بررسی تاثیر تعدیلی سویه های رفتاری سرمایه گذاران بر رابطه نزدیک بینی مدیر و مسئولیت پذیری اجتماعی

نوع مقاله : مقاله پژوهشی

نویسنده

استادیار، گروه حسابداری، دانشگاه پیام نور، ایران

10.22051/jfm.2024.45815.2887

چکیده

 
هدف پژوهش حاضر بررسی تاثیر نزدیک‌بینی مدیریتی بر مسئولیت اجتماعی شرکتی (CSR) و همچنین تاثیر تعدیل‌کنندگی سوگیری‌های رفتاری سرمایه‌گذاران (رفتار احساسی سرمایه‌گذار، نزدیک‌بینی سرمایه‌گذاران و رفتار گله‌داری) بر رابطه نزدیک‌بینی مدیریتی بر مسئولیت اجتماعی شرکتی است. از آنجا که تعهدات اجتماعی، معمولاً مزایای بلندمدتی دارد؛ نزدیک‌بینی مدیریتی ممکن است بر عملکرد اجتماعی شرکت تأثیر بگذارد. علاوه بر این، از آنجا که تصمیمات مدیریت تحت تأثیر رفتار سرمایه‌گذار است، انتظار می‌رود سوگیری های رفتاری سرمایه‌گذاران بر رابطه بین نزدیک‌بینی مدیریتی و مسئولیت اجتماعی شرکتی تأثیر بگذارد. فرضیه‌های پژوهش برای نمونه‌ای متشکل از143 شرکت پذیرفته شده در بورس اوراق بهادار تهران، طی سالهای1391 تا1400 آزمون شدند. نتایج نشان می‌دهد که نزدیک‌بینی مدیریتی تأثیر منفی بر امتیاز مسئولیت اجتماعی شرکتی دارد و تورش‌های رفتاری سرمایه‌گذاران شامل رفتار احساسی، نزدیک‌بینی بازار و رفتار گله‌داری این رابطه منفی را تقویت می‌کند. با توجه به نتایج پژوهش حاضر می­توان نتیجه گرفت مدیران نزدیک­بین، برای راضی نگه داشتن سهامداران و حفظ وجهه­ شرکت در بازار، بر بهبود عملکرد کوتا­ه­مدت، سودآوری و قیمت جاری سهام تاکید دارند و بنابراین، تمایل کمتری به مشارکت در مسئولیت­های اجتماعی دارد؛ زیرا این مشارکت در کوتاه­مدت هزینه­هایی به شرکت تحمیل می­کند؛ ولی منافع آن در عملکرد بلندمدت شرکت نمایان می­شود. همچنین، اگر سهامداران شرکت، احساسی، توده­وار و نزدیک­بین باشند، امتناع مدیران نزدیک­بین از مشارکت در مسئولیت­های اجتماعی بیشتر می‌شود.
 

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

The Moderating Effect of Investors' Behavioral Strains on the Relationship between Manager's Myopia and Social Responsibility

نویسنده [English]

  • Azam Puryousof
Assistant Professor. Faculty of accounting, PNU University
چکیده [English]

The purpose of this study is to investigate the effect of managerial myopia on corporate social responsibility (CSR) and also the moderating effect of investors' behavioral biases (emotional behavior, investor myopia and herding behavior) on the relationship between managerial myopia and corporate social responsibility. By reducing research and development and marketing activities, short-sighted managers sacrifice long-term profitability for short-term gains. Since social obligations usually have long-term benefits; Managerial myopia may affect corporate social performance. Furthermore, since management decisions are influenced by investor behavior, investors' behavioral biases are expected to influence the relationship between managerial myopia and corporate social responsibility. The research hypotheses were tested for a sample of 143 companies admitted to the Tehran Stock Exchange during the years 1391 to 1400 using a multivariate regression model, considering the fixed effects of year and industry. The results show that managerial short-sightedness has a negative effect on the corporate social responsibility score, and the behavioral patterns of investors, including emotional behavior, market short-sightedness, and herding behavior strengthen this negative relationship.

کلیدواژه‌ها [English]

  • Corporate Social Responsibility
  • Managerial Myopia
  • Emotional behavior
  • Investor myopia
  • Herding behavior
 
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