مطالعه رابطه بين شركت هاي دولتي، ابعاد عملكرد پايندگي شركتي و ارزش شركت

The Study of the Relationship Between Government Firms, Dimensions of Corporate Sustainability Performance and Firm Value

هدف از اين پژوهش بررسي مطالعه رابطه بين شركت‌هاي دولتي (تمركز مالكيت دولتي) و ابعاد عملكرد پايندگي شركتي است. همچنين در اين پژوهش تأثير عملكرد پايندگي شركتي بر ارزش بازار شركت و نيز تأثير تعديل‌كنندگي تمركز مالكيت دولتي بر اين رابطه مورد بررسي قرار مي‌گيرد. در اين پژوهش تعداد 93 شركت پذيرفته شده در بورس اوراق بهادار تهران طي سال‌هاي 1389 الي 1395 (تعداد 651 سال-شركت) مورد بررسي قرار گرفت. براي اندازه‌گيري عملكرد پايندگي شركتي از شاخص KLD در پنج بعد اجتماعي، زيست‌محيطي، حاكميتي، اخلاقي و اقتصادي استفاده شده است. ‌يافته‌هاي پژوهش نشان داد كه شركت‌هاي دولتي (تمركز مالكيت دولتي) با ابعاد زيست‌محيطي، حاكميتي، اخلاقي، اقتصادي و عملكرد كلي پايندگي شركتي رابطه مثبت و معناداري دارد. رابطه معناداري بين تمركز مالكيت دولتي و بعد اجتماعي عملكرد پايندگي مشاهده نشد. علاوه‌بر اين، نتايج حاكي از آن بود كه عملكرد پايندگي شركتي به‌طور مثبت و معناداري بر ارزش بازار شركت‌ها اثرگذار است. اما شركت‌هاي دولتي (تمركز مالكيت دولتي) اثر معناداري بر رابطه بين عملكرد پايندگي شركتي و ارزش بازار نداشته است.

The purpose of this study is to investigate the relationship between the government firms (concentration of government ownership) and the dimensions of corporate sustainability performance. In this study, the effect of corporate sustainability performance on the market value, as well as the effect of moderating the concentration of government ownership on this relationship is examined. In this research, 93 companies listed in Tehran Stock Exchange during the years 2010 to 2016 (651 firm-years) were investigated. To measure corporate sustainability, the KLD Index has been used in five dimensions: social, environmental, governance, ethics, and economics. The findings of the research showed that the government firms (concentration of government ownership) has a significant positive relationship with the environmental, governance, ethical, economic, and overall corporate governance performance. There was no significant relationship between the concentration of government ownership and the social dimension of sustainability. In addition, the results showed that corporate sustainability performance has a significant positive effect on the market value of firms. But the government firms (concentration of government ownership) did not have significantly affect the relationship between corporate sustainability performance and market value.