نوع مقاله : مقاله پژوهشی
نویسنده
کارشناسی ارشد، گروه توسعه و برنامه ریزی اقتصادی، واحد فیروز کوه، دانشگاه آزاد اسلامی، فیروز کوه ، ایران.
چکیده
مالکان نهادی در غالب موسسات مختلف دست به خرید و فروش حجم وسیعی از سهام شرکتها می زنند. از سهامداران نهادی می توان به بانکها، شرکتهای بیمه، سازمان تأمین اجتماعی، صندوق های بازنشستگی و شرکتهای سرمایه گذاری اشاره نمود. به همین دلیل، سرمایه گذاران نهادی تبدیل به بزرگترین گروه سهامدار در شرکتهای مختلف تبدیل شدند که به صورت مستقیم و غیر مستقیم بر عملکرد مدیران و شرکتها تأثیر گذار می باشند. مدیران تمایل دارند که شرکت آنها به سطح قابل قبولی از رشد و امنیت برسد؛ زیرا آنها بیشتر نگران تداوم بقای خودشان هستند تا حداکثرکردن ارزش شرکت برای سهام دارانش . ولی سهام داران با انتظار اینکه مدیران برای حداکثرکردن منافع آنها تلاش می کنند، اختیار تصمیم گیری را به مدیران واگذار می کنند. هدف از انجام این مطالعه تحلیل ارتباط میان مالکیت نهادی و عملکرد شرکتها با در نظر گرفتن نقش تعدیل کننده پاداش هیئت مدیره می باشد. پس از گردآوری اطلاعات مربوط به متغیرهای این مطالعه و انجام آزمون های مورد نیاز، مدلهای تحقیق جهت انجام آزمون فرضیه برآورد شد و نتایج نشان می دهند که با افزایش درصد مالکیت نهادی ، عملکرد شرکتها بهبود یافته و پاداش هیئت مدیره نیز تأثیری مثبت بر این ارتباط گذاشته است.
کلیدواژه‌ها
موضوعات
عنوان مقاله [English]
Analyzing the Relationship between Institutional Ownership and Corporate Performance Considering the Moderating role of Board of Directors' Compensation
نویسنده [English]
- Kourosh Nematnezhad
M,A, Department of Development and Economic Planning, Firozkoh branch, Islamic Azad University, Firozkoh, Iran.
چکیده [English]
Institutional owners buy and sell a large amount of company shares in most of the different institutions. Institutional shareholders include banks, insurance companies, social security organizations, pension funds and investment companies. For this reason, institutional investors became the largest group of shareholders in various companies, which directly and indirectly affect the performance of managers and companies. Managers want their company to reach an acceptable level of growth and security; Because they are more concerned about their survival than maximizing the value of the company for its shareholders. But the shareholders leave the decision-making authority to the managers, expecting that the managers will try to maximize their interests. The purpose of this study is to analyze the relationship between institutional ownership and the performance of companies, taking into account the moderating role of the board of directors' remuneration. After collecting the information related to the variables of this study and performing the required tests, the research models were estimated to test the hypothesis and the results show that with the increase in the percentage of institutional ownership, the performance of the companies improved and the bonus of the board of directors also had a positive effect on this relationship.
کلیدواژه‌ها [English]
- Institutional Ownership
- Corporate Performance
- Board of Directors' Compensation
Bonazzi, L. and Islam, S. M.N., 2007. Agency theory and corporate governance, a study of the effectiveness of board in their monitoring of the CEO”, Journal of Modelling in Management, 2 (1):7-23.
Cao, J., Pan, X., Tian, G. (2011). Disproportional ownership structure and pay-performance relationship: Evidence from China’s listed firms. J. Corporate Finance. 17: 541-554.
Chen, Ruiyuan, El Ghoul, Sadok, Guedhami, Omrane, Wang, He, 2017. Do state and foreign ownership affect investment efficiency? Evidence from privatizations. J. Corp. Financ. 42, 408–421.
Drobetz , Wolfgang, Sebastian Ehlert, Henning Schr¨oder(2021) Institutional ownership and firm performance in the global shipping industry, Transportation Research Part E, 146: 1-16.
Hemmati, Hassan, Kazemi, Hossein, Rostami, Zeinab (2013) The impact of corporate governance system mechanisms on financial performance and information transparency, applied research in financial reporting, 2(2): 123-148.
Marcelin, Isaac, Aklesso Y.G.Egbendewe, Djoulassi K.Oloufade, WeiSun (2021) Financial inclusion, bank ownership, and economy performance: Evidence from developing countries, Finance Research Letters, https://doi.org/10.1016/j.frl.2021.102322.
Mashaikh, Shahnaz and Mohin Abdollahi, (2013) Investigating the relationship between ownership concentration, company performance and dividend policy in companies listed on the Tehran Stock Exchange, Journal of Financial Accounting Research, 10: 71-86.
Natghi, Elmira and Kazemi, Hossein (1400) Investigating the relationship between the mechanisms of the corporate governance system and the performance of the company with a balanced evaluation approach, Management and Industrial Engineering Research Quarterly, 3(6): 1-13.
Sadeghi Sharif, Seyed Jalal, Kafash Panjeshahi, Mohammad. (1388). The effect of the composition of shareholders on the efficiency of companies listed on the Tehran Stock Exchange. Accounting and auditing reviews, 16(2), 51-66.
)