بررسی اثر کنترل راهبردی حاکمیت شرکتی بر راهبری اثربخش شرکت‌های پذیرفته‌‌شده در بورس اوراق بهادار

نوع مقاله: مقاله علمی پژوهشی

نویسندگان

1 استاد گروه مدیریت بازرگانی، دانشگاه علامه طباطبائی، تهران، ایران

2 دانشجوی دکتری مدیریت استراتژیک، دانشگاه علامه طباطبائی، تهران، ایران

چکیده

حاکمیت شرکتی مؤثر یکی از ویژگی­های اصلی اقتصاد بازار کارا است. به موجب این مفهوم، سهامداران می‎توانند اطلاعات، حق و توانایی عمل برای اثر­گذاری بر مدیریت از طریق فرایند حاکمیت را داشته باشند. هدف اصلی این پژوهش، صورت­بندی چارچوبی برای تعیین نقش­ نوین کنترل راهبردی حاکمیت شرکتی و تأثیر آن بر اثربخشی حاکمان در شرکت­هاست و سعی دارد از این طریق به گسترش مرزهای دانش موجود در این حوزه کمک کند. جامعۀ آماری این پژوهش کلیۀ شرکت­های پذیرفته‌شده در بورس اوراق بهادار است. با استفاده از روش نمونه‎گیری تصادفی ـ طبقه­ای، 130 شرکت برای نمونه انتخاب شد و پرسشنامۀ محقق‌ساخته‎ای در اختیار مدیر هر یک از شرکت‎ها قرار گرفت و داده­های لازم جمع‌آوری شد. داده­های پژوهش با استفاده از مدل‌یابی معادلات ساختاری و نرم‌افزار اسمارت پی­ال­اس تحلیل شدند. نتایج نشان می­دهد کنترل راهبردی حاکمیت شرکتی بر اثربخشی حاکمیت شرکتی مؤثر است. به‌علاوه، کنترل بیرونی و درونی حاکمیت شرکتی به‌عنوان دو بعد اصلی کنترل راهبردی حاکمیت شرکتی نیز، بر اثر بخشی حاکمیت شرکتی مؤثرند.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

Examining the Impact of Corporate Governance Strategic Control on the Effectiveness Governance of Corporation in Stock Market

نویسندگان [English]

  • Hossein Rahmanseresht 1
  • Ata Ollah Harandi 2
1 Prof. of Business Management, Allameh Tabataba’i University, Tehran, Iran
2 Ph.D. Candidate in Strategic Management, Allameh Tabataba’i University, Tehran, Iran
چکیده [English]

Effective corporate governance is one of the main features of an efficient market economy. This may help the stakeholders gain information, and the right and the ability to efficiently manage the company through the process of governance. This study examines the effect of Corporate Governance Strategic Control on effective Governance of Corporation. The required data for this research has been collected through questionnaires by random sampling from among the corporates which are listed in stock exchange. Based on incidental sampling, 130 corporates were selected and the researcher-developed questionnaires were given to their managers. Meanwhile, structural equations method is applied using Smart PLS software for data analysis. The obtained results indicated that the Corporate Governance Strategic controls are effective on efficient Governance of Corporation. Moreover, internal and external Corporate Governance control as two main dimensions the Corporate Governance Strategic control are proved effective on Corporate Governance.

کلیدواژه‌ها [English]

  • Corporate Governance Strategic Control
  • Effective Governance of Corporation
  • External Corporate Governance Control
  • Internal Corporate Governance Control
خاشعی، و.، هرندی، ع. ( 1394). تبیین مدل کنترل استراتژیک در صنعت توزین. فصلنامۀ مطالعات مدیریت راهبردی، (22)، 80-61.

خاشعی، و.، هرندی، ع. (1395). مدیریت سازمان­ها در شرایط پیچیده. تهران: انتشارات مبلغان.

خلیل‎نژاد، ش.، فلاطوری مقدم، ط.، حسن‎پور، الف. (1394). نقش هیئت‎مدیره در پایش راهبردی: نقش ساختار. فصلنامۀ مطالعات مدیریت راهبردی، (22)، 100-81.

Aguilera, Ruth V., Desender, Kurt., Bednar, Michael, K. & Lee, Jun Ho. (2015). Connecting the Dots: Bringing External Corporate Governance into the Corporate Governance Puzzle. The Academy of Management Annals, 9(1), 483-573.

Aguilera, V. R., Jackson, G. (2010). Comparative and International Corporate Governance. The Academy of Management Annals, 4(1), 485-556.

Bebchuk, L. A., Cohen, A. & Ferrell, A. (2009). What matters in corporate governance? Review of Financial Studies, 22(2), 783–827.

Bebchuk, L. A. & Fried, J. M. (2005). Pay without performance: Overview of the issues. Journal of Applied Corporate Finance, 17(4), 8–23.

Becht, M., Franks, J., Mayer, C. & Rossi, S. (2010). Returns to shareholder activism: Evidence from a clinical study of the Hermes UK focus fund. Review of Financial Studies, 23(3), 3093–3129.

Bednar, M.K., Love, E.G. & Kraatz, M. (2013). Paying the price? The impact of controversial governance practices on managerial reputation. Journal of Management Academy, 58(6), 1740-1760.

Bell, G., Filatotchev, I. & Aguilera, R. V. (2014). Corporate governance and investors’ perceptions of foreign IPO value: An institutional perspective. Academy of Management Journal, 57(1), 301–320.

Bushee, B. J., Core, J. E., Guay, W. & Hamm, S. J. W. (2010). The role of the business press as an information intermediary. Journal of Accounting Research, 8(1), 1–19.

Cadbury, A. (1992). Report of Committee on the Financial Aspects of Corporate Governance. Gee & Co: London.

Dalton, D. R., Daily, C. M., Certo, S. T. & Roengpitya, R. (2003). Meta-analyses of financial performance and equity: Fusion or confusion? Academy of Management Journal, 46(1), 13–26.

de Bakker, F. G. A., den Hond, F., King, B. G. & Weber, K. (2013). Social movements, civil society and corporations: Taking stock and looking ahead. Organization Studies, 34(5–6), 573–593.

Ertimur, Y., Ferri, F. & Muslu, V. (2011). Shareholder activism and CEO pay, Review ofFinancial Studies, 24(2), 535–592.

Garcia-Castro, R. & Aguilera, R. V. (2015). Incremental value creation and appropriation in a world with multiple stakeholders. Strategic Management Journal, 36(1), 137–147.

Gompers, P., Ishii, J. & Metrick, A. (2010). Extreme governance: An analysis of dual-class firms in the United States. Review of Financial Studies, 23(3), 1051–1088.

Hambrick, D. C., Werder, A. V. & Zajac, E. J. (2008). New directions in corporate governance research. Organization Science, 19(3), 381–385.

Hope, O. K., Thomas, W. & Vyas, D. (2011). Financial credibility, ownership, and financing constraints in private firms. Journal of International Business Studies, 42(7), 935–957.

Jiang, W., Lee, P. & Anandarajan, A. (2008). The association between corporate governance and earnings quality: Further evidence using the GOV-Score. Advances in Accounting, 24(2), 191–201.

Kabbach de Castro, L. R., Aguilera, R.V. & Crespi-Cladera, R. (2015). Are Families Less Compliant? An Analysis of European Corporate Governance Codes. Family Business Review, 29(2), 174-188.

Khalil Nezhad, Sh., Falatouri Moghaddam, T., Hasanpour, E. (2015). Involvement of the Board in Strategic Control: the Role of Structure, Journal of Strategic Management Studies, 6(22), 81-100. (in Persian)

Khashei, V. & Harandi, A. (2015). Explaining Strategic Control Model in Weight Industry: Discourse Exploration using Grounded Theory Strategy. Journal of strategic management studies, 6(22), 61-80. (in Persian)

Khashei, V. & Harandi, A. (2016). Managing organization in complex environment, Tehran: Moballeghan press. (in Persian)

Leuz, C., Nanda, D. & Wysocki, P. D. (2003). Earnings management and investor protection: An international comparison. Journal of Financial Economics, 69(3), 505–527.

Lorange, P., Morton, M. S. S. & Ghoshal, S. (1986). Strategic control systems. West Group.

Moeller, S. B., Schlingemann, F. P. & Stulz, R. M. (2005). Wealth destruction on a massive scale? A study of acquiring – firm returns in the recent merger wave. The Journal of Finance, 60(2), 757–782.

Ocasio, W. & Joseph, J. (2005). Cultural adaptation and institutional change: The evolution of vocabularies of corporate governance, 1972–2003. Poetics, 33(3–4), 163–178.

Simons, R. (2000). Performance measurement and control systems for implementing strategies. Upper Saddle River: Prentice Hall.

Stacey, R. (2011). Strategic management and organizational dynamics: The challenge of complexity to ways of thinking about organizations. Harlow. England: Pearson Education, Ltd.

Tavakoli, I. & Perks, K. J. H. (2001), The development of a strategic control system for the management of strategic change. Strategic Change, 10)2), 297-305.

Walls, J. L. & Hoffman, A. J. (2013). Exceptional boards: Environmental experience and positive deviance from institutional norms. Journal of Organizational Behavior, 34(2), 253–271.

Walls, J. L., Berrone, P. & Phan, P. H. (2012). Corporate governance and environmental performance: Is there really a link? Strategic Management Journal, 33(8), 885–913.

Westphal, J. D., & Deephouse, D. L. (2011). Avoiding bad press: Interpersonal influence in relations between CEOS and journalists and the consequences for press reporting about firms and their leadership. Organization Science, 22(4), 1061–1086.

Wiersema, M. F. & Zhang, Y. (2011). CEO dismissal: The role of investment analysts. Strategic Management Journal, 32(11), 1161–1182.