چکیده:
ﻫﺪف ﺗﺤﻘﻴﻖ ﺣﺎﺿﺮ، ﺑﺮرﺳﻲ راﺑﻄﻪی ﺑﻴﻦ ﺑﺮﺧﻲ وﻳﮋﮔﻲﻫﺎی ﻫﻴﺄت ﻣﺪﻳﺮه ﺑﺎ ﻋﻤﻠﻜﺮد ﺷﺮﻛﺖ اﺳﺖ. ﺑﻪ ﻣﻨﻈﻮر اﻧﺠﺎم ﺗﺤﻘﻴﻖ، 951 ﺷـﺮﻛﺖ در ﺑـﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان ﻃﻲ ﺳﺎلﻫـﺎی 3831-8831 ﺟﻬـﺖ آزﻣـﻮن ﻓﺮﺿـﻴﻪﻫـﺎ اﻧﺘﺨـﺎب ﮔﺮدﻳﺪﻧﺪ. ﻧﺘﺎﻳﺞ ﺗﺤﻘﻴﻖ ﺑﺎ اﺳﺘﻔﺎده از رﮔﺮﺳﻴﻮن ﻓـﺎزی ﺣـﺎﻛﻲ از آن اﺳـﺖ ﻛـﻪ ﻧﺴﺒﺖ اﻋﻀﺎی ﻏﻴﺮﻣﻮﻇﻒ ﻫﻴﺄت ﻣﺪﻳﺮه، ﺗﻔﻜﻴﻚ وﻇﺎﻳﻒ، اﻧﺪازهی ﻫﻴﺄت ﻣـﺪﻳﺮه، ﺗﻨﻮع ﺟﻨﺴﻴﺖ و اﻫﺮم راﺑﻄﻪ ی ﻣﻌﻜﻮﺳﻲ ﺑﺎ ﻋﻤﻠﻜﺮد دارﻧﺪ. در اﻳﻦ ﺗﺤﻘﻴﻖ ﺗﻐﻴﻴـﺮ در اﻋﻀﺎی ﻫﻴﺄت ﻣﺪﻳﺮه، اﻧﺪازهی ﺷﺮﻛﺖ و ﺟﺮﻳﺎن وﺟﻪ ﻧﻘﺪ ﻋﻤﻠﻴـﺎﺗﻲ راﺑﻄـﻪی ﻣﺴﺘﻘﻴﻤﻲ ﺑﺎ ﻋﻤﻠﻜﺮد ﺷﺮﻛﺖ داﺷﺘﻪاﻧﺪ. در ﺗﺤﻘﻴﻖ ﺣﺎﺿﺮ، ﺑﻴﻦ ﻣﺎﻟﻜـﺎن ﻧﻬـﺎدی و ﻋﻤﻠﻜﺮد ﺷﺮﻛﺖ راﺑﻄﻪای ﻳﺎﻓﺖ ﻧﺸﺪه اﺳﺖ.
Introduction: In the current business ownership structure، separation between managers and shareholders is unavoidable. In these firms، failure to monitor the management may lead to inefficient resource allocation and to some extent، corporate scandals (Johari et al.، 2008). In this study we investigate the relationship between board characteristics and firm performance.
Hypotheses
H1: There is a significant relationship between the presence of non-executive directors in the board’s structure and firm performance.
H2: There is a significant relationship between chairman duty separation from CEO and firm performance.
H3: There is a significant relationship between number of board members and firm performance.
H4: There is a significant relationship between changes in board members or their agents in current year relative to prior year and firm performance.
H5: There is a significant relationship between gender diversity in the board and firm performance.
H6: There is a significant relationship between institutional ownership and firm performance.
Methods: In this research، return on assets (ROA) is considered as proxy for firm performance. Control variables in this study include firm size، operation cash flow and leverage. Research samples are 159 firms (954 year -firm) on Tehran Stock Exchange (TSE) during 2003 to 2008. In this study fuzzy regression is used for testing the hypotheses.
Results: Research results show that there is a negative relationship between nonexecutive managers and firm performance. Results also show that، chairman duty separation from CEO and number of board members has a negative association with firm performance. Thus H1، H2 and H3 are accepted. Results show that there is a positive relationship between changes in board members and firm performance. Thus H4 is accepted. In this research، gender diversity has a negative association with firm performance. Thus H5 is accepted. Research results indicate that there is no significant relationship between institutional owners and firm performance. Thus H6 is rejected. Regressed model results show that firm size and operation cash flow have a positive relationship with firm performance. Results also show that there is negative relationship between leverage and firm performance.
Discussion and Conclusion: This paper examined the roles of board characteristics on firm performance. The fuzzy regression was applied to test the research hypotheses. The results showed that nonexecutive members، chairman duty separation from CEO، number of board members، gender diversity and leverage have a negative relationship with firm performance. The results also showed that changes in board members، firm size and operation cash flow have a positive relationship with firm performance. Research results indicate that there is no significant relationship between institutional owners and firm performance.
خلاصه ماشینی:
"ﻣﺪل ﺗﺠﺮﺑﻲ ﻣﻮرد اﺳﺘﻔﺎده، ﺟﻬﺖ آزﻣﻮن ﻓﺮﺿﻴﻪﻫﺎ ﺑﻪ ﺷﺮح ذﻳﻞ ﺗﺒﻴﻴﻦ ﮔﺮدﻳﺪه اﺳﺖ: + ROA = α + β1 COMPOSE + β2 DUAL + β3 NUM + β4 BCHANGE β5WMEMBER + β6 IO + β7 SIZE + β8 CASH + β9 LEV + £i در اﻳﻦ ﻣﺪل ROAﻋﻤﻠﻜـﺮد )ﺑـﺎزده داراﻳـﻲ(، COMPOSEﻣـﺪﻳﺮان ﻏﻴـﺮ ﻣﻮﻇـﻒ، DUALﻧﻘﺶ دوﮔﺎﻧﻪی ﻣﺪﻳﺮ ﻋﺎﻣﻞ، NUMﺗﻌﺪاد اﻋﻀـﺎی ﻫﻴـﺄت ﻣـﺪﻳﺮه، BCHANGE ﺗﻐﻴﻴﺮ در اﻋﻀﺎء ﻫﻴﺄت ﻣﺪﻳﺮه WMEMBERﺗﻨﻮع ﺟﻨﺴﻴﺖ در ﻫﻴـﺄت ﻣـﺪﻳﺮه، IOﻣﺎﻟﻜـﺎن ﻧﻬﺎدی، SIZEاﻧﺪازهی ﺷﺮﻛﺖ، CASHﺟﺮﻳﺎن وﺟﻪ ﻧﻘﺪ ﻋﻤﻠﻴـﺎﺗﻲ، LEVاﻫـﺮم و £ ﺧﻄـﺎ اﺳﺖ.
ﻧﮕﺎره 3: آﻣﺎر ﺗﻮﺻﻴﻔﻲ ﺑﺮای ﻣﺘﻐﻴﺮﻫﺎی ﺑﺎﻳﻨﺮی درﺻﺪ ﻓﺮاواﻧﻲ ﻓﺮاواﻧﻲ ﻣﻄﻠﻖ ﺷﺮح ﻣﺘﻐﻴﺮ ﻧﺴﺒﻲ )ﺳﺎل-ﺷﺮﻛﺖ( 4,71 661 0 ﺗﺎ 05 درﺻﺪ ﻧﺴﺒﺖ اﻋﻀﺎی ﻏﻴﺮ ﻣﻮﻇﻒ ﻫﻴﺄت ﻣﺪﻳﺮه 6,28 887 ﺑﻴﺶﺗﺮ از 05 درﺻﺪ 6,59 219 دارد ﺗﻔﻜﻴﻚ وﻇﺎﻳﻒ رﻳﺎﺳﺖ ﻫﻴﺄت ﻣﺪﻳﺮه از ﻣﺪﻳﺮﻳﺖ ﻋﺎﻣﻞ 4,4 24 ﻧﺪارد 69 63 5 ﻧﻔﺮ ﺗﻌﺪاد اﻋﻀﺎی ﻫﻴﺄت ﻣﺪﻳﺮه 4 819 7 ﻧﻔﺮ 4,56 426 دارد ﺗﻐﻴﻴﺮ در اﻋﻀﺎی ﻫﻴﺄت ﻣﺪﻳﺮه 6,43 033 ﻧﺪارد 4 83 دارد ﺗﻨﻮع ﺟﻨﺴﻴﺖ در ﻫﻴﺄت ﻣﺪﻳﺮه 69 619 ﻧﺪارد 3,71 561 ﻣﺎﻟﻜﻴﺖ ﺳﻬﺎم 0 ﺗﺎ 05 درﺻﺪ ﻣﺎﻟﻜﺎن ﻧﻬﺎدی 7,28 987 ﻣﺎﻟﻜﻴﺖ ﺳﻬﺎم ﺑﻴﺶﺗﺮ از 05 درﺻﺪ ﻛﺎرﺑﺮد رﮔﺮﺳﻴﻮن ﻓﺎزی در ﺗﺒﻴﻴﻦ ارﺗﺒﺎط ﺑﻴﻦ وﻳﮋﮔﻲﻫﺎی ﻫﻴﺎت ﻣﺪﻳﺮه و ...
ﺑﺎ وﺟﻮد اﻳﻦ ﻧﺘﺎﻳﺞ ﺗﺤﻘﻴﻖ ﺣﺎﺿﺮ، ﺑﻴﺎنﮔﺮ ﻋﺪم وﺟﻮد راﺑﻄﻪای ﻣﻌﻨﺎدار ﺑﻴﻦ ﻣﺎﻟﻜﺎن ﻧﻬﺎدی ﻣﺠﻠﻪ ﭘﻴﺸﺮﻓﺖﻫﺎی ﺣﺴﺎﺑﺪاری، دوره ﭼﻬﺎرم، ﺷﻤﺎره دوم، ﭘﺎﻳﻴﺰ و زﻣﺴﺘﺎن 1931 241 و ﻋﻤﻠﻜﺮد در ﺷﺮﻛﺖﻫﺎی اﻳﺮاﻧﻲ اﺳﺖ."