بررسي تجربي نظريه‌هاي نمايندگي و ذينفعان در تبيين رابطه بين عملكرد كاركنان و نگهداشت وجه نقد شركت

Empirical Study of Agency and Stakeholder Theories in Explaining The Relationship between Employee Performance and Corporate Cash Holdings

ﻫﺪف: اﺳﺘﺪﻻل ﻧﻈﺮﯾﻪ ﻧﻤﺎﯾﻨﺪﮔﯽ اﯾﻦ ﻣﺴﺌﻠﻪ را ﻓﺮض ﻗﺮار ﻣﯽدﻫﺪ ﮐﻪ ﺷﺮﮐﺖﻫﺎﯾﯽ ﮐﻪ ﮐﺎرﮐﻨﺎﻧﺸﺎن ﻋﻤﻠﮑﺮد ﺑﻬﺘﺮي دارﻧﺪ، در اداره ﺷﺮﮐﺖ ﺑﺎ ﻣﺴﺎﺋﻞ ﻧﻤﺎﯾﻨﺪﮔﯽ ﮐﻤﺘﺮي ﻣﻮاﺟﻪ ﻫﺴﺘﻨﺪ و وﺟﻪ ﻧﻘﺪ ﮐﻤﺘﺮي ﻧﮕﻬﺪاري ﻣﯽﮐﻨﻨﺪ. ﺑﺎﻟﻌﮑﺲ، اﺳﺘﺪﻻل ﻧﻈﺮﯾﻪ ذﯾﻨﻔﻌﺎن اﯾﻦ ﻣﺴﺌﻠﻪ را ﻓﺮض ﻗﺮار ﻣﯽدﻫﺪ ﮐﻪ ﺷﺮﮐﺖﻫﺎﯾﯽ ﮐﻪ ﮐﺎرﮐﻨﺎﻧﺸﺎن ﻋﻤﻠﮑﺮد ﺑﻬﺘﺮي دارﻧﺪ، وﺟﻪ ﻧﻘﺪ ﺑﯿﺸﺘﺮي ﻧﮕﻪداري ﻣﯽﮐﻨﻨﺪ، ﭼﺮا ﮐﻪ ﻣﺪﯾﺮان ﺑﺮاي اﯾﺠﺎد اﻧﮕﯿﺰه و ﺗﺄﻣﯿﻦ ﻧﯿﺎزﻫﺎي ﮐﺎرﮐﻨﺎن اﺳﺖ ﺑﻪ ﻣﯿﺰان ﺑﯿﺸﺘﺮي از وﺟﻪ ﻧﻘﺪ ﻧﯿﺎز دارﻧﺪ. از اﯾﻦ رو ﻫﺪف ﭘﮋوﻫﺶ ﺣﺎﺿﺮ، ﺑﺮرﺳﯽ راﺑﻄﻪ ﻋﻤﻠﮑﺮد ﮐﺎرﮐﻨﺎن ﺑﺮ ﻣﯿﺰان ﻧﮕﻬﺪاﺷﺖ وﺟﻪ ﻧﻘﺪ ﺷﺮﮐﺖ، ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﻧﻈﺮﯾﻪﻫﺎي ﻧﻤﺎﯾﻨﺪﮔﯽ و ذﯾﻨﻔﻌﺎن اﺳﺖ. روش: اﯾﻦ ﺗﺤﻘﯿﻖ از ﻣﻨﻈﺮ ﻓﺮآﯾﻨﺪ اﺟﺮا )ﻧﻮع دادهﻫﺎ( ﯾﮏ ﭘﮋوﻫﺶ ﮐﻤﯽ، از ﻣﻨﻈﺮ ﻧﺘﯿﺠﻪ اﺟﺮاي آن ﯾﮏ ﭘﮋوﻫﺶ ﮐﺎرﺑﺮدي، از ﻣﻨﻈﺮ ﻫﺪف اﺟﺮا ﯾﮏ ﭘﮋوﻫﺶ ﺗﺤﻠﯿﻠﯽ ﺑﻪ روش ﻫﻤﺒﺴﺘﮕﯽ، از ﻣﻨﻈﺮ ﻣﻨﻄﻖ اﺟﺮا ﯾﮏ ﭘﮋوﻫﺶ ﻗﯿﺎﺳﯽ- اﺳﺘﻘﺮاﯾﯽ و از ﻣﻨﻈﺮ ﺑﻌﺪ زﻣﺎﻧﯽ، ﯾﮏ ﭘﮋوﻫﺶ ﻃﻮﻟﯽ )ﭘﺲ روﯾﺪادي( اﺳﺖ. ﺑﺮاي آزﻣﻮن ﻓﺮﺿﯿﻪ ﭘﮋوﻫﺶ از اﻃﻼﻋﺎت ﻣﺎﻟﯽ ﺷﺮﮐﺖﻫﺎي ﭘﺬﯾﺮﻓﺘﻪﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان ﺑﯿﻦ ﺳﺎلﻫﺎي 1391 ﺗﺎ 1397 اﺳﺘﻔﺎده ﺷﺪه اﺳﺖ، ﺑﻪ ﻃﻮري ﮐﻪ ﭘﺲ از اﻋﻤﺎل ﻣﺤﺪودﯾﺖﻫﺎي ﻣﻮردﻧﻈﺮ در اﯾﻦ ﭘﮋوﻫﺶ، ﻧﻤﻮﻧﻪ ﻧﻬﺎﯾﯽ ﻣﺘﺸﮑﻞ از 168 ﺷﺮﮐﺖ اﻧﺘﺨﺎب ﮔﺮدﯾﺪ. ﭘﺲ از اﻧﺪازهﮔﯿﺮي ﻣﺘﻐﯿﺮﻫﺎي ﭘﮋوﻫﺶ از ﺗﺠﺰﯾﻪ ﺗﺤﻠﯿﻞ رﮔﺮﺳﯿﻮن ﺧﻄﯽ ﭼﻨﺪ ﻣﺘﻐﯿﺮه و ﺗﮑﻨﯿﮏﻫﺎي آﻣﺎري دادهﻫﺎي ﺗﻠﻔﯿﻘﯽ و ﮐﻨﺘﺮل اﺛﺮات ﺛﺎﺑﺖ در ﺳﻄﺢ ﺻﻨﻌﺖ و ﺳﺎل و ﻫﻤﭽﻨﯿﻦ ﮐﻨﺘﺮل اﺛﺮات ﺷﺮﮐﺖ، ﺑﺮاي آزﻣﻮن ﻓﺮﺿﯿﻪﻫﺎي ﭘﮋوﻫﺶ اﺳﺘﻔﺎده ﺷﺪ. ﯾﺎﻓﺘﻪﻫﺎ: ﯾﺎﻓﺘﻪﻫﺎي ﭘﮋوﻫﺶ ﺣﺎﮐﯽ از آن اﺳﺖ ﮐﻪ ﻣﻄﺎﺑﻖ ﺑﺎ ﻧﻈﺮﯾﻪ ذﯾﻨﻔﻌﺎن ﺑﯿﻦ ﻋﻤﻠﮑﺮد ﮐﺎرﮐﻨﺎن و ﻣﯿﺰان ﻧﮕﻬﺪاﺷﺖ وﺟﻪ ﻧﻘﺪ ﺷﺮﮐﺖ راﺑﻄﻪ ﻣﺜﺒﺖ وﺟﻮد دارد. ﻫﻤﭽﻨﯿﻦ ﻧﺘﺎﯾﺞ ﺗﺠﺰﯾﻪ و ﺗﺤﻠﯿﻞ ﺗﮑﻤﯿﻠﯽ ﺑﺎ اﺳﺘﻔﺎده از روﯾﮑﺮد 2SLS ﺣﺎﮐﯽ از آن اﺳﺖ ﮐﻪ اﯾﻦ ﻧﺘﯿﺠﻪ ﻣﻄﺎﺑﻖ ﺑﺎ ﯾﺎﻓﺘﻪ اﺻﻠﯽ ﭘﮋوﻫﺶ اﺳﺖ. ﻧﺘﯿﺠﻪﮔﯿﺮي: ﺑﺮ اﺳﺎس ﻧﻈﺮﯾﻪ ذﯾﻨﻔﻌﺎن ﺷﺮﮐﺖﻫﺎ ﺑﺮاي ﺗﺄﻣﯿﻦ ﺧﻮاﺳﺘﻪﻫﺎي ﮐﺎرﮐﻨﺎﻧﯽ ﮐﻪ ﻋﻤﻠﮑﺮد ﺑﻬﺘﺮي دارﻧﺪ ﺑﺎﯾﺪ وﺟﻪ ﻧﻘﺪ ﺑﯿﺸﺘﺮي را ﻧﮕﻬﺪاري ﮐﻨﻨﺪ. داﻧﺶاﻓﺰاﯾﯽ: اﯾﻦ ﭘﮋوﻫﺶ ﻣﯽﺗﻮاﻧﺪ ﺑﻪ ﮔﺴﺘﺮش ﻣﺒﺎﻧﯽ ﻧﻈﺮي ﻣﺤﺪود ﻣﻮﺟﻮد در زﻣﯿﻨﻪ ﻋﻤﻠﮑﺮد ﮐﺎرﮐﻨﺎن ﮐﻤﮏ ﮐﻨﺪ و دﯾﺪﮔﺎﻫﯽ ﺟﺪﯾﺪ را ﺑﻪ ادﺑﯿﺎت وﯾﮋﮔﯽﻫﺎي ﮐﺎرﮐﻨﺎن و رواﺑﻂ ﻣﺪﯾﺮﯾﺖ ﺑﺎ ﮐﺎرﮐﻨﺎن، اﺿﺎﻓﻪ ﻣﯽﮐﻨﺪ و اﯾﻦ ﮔﺴﺘﺮش ﻣﯽﺗﻮاﻧﺪ ﺧﺪﻣﺎﺗﯽ ﺟﻬﺖ ﮐﺎرﺑﺮديﺗﺮ ﮐﺮدن ﻗﻮاﻧﯿﻦ و ﻣﻘﺮرات ﻧﯿﺮوي ﮐﺎر اراﺋﻪ ﻧﻤﺎﯾﺪ.

The agency theory argument assumes that companies whose employees perform better face fewer agency issues and retain less cash. Conversely, the stakeholder theory argument assumes that companies with better employees retain more cash with better performance, because managers need more cash to motivate and meet employee needs. Therefore, the purpose of this study is to investigate the relationship between employee performance and the amount of corporate cash holdings, according to the agency and stakeholders theories. Methods: This research is a quantitative research from the perspective of implementation process (data type), an applied research from the perspective of its implementation, an analytical research from the perspective of correlational research, a deductive-inductive research from the perspective of implementation logic and a temporal dimension , Is a longitudinal (post-event) research. To test the research hypothesis, the financial information of companies listed on the Tehran Stock Exchange between 2012 and 2018 has been used, so that after applying the restrictions in this study, the final sample consisting of 168 companies was selected. After measuring the research variables, multivariate linear regression analysis and statistical techniques of panel data and control of fixed effects at the industry and year level were used to test the research hypotheses. The hypothesis was also tested using Eviews econometric software and statistical techniques of integrated data. Results: The research findings indicate that according to the stakeholder theory, there is a positive relationship between employee performance and the corporate cash holdings. Also, the results of the supplementary analysis using the 2SLS approach indicate that this result is consistent with the main findings of the research. Conclusion:According to stakeholder theory, companies need to maintain more cash to meet the demands of better performing employees. Contribution: This research can help to expand the existing limited theoretical foundations in the field of employee performance and add a new perspective to the literature on employee characteristics and management relationships with employees, and this expansion can provide services to make labor laws and regulations more applicable.