مسئوليت پذيري اجتماعي و كم سرمايه گذاري با نقش ميانجي عدم تقارن اطلاعاتي

social responsibility and underinvestment of mediating role of information asymmetry

يكي از عوامل مهم در جهت حل مسائل اقتصادي كشورها، بسط و توسعه سرمايه‌گذاري است، اما اين امر به تنهايي كافي نيست و با توجه به محدوديت منابع مالي، علاوه بر مسئله توسعه سرمايه‌گذاري، افزايش كارايي سرمايه‌گذاري نيز از جمله مسائل با اهميت است. هدف اين پژوهش بررسي ارتباط بين مسئوليت پذيري اجتماعي، عدم تقارن اطلاعاتي و كم سرمايه گذاري است. جامعه آماري اين پژوهش شركت هاي پذيرفته شده در بورس اوراق بهادار تهران در دوره ي زماني 1390 الي 1395 و نمونه آماري براي يك دوره ي 6 ساله تعداد 738 سال شركت بود. تجزيه و تحليل داده ها با تكنيك داده هاي پانل انجام شد. نتايج نشان داد در سطح خطاي 5 درصد نشان داد؛ بين مسئوليت پذيري اجتماعي و كم سرمايه گذاري و همچنين عدم تقارن اطلاعاتي رابطه ي معناداري وجود ندارد، از طرفي فرضيه ي اصلي پژوهش مبني بر نقش ميانجي عدم تقارن اطلاعاتي نيز رد شد، ممكن است دليل پذيرفته نشدن فرضيه هاي اين پژوهش را شرايط حاكم بر بازار سرمايه ي ايران و عدم توجه شركت ها و ساير استفاده كنندگان به مساله ي مسئوليت پذيري اجتماعي دانست.

Abstract one of the most important factors to solve economic problems of countries is the investment development. However, this only factor is not enough and due to the limited financial resources, in addition to investment development, increasing investment efficiency is also one of the critical factors. The main objective of this research is to examine the relationship between Corporate social responsibility, investment efficiency of Mediating role of information asymmetry and agency costs among listed companies in Tehran Stock Exchange. In this research, investment efficiency was considered as the dependent variable and corporate social responsibility as an independent variable. Also, information asymmetry and representation costs were mediator variables. To collect the data needed to measure the variables of research, 123 companies were selected as the statistical sample for the 6-year period from 2011 to 2016. Data analysis in this study was carried out using data panel regression and combined regression method with EViews software. The results of analysis of research hypotheses at 95% confidence level showed that corporate social responsibility reduces inefficiency of investment. Information asymmetry has no mediating effect on the relationship between corporate social responsibility and low investment. Representative costs do not have a mediating effect on the relationship between corporate social responsibility and more investment. Research results indicate that social responsibility can lead to increased investment efficiency But that information asymmetry and agency costs do not affect the relationship between corporate social responsibility and investment. This may be due to inappropriate structures of corporate governance and capital markets in Iran. And the lack of attention of companies and other users to the issue of social responsibility.