مسئولیت پذیری اجتماعی شرکتی بیشتر، سرعت تعدیل اهرم کمتر: یک واقعیت؟

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشیار رشته حسابداری، دانشکده علوم اداری و اقتصادی، دانشگاه فردوسی مشهد، مشهد، ایران

2 استادیار رشته حسابداری، گروه حسابداری، دانشگاه پیام‌نور، ایران.

چکیده

هدف این پژوهش بررسی تأثیر مسئولیت‌پذیری اجتماعی شرکتی (CSR) بر سرعت تعدیل اهرم مالی است. بر اساس نظریه‌های متعددی نظیر نظریه علامت‌دهی، عدم‌تقارن اطلاعات، نظریه توازن پویا و... شرکتهایی که هزینه معاملاتی بیشتری دارند با سرعت کمتری به سمت اهرم هدف خود حرکت می کنند یا اصطلاحا سرعت تعدیل اهرم کمتری دارند.  بر اساس این تئوری ها، برای شرکت­هایی که از نظر شاخص‌هایی CSR امتیاز بالاتری می‌گیرند، امکان تامین مالی از طریق اهرم بیشتر و استفاده از اهرم مالی، هزینه کمتری دارد. از این رو، انتظار داریم سرعت تعدیل اهرم در شرکت­هایی که الزامات CSR را رعایت می کنند، بیشتر باشد.
   در این پژوهش نمونه‌ای شامل84 شرکت پذیرفته‌شده در بورس اوراق بهادار ایران طی یک دوره زمانی8 ساله از 1390 تا 1397 مورد بررسی قرار گرفته است. برای تجزیه و تحلیل داده­ها و آزمون فرضیه­ها از الگوی رگرسیون چندمتغیره بر مبنای داده­های ترکیبی استفاده شده است. ابتدا، با استفاده از GMM دو مرحله­ای، اهرم هدف تخمین زده­ شده و سپس، تأثیر CSR بر سرعت تعدیل اهرم بررسی گردیده است. یافته‌های پژوهش حاضر مؤید تأثیر مثبت امتیاز CSR بر سرعت تعدیل اهرم است. به عبارتی CSR بر روش‌های تامین مالی، هزینه‌های معاملاتی و تغییرات اهرم مؤثر است و نتایج پژوهش حاضر، از این اثر حمایت می­کند. همچنین، آزمون فرضیه­ ها می‌دهد اندازه شرکت، سطح اهرم و عدم‌تقارن اطلاعاتی می‌توانند بر رابطه CSR و سرعت تعدیل اهرم موثر باشند.

کلیدواژه‌ها

عنوان مقاله [English]

More Corporate Social Responsibility, Less Leverage Adjustment Speed: a Fact?

نویسندگان [English]

  • Mohammadreza Abbaszadeh 1
  • Mahmood Lari Dastebayaz 1
  • Azam Pouryousof 2
1 Associate Professor of Accounting, Faculty of Administrative and Economic Sciences, Ferdowsi University of Mashhad, Mashhad, Iran
2 Assistant Professor of Accounting, Department of Accounting, Payam Noor University, Iran.
چکیده [English]

The purpose of this article is to investigate the effect of corporate social responsibility (CSR) on the speed of adjustment of financial leverage. According to various theories such as signaling theory, information asymmetry, dynamic equilibrium theory, etc., companies that have higher transaction costs move to their target lever at a lower speed, or so-called lever adjustment speed. According to these theories, companies that score higher in terms of CSR indicators have the possibility of financing through more leverage and using financial leverage at a lower cost. Therefore, we expect leverage adjustment to be faster in companies that meet CSR requirements.

In this study, a sample of 84 companies listed on the Iranian Stock Exchange over a period of 8 years from 2011 to 2018 have been studied. Multivariate regression model based on composite data was used to analyze the data and test the hypotheses. First, the target lever was estimated using a two-stage GMM. Then, the effect of CSR on lever adjustment speed was investigated. The findings of the present study confirm the positive effect of CSR score on lever adjustment speed. In other words, CSR has an impact on financing methods, transaction costs and leverage changes, and the results of the present study support this effect. Hypothesis testing also showed that firm size, leverage level and information asymmetry can affect the CSR relationship and leverage adjustment speed.

کلیدواژه‌ها [English]

  • Corporate Social Responsibility
  • Leverage Adjustment Speed
  • Information Asymmetry

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  • تاریخ دریافت: 24 مرداد 1400
  • تاریخ بازنگری: 23 شهریور 1401
  • تاریخ پذیرش: 19 مهر 1401

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