تأثیر متنوع‌سازی عملیاتی و فرصت‌های سرمایه‌گذاری بر ارتباط بین هزینه سرمایه و تغییر مدیرعامل

نوع مقاله : مقاله علمی پژوهشی

نویسنده

استادیار، گروه حسابداری، دانشکده علوم اقتصادی و اداری، دانشگاه لرستان، خرم‌آباد، ایران.

چکیده

هدف: رویکرد فرصت‌طلبی مدیران، به تصمیم‌گیری در راستای منافع شخصی و تحمیل هزینه به سهام‌داران به‌واسطه افزایش هزینه‌های نمایندگی منجر می‌شود. در این مقاله، هدف بررسی تأثیر متنوع‌سازی عملیاتی و فرصت‌های سرمایه‌گذاری بر ارتباط بین هزینه سرمایه و تغییر مدیرعامل در شرکت‌های بورسی است.
روش: به‌منظور بررسی موضوع، داده‌های مربوط به شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران برای دوره زمانی 1388 تا 1396 استخراج شده و برای آزمون و بررسی فرضیه‌های پژوهش، از مدل رگرسیونی لجستیک استفاده شده است.
یافته‌ها: نتایج پژوهش نشان می‌دهد که هزینه سرمایه و فرصت‌های سرمایه‌گذاری، بر تغییر مدیرعامل شرکت تأثیر معناداری دارد. از طرفی، تأثیر سرمایه‌گذاری کمتر از حد و متنوع‌سازی عملیاتی بر احتمال تغییر مدیرعامل شرکت رد شده است. فرضیه سوم پژوهش، مبنی بر اثر تعاملی فرصت‌های سرمایه‌گذاری و هزینه سرمایه بر تغییر مدیرعامل نیز رد نشده است. در نهایت، بر اساس نتایج پژوهش، تغییر مدیرعامل تابعی از اثر تعاملی متنوع‌سازی عملیاتی و هزینه سرمایه است.
نتیجه‌گیری: فرصت‌طلبی مدیران و ناکارآمدی سرمایه‌گذاری، هزینه سرمایه شرکت را افزایش می‌دهد، زیرا تصمیم‌گیری نامناسب مدیر به افزایش ریسک گزینش نادرست برای سرمایه‌گذاران منجر می‌شود. تغییر رویکرد تصمیم‌گیری مدیر، سبب مخابره اطلاعات به سهام‌داران در راستای حفظ یا تغییر مدیریت می‌شود.

کلیدواژه‌ها


عنوان مقاله [English]

The Impact of Operational Diversification and Investment Opportunities on the Relationship between Cost of Capital and CEO Change

نویسنده [English]

  • Mohsen Rashidi
Assistant Prof., Department of Accounting, Faculty of Economics and Administrative Sciences, Lorestan University, Khoram Abad, Iran.
چکیده [English]

Objective: The opportunistic approach of managers leads to decisions on personal interests and the imposition of costs on the part of shareholders through increased agency costs. This paper, aims to examine the interaction between cost of capital and manager change based on operational diversification and investment opportunities.
Methods: To empirically examine this effect, data on companies listed on the Tehran Stock Exchange for the period of 2009 to 2018 were collected and a hybrid data regression model was used to test the research hypotheses.
Results: The results of the research show that cost of capital (expected returns) and investment opportunities have a significant effect on management turnover. On the other hand, we do not find evidence on the impact of under-investment and operational diversification on the possibility of CEO change. Furthermore, the interactive effect of investment opportunities and cost of capital on management turnover is also confirmed. Finally, our results Indicate that the change of CEO is a function of the interactive effect of operational diversification and cost of capital.
Conclusion: Managerial opportunism and inefficiency of investment increase the cost of corporate capital because the manager's inappropriate decision leads to an increase in the risk of wrong choices for investors. Changing the managerial decision approach leads to the transmission of information to shareholders in order to maintain or change management.

کلیدواژه‌ها [English]

  • Cost of capital
  • Manager change
  • Operational diversification
  • Investment opportunity
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