بررسی تأثیر راهبرد تنوع‌بخشی سبد کسب‎وکار شرکت‎های مادر بر عملکرد مالی با مدل غیرخطی

نوع مقاله: مقاله علمی پژوهشی

نویسندگان

1 استادیار، گروه MBA، دانشکده مدیریت، دانشگاه تهران، تهران، ایران

2 کارشناس ارشد، گروه MBA، دانشکده مدیریت، دانشگاه تهران، تهران، ایران

3 کارشناس ارشد، گروه MBA،دانشکده مدیریت، دانشگاه تهران، تهران، ایران

چکیده

هدف: راهبرد رشدِ تنوع‌بخشی یکی از راهبرد‌های سطح شرکت است. در مدیریت راهبردی، تصمیم‌گیری درباره جهت، نوع و نحوه رشد بنگاه، به تجزیه و تحلیل تأثیرات ایجاد شده بر تغییرات عملکرد مالی نیاز دارد. تأثیر تنوع بر عملکرد مالی بنگاه‎های اقتصادی همچنان موضوع مناقشه‎برانگیزی است. هدف این پژوهش بررسی تأثیر تنوع‎بخشی سبد کسب‎وکار بر عملکرد مالی است.
روش: در پژوهش حاضر به بررسی 37 شرکت مادر پذیرفته شده در بورس طی 5 سال پرداخته‌ایم و با استفاده از رگرسیون داده تابلویی، رابطه غیرخطی بین شاخص هرفیندال به‎عنوان شاخص تنوع و بازده دارایی‎ها به‎عنوان شاخص عملکرد را تحلیل کرده‎ایم. از متغیرهای اندازه، رشد شرکت و بدهی، به‎عنوان متغیرهای کنترل استفاده شده است.
یافته‎ها: آماره F مدل و ضریب تعیین مدل به‎ترتیب مقادیر مناسب 000000/0 و 889855/0 را به‎دست آورده‎اند و بر اساس آماره t بین تنوع و بازده دارایی‎ها رابطه شایان توجهی وجود دارد.
نتیجه‎گیری: شواهد به‎دست‎آمده حاکی از آن است که رابطه بین تنوع‌بخشی و عملکرد غیرخطی است و تنوع باعث می‎شود ارزش و کاهش عملکرد تخریب ‌شود.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

Investigating the Effectiveness of Business Portfolio Diversification Strategy on Financial Performance using Nonlinear Model in Parent Companies

نویسندگان [English]

  • Seyed Hamed Vares 1
  • Sajjad Khazaei 2
  • Mohammad Javad Bannazadeh 3
1 Assistant Prof., Department of MBA, Faculty of Management, University of Tehran, Tehran, Iran
2 MSc., Department of MBA, Faculty of Management, University of Tehran, Tehran, Iran
3 MSc, Department of MBA, Faculty of Management, University of Tehran, Tehran, Iran
چکیده [English]

Objective
Developing diversification is a corporate level strategy. Due to growth strategies at the corporate level strategy, managers should take into account financial performance relative to selected strategies in order to determine the type and the procedure to develop a firm. According to the literature, diversification as a growth strategy has various influences on performance at different stages of diversification. Therefore, in this study we aim to investigate the effectiveness of Business Portfolio Diversification Strategy on Financial Performance.
 
Methodology
In the present study, the sample population consists of 37 Iranian parent companies listed in Tehran stock exchange within 5-year period from 2012 to 2016. We analyzed the diversification degree and performance using Herfindahl–Hirschman Index and ROA. Size,growth and debt of companies are also used as control variables.
 
Findings
Based on the results of the t-test, there is a significant relationship between diversification and ROA (F= 0.00000 and R= 0.889855).
 
 
Conclusion
As the findings showed, there is a nonlinear relationship between diversification and financial performance. In addition, diversification causes destruction of values and reduction in profibilty.
 

کلیدواژه‌ها [English]

  • Diversification strategy
  • Business portfolio
  • Holding company
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تهرانی، رضا؛ واحد احمدیان، هادی (1385). بررسی رابطه بین تنوع محصولات با ریسک و بازدهی سهام شرکت‎های تولیدی بورس اوراق بهادار تهران. پژوهشنامه بازرگانی، 38 (10) ، 187-212.

حیدرپور، فرزانه؛ علوی، کیمیا (1394). بررسی تأثیر راهبرد تنوع بر عملکرد شرکت‎های پذیرفته شده در بورس اوراق بهادار تهران به‎کمک معیار آنتروپی. بررسیهای حسابداری و حسابرسی، 22(3) ، 385-400.

دعائی، میثم؛ شاوزی پور، بابوشکا؛ زمانی سبزی، مهدی (1395). کارایی و اثربخشی شرکت‎های پذیرفته شده در بورس اوراق بهادار تهران: بر اساس راهبرد تنوع. دانش سرمایهگذاری، 18(5)، 229-251.

 

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