تحليل تأثير توانايي مديريت بر ارزش شركت در پاسخ به تهديدات رقابتي بازار

Analyzing the impact of management ability on firm value in response to competitive market threats

ﻫﺪف اﯾﻦ ﺗﺤﻘﯿﻖ، ﺗﺤﻠﯿﻞ ﺗﺄﺛﯿﺮ ﺗﻮاﻧﺎﯾﯽ ﻣﺪﯾﺮﯾﺖ ﺑﺮ ارزش ﺷﺮﮐﺖ در ﭘﺎﺳﺦ ﺑﻪ ﺗﻬﺪﯾﺪات رﻗﺎﺑﺘﯽ ﺑـﺎزار اﺳﺖ. در اﯾﻦ ﺗﺤﻘﯿﻖ ﺷﺮﮐﺖﻫﺎي ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان ﺑﺮاي ﺳﺎلﻫﺎي 1390 ﺗـﺎ 1398 ﻣﻮرد ﺑﺮرﺳﯽ ﻗﺮار ﮔﺮﻓﺘﻪاﻧﺪ و ﺗﻮاﻧﺎﯾﯽ ﻣﺪﯾﺮﯾﺖ ﺑﻪ ﻋﻨﻮان ﻣﺘﻐﯿﺮ ﻣﺴﺘﻘﻞ و ارزش ﺷﺮﮐﺖ ﺑﻪ ﻋﻨﻮان ﻣﺘﻐﯿﺮ واﺑﺴـﺘﻪ در ﻧﻈﺮ ﮔﺮﻓﺘﻪ ﺷﺪه اﺳﺖ. اﯾﻦ ﺗﺤﻘﯿﻖ از ﺟﻤﻠﻪ ﺗﺤﻘﯿﻘﺎت ﮐﺎرﺑﺮدي ﻣﯽ ﺑﺎﺷﺪ و از ﻟﺤﺎظ ﻣﺎﻫﯿﺖ ﺟـﺰء ﺗﺤﻘﯿﻘـﺎت ﺗﻮﺻﯿﻔﯽ ﻗﺮار داﺷﺘﻪ و از ﻣﻨﻈﺮ روش، در دﺳﺘﻪ ﺗﺤﻘﯿﻘﺎت ﻫﻤﺒﺴـﺘﮕﯽ ﻗـﺮار ﮔﺮﻓﺘـﻪ اﺳـﺖ. ﻫﻤﭽﻨـﯿﻦ، در اﯾـﻦ ﭘﮋوﻫﺶ از روش ﮐﺘﺎﺑﺨﺎﻧﻪاي، ﺑـﺮاي ﺟﻤـﻊآوري دادهﻫـﺎ اﺳـﺘﻔﺎده ﺷـﺪه اﺳـﺖ. دادهﻫـﺎي ﭘـﮋوﻫﺶ از ﻃﺮﯾـﻖ ﺟﻤﻊآوري دادهﻫﺎي ﺷﺮﮐﺖﻫﺎي ﻧﻤﻮﻧﻪ ﺑﺎ ﻣﺮاﺟﻌﻪ ﺑﻪ ﺻﻮرتﻫﺎي ﻣﺎﻟﯽ، ﯾﺎدداﺷﺖﻫﺎي ﺗﻮﺿﯿﺤﯽ و ﻣﺎﻫﻨﺎﻣﻪ ﺑﻮرس اوراق ﺑﻬﺎدار اﻧﺠﺎم ﮔﺮﻓﺘﻪ اﺳﺖ. ﺑﺮ اﺳﺎس روش ﺣﺬف ﺳﯿﺴﺘﻤﺎﺗﯿﮏ، ﺗﻌﺪاد 133 ﺷﺮﮐﺖ ﺑﻪ ﻋﻨﻮان ﻧﻤﻮﻧﻪ آﻣﺎري اﻧﺘﺨﺎب ﮔﺮدﯾﺪ. ﺑﺮاي ﺗﻮﺻﯿﻒ و ﺗﻠﺨﯿﺺ دادهﻫﺎي ﺟﻤﻊ آوري ﺷﺪه، از آﻣﺎرﺗﻮﺻﯿﻔﯽ و اﺳﺘﻨﺒﺎﻃﯽ اﺳﺘﻔﺎده ﺷـﺪه اﺳﺖ. ﺑﻪ ﻣﻨﻈﻮر ﺗﺤﻠﯿﻞ داده ﻫﺎ اﺑﺘﺪا ﭘﯿﺶ آزﻣﻮن ﻫﺎي ﻧﺎﻫﻤﺴﺎﻧﯽ وارﯾﺎﻧﺲ، آزﻣﻮن F ﻟﯿﻤﺮ، آزﻣـﻮن ﻫﺎﺳـﻤﻦ و آزﻣﻮن ﺟﺎرك ﺑﺮا و ﺳﭙﺲ از آزﻣﻮن رﮔﺮﺳﯿﻮن ﭼﻨﺪ ﻣﺘﻐﯿﺮه ﺑﺮاي ﺑﺮرﺳﯽ ﻓﺮﺿـﯿﻪ ﻫـﺎي ﺗﺤﻘﯿـﻖ )ﻧـﺮم اﻓـﺰار اﯾﻮﯾﻮز( اﺳﺘﻔﺎده ﮔﺮدﯾﺪه اﺳﺖ. ﻧﺘﺎﯾﺞ اﯾﻦ ﭘﮋوﻫﺶ ﻧﺸﺎن ﻣﯽدﻫﺪ ﮐﻪ ﺗﻮاﻧـﺎﯾﯽ ﻣـﺪﯾﺮان ﺑـﺮ ارزش ﺷـﺮﮐﺖ ﺗـﺄﺛﯿﺮ داﺷﺘﻪ و ﺗﻬﺪﯾﺪات رﻗﺎﺑﺘﯽ ﺑﺮ راﺑﻄﻪ ﺑﯿﻦ ﺗﻮاﻧﺎﯾﯽ ﻣﺪﯾﺮان و ارزش ﺷﺮﮐﺖ ﺗﺄﺛﯿﺮ ﮔﺬار اﺳﺖ.

The purpose of this study is to analyze the impact of management ability on firm behavior in response to competitive market threats. The spatial scope of this research was the companies listed on the Tehran Stock Exchange and the time domain was between 2009 and 2017. In this study, the ability to manage the independent variable and the company behavior of the dependent variable was considered. The present study is in the category of applied research. If the classification of types of research based on nature and method is considered, the present research method is in the category of research. It is descriptive and in terms of method is in the category of correlational research. In this study, a library method was used to collect data and information. In the data section, the research was done by collecting data from sample companies by referring to financial statements, explanatory notes and the stock exchange monthly. Based on the systematic elimination method, 133 companies were selected as a statistical sample. Descriptive and inferential statistics have been used to describe and summarize the collected data. In order to analyze the data, first the variance heterogeneity pre-tests, F-Limer test, Hausman test and Jark-Bra test were used and, then multivariate regression test was used to confirm and reject the research hypotheses (EVIEWS Software). The results showed that the ability of managers affects the company value; in addition, competitive threats affect the relationship between managers' ability and investment in research and development costs and company value; The results obtained in this research are consistent with the documents mentioned in the theoretical framework of research and financial literature.