كليدواژه :
دوگانگي مدير عامل , عملكرد شركت , رقابت در بازار محصول , ساختار سرمايه
چكيده فارسي :
هدف: هدف اصلي پژوهش حاضر تأثير نقش ميانجي رقابت در بازار محصول و ساختار سرمايه بر رابطه بين دوگانگي مدير عامل و عملكرد شركت‌هاي پذيرفته شده در بورس اوراق بهادار تهران است.
روش: پژوهش حاضر از نوع پژوهش‌هاي پس رويداري است و از نظر هدف كاربردي است. در راستاي تحقق اهداف پژوهش پنج فرضيه تدوين شده است. جهت آزمون فرضيه‌هاي پژوهش از مدل رگرسيون خطي چند متغيره و داده‌هاي تركيبي استفاده شده است. نمونه آماري پژوهش شامل 120 شركت پذيرفته‌شده در بورس اوراق بهادار تهران است كه بر اساس روش نمونه‌گيري در دسترس انتخاب شده و طي سال‌هاي 1392 تا 1398 مورد بررسي قرار گرفته است.
يافته‌ها: يافته‌هاي پژوهش بيانگر آن است كه دوگانگي مديرعامل داراي ارتباط منفي و معنادار با عملكرد شركت هست. همچنين دوگانگي مديرعامل بر رقابت در بازار محصول تأثير منفي و معناداري دارد. براساس يافته‌هاي پژوهش نقش ميانجي رقابت در بازار محصول در رابطه بين دوگانگي مديرعامل و عملكرد شركت تأييد مي‌شود. همچنين، نتايج نشان داد كه دوگانگي مديرعامل اثر معناداري بر ساختار سرمايه ندارد. همچنين، ساختار سرمايه بر رابطة بين دوگانگي مديرعامل و عملكرد شركت تأثير ندارد.
نتيجه‌گيري: مديران شركت‌ها در شرايط متلاطم اقتصادي ترغيب مي‌شوند، رشد و منابع حاصل از آن كه هدف بسياري از تصميم‌گيري‌هاست را به حداكثر رسانند و باعث بهبود عملكرد شركت شوند. وقتي شركت‌ها ساختار حكمراني مناسبي داشته باشند، بهتر مي‌توانند در يك بازار رقابت كنند. پس داشتن يك ساختار دوگانه، مديران را قادر مي‌سازد تا بر تعصبات تصميم گيري غلبه كرده و روند تصميم گيري، از جمله تصميمات مربوط به بازار را بهبود بخشند.
چكيده لاتين :
Objective: Measuring performance in the decision-making process is one of the most important issues in the field of financial economics due to the importance of the role of the CEO. In recent decades, the importance and impact of CEO decisions on company profitability as a measure of company performance has become one of the main topics in academic research. However, due to the separation of ownership from management and creating conflicts of interest and the dual role of the CEO in this issue, performance appraisal is one of the most important financial issues of companies, so the factors that affect the company's performance are of particular importance. Filling the gap in mediating variables on the relationship between CEO duality and company performance is critical. We choose the variables of capital structure and competition in the product market as mediators to increase our understanding of the duality of the CEO at the highest levels of leadership in an organization and to identify the factors that have a significant impact on the performance of companies.The main purpose of this study is the effect of the mediating role of competition in the product market and capital structure on the relationship between the duality of the CEO and the performance of companies listed on the Tehran Stock Exchange.
Method: The present study is a post-event research and is applied in terms of purpose. In order to achieve the objectives of the research, five hypotheses have been developed. Multivariate linear regression model and combined data were used to test the research hypotheses. The statistical sample of the research includes 120 companies listed on the Tehran Stock Exchange, which has been selected based on the available sampling method and has been studied during the years 2013 to 2019.
Results: Research findings indicate that CEO duality has a negative and significant relationship with company performance. Also, the duality of the CEO has a negative and significant effect on competition in the product market. Based on the research findings, the mediating role of competition in the product market in the relationship between CEO duality and company performance is confirmed. Also, the results showed that the duality of the CEO does not have a significant effect on the capital structure. Also, capital structure does not affect the relationship between CEO duality and company performance. From an economic point of view, business unit managers do not only seek to provide shareholder resources to improve the company's performance, but they also consider the interests of shareholders only when their own interests are best served; This will lead to a conflict of interest. Based on agency and management theories, the results of this study emphasize that the duality of the CEO with the use of managerial powers and skills in the performance of the company plays a key role.
Conclusion: Managers of companies are encouraged in turbulent economic conditions, growth and resources to maximize the goal of many decisions and improve company performance. When companies have the right governance structure, they are better able to compete in a market. Having a dual structure, then, enables managers to overcome decision biases and improve the decision-making process, including market-related decisions.
