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تاثیر خودشیفتگی و قدرت مدیرعامل بر کارایی سرمایه گذاری و رشد پایدار سود | ||
راهبرد مدیریت مالی | ||
مقاله 10، دوره 10، شماره 3 - شماره پیاپی 38، مهر 1401، صفحه 203-224 اصل مقاله (519.86 K) | ||
نوع مقاله: مقاله پژوهشی | ||
شناسه دیجیتال (DOI): 10.22051/jfm.2020.30811.2354 | ||
نویسندگان | ||
رحیم بنابی قدیم* 1؛ حامد مجیدی2 | ||
1استادیارگروه حسابداری، واحد هشترود، دانشگاه آزاد اسلامی، هشترود، ایران | ||
2کارشناس ارشد حسابداری، دانشگاه آزاد اسلامی، واحد مرند | ||
چکیده | ||
بیشینه کردن ارزش شرکت نیازمند اتخاذ تصمیمات سرمایهگذری صحیح است و هرگونه تلاش برای ارزشآفرینی و استفاده بهینه از فرصتهای سرمایه گذاری، متأثر از جنبه های رفتاری و ویژگیهای فردی مدیرعامل شرکت است. پژوهش حاضر به بررسی تأثیر خودشیفتگی و قدرت مدیرعامل بر کارایی سرمایهگذاری و رشد پایدار سود پرداخته است. بر این اساس، تعداد 110 شرکت پذیرفته شده در بورس اوراق بهادار تهران که به روش نمونه گیری حذف تصادفی انتخاب شدهاند، برای دوره زمانی 1390 تا 1397 به روش رگرسیونی چند متغیره مورد مطالعه قرار گرفته است. پژوهش حاضر از لحاظ هدف جزء پژوهشهای کاربردی و رویکرد پس رویدادی است. نتایج پژوهش نشان میدهد خودشیفتگی برکارایی سرمایهگذاری و رشد پایدار سود به ترتیب تأثیر منفی و مثبت معنی داری و قدرت مدیرعامل بر کارایی سرمایه گذاری و رشد پایدار سود تأثیر مثبت معنیداری دارد. این نتیجه بیشتر بیانگر رفتار فرصت طلبانه رفتار مدیران در راستای تحقق منافع شخصی و افزایش هزینه های نمایندگی است که نظارت بیشتر بر ویژگیهای رفتاری مدیران را میطلبد. یعنی مدیران خود شیفته ریسک بالایی از سرمایه گذاری را دنبال میکنند ولی مدیرن با قدرت بالا به دلیل پیشبینی های با دقت و کیفیت بیشتر، شناخت فردی و قدرت تحلیل بالا، پروژه های سودآور را بهتر شناسایی میکنند و عملکرد و سرمایه گذاری را بهبود می بخشند. | ||
کلیدواژهها | ||
خودشیفتگی مدیرعامل؛ قدرت مدیرعامل؛ کارایی سرمایهگذاری؛ رشدپایدارسود | ||
عنوان مقاله [English] | ||
The Effect of Narcissism and CEO Power on the Investment Efficiency and Consistent Earnings Growth | ||
نویسندگان [English] | ||
Rahim Bonabi Ghadim1؛ Hamed Majidi2 | ||
1Asistance Prof in Accounting, Department of accounting, Hashtrood Branch, Islamic Azad University, Hashtrood, Iran | ||
2MSc in accounting, Islamic Azad University, Marand Branch | ||
چکیده [English] | ||
Maximizing the value of the company requires making the right investment decisions and any striving for value creation and optimal use of investment opportunities is influenced by the behavioral aspects and individual characteristics of the CEO. The present study investigates the effect of narcissism and CEO power on firm's investment efficiency and consistent earnings growth. Accordingly, 110 companies listed in Tehran Stock Exchange were selected by random sampling method and multivariate regression method was used for the period 2012-2019. This research is applied in terms of purpose and using the post-event approach. The results showed that narcissism had a significant positive and negative effect on firm's investment efficiency and consistent earnings growth, with a significance level of 0/006 and 0/111, respectively. Also, CEO power has a significant positive effect on investment efficiency and consistent earnings growth with a significant level of 0/001 and 0/002, respectively. This result reflects the opportunistic behavior of managers in pursuit of personal benefits and increased agency costs, which requires more monitoring of the behavioral characteristics of managers. | ||
کلیدواژهها [English] | ||
CEO Narcissism, CEO Power, Investment Efficiency, Consistent Earnings Growth | ||
سایر فایل های مرتبط با مقاله
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