تاثیر خودشیفتگی و قدرت مدیرعامل بر کارایی سرمایه گذاری و رشد پایدار سود

نوع مقاله : مقاله پژوهشی

نویسندگان

1 استادیارگروه حسابداری، واحد هشترود، دانشگاه آزاد اسلامی، هشترود، ایران

2 کارشناس 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


عنوان مقاله [English]

The Effect of Narcissism and CEO Power on the Investment Efficiency and Consistent Earnings Growth

نویسندگان [English]

  • Rahim Bonabi Ghadim 1
  • Hamed Majidi 2
1 Asistance Prof in Accounting, Department of accounting, Hashtrood Branch, Islamic Azad University, Hashtrood, Iran
2 MSc 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
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