چکیده:
اﯾﻦ ﻣﻘﺎﻟﻪ ﺑﻪ ﺑﺮرﺳﯽ ﺗﺄﺛﯿﺮ ﻋﻤﻠﮑﺮد ﻣﺎﻟﯽ و ﻫﺰﯾﻨﻪ ﻫﺎی ﻧﻤﺎﯾﻨﺪﮔﯽ ﺑﺮ ﻋﻤﻠﮑﺮد ﺷﺮﮐﺖ ﻫﺎی داروﯾﯽ در ﺑﻮرس اوراق ﺑﻬﺎدار ﻣﯽ ﭘﺮدازد. ﻫﺪف اﺻﻠﯽ اﯾﻦ ﻣﻘﺎﻟﻪ، ﺑﺮرﺳﯽ ﺗﺄﺛﯿﺮ ﻋﻤﻠﮑﺮد ﻣﺎﻟﯽ و ﻫﺰﯾﻨﻪ ﻫﺎی ﻧﻤﺎﯾﻨﺪﮔﯽ ﺑﺮ ﻋﻤﻠﮑﺮد ﺷﺮﮐﺖ ﻫﺎی داروﯾﯽ ﺑﻮرس اوراق ﺑﻬﺎدار اﺳﺖ. در اﯾﻦ راﺳﺘﺎ، ﺑﺎ اﺳﺘﻔﺎده از داده ﻫﺎی ﻣﺎﻟﯽ و ﻣﺎﻟﯿﺎﺗﯽ ﺷﺮﮐﺖ ﻫﺎی داروﯾﯽ در ﺑﺎزه زﻣﺎﻧﯽ 7 ﺳﺎﻟﻪ، ﺗﺄﺛﯿﺮ ﻋﻮاﻣﻞ ﻣﺬﮐﻮر ﺑﺮ روﻧﺪ ﺳﻮدآوری و ﻧﻘﺶ آن در ﺗﺼﻤﯿﻢ ﮔﯿﺮی ﺳﺮﻣﺎﯾﻪ ﮔﺬاران و ﺑﺎزار ﺳﺮﻣﺎﯾﻪ ﻣﻮردﺑﺮرﺳﯽ ﻗﺮار ﺧﻮاﻫﺪ ﮔﺮﻓﺖ. ﺑﻪ اﯾﻦ ﺗﺮﺗﯿﺐ اﯾﻦ ﻣﻄﺎﻟﻌﻪ ﺑﺮ ﮔﺰارﺷﮕﺮی ﻣﺎﻟﯽ ﺷﺮﮐﺖ ﻫﺎی ذﮐﺮ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان، ﺑﺮای ﺳﺎل ﻫﺎی 1390 ﭘﺎﯾﺎن ﺳﺎل 1397 و ادﺑﯿﺎت ﻣﻄﺎﻟﻌﺎت ﺗﺠﺮﺑﯽ اﻧﺠﺎم ﺷﺪه ﺑﺮای ﺑﻪ دﺳﺖ آوردن ﻧﺘﺎﯾﺞ، ﻣﺘﮑﯽ اﺳﺖ. ﺟﺎﻣﻌﻪ آﻣﺎری ﺗﺤﻘﯿﻖ را ﮐﻠﯿﻪ ﺷﺮﮐﺖ ﻫﺎی داروﯾﯽ در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان ﺗﺸﮑﯿﻞ ﻣﯽ دﻫﻨﺪ ﮐﻪ ﺗﻌﺪاد 21 ﺷﺮﮐﺖ ﺑﻪ ﻋﻨﻮان ﻧﻤﻮﻧﻪ آﻣﺎری اﻧﺘﺨﺎب ﺷﺪه اﺳﺖ. ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ اﻫﻤﯿﺖ ﺑﺤﺚ ﻣﺴﺌﻮﻟﯿﺖ ﻋﻤﻠﮑﺮد ﻣﺎﻟﯽ در ﺻﻨﻌﺖ دارو، اﯾﻦ ﭘﮋوﻫﺶ ﺳﻌﯽ دارد ﺗﺎ ﺑﻪ روﺷﻦ ﺷﺪن درﺑﺎره ﺗﺄﺛﯿﺮات و ﺟﻨﺒﻪ ﻫﺎی ﻣﺨﺘﻠﻒ آن ﺑﭙﺮدازد. اﻃﻼﻋﺎت ﻣﻮردﻧﯿﺎز ﺑﻪ ﻣﻨﻈﻮر ﺑﺮرﺳﯽ و آزﻣﻮن ﻓﺮﺿﯿﻪ ﻫﺎ ﺑﺎ اﺳﺘﻔﺎده از ﺻﻮرت ﻫﺎی ﻣﺎﻟﯽ ﺷﺮﮐﺖ ﻫﺎی ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان و ﻧﺮم اﻓﺰار ره آورد ﻧﻮﯾﻦ اﺳﺘﺨﺮاج ﮔﺮدﯾﺪ ﺑﺮای ﺗﺠﺰﯾﻪ وﺗﺤﻠﯿﻞ و آزﻣﻮن ﻓﺮﺿﯿﻪ ﻫﺎ، ﺑﻪ ﺗﺮﺗﯿﺐ آزﻣﻮن ﺗﺸﺨﯿﺺ ﭘﺎﯾﺎﯾﯽ ﺑﺮ روی ﻣﺘﻐﯿﺮﻫﺎ و ﺟﺰء ﺧﻄﺎ، آزﻣﻮن ﻗﺎﺑﻠﯿﺖ ﺗﺨﻤﯿﻦ ﻣﺪل ﺑﻪ ﺻﻮرت داده ﻫﺎی ﺗﺎﺑﻠﻮﯾﯽ ﯾﺎ ﺗﻠﻔﯿﻘﯽ، آزﻣﻮن ﺗﻌﯿﯿﻦ اﺛﺮات ﺛﺎﺑﺖ و ﯾﺎ اﺛﺮات ﺗﺼﺎدﻓﯽ و ﺑﺮآورد ﭘﺎراﻣﺘﺮﻫﺎی ﻣﺪل اﻧﺠﺎم ﺷﺪ. ﻧﺘﺎﯾﺞ ﺗﺤﻘﯿﻘﺎت ﮔﺬﺷﺘﻪ و ﭘﮋوﻫﺶ ﻫﺎی ﺟﺪﯾﺪ در اﯾﻦ زﻣﯿﻨﻪ ﺑﺮرﺳﯽ ﺷﺪه و ﻧﺘﺎﯾﺞ آن ﻫﺎ ﺑﺎ ﯾﮑﺪﯾﮕﺮ ﻣﻘﺎﯾﺴﻪ ﻣﯽ ﺷﻮد. ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ اﯾﻦ ﮐﻪ ﺻﻨﻌﺖ داروﺳﺎزی ﭼﺎﻟﺶ ﻫﺎی ﺧﺎص ﺧﻮد را دارد، ﺑﺤﺚ درﺑﺎره ﺗﺄﺛﯿﺮ ﻋﻤﻠﮑﺮد ﻣﺎﻟﯽ و ﻫﺰﯾﻨﻪ ﻫﺎی ﻧﻤﺎﯾﻨﺪﮔﯽ در ﺷﺮﮐﺖ ﻫﺎی داروﺳﺎزی در ﺑﻮرس اوراق ﺑﻬﺎدار، ﺑﻪ ﻋﻨﻮان ﭼﺎﻟﺶ ﻫﺎی ﻣﻬﻢ در اﯾﻦ ﺻﻨﻌﺖ ﻣﻄﺮح ﻣﯽ ﺷﻮد. درﻧﻬﺎﯾﺖ، ﭘﯿﺸﻨﻬﺎداﺗﯽ ﺑﺮای ﺑﻬﺒﻮد ﻋﻤﻠﮑﺮد ﺷﺮﮐﺖ ﻫﺎی داروﯾﯽ در ﺑﻮرس اوراق ﺑﻬﺎدار اراﺋﻪ ﻣﯽ ﺷﻮد. در ﻃﻮل اﯾﻦ ﭘﮋوﻫﺶ ﺑﻪ اﯾﻦ ﻧﺘﯿﺠﻪ رﺳﯿﺪﯾﻢ ﮐﻪ ﻓﺮﺿﯿﻪ اول ﻣﺒﻨﯽ ﺑﺮ اﯾﻨﮑﻪ ﺑﯿﻦ اﻓﺸﺎء ﻣﺴﺌﻮﻟﯿﺖ ﭘﺬﯾﺮی اﺟﺘﻤﺎﻋﯽ و ﻓﺮﺻﺖ رﺷﺪ راﺑﻄﻪ ﻣﻌﻨﺎداری ﻣﺸﺎﻫﺪه ﻧﮕﺮدﯾﺪ. ﻓﺮﺿﯿﻪ دوم ﻣﺒﻨﯽ ﺑﺮ اﯾﻨﮑﻪ ﺑﯿﻦ اﻓﺸﺎء ﻣﺴﺌﻮﻟﯿﺖ ﭘﺬﯾﺮی اﺟﺘﻤﺎﻋﯽ و ﻋﻤﻠﮑﺮد ﻣﺎﻟﯽ ﯾﮏ ارﺗﺒﺎط ﻣﺴﺘﻘﯿﻢ و ﻣﻌﻨﯽ داری وﺟﻮد دارد. ﻓﺮﺿﯿﻪ ﺳﻮم ﻣﺒﻨﯽ ﺑﺮ اﯾﻨﮑﻪ ﺑﯿﻦ ﻣﺴﺌﻮﻟﯿﺖ ﭘﺬﯾﺮی اﺟﺘﻤﺎﻋﯽ و ﻫﺰﯾﻨﻪ ﻫﺎی ﻧﻤﺎﯾﻨﺪﮔﯽ ﺷﺮﮐﺖ ﻫﺎی داروﯾﯽ ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان راﺑﻄﻪ ﻣﻌﻨﺎداری ﻣﺸﺎﻫﺪه ﻧﮕﺮدﯾﺪ.
The abstract of the article investigating the impact of social responsibility on the growth opportunity, financial
performance and representation costs of pharmaceutical companies in the stock exchange analyzes the effects
and effects of financial performance responsibility on the performance and profitability of pharmaceutical
companies in the stock market. Using quantitative research method and financial data of pharmaceutical
companies in the stock market, this research has highlighted the effects and different aspects of financial
performance responsibility on the business process of companies. In this way, this study relies on the financial
reporting of the companies listed in the Tehran Stock Exchange, for the years 2010 and the end of 2017, and the
literature of experimental studies conducted to obtain the results. The statistical population of the research is all
pharmaceutical companies in the stock exchange. 21 companies are selected as a statistical sample. First, in this
article, the definition and identification of the concept of "financial performance responsibility" will be
discussed. Then, the relationship between financial performance responsibility and pharmaceutical companies'
stock market performance will be discussed. The sources and methods used in this research will also be fully
explained. In this article, an attempt has been made to investigate the effects and results of financial performance
responsibility on the performance of pharmaceutical companies in the stock market. Considering the importance
of the discussion of responsibility for financial performance in the pharmaceutical industry, this research tries to
clarify its effects and various aspects. The information needed to examine and test the hypotheses was extracted
using the financial statements of the companies admitted to the Tehran Stock Exchange and Rahavard Novin
software. In order to analyze and test the hypotheses, the reliability test on the variables and the error component,
the model estimation ability test in the form of panel or pooled data, the fixed effects or random effects test and
the estimation of the model parameters were performed. The results have shown that pharmaceutical companies
with a higher and appropriate level of interaction with their profiteers are significantly more advanced in their
performance. During this research, we came to the conclusion that the first hypothesis that no significant
relationship was observed between the disclosure of social responsibility and the opportunity for growth. The
second hypothesis that there is a direct and meaningful relationship between the disclosure of social
responsibility and financial performance. Hypothesis Thirdly, that no significant relationship was observed
between social responsibility and agency fees of pharmaceutical companies of Tehran Stock Exchange.
خلاصه ماشینی:
واژه هاي کليدي: مسئوليت اجتماعي ، فرصت رشد، عملکرد مالي ، هزينه هاي نمايندگي ، محيط زيست ، کارکنان ، اجتماع ٩٥ ١- مقدمه در سال هاي اخير نظريه اي بيان شده مبني بر اينکه ، واحد هاي تجاري مي توانند ايجاد ثروت ، اشتغال و نوآوري کنند، بازار را تامين نمايند و فعاليت هاي شان را تقويت کرده و رقابت شان را بهبود بخشند.
فرضيه دوم : بين افشاء مسئوليت پذيري اجتماعي و عملکرد مالي در ميان شرکت هاي دارويي بورس اوراق بهادار تهران رابطه معنيداري وجود دارد.
فرضيه سوم : بين افشاء مسئوليت پذيري اجتماعي و هزينه هاي نمايندگي در ميان شرکت هاي دارويي بورس اوراق بهادار تهران رابطه معنيداري وجود دارد.
اين پژوهش با هدف بررسي اينکه مسئوليت پذيري اجتماعي شرکتي بر فرصت رشد، عملکرد مالي و هزينه هاي نمايندگي شرکت هاي دارويي بورس اوراق بهادار تهران تأثير دارد، تهيه شده است .
تاب ، ج ، جمالي ک (١٣٩٨) بررسي نقش تعديلگر هزينه نمايندگي بر رابطه بين مسئوليت پذيري اجتماعي شرکت حساسيت جريانات نقدي داراييها در شرکت هاي پذيرفته شده در بورس اوراق بهادار تهران پژوهشهاي جديد در مديريت و حسابداري دوره جديد - شماره ٣٥ ١٠.