تأثير مديريت مبتني بر ارزش بر عملكرد بازار شركت‌هاي پذيرفته شده در بورس اوراق بهادار تهران

The Effect of Value-Based Management on the Market Performance of Companies Listed on the Tehran Stock Exchange

در ﺗﺤﻘﯿﻖ ﺣﺎﺿﺮ ﺑﻪ ﺑﺮرﺳﯽ ﺗﺄﺛﯿﺮ ﻣﺪﯾﺮﯾﺖ ﻣﺒﺘﻨﯽ ﺑﺮ ارزش ﺑﺮ ﻋﻤﻠﮑﺮد ﺑﺎزار ﺷﺮﮐﺖﻫﺎي ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان ﭘﺮداﺧﺘﻪ ﺷﺪه اﺳﺖ ﺗﺎ ﺻﺤﺖ اﯾﻦ ادﻋﺎ در ﺑﺎزار ﺳﻬﺎم اﯾﺮان ﻣﻮرد ارزﯾﺎﺑﯽ ﻗﺮار ﮔﯿﺮد. روش: ﺑﻪ ﻣﻨﻈﻮر ﺳﻨﺠﺶ ﻋﻤﻠﮑﺮد ﺑﺎزار ﺷﺮﮐﺖ از دو ﻣﻌﯿﺎر ارزش ﺑﺎزار ﺳﻬﺎم و ﺑﺎزده ﻏﯿﺮﻋﺎدي ﺗﺠﻤﻌﯽ ﺳﻬﺎم در دوره 1 روزه ﻗﺒﻞ ﺗﺎ ﺑﻌﺪ از اﻧﺘﺸﺎر ﺻﻮرتﻫﺎي ﻣﺎﻟﯽ اﺳﺘﻔﺎده ﺷﺪ. ﻫﻤﭽﻨﯿﻦ در راﺳﺘﺎي ﺳﻨﺠﺶ ﻣﺪﯾﺮﯾﺖ ﻣﺒﺘﻨﯽ ﺑﺮ ارزش از ﺗﻔﺎﺿﻞ ﻧﺮخ ﺑﺎزده ﺳﺮﻣﺎﯾﻪﮔﺬاري از ﻧﺮخ ﻫﺰﯾﻨﻪ ﺳﺮﻣﺎﯾﻪ ﺑﻬﺮه ﮔﺮﻓﺘﻪ ﺷﺪ ﺗﺎ وﯾﮋﮔﯽ اﺻﻠﯽ ﻣﺪﯾﺮﯾﺖ ﻣﺒﺘﻨﯽ ﺑﺮ ارزش در ﺳﻨﺠﺶ آن ﻧﯿﺰ ﻟﺤﺎظ ﮔﺮدد. روش ﭘﮋوﻫﺶ از ﻧﻮع ﺗﻮﺻﯿﻔﯽ-ﻫﻤﺒﺴﺘﮕﯽ ﺑﻮده و ﺟﺎﻣﻌﻪ آﻣﺎري ﺗﺤﻘﯿﻖ ﺷﺎﻣﻞ ﺷﺮﮐﺖﻫﺎي ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان، ﻃﯽ دوره 1393 ﺗﺎ 1399 ﺑﻮدﻧﺪ ﮐﻪ ﺗﻌﺪاد 154 ﺷﺮﮐﺖ ﺑﻪ ﻋﻨﻮان ﻧﻤﻮﻧﻪ ﻣﻮرد ﺗﺠﺰﯾﻪ و ﺗﺤﻠﯿﻞ ﻗﺮار ﮔﺮﻓﺘﻨﺪ. دادهﻫﺎي ﺗﺤﻘﯿﻖ از ﻃﺮﯾﻖ ﺻﻮرتﻫﺎي ﻣﺎﻟﯽ ﺳﺎﻟﯿﺎﻧﻪ ﺷﺮﮐﺖﻫﺎ اﺳﺘﺨﺮاج ﺷﺪه و ﺑﺎ اﺳﺘﻔﺎده از رﮔﺮﺳﯿﻮن دادهﻫﺎي ﺗﺮﮐﯿﺒﯽ ﻣﻮرد ﺗﺠﺰﯾﻪ و ﺗﺤﻠﯿﻞ ﻗﺮار ﮔﺮﻓﺘﻨﺪ. ﯾﺎﻓﺘﻪﻫﺎ: ﻧﺘﺎﯾﺞ ﺣﺎﺻﻞ ﻧﺸﺎن داد ﮐﻪ ﻣﺪﯾﺮﯾﺖ ﻣﺒﺘﻨﯽ ﺑﺮ ارزش ﺗﺄﺛﯿﺮ ﻣﺴﺘﻘﯿﻢ و ﻣﻌﻨﺎداري ﺑﺮ ارزش ﺑﺎزار ﺳﻬﺎم ﺷﺮﮐﺖ داﺷﺘﻪ اﺳﺖ، در ﺣﺎﻟﯽ ﮐﻪ ﺗﺄﺛﯿﺮ آن ﺑﺮ روي ﺑﺎزده ﻏﯿﺮﻋﺎدي اﻧﺒﺎﺷﺘﻪ ﺷﺮﮐﺖ در ﺟﻬﺖ ﻣﻌﮑﻮس و ﻣﻌﻨﺎدار اﺳﺖ ﻧﺘﯿﺠﻪﮔﯿﺮي: ﻣﻄﺎﺑﻖ ﺑﺎ ﯾﺎﻓﺘﻪﻫﺎي اﯾﻦ ﭘﮋوﻫﺶ، ﺑﻪ ﻧﻈﺮ ﻣﯽرﺳﺪ ﮐﻪ ﻣﺪﯾﺮﯾﺖ ﻣﺒﺘﻨﯽ ﺑﺮ ارزش در دﯾﺪﮔﺎه ﺳﻬﺎمداران، از اﻫﻤﯿﺖ ﮐﻤﺘﺮي ﻧﺴﺒﺖ ﺑﻪ ﺳﺎﯾﺮ ﻋﻮاﻣﻞ و ﺷﺎﺧﺼﻪﻫﺎي ﻣﺎﻟﯽ ﺷﺮﮐﺖ ﺑﺮﺧﻮردار ﺑﻮده اﺳﺖ.

During the last few decades, various studies have investigated the performance implications of value-based management. While many studies indicate that firms that implement a value-based metric within their control and reporting systems can outperform their peers who opt against implementing such a metric. In this regard, the present study examines the impact of value-based management on the market performance of companies listed on the Tehran Stock Exchange to assess the accuracy of this claim in the Iranian stock market as a developing country. Method: In order to measure the company's market performance, two criteria of stock market value and abnormal cumulative stock returns in the period of 1 day before and after the publication of financial statements were used. Also, in order to measure value-based management, the difference between the rate of return on investment and the rate of cost of capital was used to include the main feature of value-based management in measuring it. The research method was descriptive-correlational and the statistical population of the study included all companies listed on the Tehran Stock Exchange during the period 2014 to 2020 that 154 companies were analyzed as the final sample. Research data were extracted using Rahavard Novin software and through the annual financial statements of companies and were analyzed using panel data regression. Findings:The results of fitting the research models showed that value-based management had a direct and significant effect on the value of the company's stock market, while its effect on the company's accumulated abnormal returns was obtained in the opposite and significant direction. Conclusion: According to these results, it seems that value-based management in the view of shareholders has been less important than other factors and financial characteristics of the company.