ﺑﺮرﺳﯽ ﺗﺄﺛﯿﺮ ﻣﺴﺌﻮﻟﯿﺖ اﺟﺘﻤﺎﻋﯽ و رﯾﺴﮏ ﻧﻘﺪﺷﻮﻧﺪﮔﯽ ﺳﻬﺎم ﺷﺮﮐﺖ ﺑﺮ ﻧﻮﺳﺎﻧﺎت ﺑﺎزده ﺳﻬﺎم در ﺷﺮﮐﺖ ﻫﺎي ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان

Investigating the Impact of Social Responsibility and Liquidity Risk of Company Stocks on Fluctuations in Stock Returns in Companies Listed on Tehran Stock Exchange

ﻣﺴﺌﻮﻟﯿﺖ اﺟﺘﻤﺎﻋﯽ ﺷﺮﮐﺖ ﻫﺎ، ﻋﺎﻣﻞ اﺳﺎﺳﯽ ﺑﻘﺎي ﻫﺮ ﺳﺎزﻣﺎن اﺳﺖ. ﺷﺮﮐﺖ ﻫﺎ ﻣﺴﺌﻮﻟﯿﺖ ﭘﺬﯾﺮي اﺟﺘﻤﺎﻋﯽ را ﻧﻮﻋﯽ اﺳﺘﺮاﺗﮋي ﺗﺠﺎري ﻣﯽ ﺑﯿﻨﻨﺪ ﮐﻪ ﺑﺎﻋﺚ اﻓﺰاﯾﺶ اﻋﺘﺒﺎر آن ﻫﺎ در ﺑﺎزارﻫﺎي رﻗﺎﺑﺘﯽ ﻣﯽ ﺷﻮد و ﺳﻬﻢ آن ﻫﺎ را در ﺑﺎزار ﻓﺰوﻧﯽ ﻣﯽ ﺑﺨﺸﺪ. رﯾﺴﮏ ﻧﻘﺪﺷﻮﻧﺪﮔﯽ و ﺷﯿﻮة ﻣﺪﯾﺮﯾﺖ آن ﺑﻪ ﯾﮑﯽ از ﻣﻬﻤﺘﺮﯾﻦ ﻣﺒﺎﺣﺚ ﻣﻮﺟﻮد در ﺳﺎزﻣﺎن ﻫﺎ ﺗﺒﺪﯾﻞ ﺷﺪه اﺳﺖ. ﺗﺄﺛﯿﺮات ﺑﺎﻟﻘﻮه اي ﮐﻪ اﯾﻦ ﺷﺎﺧﻪ از رﯾﺴﮏ ﻣﯽ ﺗﻮاﻧﺪ ﺑﺮ ﻋﻤﻠﮑﺮد ﺷﺮﮐﺖ ﻫﺎ داﺷﺘﻪ ﺑﺎﺷﺪ، ﮔﺎه ﺑﻪ ﺣﺪي ﮔﺴﺘﺮده اﺳﺖ ﮐﻪ ﺑﻪ ورﺷﮑﺴﺘﮕﯽ واﺣﺪﻫﺎي ﻣﺰﺑﻮر ﻣﯽ اﻧﺠﺎﻣﺪ. ﭘﮋوﻫﺶ ﺣﺎﺿﺮ ﺑﻪ ﺑﺮرﺳﯽ راﺑﻄﮥ ﺑﯿﻦ ﻣﺴﺌﻮﻟﯿﺖ اﺟﺘﻤﺎﻋﯽ ﺷﺮﮐﺖ ﻫﺎ، رﯾﺴﮏ ﻧﻘﺪﺷﻮﻧﺪﮔﯽ ﺳﻬﺎم و ﻧﻮﺳﺎﻧﺎت ﺑﺎزده ﺳﻬﺎم در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان در ﺑﺎزة زﻣﺎﻧﯽ 1394 ﺗﺎ 1398 ﭘﺮداﺧﺘﻪ اﺳﺖ. ﻧﻤﻮﻧﻪ ﮔﯿﺮي ﺑﺎ اﺳﺘﻔﺎده از روش ﺣﺬﻓﯽ ﻧﻈﺎم ﻣﻨﺪ اﻧﺠﺎم ﮔﺮﻓﺘﻪ اﺳﺖ و ﻧﻤﻮﻧﮥ اﻧﺘﺨﺎﺑﯽ ﺷﺎﻣﻞ 140 ﺷﺮﮐﺖ ﻣﯽ ﺑﺎﺷﺪ و ﻣﺪل اﺳﺘﻔﺎده ﺷﺪه در ﺗﺤﻘﯿﻖ ﺑﻪ ﭘﯿﺮوي از ﻣﻄﺎﻟﻌﮥ ﺑﭽﺘﯽ و ﻫﻤﮑﺎران )2015( اﺳﺖ. ﻧﺘﺎﯾﺞ ﺗﺤﻘﯿﻖ ﻧﺸﺎن ﻣﯽ دﻫﺪ ﻣﺘﻐﯿﺮ رﯾﺴﮏ ﻧﻘﺪﺷﻮﻧﺪﮔﯽ ﺑﺮ ﻧﻮﺳﺎﻧﺎت ﺑﺎزده ﺳﻬﺎم داراي ﺗﺄﺛﯿﺮ ﻣﺜﺒﺖ و ﻣﻌﻨ ﺎدار ﻣﯽ ﺑﺎﺷﺪ. ﺑﺪﯾﻦ ﻣﻌﻨﺎ ﮐﻪ ﺑﺎ اﻓﺰاﯾﺶ رﯾﺴﮏ ﻧﻘﺪﺷﻮﻧﺪﮔﯽ ﻣﯿﺰان ﻧﻮﺳﺎﻧﺎت ﺑﺎزده ﺳﻬﺎم ﻧﯿﺰ اﻓﺰاﯾﺶ ﻣﯽ ﯾﺎﺑﺪ. ﺗﺄﺛﯿﺮ ﻣﺘﻐﯿﺮ ﻣﺴﺌﻮﻟﯿﺖ اﺟﺘﻤﺎﻋﯽ ﺑﺮ ﻧﻮﺳﺎﻧﺎت ﺑﺎزده ﺳﻬﺎم ﻣﻨﻔﯽ و ﻣﻌﻨﺎدار اﺳﺖ. رﺷﺪ ﺳﺎﻻﻧﮥ ﻓﺮوش، اﻧﺪازة ﺷﺮﮐﺖ و داراﯾﯽ ﺛﺎﺑﺖ ﻣﺸﻬﻮد ﺑﺮ ﻧﻮﺳﺎﻧﺎت ﺑﺎزده ﺳﻬﺎم داراي ﺗﺄﺛﯿﺮ ﻣﻨﻔﯽ و ﻣﻌﻨﺎدار ﻣﯽ ﺑﺎﺷﺪ. ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﻧﺘﺎﯾﺞ، ﻫﺮ دو ﻓﺮﺿﯿﮥ ﺗﺤﻘﯿﻖ در ﺳﻄﺢ اﻃﻤﯿﻨﺎن 95 درﺻﺪ ﺗﺄﯾﯿﺪ ﻣﯽ ﺷﻮد.

Corporate social responsibility is a key factor in the survival of any organization. Companies see social responsibility as a kind of business strategy, which increases their credibility in competitive markets and also increases their market share. Liquidity risk and its management method has become one of the most important issues in organizations. The potential effects that this branch of risk can have on the performance of companies are sometimes so wide that they lead to the bankruptcy of these units. The present study investigates the relationship between corporate social responsibility, liquidity risk and stock return fluctuations of the Tehran Stock Exchange in the period 2015 to 2019. Sampling is performed using a systematic elimination method and the selected sample includes 140 companies. The model used in the research follows the study of Bechti et al. (2015) The results show that the liquidity risk variable has a positive and significant effect on stock return fluctuations. This means that with increasing liquidity risk, the amount of stock return fluctuations also increases. The effect of social responsibility variable on stock return fluctuations is negative and significant. Annual sales growth, company size and fixed assets have a negative and significant effect on stock return fluctuations. According to the results of both research hypotheses, the 95% confidence level is confirmed.