بررسی رابطه بین ساختار مالکیت و عملکرد مالی با تأکید بر مخارج تحقیق و توسعه در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران

نوع مقاله : مقاله ترویجی

نویسندگان

1 دانشیار و حسابدار رسمی، گروه حسابداری، دانشگاه کردستان، سنندج، ایران. ‫

2 کارشناس ارشد حسابداری، دانشگاه کردستان، سنندج، ایران.

چکیده

هدف از انجام این پژوهش، بررسی رابطه بین ساختار مالکیت با سه معیار (مالکیت دولتی،مالکیت خانوادگی، مالکیت خارجی) و عملکرد مالی با دو معیار (نسبت کیوتوبین، بازده دارایی­ها)، با تأکید بر مخارج تحقیق و توسعه در شرکت­های پذیرفته شده در بورس اوراق بهادار تهران می­باشد. داده­های مورد نیاز برای دوره­ی 6 ساله، طی سال­های 1390تا 1395 برای 129 شرکت از شرکت­های پذیرفته شده در بورس اوراق بهادار تهران، به روش حذف سیستماتیک، جمع­آوری شده است. آزمون فرضیات با استفاده از نرم افزارEviews و Stata انجام گرفته است. نتایج پژوهش نشان می‌دهد، بین مالکیت دولتی و مالکیت خارجی با نسبت کیوتوبین رابطه معنادار و منفی وجود دارد. اما بین مالکیت خانوادگی با نسبت کیوتوبین ارتباط معناداری وجود ندارد. همچنین، بین مالکیت دولتی و مالکیت خارجی با بازده دارایی­ها ارتباط منفی و معنادار و بین مالکیت خانوادگی با بازده دارایی­ها ارتباط مثبت و معناداری وجود دارد. مخارج تحقیق و توسعه بر رابطه بین مالکیت دولتی و نسبت کیوتوبین اثر معناداری دارد؛ لکن بر رابطه بین مالکیت خانوادگی و مالکیت خارجی با نسبت کیوتوبین اثر معناداری ندارد. هم­چنین مخارج تحقیق و توسعه بر رابطه بین مالکیت دولتی و مالکیت خانوادگی با بازده دارایی­ها اثر معناداری ندارد؛ لکن بر رابطه بین مالکیت خارجی و بازده دارایی­ها اثر معناداری دارد.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

Investigating the relationship between ownership structure and financial performance with emphasise on research and development expenditures in companies admitted to Tehran Stock Exchange

نویسندگان [English]

  • Reza Jamei 1
  • Ghasem Najafi 2
1 Associate Prof, & ICPA, Faculty of Accounting, University of Kurdistan (UOK), Sanandaj, Iran.
2 MSC. Accounting, University of Kurdistan, Sanandaj, Iran.
چکیده [English]

This study aims to examine the impact of ownership structure (i.e. family ownership, government ownership, and foreign ownership) on firm performance, (Tobin's Q ratio and return on assets)with emphasize on research and development in companies admitted to Tehran Stock Exchange. The required data for the six-year period from 2011 to 2016, using systematic elimination during was collected, for 129 companies from listed companies in Tehran Stock Exchange. The hypothesis testing is done using Eviews and Stata software. The results of the research show that there is a negative and significant relationship between government ownership with the Tobin's Q ratio but there is no significant relationship between family ownership and the Tobin's Q ratio. There is also a negative and significant relationship between government and foreign ownership and return on assets and there is significantly positive relationship between family ownership and return on assets. Research and development expenditures have a significant effect on the relationship between government ownership and the Tobin's Q; however, there is no significant effect on the relationship between family ownership and foreign ownership with the Tobin's Q. Also, research and development expenditures on the relationship between government ownership and family ownership does not have a significant effect on return on assets, but it has a significant effect on the relationship between foreign ownership with return on assets.

کلیدواژه‌ها [English]

  • financial performance
  • Ownership structure
  • research and development expenditure
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