بررسی تأثیرکوته بینی مدیران برعملکرد مالی آتی شرکت‌های پذیرفته شده در بورس ‌اوراق‌ بهادار تهران

تهرانی, رضا; دلشاد, افسانه

doi:10.22051/ijar.2018.14229.1275

بررسی تأثیرکوته بینی مدیران برعملکرد مالی آتی شرکت‌های پذیرفته شده در بورس ‌اوراق‌ بهادار تهران

نوع مقاله : مقاله پژوهشی

نویسندگان

¹ استاد تمام گروه مدیریت مالی، دانشکده مدیریت و حسابداری ، دانشگاه تهران ، تهران ، ایران

² دانشجوی دکتری مدیریت صنعتی گرایش مالی، دانشکده مدیریت و حسابداری، دانشگاه تهران ، (پردیس بین الملل کیش) ، تهران ، ایران

10.22051/ijar.2018.14229.1275

چکیده

کوته‌بینی شرحی از یک شکل سوگیری یا گرایش است که محدودیتی جدی و مهم برای توجه به گزینه‌ها و پیشنهادها در انتخاب و تصمیم‌گیری ایجاد می‌کند. تعریف عمومی اصطلاح کوته‌بینی، عدم پیش‌بینی یا درک، دید محدود در مورد مسائل و دیدگاه سطحی در اندیشه و برنامهریزی است. با استفاده از روش نمونه‌گیری حذفی سیستماتیک تعداد 117شرکت در طی سالهای 1385الی1393 از بین شرکت‌های پذیرفته ‌شده‌ بورس تهران انتخاب گردید. در این پژوهش معیار سنجش عملکرد نرخ بازده داراییها در سال بعد بر اساس دو معیار بازده غیرعادی اصلاح شده بر اساس بازده بازار و اندازه شرکت می‌باشد. همچنین شرکت‌هایی که مدیریت کوتهبین داشته‌اند، با داشتن عملکرد مثبت مالی و افزایش بازده داراییها، هزینههای بازاریابی و تحقیق و توسعه آن‌ها کاهش یافته است. نتایج پژوهش تأثیر مثبت و معنادار کوتهبینی مدیران بر عملکرد مالی آتی شرکتهای پذیرفته شده در بورس اوراق بهادار تهران را نشان می‌دهد. به بیان دیگر در صورت وجود کوتهبینی مدیران، عملکرد مالی آتی شرکت‌های نمونه بهبود یافته است.

کلیدواژه‌ها

موضوعات

بازار سرمایه

عنوان مقاله [English]

Investigation of Managerial Myopia on Future Financial Performance in Companies Listed on Tehran Stock Exchange

نویسندگان [English]

Reza Tehrani ¹
Afsaneh Delshad ²

¹ Professor. Of Financial Management, Faculty of Management and Accounting,Tehran University , Tehran , Iran

² PhD student of Industrial management-financial trends, Faculty of Management and Accounting, Tehran University, , International Campus-kish Island(, Tehran, Iran

چکیده [English]

Myopia has been described as a form of bias or an orientation that restricts serious consideration of alternatives to decision-makers. Common definition of myopia is a lack of foresight or discernment; a narrow view of something and short-sightedness in thinking or planning. The 117 companies are selected by systematic elimination method from the companies listed in TSE during the years of 2006 to 2014. In this study, reaction of the capital market is measured based on two criteria abnormal returns is modified based on market returns and size of the company. Also we consider firms with myopic management when having positive future financial performance and increased return on assets, reduce marketing cost and R&D expenses. The research results show the positive and significant effect of managerial myopia on the future financial performance in companies listed in TSE. In other words, if the managerial myopia exists, the future financial performance will be improved.

کلیدواژه‌ها [English]

Bias
Future financial performance
Managerial myopia

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