ﺳﺮﻣﺎﯾﻪ ﮔﺬاران ﻧﻬﺎدي ﺑﻠﻨﺪﻣﺪت و ﻣﺴﺌﻮﻟﯿﺖ اﺟﺘﻤﺎﻋﯽ

Long-Term Institutional Investors and social

افق ﻫﺎي ﺳﺮﻣﺎﯾﻪ ﮔﺬاري ﺳﺮﻣﺎﯾﻪ ﮔﺬاران ﻧﻬﺎدي ﻣﯽ ﺗﻮاﻧﺪ ﻧﻈﺎرت ﺑﺮ اﻧﮕﯿﺰه ﻫﺎﯾﯽ ﮐـﻪ ﻣﻤﮑـﻦ اﺳـﺖ درﻧﻬﺎﯾـ ﺖ ﺑـﺮ ﺗﺼـﻤﯿﻤﺎت ﻣﺴﺌﻮﻟﯿﺖ اﺟﺘﻤﺎﻋﯽ ﺷﺮﮐﺖ ﺗﺄﺛﯿﺮﮔﺬار ﺑﺎﺷﻨﺪ را ﺗﺤﺖ ﺗﺄﺛﯿﺮ ﻗﺮار دﻫﻨﺪ. از اﯾﻦ رو، اﯾﻦ ﻣﻘﺎﻟﻪ اﺛﺮات اﻓﻖ ﻫﺎي ﺳﺮﻣﺎﯾﻪ ﮔـﺬاري ﺳﺮﻣﺎﯾﻪ ﮔﺬاران ﻧﻬﺎدي ﺑﺮ ﻓﻌﺎﻟﯿﺖ ﻫﺎي ﻣﺴﺌﻮﻟﯿﺖ اﺟﺘﻤﺎﻋﯽ ﺷﺮﮐﺖﻫـﺎ را ﻣـﻮرد ﺑﺮرﺳـﯽ ﻗـﺮار ﻣـ ﯽ دﻫـﺪ . ﭘـﮋوﻫﺶ ﺣﺎﺿـﺮ ﺑـﺎ اﺳــﺘﻔﺎده از داده ﻫــﺎي ﺳــﺎﻻﻧﻪ ﺷــﺮﮐﺖ ﻫــﺎي ﭘﺬﯾﺮﻓﺘــﻪ ﺷــﺪه در ﺑــﻮرس اوراق ﺑﻬــﺎدار ﺗﻬــﺮان ﻃــﯽ دوره 1397-1390 اﻧﺠــﺎم ﭘﺬﯾﺮﻓﺖ. ﺑﺎ ﻏﺮﺑﺎﻟﮕﺮي، 152 ﺷﺮﮐﺖ ﺑﻪ ﻋﻨﻮان ﻧﻤﻮﻧﻪ ﭘﮋوﻫﺶ ﺗﻌﯿﯿﻦ ﺷﺪ. ﺟﻬﺖ آزﻣﻮن ﻓﺮﺿﯿﻪ ﻫـﺎي ﭘـﮋوﻫﺶ از رﮔﺮﺳـﯿﻮن ﺧﻄﯽ ﭼﻨﺪ ﻣﺘﻐﯿﺮه ﻣﺒﺘﻨﯽ ﺑﺮ داده ﻫﺎي ﺗﺎﺑﻠﻮﯾﯽ ﺑﻬﺮه ﮔﺮﻓﺘﻪ ﺷﺪ. ﻧﺘﺎﯾﺞ ﻧﺸﺎن ﻣﯽ دﻫﺪ ﮐﻪ اﻓﻖ ﻫﺎي ﺳﺮﻣﺎﯾﻪ ﮔﺬاري ﺑﻠﻨﺪﻣـﺪت ﺗـﺮ، ارﺗﺒﺎط ﻣﺜﺒﺖ و ﻣﻌﻨﺎداري ﺑﺎ ﻣﺴﺌﻮﻟﯿﺖ اﺟﺘﻤﺎﻋﯽ ﺷﺮﮐﺘﯽ دارد؛ در ﺣﺎﻟﯽ ﮐﻪ اﻓﻖ ﻫﺎي ﺳﺮﻣﺎﯾﻪ ﮔﺬاري ﮐﻮﺗـﺎه ﻣـﺪت ﻣﻨﺠـﺮ ﺑـﻪ ﮐﺎﻫﺶ ﻣﺴﺌﻮﻟﯿﺖ اﺟﺘﻤﺎﻋﯽ ﺷﺮﮐﺘﯽ ﻣﯽ ﺷﻮد. اﻓﺰون ﺑﺮ آن، ﻧﻬﺎد ﻫﺎي ﺳﺮﻣﺎﯾﻪ ﮔﺬاري ﺑﻠﻨﺪﻣـﺪت ﻓﻌـﺎل، ﻣﺴـﺌﻮﻟﯿﺖ اﺟﺘﻤـﺎﻋﯽ ﺷﺮﮐﺖ را اﻓﺰاﯾﺶ ﻣﯽ دﻫﻨﺪ؛ در ﺣﺎﻟﯽ ﮐﻪ ﻧﻬﺎد ﻫﺎي ﺳﺮﻣﺎﯾﻪ ﮔﺬاري ﺑﻠﻨﺪﻣﺪت ﻏﯿﺮﻓﻌﺎل ﺗﺄﺛﯿﺮ ﭼﻨﺪاﻧﯽ ﺑﺮ ﻣﺴﺌﻮﻟﯿﺖ اﺟﺘﻤـﺎﻋﯽ ﻧﺪارﻧــﺪ. ﻫﻤﭽﻨــﯿﻦ ﻧﺘــﺎﯾﺞ ﻧﺸــﺎن ﻣــﯽ دﻫــﺪ ﮐــﻪ ﺳــﺮﻣﺎﯾﻪ ﮔــﺬاران ﺑــﺎ اﻓــﻖ ﻫــﺎي ﺳــﺮﻣﺎﯾﻪ ﮔــﺬاري ﺑﻠﻨﺪﻣــﺪت ﺑــﺮاي ﻧﻈــﺎرت ﺑــﺮ ﺷﺮﮐﺖ ﻫﺎﯾﺸﺎن اﻧﮕﯿﺰه ﺑﯿﺸﺘﺮي دارﻧﺪ و اﯾﻦ اﻣﺮ ﻣﺪﯾﺮان را ﺑﻪ ﺳﻤﺖ ﻣﺸﺎرﮐﺖ در ﻓﻌﺎﻟﯿﺖ ﻫﺎي ﻣﺴـﺌﻮﻟ ﯿﺖ اﺟﺘﻤـﺎﻋﯽ ﻗـﻮي ﺗـﺮ ﺳﻮق ﻣﯽ دﻫﺪ.

the investment horizons of institutional investors can affect monitoring incentives which might ultimately make an impact on firm CSR decisions. Hence, this paper investigates the effects of institutional investor’s investment horizons on CSR activities.This research has been carried out using annual data of companies accepted in Tehran Stock Exchange during the period of 2011-2018. By screening, 152 sample companies were identified.For testing of research hypotheses, multivariate linear regression has been used based on panel data.results show that longer investment horizons short term While short term investment horizons Leads to a reduction in social responsibility. Further, active long-term institutions increase CSR whereas passive long-term institutions have no significant effect.results suggest that investors with longterm horizons have more incentives to monitor their firms which leads managers to engage in more vigorous CSR activities.