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تنوع جنسیتی هیئت‌مدیره و ناکارایی سرمایه‌گذاری با نقش تعدیل‌گر استقلال هیئت‌ مدیره و دورۀ تصدی مدیر عامل

نوع مقاله : مقاله پژوهشی

نویسنده

استادیار گروه حسابداری، موسسه آموزش عالی حکیم طوس، مشهد، ایران،

چکیده

زنان در تصمیم‌گیری در زمینۀ سرمایه‌گذاری ریسک‌گریزتر بوده و محافظه‌کارتر هستند. این پژوهش رابطۀ تنوع جنسیتی هیئت‌مدیره و ناکارایی سرمایه‌گذاری شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران را بررسی می‌کند. استدلال بر این است که شرکت‌ها با تنوع جنسیتی هیئت‌مدیره، ناکارایی سرمایه‌گذاری کمتری از شرکت‌های بدون تنوع جنسیتی هیئت‌مدیره دارند و وجود مدیران زن در هیئت‌مدیره، با ناکارآمدی سرمایه‌گذاری رابطۀ منفی دارد. این پژوهش شبه‌تجربی است. همچنین با توجه به اینکه نتایج پژوهش به حل یک مشکل یا موضوع خاص می‌پردازد، از لحاظ هدف کاربردی و از لحاظ روش، تجزیه و تحلیل همبستگی با رویکرد رگرسیونی است. با توجه به اینکه این پژوهش از اطلاعات گذشته برای آزمون فرضیه‌ها استفاده می‌کند، پس‌رویدادی است. در راستای بررسی این موضوع، فرضیه‌های پژوهش برمبنای یک نمونۀ آماری متشکل از 108 شرکت بورسی (براساس حذف سیستماتیک) طی سال‌های 1396 لغایت 1400 (540 مشاهده) انتخاب و با استفاده از الگوهای رگرسیونی چندمتغیره آزمون شد. تجزیه و تحلیل نمونۀ پژوهش نشان می‌دهد بین تنوع جنسیتی هیئت‌مدیره و ناکارآمدی سرمایه‌گذاری، رابطۀ منفی معناداری وجود دارد. نتایج همچنین نشان داد استقلال هیئت‌مدیره، رابطۀ بین تنوع جنسیتی هیئت‌مدیره و ناکارآمدی سرمایه‌گذاری را تعدیل می‌کند. اما دورۀ تصدی مدیرعامل، رابطۀ بین تنوع جنسیتی هیئت‌مدیره و ناکارآمدی سرمایه‌گذاری را تعدیل نمی‌کند. 

کلیدواژه‌ها

موضوعات

عنوان مقاله [English]

Board Gender Diversity and Investment Inefficiency with a moderating role of the board independence and the CEO tenure

نویسنده [English]

  • Mahdi Filsaraei

Assistant Professor, Department of Accounting, Hakim Toos Higher Education institute, Mashhad, Iran.

چکیده [English]

Women are more risk-averse and more conservative in making investment decisions.This research examines the relationship between the gender diversity of the board of directors and the investment inefficiency of companies listed on the Tehran Stock Exchange. The argument is that companies with gender diversity of the board of directors have lower investment inefficiency than companies without gender diversity of the board of directors, and the presence of female directors in the board of directors has a negative relationship with investment inefficiency.
This research is quasi-experimental. Also, considering that the results of the research deal with solving a specific problem or issue, it is applied in terms of purpose and in terms of method, correlation analysis with regression approach. Considering that this research uses past information to test hypotheses, it is retrospective. In order to examine this issue, research hypotheses were selected based on a statistical sample consisting of 108 stock companies (based on systematic exclusion) during the years 2017 to 2021 (540 observations) and tested using multivariate regression models.
The analysis of the research sample shows that there is a significant negative relationship between the gender diversity of the board of directors and investment inefficiency. The results also showed that board independence moderates the relationship between board gender diversity and investment inefficiency. But CEO tenure does not moderate the relationship between board gender diversity and investment inefficiency.

کلیدواژه‌ها [English]

  • Board independence
  • CEO tenure
  • Diversity
  • Gender
  • Investment efficiency
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دوره 22، شماره 3
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صفحه 775-802
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