کاربرد رگرسیون فازی در تبیین ارتباط بین ویژگی های هیات مدیره و عملکرد شرکت های پذیرفته شده در بورس اوراق بهادار تهران Journal Article

Writer: مرادی، مهدی ؛ حبیب زاده بایگی، سید جواد ؛ نجاریان، مرضیه ؛ تقوی مقدم، علی ؛

پیشرفت های حسابداری پاییز و زمستان 1391، دوره چهارم - شماره 2 ، Science-Research (Ministry of Science/ISC (‎32 page(s) - From 119 to 150 )

Keywords: ﻋﻤﻠﻜﺮد وﻳﮋﮔﻲﻫﺎي ﻫﻴﺄت ﻣﺪﻳﺮه ﺑﺎزده داراﻳﻲ رﮔﺮﺳﻴﻮن ﻓﺎزي‬‬ Performance Return on assets Fuzzy Regression Characteristics of Board Members

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Abstract:

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.

Machine summary:

"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."

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