اقتصاد و سیاست گذاری مالی

اقتصاد و سیاست گذاری مالی

تحلیل نقش حکمرانی ذینفعان بر رابطه مسئولیت اجتماعی و ریسک خاص شرکت

نوع مقاله : مقاله پژوهشی

نویسندگان
یاسمن خلیلی 1
زهرا بیرانوند 2
1 گروه حسابداری، دانشگاه پیام نور، تهران، ایران.
2 گروه حسابداری، دانشگاه پیام نور، تهران، ایران
10.22034/efp.2026.2097674.1078
چکیده
در دنیای امروز، مسئولیت شرکت‌ها فراتر از سودآوری و منافع سهامداران قرار گرفته و شرکت‌ها باید پاسخگو به جامعه و محیط زیست نیز باشند. افشای مسئولیت اجتماعی شرکتی نه تنها به توسعه پایدار کمک می‌کند، بلکه می‌تواند ریسک خاص را کاهش دهد. این پژوهش با تمرکز بر حکمرانی ذینفعان به‌عنوان متغیر تعدیل‌کننده، نقش این سازوکار را در تقویت رابطه معکوس مسئولیت اجتماعی و کاهش ریسک خاص بررسی می‌کند.
روش‌شناسی پژوهش از نظر هدف کاربردی و از نظر روش توصیفی-همبستگی است. جامعه آماری شامل شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران طی سال‌های ۱۳۹۷ تا ۱۴۰۳ (معادل هفت سال) بوده و با روش نمونه‌گیری هدفمند، ۱۴۱ شرکت (۹۸۷ مشاهده سال-شرکت) به‌عنوان نمونه انتخاب شدند. داده‌های مورد نیاز از صورت‌های مالی حسابرسی‌شده شرکت‌ها، از طریق نرم‌افزار ره‌آورد نوین و پایگاه اطلاعاتی کدال جمع‌آوری و سپس پردازش شد. متغیرهای پژوهش با استفاده از مدل رگرسیونی چندمتغیره و روش داده‌های ترکیبی با اثرات ثابت شرکت و زمان و خطاهای استاندارد مقاوم خوشه‌بندی‌شده دوطرفه مورد آزمون قرار گرفت.
نتایج پژوهش نشان داد که مسئولیت اجتماعی شرکت با ریسک خاص رابطه معکوس و معنادار دارد؛ یعنی شرکت‌هایی که عملکرد بهتری در مسئولیت‌های اجتماعی خود دارند، سطح ریسک خاص خود را به‌طور معناداری کاهش می‌دهند. همچنین حکمرانی ذینفعان رابطه مسئولیت اجتماعی-ریسک خاص را تعدیل می‌کند. به‌ویژه حکمرانی سرمایه‌گذاران، اعتباردهندگان، کارکنان و مصرف‌کنندگان، اثر مثبت مسئولیت اجتماعی بر کاهش ریسک خاص را به‌طور معنادار تقویت می‌کنند. حکمرانی تأمین‌کنندگان نیز اثر تعاملی منفی و معناداری نشان داد که در چارچوب ویژگی‌های نهادی بازار ایران مورد بحث قرار گرفته است.

چکیده تصویری

تحلیل نقش حکمرانی ذینفعان بر رابطه مسئولیت اجتماعی و ریسک خاص شرکت
کلیدواژه‌ها
حکمرانی ذینفعان
مسئولیت اجتماعی شرکتی
ریسک خاص
عملکرد
موضوعات

عنوان مقاله English

Analyzing the Role of Stakeholder Governance on the Relationship between Corporate Social Responsibility and Idiosyncratic Risk

نویسندگان English

Yassaman Khalili 1
Zahra Beyranvand 2
1 Department of Accounting, Payame Noor University, Tehran, Iran
2 Department of Accounting, Payame Noor University, Tehran, Iran
چکیده English

In today’s business environment, corporate responsibility extends beyond profitability and shareholder value creation; firms are also expected to be accountable to society and the environment. Disclosure of corporate social responsibility (CSR) not only contributes to sustainable development but can also reduce idiosyncratic risk. Focusing on stakeholder governance as a moderating variable, this study examines the role of this mechanism in strengthening the inverse relationship between CSR and the reduction of idiosyncratic risk.
The research is applied in terms of purpose and descriptive-correlational in terms of method. The statistical population consists of companies listed on the Tehran Stock Exchange during the period 2018–2024(seven years). Using purposive sampling, 141 companies (987 firm-year observations) were selected as the sample. Required data were collected from the audited financial statements of the companies via the Rahavard Novin software and the CODAL database, and subsequently processed. The research variables were tested using a multivariate regression model and the panel data method with firm and time fixed effects and two-way clustered robust standard errors.
The results indicate that corporate social responsibility has a significant inverse (negative) relationship with idiosyncratic risk; that is, companies with better CSR performance significantly reduce their level of idiosyncratic risk. Moreover, stakeholder governance moderates the relationship between CSR and idiosyncratic risk. In particular, the governance of investors, creditors, employees, and consumers significantly strengthens the positive effect of corporate social responsibility on the reduction of idiosyncratic risk. Supplier governance also shows a significant negative interaction effect, which is discussed in the Iranian institutional context.

کلیدواژه‌ها English

Corporate Social Responsibility
Idiosyncratic Risk
Stakeholder Governance
Performance
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