رابطه حاکمیت شرکتی و سود شرکت ها مقاله

در ﺳﺎل ﻫﺎی اﺧﯿﺮ ﺣﺎﮐﻤﯿﺖ ﺷﺮﮐﺘﯽ ﺑﻪ ﻋﻨﻮان ﯾﮏ راﻫﮑﺎر ﻣﺆﺛﺮ در اﻓﺰاﯾﺶ ﮐﯿﻔﯿﺖ ﮔﺰارﺷﮕﺮی ﻣﺎﻟﯽ ﻣﻄﺮح ﺷﺪه اﺳﺖ و ﻧﺘﺎﯾﺞ ﺗﺤﻘﯿﻘﺎت ﺗﺠﺮﺑﯽ ﻣﺨﺘﻠﻒ ﻧﺸﺎن ﻣﯽ دﻫﺪ ﮐﻪ ﯾﮏ ﺣﺎﮐﻤﯿﺖ ﺷﺮﮐﺘﯽ ﻣﻄﻠﻮب ﻣﻨﺠﺮ ﺑﻪ اﻓﺰاﯾﺶ ﮐﯿﻔﯿﺖ ﺳﻮد ﻣﯽ ﺷﻮد. در اﯾﻦ ﭘﮋوﻫﺶ، راﺑﻄﻪ ﺑﯿﻦ ﺣﺎﮐﻤﯿﺖ ﺷﺮﮐﺘﯽ و ﺳﻮد ﻣﺸﻤﻮل ﻣﺎﻟﯿﺎت ارزﯾﺎﺑﯽ ﺷﺪه اﺳﺖ. اﯾﻦ ارزﯾﺎﺑﯽ از ﻃﺮﯾﻖ ﺑﺮرﺳﯽ راﺑﻄﻪ ﺑﯿﻦ ﺑﺮﺧﯽ از ﻣﻌﯿﺎرﻫﺎی ﻣﻬﻢ ﺣﺎﮐﻤﯿﺖ ﺷﺮﮐﺘﯽ ﺷﺎﻣﻞ درﺻﺪ اﻋﻀﺎی ﻏﯿﺮﻣﻮﻇﻒ در ﺗﺮﮐﯿﺐ ﻫﯿﺌﺖ ﻣﺪﯾﺮه، ﻧﻘﺶ ﺗﺮﮐﯿﺒﯽ ﻣﺪﯾﺮﻋﺎﻣﻞ) دوﮔﺎﻧﮕﯽ وﻇﺎﯾﻒ ﻣﺪﯾﺮﻋﺎﻣﻞ (و ﺳﻬﺎﻣﺪاران ﻧﻬﺎدی ﺻﻮرت ﮔﺮﻓﺘﻪ اﺳﺖ. ﻧﺘﺎﯾﺞ ﻧﺸﺎن ﻣﯽ دﻫﺪ ﮐﻪ: 1- ﺷﺮﮐﺖ ﻫﺎﯾﯽ ﮐﻪ دارای ﺣﺎﮐﻤﯿﺖ ﺷﺮﮐﺘﯽ ﮐﺎﻓﯽ ﺑﻮده اﻧﺪ) ﺧﻮاه اﯾﻨﮑﻪ دارای ﺣﺎﮐﻤﯿﺖ ﺷﺮﮐﺘﯽ ﻗﻮی ﯾﺎ ﺿﻌﯿﻒ ﺑﺎﺷﻨﺪ (اﻗﻼم ﺗﻌﻬﺪی اﺧﺘﯿﺎری ﮐﻤﺘﺮی دارﻧﺪ ﯾﻌﻨﯽ در اﯾﻦ ﮔﻮﻧﻪ ﺷﺮﮐﺖ ﻫﺎ، ﻣﺪﯾﺮﯾﺖ ﺳﻮد ﮐﻤﺘﺮ اﺗﻔﺎق ﻣﯽ اﻓﺘﺪ. 2-ﺷﺮﮐﺖ ﻫﺎﯾﯽ ﮐﻪ دارای ﺣﺎﮐﻤﯿﺖ ﺷﺮﮐﺘﯽ ﮐﺎﻓﯽ ﻣﯽ ﺑﺎﺷﻨﺪ، در ﺳﻄﻮح ﯾﮑﺴﺎن ﺗﻮاﻧﺎﯾﯽ ﺣﺎﮐﻤﯿﺖ ﺷﺮﮐﺘﯽ ﻧﯿﺰ دارای اﻗﻼم ﺗﻌﻬﺪی اﺧﺘﯿﺎری ﮐﻤﺘﺮی ﻫﺴﺘﻨﺪ. 3-ﺷﺮﮐﺖ ﻫﺎی ﺑﺎ ﺣﺎﮐﻤﯿﺖ ﺷﺮﮐﺘﯽ ﺿﻌﯿﻒ ﻧﺴﺒﺖ ﺑﻪ ﺷﺮﮐﺖ ﻫﺎی ﺑﺎ ﺣﺎﮐﻤﯿﺖ ﺷﺮﮐﺘﯽ ﻗﻮی، ﻟﺰوﻣﺎ اﻗﻼم ﺗﻌﻬﺪی اﺧﺘﯿﺎری ﺑﯿﺸﺘﺮی ﻧﺪارﻧﺪ. ﺑﯿﻦ اﻓﺸﺎی اﻃﻼﻋﺎت و ﻋﻤﻠﮑﺮد ﻣﺎﻟﯽ ﺷﺮﮐﺖ ﻫﺎ راﺑﻄﻪ ﻣﻌﻨﺎداری وﺟﻮد دارد. ﺑﻪ ﻃﻮرﮐﻠﯽ ﮐﻔﺎﯾﺖ ﺣﺎﮐﻤﯿﺖ ﺷﺮﮐﺘﯽ، ﻧﺴﺒﺖ ﺑﻪ ﺗﻮاﻧﺎﯾﯽ ﺣﺎﮐﻤﯿﺖ ﺷﺮﮐﺘﯽ ﺑﺎ ﻣﺪﯾﺮﯾﺖ ﺳﻮد ارﺗﺒﺎط ﻣﻌﻨﺎداری دارد. ﺑﺪﯾﻦ ﺗﺮﺗﯿﺐ ﮐﻪ ﮐﻔﺎﯾﺖ ﺣﺎﮐﻤﯿﺖ ﺷﺮﮐﺘﯽ ﯾﮑﯽ از ﻋﻮاﻣﻞ ﺗﻌﯿﯿﻦﮐﻨﻨﺪه ﻣﺆﺛﺮ ﺑﺮ ﻣﺪﯾﺮﯾﺖ ﺳﻮد اﺳﺖ. ﺗﻔﺎوت ﻣﻌﻨﺎدار ﺑﯿﻦ ﻣﯿﺎﻧﮕﯿﻦ درﺻﺪ اﺧﺘﻼف ﺳﻮد ﻣﺸﻤﻮل ﻣﺎﻟﯿﺎت اﺑﺮازی و ﻗﻄﻌﯽ در ﮔﺮوه ﺷﺮﮐﺖ ﻫﺎﯾﯽ ﮐﻪ ﻣﻌﯿﺎرﻫﺎی ﺣﺎﮐﻤﯿﺖ ﺷﺮﮐﺘﯽ را دارا ﻫﺴﺘﻨﺪ، ﺑﺎ ﮔﺮوه ﺷﺮﮐﺖﻫﺎﯾﯽ ﮐﻪ ﻣﻌﯿﺎرﻫﺎی ﺣﺎﮐﻤﯿﺖ ﺷﺮﮐﺘﯽ را دارا ﻧﯿﺴﺘﻨﺪ، وﺟﻮد دارد. ﺣﺎﮐﻤﯿﺖ ﺷﺮﮐﺘﯽ ﺑﺎ ﻣﻌﯿﺎرﻫﺎی ﮐﯿﻔﯿﺖ اﻗﻼم ﺗﻌﻬﺪی، ﭘﺎﯾﺪاری ﺳﻮد، ﻫﻤﻮارﺳﺎزی ﺳﻮد و ﻣﺤﺎﻓﻈﻪ ﮐﺎری ﺳﻮد، ارﺗﺒﺎط ﻣﻨﻔﯽ ﻣﻌﻨﺎدار و ﺑﺎ ﻣﻌﯿﺎرﻫﺎی ﺗﻮان ﭘﯿﺶﺑﯿﻨﯽ ﺳﻮد و ﺑﻪ ﻣﻮﻗﻊ ﺑﻮدن ﺳﻮد، ارﺗﺒﺎط ﻣﺜﺒﺖ ﻣﻌﻨﺎدار دارد اﻣﺎ ﺑﺎ ﻣﻌﯿﺎر ارﺗﺒﺎط ارزﺷﯽ ﺳﻮد ارﺗﺒﺎط ﻣﻌﻨﺎداری ﻧﺪارد؛ اﻧﺠﺎم، راﺑﻄﻪ ﺑﯿﻦ ﺣﺎﮐﻤﯿﺖ ﺷﺮﮐﺘﯽ و ﻣﻌﯿﺎرﻫﺎی ﭼﻨﺪﮔﺎﻧﻪ ﮐﯿﻔﯿﺖ ﺳﻮد در ﺻﻨﺎﯾﻊ ﻣﺨﺘﻠﻒ ﯾﮑﺴﺎن ﻧﯿﺴﺖ. راﺑﻄﻪ ﻣﻌﻨﯽ دار ﻣﺜﺒﺘﯽ ﺑﯿﻦ درﺻﺪ ﻣﺎﻟﮑﯿﺖ ﺳﻬﺎﻣﺪاران ﻧﻬﺎدی، ﺗﻌﺪاد ﺳﻬﺎم ﺳﻬﺎﻣﺪاران ﻋﻤﺪه، درﺻﺪ ﻣﺪﯾﺮان ﻏﯿﺮﻣﻮﻇﻒ در ﺗﺮﮐﯿﺐ ﻫﯿﺌﺖ ﻣﺪﯾﺮه، ﻋﺪم وﺟﻮد ﻣﺪﯾﺮﻋﺎﻣﻞ ﺷﺮﮐﺖ ﺑﻪ ﻋﻨﻮان رﺋﯿﺲ ﯾﺎ ﻧﺎﺋﺐ رﺋﯿﺲ ﻫﯿﺌﺖ ﻣﺪﯾﺮه و اﻧﺪازه ﺣﺴﺎﺑﺮس ﺷﺮﮐﺖ و ﮐﯿﻔﯿﺖ ﺳﻮد وﺟﻮد دارد. ﻣﺤﺘﻮای اﻃﻼﻋﺎﺗﯽ ﺳﻮد ﺑﺎ ﺗﻤﺮﮐﺰ ﻣﺎﻟﮑﯿﺖ و ﻣﺎﻟﮑﯿﺖ ﻧﻬﺎدی راﺑﻄﻪ ﻣﺜﺒﺖ و ﻣﻌﻨﺎداری دارد. وﺟﻮد راﺑﻄﻪ ﻣﻌﻨﺎدار ﺑﯿﻦ ﻣﺎﻟﮑﯿﺖ ﻣﺪﯾﺮﯾﺘﯽ، ﻣﺎﻟﮑﯿﺖ ﻧﻬﺎدی، ﻣﺎﻟﮑﯿﺖ ﺷﺮﮐﺘﯽ، ﺗﺮﮐﯿﺐ ﻫﯿﺌﺖ ﻣﺪﯾﺮه و اﻧﺪازه ﻫﯿﺌﺖ ﻣﺪﯾﺮه ﺑﺎ ﻣﺤﺘﻮای اﻃﻼﻋﺎﺗﯽ ﺳﻮد ﯾﺎﻓﺖ ﻧﺸﺪ.

In recent years, corporate governance has been proposed as an effective strategy to increase the quality of financial reporting, and the results of various experimental studies show that a favorable corporate governance leads to an increase in quality. It will be profitable. In this research, the relationship between corporate governance and taxable profit has been evaluated. This evaluation is done by examining the relationship between some of the important criteria of corporate governance, including the percentage of non-executive members in the composition of the board of directors, the combined role of the CEO (dual duties of the CEO) and institutional shareholders. The results show that: 1- Companies that have authority have been sufficient companies (whether they have strong or weak corporate governance) have fewer discretionary liability items, that is, in these types of companies, profit management is less common. 2- Companies with sufficient corporate governance are at the same level of ability Corporate governance also has fewer optional commitment items. 3- Companies with weak corporate governance do not necessarily have more optional commitment items than companies with strong corporate governance. There is a significant relationship between companies' financial performance and performance. Corporate governance has a significant relationship with profit management compared to the ability of corporate governance. Thus, the adequacy of corporate governance is one of the determining factors affecting profit management. The significant difference between the average percentages The difference in profit subject to nominal and flat taxes in the group of companies whose governance criteria have a company, there is a group of companies that do not have the standards of corporate governance. Corporate governance has a significant negative relationship with the criteria of the quality of commitment items, stability of profit, smoothing of profit and conservation of profit, and with the criteria of predictability of profit and the timeliness of profit, but it is related to the value of profit. It has no meaning; In conclusion, the relationship between corporate governance and multiple profit quality criteria is not the same in different industries. A significant positive relationship between the ownership percentage of institutional shareholders, the number of shares of major shareholders, the percentage of non-employee managers in the composition of the board of directors, the absence of the company's CEO as the chairman or vice-chairman of the board of directors, and the size There is a company accountant and profit quality. Profit information content has a positive and significant relationship with ownership concentration and institutional ownership. There was no significant relationship between managerial ownership, institutional ownership, corporate ownership, composition of the board of directors and the size of the board of directors with the content of profit information.

اين ارزيابي از طريق بررسي رابطه بين برخي از معيارهاي مهم حاکميت شرکتي شامل درصد اعضاي غيرموظف در ترکيب هيئت مديره ، نقش ترکيبي مديرعامل (دوگانگي وظايف مديرعامل ) و سهامداران نهادي صورت گرفته است . شکل گيري رابطه نمايندگي تضاد منافع بين مديران سهامداران و ساير ذينفعان از جمله دولت ايجاد ميگردد و به طور بالقوه اين امکان به وجود ميآيد کهمديران اقداماتي انجام دهند که در جهت منافع خودشان بوده و ضرورتا در جهت منافع سهامداران وساير ذينفعان از جمله دولت نباشد که به آن مسأله نمايندگي گفته ميشود (٢) از اين رو، حاکميت شرکتي مکانيزمي است که از طريق اعمال ، آن مشکلات نمايندگي برطرف گرديده و کيفيت اطلاعات ارائه شده از سوي شرکت ها (٣) بهبود يافته رعايت حقوق سهامداران و کليه ذينفعان از جمله دولت ها و عموم جامعه مورد توجه قرار مي گيرد. بررسي رابطه مکانيزم هاي حاکميت شرکتي با کيفيت سود انجام شده و نتايج حاکي از اين امر است که با بيشتر شدن تعداد جلسات هيئت مديره و افزايش حضور مديران غيرموظف در آن ، کيفيت (پايداري و توان پيش بيني) سود حسابداري افزايش يافته است . به صورت معمول ، هيئت مديره اي که تعداد مديران غيرموظف آن به نسبت بيشتر است ، تصوير مثبتي از استقلال و مسئوليت پاسخگويي را براي سهامداران تداعي نموده ، حصول اطمينان از رعايت ويژگيهاي حاکميت شرکتي را نيز افزايش ميدهد نفوذ سرمايه گذاران نهادي در بازار و شرکت ها، معيار ديگري براي اندازه گيري شفافيت است .