تأثیر پاداش مدیران بر ریسک‌پذیری شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی

نویسندگان

1 استادیار داﻧﺸﮕﺎه آزاد اﺳﻼﻣﻲ، واﺣﺪ شهریار،گروه حسابداری و مدیریت، شهریار، ایران،

2 گروه تحقیقات بازارهای مالی، پژوهشکده امور اقتصادی، تهران، ایران

چکیده

پژوهش حاضر باهدف بررسی تاثیر پاداش مدیران بر رفتار ریسک‌پذیری شرکت‌ها در بازار سهام انجام‌شده است. برای رسیدن به این هدف، متغیر رفتار ریسک‌پذیری از طریق نوسانات بازده سهام اندازه‌گیری شده است. روش پژوهش هم از نوع توصیفی- کاربردی است. جامعه آماری پژوهش نیز شامل شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران است. به همین منظور، اطلاعات مالی مربوط به 110 شرکت طی سال‌های1390 تا 1396به روش تحلیل داده‌های ترکیبی جمع‌آوری و با استفاده از نرم‌افزار اقتصادسنجی(Eviews8) مورد تجزیه‌وتحلیل قرارگرفت. بر اساس، نتایج این پژوهش، در دوره پس از اعمال تحریم‌های ایالات متحده آمریکا علیه جمهوری اسلامی ایران، پاداش مدیران با رفتار ریسک‌پذیری شرکت رابطه مستقیم و معنی‌داری دارد، نتایج نشان داد که اندازه شرکت اثر معکوس بر رفتار ریسک‌پذیری شرکت‌ها دارد و این درحالی است که سهم سهامداران عمده شرکت اثر مستقیم و معنی‌داری بر ریسک شرکت داشتند.

کلیدواژه‌ها


عنوان مقاله [English]

The Effect of Managers' Compensation on the Taking Risk of Companies Listed in Tehran Stock Exchange

نویسندگان [English]

  • Hossein Eslami Mofid Abadi 1
  • Mohammad Ghadamyari 2
1 Assistant Professor, Department of Accounting & Management, Shahriyar Branch, Islamic Azad University, Shahriyar, Iran
2 Financial Markets Research Group, Research Institute of Economics, Tehran, Iran
چکیده [English]

The present study was conducted to investigate the effect of managers’ compensation on taking risk behavior of company in stock market. To achieve this purpose, the variable of taking risk behavior has been measured through fluctuations in stock returns. The research method is also descriptive-applied. The statistical population of this research includes companies listed on the Tehran Stock Exchange. For this purpose, financial information of 110 companies during the period of 2011 to 2017 has been prepared by the method of combined data analysis, and has been analyzed using econometrics software (Eviews8). In general, results of the present study showed that in the period after the imposition of US sanctions against the Islamic Republic of Iran, managers' compensation has a significant direct relationship with company taking risk behavior. In the other part, the results showed that there is an inverse significant relationship between size of company and taking risk behavior of companies, whereas there is a direct significant relationship between the share of major shareholders of the company and taking risk of companies.

کلیدواژه‌ها [English]

  • Chief Executive Officer (CEOs)
  • Executive compensation
  • Taking Risk
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