحث و نتیجه‌گیری: با توجه به نتایج پژوهش حاضر، پیشنهاد می‌شود سرمایه اجتماعی به‌عنوان محور اصلی مدیریت در شرکت‌ها مورد توجه قرار گیرد. هم‌چنین، برای ارتقا سرمایه اجتماعی توصیه می‌شود برنامه‌های متنوعی، نظیر تشویق به ایجاد و تقویت نهادهای اجتماعی، در نظر گرفته شود.

کلیدواژه‌ها


عنوان مقاله [English]

A Model for Social Capital and the Capital Cost

نویسندگان [English]

  • M. Safari Gerayli (Ph. D.) 1
  • Y. Rezaei Pitenoei (Ph. D.) 2
1 Associate Professor, Department of Accounting, Bandar Gaz Branch, Islamic Azad University, Bandar Gaz, Iran
2 Assistant Professor, Department of Accounting, Faculty of Literature and Humanities, Guilan University, Rasht, Iran
چکیده [English]

Introduction: Social capital, along with human and economic capital, has drawn considerable attention. It enhances the market participation and mitigates financing costs via promoting mutual trust
Method: This research is applied in terms of purpose and is descriptive-correlation regarding the data collection. The aim of this study is to evaluate the relation between social capital and capital cost using the structural equations method. In this study, three methods of O’hanlon and Steele, Capital Asset Pricing Model and adjusted price-to-earnings ratio in an industry were employed to measure capital cost. Nahapiet and Ghoshal’s questionnaire was also adopted to compute social capital.
Results: Having ensured the good-fitness of the appraisal and structural models, the research hypotheses were tested and the results reveal that social capital mitigates the capital cost.
Conclusion: Policy makers should focus on social capital as the main component of management in organizations, and it is necessary to consider a variety of programs, such as encouraging the creation and strengthening of social institutions.

کلیدواژه‌ها [English]

  • Adjusted Price-to-Earnings Ratio in an Industry
  • Capital Asset Pricing Model
  • Capital Cost
  • O’hanlon and Steele Model
  • Social capital
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