بررسی تاثیر مسئولیت اجتماعی و ریسک نقدشوندگی سهام شرکت بر نوسانات بازده سهام درشرکت‏های پذیرفته شده در بورس اوراق بهادار تهران

پژوهش های مالی و رفتاری در حسابداری

مقاله 3، دوره 1، شماره 2، آذر 1400، صفحه 41-59   

نوع مقاله: مقاله پژوهشی

شناسه دیجیتال (DOI): 10.30486/fbra.2021.1942863.1040

نویسندگان

سیدعلی حسینی^{* 1}؛ سارا رازانی²

¹دانشیارگروه حسابداری ، دانشکده علوم اجتماعی واقتصادی، دانشگاه الزهراء(س)،تهران،ایران

²دانشجوی دکتری حسابداری، دانشکده علوم اجتماعی و اقتصادی، دانشگاه الزهراء(س)،تهران ،ایران

چکیده

مسئولیت اجتماعی شرکت ها، عامل اساسی بقای هر سازمان است. شرکت ها مسئولیت پذیری اجتماعی را نوعی استراتژی تجاری می بینند، که باعث افزایش اعتبار آنها در بازارهای رقابتی می شود و همچنین سهم آن ها را در بازار فزونی می بخشد. ریسک نقدشوندگی و شیوه مدیریت آن به یکی از مهمترین مباحث موجود در سازمان ها تبدیل شده است. تاثیرات بالقوه ای که این شاخه از ریسک می تواند بر عملکرد شرکتها داشته باشد، گاه به حدی گسترده است که به ورشکستگی واحدهای مزبور می انجامد. پژوهش حاضر به بررسی رابطه ی بین مسئولیت اجتماعی شرکت ها، ریسک نقدشوندگی سهام و نوسانات بازده سهام در بورس اوراق بهادار تهران در بازه زمانی 1394 تا 1398 پرداخته است. نمونه‌گیری با استفاده از روش حذفی نظام‌مند انجام‌گرفته است ونمونه انتخابی شامل 140 شرکت می باشد و مدل مورد استفاده در تحقیق به پیروی از مطالعه بچتی و همکاران (2015) است. نتایج تحقیق نشان می دهد متغیر ریسک نقد شوندگی بر نوسانات بازده سهام دارای تاثیر مثبت و معنا دار می باشد.بدین معنا که با افزایش ریسک نقد شوندگی میزان نوسانات بازده سهام نیز افزایش می یابد.تاثیر متغیر مسئولیت اجتماعی بر نوسانات بازده سهام منفی ومعنادار می باشد. رشد سالانه فروش ، اندازه شرکت ودارایی ثابت مشهود بر نوسانات بازده سهام دارای تاثیر منفی و معنا دار می باشند. با توجه به نتایج هر دو فرضیه تحقیق در سطح اطمینان 95 درصد تایید می شود.

کلیدواژه‌ها

مسئولیت اجتماعی؛ ریسک نقدشوندگی سهام؛ نوسانات بازده سهام

مراجع

Alvani, S. M., & Ghasemi, A. (1998). Management and social responsibilities of the organization. Publications of the Presidential Public Management Training Center.‏ (In Persian)

Amirhosseini, Z., & Ghobadi, M. (2016). Corporate social performance, financial performance and institutional ownership. Journal of Management Accounting, 9(28), 55-66. (In Persian)

Arabsalehi, M., Sadeghi, G., & Moeinaddin, M. (2013). The relationship between corporate social responsibility and financial performance of the firms listed on Tehran Stock Exchange. Empirical Research in Accounting, 3(3), 1-20.‏ (In Persian).

Barakat, A., Samhan, H., & Al-Nsoor, O. (2014). Accounting social responsibility in Islamic Banks. International Journal of Economics. Commerce and Management, 2(10).‏

Boubakri, N., El Ghoul, S., Guedhami, O., & Wang, H. H. (2021). Corporate social responsibility in emerging market economies: Determinants, consequences, and future research directions. Emerging Markets Review, 46(7).

Darabi, R., Vaghfi, S. H., & Salmanian, M. (2017). Relationship between social responsibility reporting with company value and risk for companies registered in Tehran Stock Exchange.  Journal of Value & Behavioral Accountings, 1(2), 193-213. (In Persian).

Daryaee, A., Pakdel, A, Abdullah & Mashashi, S.M. (2013). Sustainable development of green accounting and marketing messages and social responsibility with emphasis on corporate strategy", Accounting Knowledge and Research, 32, 64-78. (In Persian).

De Fontnouvelle, P., Jesus-Rueff, D., Jordan, J. S., & Rosengren, E. S. (2003). Using loss data to quantify Operational risk. Federal Reserve.Bank of Boston .DOI: 10.2139/ssrn.395083

Delpasand, C., Nasirzadeh, N., & Hesarzadeh, R. (2019). The mechanism of how social responsibility, risk and corporate governance affect cash holdings. Journal of Financial Accounting Research. 10(4), 59-78. (In Persian)

Doaee, H., Fathi, A., & Sheykhian, K. (2006). Green marketing, a way to sustainable competition. Tadbir Monthly, 173, 29-34.‏ (In Persian).

Faghani Makrani, Kh. Heidari Rostami, K., & Amin, V. (2016). Study of the relationship between social responsibility and stock price risk reduction in companies listed on the Tehran Stock Exchange" Quarterly Journal of Investment Knowledge, 5(19), 269-284. (In Persian).

Frachot, A., Georges, P., & Roncalli, T. (2001). Loss distribution approach for operational risk. Available at SSRN 1032523.‏ 1-43, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1032523

Gul, F. A., Kim, J. B., & Qiu, A. A. (2010). Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity: Evidence from China. Journal of financial economics, 95(3), 425-442.‏ 

Hajiha, Z., & Chenari Bouket, H. (2016). Skewness of Stock Returns and corporate social responsibility. Journal of Value & Behavioral Accounting. 1­ (1):77-98. (In Persian).

Hajiha, Z., & Sarfaraz, B. (2015). The relation between corporate social responsibility and cost of equity capital of firms listed in Tehran Stock Exchange. Empirical Research in Accounting, 4(4), 105-123.‏ (In Persian)

Harjoto, M. A., & Jo, H. (2011). Corporate governance and CSR nexus. Journal of business ethics, 100(1), 45-67.‏

Hassas Yegane, Y. Barzegar., Gh. (2013). Identifying the Components and Indicators of Corporate Social Responsibility in Iran, Journal of Studies of Socio-Cultural Developmen, 2­ (1), 199-222.‏ (In Persian)

Hosseini, A., & Amjadian, F. (2017). Study of the relationship between corporate social responsibility and future risk of stock price fall. Accounting Knowledge, 8(1), 75-105. (In Persian).

Hosseini, A., & Haghighat, S. (2016) ­.Study of the relationship between corporate governance and fulfillment of social responsibility in companies listed on the Tehran Stock Exchange. Accounting Research, 6(3), 106-131. (In Persian).

Jabbarzade, K. S., & Bayazidi, A. (2010). Investigating The Relationship Between Corporate Social Responsibility and Organization Commitment With Conservatism in Financial Reporting of in TSE Companies. Quarterly of the stock exchange, ‏ 3(9), 77-96. (In Persian).

Khasharmeh, H. A., & Desoky, A. M. (2013). The On-line corporate social responsibility disclosures: the case of the Gulf Cooperation Council (GCC) countries. Global Review of Accounting and Finance, 4(2), 39-64.‏

Khosh-sima, R., & Shahiki-Tash, M. N. (2013). The Impact of Credit, Operational and Liquidity Risks on the Efficiency of Banking System in Iran. The Journal of Planning and Budgeting, 17(4), 69-95.‏ (In Persian).

Kim, M., & Kim, Y. (2014). Corporate social responsibility and shareholder value of restaurant firms. International Journal of Hospitality Management, 40(5), 120-129. ‏

Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43(6), 1-13. ‏

Koopman, S. J., & Lucas, A. (2005). Business and default cycles for credit risk. Journal of Applied Econometrics, 20(2), 311-323. ‏

Liang, H., & Renneboog, L. (2017). On the foundations of corporate social responsibility. The Journal of Finance, 72(2), 853-910. ‏

Lyimo, G. D. (2014). Smoothness, Earnings Surprise and Stock Price Informativeness. Evidence from Indian Stock Market. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4(2), 385-394. ‏

Lyimo, G. D. (2014). Accrual quality and stock price informativeness: Evidence from India. Research Journal of Finance and Accounting, 5(12), 88-95.‏

Martınez, M. A., Nieto, B., Rubio, G., & Tapia, M. (2005). Asset pricing and systematic liquidity risk: An empirical investigation of the Spanish stock market. International Review of Economics & Finance, 14(1), 81-103. ‏

Mashayekh, S., & Haraf, A .(2011) .The relationship between company size and stock return fluctuations in different market conditions. Journal of Financial Accounting and Auditing, 3(11), 69-86. (In Persian).

Meshbaki, A.,­­ & KhaliliShojaei, V. (2010). A Study of the Relationship between Organizational Culture and Social Responsibility of Organizations (Ministry of Energy as a Case). Applied Sociology, 21(4), 37-56. (In Persian).

Mostafaei, P., & Hosseini, S. A. (2021). Qualitative Content Analysis of Corporate Social Responsibility Reports with Emphasis on Social Stakeholders. Journal of Empirical Research in Accounting, 11(3), 79-112. (In Persian). ‏

Park, S., Song, S., & Lee, S. (2017). Corporate social responsibility and systematic risk of restaurant firms: The moderating role of geographical diversification. Tourism Management, 59(C), 610-620. ‏

Pourali, M. R., & Hajjami, M.­(2014). Relationship between social responsibility disclosure and institutional ownership in companies listed in Tehran Stock Exchange. Journal of Management Accounting and Auditing Knowledge, 3(10).135-150. ‏ (In Persian).

Rahman seresht, H, Rafiei, M, Koosha, M. (2009). Social Responsibility, Extra-Organizational Ethics, Tadbir, 204(19), 269-284. (In Persian).

Sandhu, H. S., & Kapoor, S. (2010). Corporate social responsibility initiatives: an analysis of voluntary corporate disclosure. South Asian Journal of Management, 17(2), 46-80. ‏

Sharma, E., & Mani, M. (2013). Corporate social responsibility: An analysis of Indian commercial banks. AIMA journal of Management & Research, 7(1/4), 1-17. ‏

UTZ, S. (2016). Stock Synchronicity, Stock Price Crash Risk, And Corporate Social Responsibility Evidence from an International Sample.ESG Insight.15(3).1-15

Yeh, C. C., Lin, F., Wang, T. S., & Wu, C. M. (2020). Does corporate social responsibility affect cost of capital in China? Asia Pacific Management Review, 25(1), 1-12. ‏