چکیده:
رﻓﺘﺎر ﺳﻴﺎﺳﻲ آن دﺳﺘﻪ از ﻓﻌﺎﻟﻴﺖ ﻫﺎﻳﻲ اﺳـﺖ ﻛـﻪ ﺑـﻪ ﻋﻨـﻮان ﺑﺨﺸـﻲ از ﻧﻘـﺶ رﺳـﻤﻲ در ﺳـﺎزﻣﺎنﺿﺮورت ﻧﺪارﻧﺪ، وﻟﻲ در اﻣﺮ ﺗﻮزﻳﻊ ﻣﺰاﻳﺎ و ﻛﺎﺳﺘﻲ ﻫﺎ درون ﺳﺎزﻣﺎن اﻋﻤﺎل ﻧﻔﻮذ ﻣﻲ ﻧﻤﺎﻳﻨـﺪ. ﺑـﻪ ﻋﺒـﺎرتدﻳﮕﺮ رﻓﺘﺎر ﺳﻴﺎﺳﻲ ﺷﺎﻣﻞ ﻓﻌﺎﻟﻴﺖ ﻫﺎﻳﻲ اﺳﺖ ﻛﻪ در ﻳﻚ ﺳﺎزﻣﺎن ﺑﺮای اﻛﺘﺴﺎب، ﺗﻮﺳﻌﻪ، اﺳﺘﻔﺎده از ﻗﺪرتو ﺳﺎﻳﺮ ﻣﻨﺎﺑﻊ ﺑﺮای ﺣﺼﻮل اوﻟﻮﻳﺖ ﻫﺎی ﻳﻚ ﻓﺮد در ﻣﻮﻗﻌﻴﺘﻲ ﻛﻪ در آن ﻋﺪم اﻃﻤﻴﻨﺎن )ﻳﺎ ﻋﺪم ﺗﻮاﻓـﻖ( در ﻣﻮرد ﮔﺰﻳﻨﻪ ﻫﺎ وﺟﻮد داﺷﺘﻪ ﺑﺎﺷﺪ، ﺻﻮرت ﻣﻲﭘﺬﻳﺮد.در اﻳﻦ راﺳﺘﺎ، ﭘﮋوﻫﺶ ﺣﺎﺿﺮ ﺑﻪ ﺑﺮرﺳﻲ راﺑﻄﻪ درﺟﻪ رﻓﺘﺎر ﺳﻴﺎﺳﻲ ﻣﺪﻳﺮان ارﺷﺪ ﻣﺎﻟﻲ ﺷـﺮﻛﺖ ﻫـﺎی ﺗﺤـﺖﺑﻮرس اوراق ﺑﻬﺎدار ﻣﻲ ﭘﺮدازد. از ﻣﻴﺎن 054 ﺷﺮﻛﺖ ﻓﻌﺎل در ﺑﻮرس 091 ﻣﻮرد آن ﻓﺎﻗﺪ ﻣﻔﺮوﺿﺎت ﺗﺤﻘﻴـﻖ ﺑـﻮدهﻛﻪ از ﻣﻴﺎن 062 ﺷﺮﻛﺖ ﻣﻨﺘﺨﺐ )ﺟﺎﻣﻌﻪ ﺗﺤﻘﻴﻖ(، ﺗﻌﺪاد 07 ﺷﺮﻛﺖ ﺑﻪ روش ﺗﺼﺎدﻓﻲ ﺳﺎده ﺑـﺪون ﺟـﺎﻳﮕﺰﻳﻨﻲ، ﺑـﻪﻋﻨﻮان ﻧﻤﻮﻧﻪ ﺗﻌﻴﻴﻦ ﺷﺪ. ﻓﺮﺿﻴﻪ ﻫﺎی ﭘﮋوﻫﺶ ﺑﻪ روش ﻫﻤﺒﺴﺘﮕﻲ ﭘﻴﺮﺳﻮن ﺗﺤﻠﻴﻞ ﺷﺪﻧﺪ. ﻧﺘﺎﻳﺞ ﺗﺤﻘﻴـﻖ ﻧﺸـﺎن ﻣـﻲدﻫﺪ ﻛﻪ در ﺳﻄﺢ ﺧﻄﺎی 50/0، ﺗﻨﻬﺎ ﺑﻴﻦ درﺟﻪ ﺳﻴﺎﺳﻲ ﺑﻮدن و ﻣﺘﻐﻴﺮﻫﺎی ﺑﺎزده ﻓﺮوش و ﻧﺴﺒﺖ ﻋﺎﻳﺪی ﻫـﺮ ﺳـﻬﻢراﺑﻄﻪ ﻣﻌﻨﻲ داری وﺟﻮد دارد و ﺑﻴﻦ درﺟﻪ ﺳﻴﺎﺳﻲ ﺑﻮدن ﻣﺪﻳﺮان ارﺷﺪ ﻣﺎﻟﻲ و ﻣﺘﻐﻴﺮﻫﺎی ﻧﺴﺒﺖ ﻗﻴﻤﺖ ﺑﻪ ﺳﻮد ﻫـﺮﺳﻬﻢ، ﺑﺎزده ﺳﺮﻣﺎﻳﻪ ﮔﺬاری و ﺑﺎزده ﺳﺮﻣﺎﻳﻪ ﮔﺬاری ﻧﻘﺪی ﻫﻴﭻ ﮔﻮﻧﻪ ارﺗﺒﺎﻃﻲ ﻣﺸﺎﻫﺪه ﻧﺸﺪ. در اﻳﻦ ﺗﺤﻘﻴﻖ ﻫﻤﭽﻨﻴﻦﺗﺄﺛﻴﺮ ﭘﺬﻳﺮی ﻣﺘﻐﻴﺮﻫﺎی واﺑﺴﺘﻪ )ﺷﺎﺧﺺﻫﺎی ﻋﻤﻠﻜﺮد ﻣﺎﻟﻲ( از ﻣﺘﻐﻴﺮ ﻣﺴﺘﻘﻞ )درﺟﻪ ﺳﻴﺎﺳﻲ ﺑﻮدن ﻣﺪﻳﺮان ﻣﺎﻟﻲ( ﺑـﻪروش رﮔﺮﺳﻴﻮن ﺧﻄﻲ ﻣﻮرد ارزﻳﺎﺑﻲ ﻗﺮار ﮔﺮﻓﺖ. در اﻳﻦ راﺳﺘﺎ ﻧﺘﺎﻳﺞ ﺣﺎﻛﻲ از ﻋﺪم ﻫﺮﮔﻮﻧﻪ ﺗﺄﺛﻴﺮ ﭘﺬﻳﺮی ﻣﺘﻐﻴﺮﻫﺎی واﺑﺴﺘﻪ از ﻣﺘﻐﻴﺮ ﻣﺴﺘﻘﻞ ﺑﻮد و ﺗﻨﻬﺎ درﺟﻪ ﺳﻴﺎﺳﻲ ﺑﻮدن ﺑﺮ ﺑﺎزده ﻓﺮوش ﻣﻮﺛﺮ اﺳﺖ.
Political behavior is the activities that are not necessary as a part of formal role in the organization, however, they influence in distribution of benefits within the organization. In other words, political behavior includes activities in an origination to earn, develop, use from the power and other resources to reach preferences of a person in a situation that there is inconsistent about alternatives.
Therefore, the research investigates the relationship between political degrees of financial managers of the accepted companies in Tehran Stock Exchange. From 450 companies, 260 companies were qualifies and we selected 70 companies as the research sample by random sampling. The research hypotheses were analyzed by Pearson correlation method. The results indicate at the error level of 5% there is a significant relationship only between political degree and Return On sale-ROS and Earning per Share- EPS and there is no significant relationship between political degree and Price/Earning-P/E, Return on Investigation-ROI and Return on Investigation- ROI. We also analyzed whether political degree has any affect on the financial performance measures via linear regression. The results indicated any affect on the measures. Political degree has only an effect on ROS.
خلاصه ماشینی:
ﺑﺮزﻳـﺪه )3831( در ﺑﺮرﺳﻲ ﺧﻮد ﺗﺤﺖ ﻋﻨﻮان راﺑﻄﻪ ﺑﻴﻦ روﻳﻜﺮدﻫﺎی ﻣﺨﺘﻠـﻒ در اﻧـﺪازه ﮔﻴـﺮی ﻋﻤﻠﻜـﺮد ﻣـﺎﻟﻲ ﺷﺮﻛﺖ راﺑﻄﻪ ﻫﻤﺒﺴﺘﮕﻲ ﺑﻴﻦ ﻣﻌﻴﺎرﻫﺎی ارزﻳﺎﺑﻲ ﻋﻤﻠﻜﺮد در ﻛﻠﻴﻪ ﺷﺮﻛﺖ ﻫﺎی ﻣﺨﺘﻠﻒ ﺻﻨﻌﺘﻲ وﺳﺎﻳﻞ ﺣﻤﻞ و ﻧﻘﻞ ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان را ﻣﻮرد ﺗﻮﺟﻪ ﻗﺮار داده و ﺑـﺎ ﺑﻴﺎن ﻓﺮﺿﻴﻪ اﺻﻠﻲ ﺗﺤﻘﻴﻖ ﺧﻮد ﺗﺤﺖ ﻋﻨﻮان "ﺑﻴﻦ ﺷﺎﺧﺺ ﻫﺎی ﻣﺎﻟﻲ ﺳﻨﺘﻲ ﺑﺎ ﺑﻬﺒﻮد ﻋﻤﻠﻜﺮد ﻛﺎرﻛﻨﺎن راﺑﻄﻪ وﺟﻮد دارد"، ﭘﮋوﻫﺶ ﺧﻮد را آﻏﺎز ﻣﻲ ﻛﻨﺪ.
رﮔﺮﺳﻴﻮن 40/6 * ﻣﻨﺒﻊ: ﻳﺎﻓﺘﻪ ﻫﺎی ﭘﮋوﻫﺸﮕﺮ ﺟﺪول5- ﻣﺤﺎﺳﺒﻪ ﺳﻄﺢ ﻣﻌﻨﺎ داری ﻓﺮﺿﻴﻪ ﻋﻠﻲ دوم ﺿﺮاﻳﺐ اﺳﺘﺎﻧﺪارد ﺷﺪهBeta ﺿﺮاﻳﺐ اﺳﺘﺎﻧﺪارد ﻧﺸﺪهB ﺳﻄﺢ ﻣﻌﻨﺎ داری 555/2 )ﻣﻘﺪرا ﺛﺎﺑﺖ( 222/0 451/0 700/0 )اﻣﺘﻴﺎز ﭘﺎﺳﺨﮕﻮﻳﻲ( * ﻣﻨﺒﻊ: ﻳﺎﻓﺘﻪ ﻫﺎی ﭘﮋوﻫﺸﮕﺮ در ﺟﺪول ﺷﻤﺎره 5 از آن ﺟﺎ ﻛﻪ ﺳﻄﺢ ﻣﻌﻨﻲ داری ﺑﺮای ﻓﺮﺿـﻴﻪ ﻓـﻮق ﺑﺮاﺑـﺮ 222/0 ﺑﻮده و از 50/0 ﺑﺰرﮔﺘﺮ اﺳﺖ ﻣﻲ ﺗﻮان ﻓﺮض 0 Hرا ﭘﺬﻳﺮﻓﺖ و 1 Hرا رد ﻛﺮد ﻛـﻪ اﻳـﻦ ﺑﻪ ﻣﻨﺰﻟﻪ ﺗﺄﺛﻴﺮ ﻧﺎﭘﺬﻳﺮی ﻣﺘﻐﻴﺮ واﺑﺴﺘﻪ )ﻧﺴﺒﺖ ﻋﺎﻳﺪی ﻫﺮ ﺳـﻬﻢ( از ﻣﺘﻐﻴـﺮ ﻣﺴـﺘﻘﻞ )درﺟـﻪ ﺳﻴﺎﺳﻲ ﺑﻮدن ﻣﺪﻳﺮان( اﺳﺖ.
ﺟﺪول 11- ﻣﺤﺎﺳﺒﻪ ﺳﻄﺢ ﻣﻌﻨﺎ داری ﻓﺮﺿﻴﻪ ﻋﻠﻲ ﭘﻨﺠﻢ ﺿﺮاﻳﺐ اﺳﺘﺎﻧﺪارد ﺷﺪهBeta ﺿﺮاﻳﺐ اﺳﺘﺎﻧﺪارد ﻧﺸﺪهB ﺳﻄﺢ ﻣﻌﻨﺎ داری 330/0 )ﻣﻘﺪرا ﺛﺎﺑﺖ( 550/0 032/0 400/0 )اﻣﺘﻴﺎز ﭘﺎﺳﺨﮕﻮﻳﻲ( * ﻣﻨﺒﻊ: ﻳﺎﻓﺘﻪ ﻫﺎی ﭘﮋوﻫﺸﮕﺮ از آن ﺟﺎ ﻛﻪ ﺳﻄﺢ ﻣﻌﻨـﻲ داری ﺑـﺮای ﻓﺮﺿـﻴﻪ ﭘـﻨﺠﻢ ﺑﺮاﺑـﺮ 550/0 ﺑـﻮده و از 50/0 ﺑﺰرﮔﺘﺮ اﺳﺖ، ﻣﻲ ﺗﻮان ﻓﺮض 0 Hرا ﭘﺬﻳﺮﻓﺖ و 1 Hرا رد ﻧﻤﻮد ﻛﻪ اﻳﻦ ﺑﻪ ﻣﻌﻨﻲ ﺗـﺄﺛﻴﺮ ﻧﺎﭘﺬﻳﺮی ﻣﺘﻐﻴﺮ واﺑﺴﺘﻪ )ﻧﺴﺒﺖ ﺑﺎزده ﻧﻘﺪی( از ﻣﺘﻐﻴﺮ ﻣﺴﺘﻘﻞ )درﺟﻪ ﺳﻴﺎﺳﻲ ﺑﻮدن ﻣﺪﻳﺮان( اﺳﺖ.