بررسي ارتباط بين مدت تصدي مديرعامل و عدم شفافيت اطلاعاتي شركت

Investigating the Relationship between CEO's Tenure and Lack of Transparency in Company Information

ﻫﺪف اﺻﻠﯽ اﯾﻦ ﭘﮋوﻫﺶ، ﺑﺮرﺳﯽ راﺑﻄﻪ ﺑﯿﻦ ﻣﺪت ﺗﺼﺪي ﻣﺪﯾﺮﻋﺎﻣﻞ و ﻋﺪم ﺷﻔﺎﻓﯿﺖ اﻃﻼﻋﺎﺗﯽ در ﺷﺮﮐﺖﻫﺎي ﭘﺬﯾﺮﻓﺘﻪﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان ﻣﯽﺑﺎﺷﺪ. ﻓﺮﺿﯿﻪﻫﺎي ﭘﮋوﻫﺶ ﺑﺮ ﻣﺒﻨﺎي ﯾﮏ ﻧﻤﻮﻧﻪ آﻣﺎري ﻣﺘﺸﮑﻞ از 106 ﺷﺮﮐﺖ ﻃﯽ دوره 9 ﺳﺎﻟﻪ از ﺳﺎل 1388 ﻟﻐﺎﯾﺖ 1396 و ﺑﺎ اﺳﺘﻔﺎده از اﻟﮕﻮﻫﺎي رﮔﺮﺳﯿﻮﻧﯽ ﭼﻨﺪ ﻣﺘﻐﯿﺮه ﻣﻮرد آزﻣﻮن ﻗﺮار ﮔﺮﻓﺖ. ﻧﺘﺎﯾﺞ ﭘﮋوﻫﺶ ﻧﺸﺎن ﻣﯽدﻫﺪ ﺑﯿﻦ ﻣﺪت ﺗﺼﺪي ﻣﺪﯾﺮﻋﺎﻣﻞ و ﻋﺪم ﺷﻔﺎﻓﯿﺖ اﻃﻼﻋﺎت ﺷﺮﮐﺖ )ﺷﺎﻣﻞ: رﺗﺒﻪ ﺷﺎﺧﺺ ﻋﺪم ﺷﻔﺎﻓﯿﺖ اﻃﻼﻋﺎت ﺷﺮﮐﺖ، ﻣﻌﺎﻣﻼت ﺗﺠﺎري و اﺧﺘﻼف ﻗﯿﻤﺖ ﺧﺮﯾﺪوﻓﺮوش ﺳﻬﺎم( راﺑﻄﻪ ﻣﺜﺒﺖ و ﻣﻌﻨﺎداري وﺟﻮد دارد. ﻫﻤﭽﻨﯿﻦ، ﺑﯿﻦ ﻣﺪت ﺗﺼﺪي ﻣﺪﯾﺮﻋﺎﻣﻞ و ﻋﺪم ﺷﻔﺎﻓﯿﺖ اﻃﻼﻋﺎت ﺷﺮﮐﺖ )ﺷﺎﻣﻞ: ﺧﻄﺎي ﭘﯿﺶﺑﯿﻨﯽ ﺗﺤﻠﯿﻞﮔﺮان ﺑﺎزار ﺳﻬﺎم و اﻗﻼم ﺗﻌﻬﺪي اﺧﺘﯿﺎري( راﺑﻄﻪ ﻣﻌﻨﺎداري وﺟﻮد ﻧﺪارد.

The main purpose of this research is to investigate the relationship between CEO's tenure and lack of transparency of information in companies listed in Tehran Stock Exchange. The statistical sample consisted of 106 companies during a 9-year period from 2009 to 2017. The research hypotheses were tested using multivariate regression models. The results of this research show that there is a positive and significant relationship between CEO's tenure and lack of transparency in company information (including: index rate of lack of transparency in company information, trading volume, and the price difference in company stock trading). Also, there is no meaningful relationship between CEO's tenure and lack of transparency in company information (including: stock market analysts' prediction error and discretionary accrual items).