چکیده:
The purpose of the present study is to investigate the relationship between stock returns and social responsibilities during the life cycle of listed firms in Tehran Stock Exchange. In this study, the relationship between stock returns and firms’ social responsibility is examined in the growth, aturity and decline phases. For this purpose, a sample consisting of 108 firms listed in Tehran Stock Exchange during the six year period from 2009 to 2014 has been studied. As the dependent variable in this research has two options, the logit regression is used. In addition, with respect to the binary state of dependent variable, the model used in the study is Binary Logit Regression Model. The results of testing the hypotheses show that there is a significant relationship between stock returns and firms’ social responsibility in growth phase. This means that stock returns increase the likelihood of being included in the category of firms with social responsibility in the growth phase. In other words, stock returns increase the social responsibility. The research results also indicate that there is no significant relationship between stock returns and firms’ social responsibilities at the maturity and decline phases.
خلاصه ماشینی:
Survey model We use Jeyranpoor and vity Sofakran and Jakik model, in this research for measuring relation between stock output with social responsibilities during companies life cycle.
(2015( CSRi,t=βo+β1SRi,t+β2SGi,t+β3CEi,t+β4DPRi,t+β5AGEi,t +β6RoAi,t+β7SiZEi,t+β8LEVi,t+εi,t Table 1: Research data source Symbol Variable name type of change Report Activity board AGE life cycle Independent Report Activity board SR Stock returns variables Report Activity board CSR social responsibility dependent variable Balaanndceoshsesettataenmdenrtsofit ROA Return on assets Balance sheet SIZE size of the company Control variables Balance sheet LEV Financial Leverage Table 2: Statical society number number Description 567 total number of listed companies 77 Is deducted: Companies that fiscal year ended March they not 62 The number of companies included in the investment industry, financial intermediation, holding, and the bank is leasing.
So research hypothesis calculated between stock output relation and companies social responsibilities during 3 periods.
There is not meaningful relation between stock output and companies social responsibilities in mature period.
70 Conclusion and research suggestions Research findings According to result of first hypothesis: There is positive and meaningful relation between stock output and companies social responsibilities.
Also study control variables show company size and output have meaningful and positive effect on companies social responsibility during mature period.
According to result of third hypothesis There is not meaningful relation between stock output and companies social responsibilities.
Also study control variables show company size has positive and meaningful effect on companies social responsibility during fall period.
We suggested below suggestions for next research: Study relation between stock output and social responsibilities during life cycle.