ﺑﺮرﺳﯽ ﻧﻘﺶ ﺗﻌﺪﯾﻞ ﮔﺮ ﺗﻮرش ﻫﺎي رﻓﺘﺎري ﺑﺮ راﺑﻄﮥ ﺑﯿﻦ وﯾﮋﮔﯽ ﻫﺎي ﻓﺮدي ﻣﺪﯾﺮان ﻣﺎﻟﯽ و ﻣﺸﺨﺼﺎت ﺷﺮﮐﺖ ﻫﺎ ﺑﺎ ﻋﻤﻠﮑﺮد ﻣﺎﻟﯽ ﺷﺮﮐﺖ ﻫﺎي ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان

Studying the Moderating Role of Financial Biases on Relationship between Financial Managers Individual Properties and Companies Circumstances on Financial Performance of Accepted Companies in Tehran Sock Exchange

ﺗﻮرش ﻫﺎي رﻓﺘﺎري ﻣﯽ ﺗﻮاﻧﻨﺪ در ﻓﺮاﯾﻨﺪ ﺗﺼﻤﯿﻢ ﮔﯿﺮي ﻣﺪﯾﺮان اﺧﺘﻼل اﯾﺠﺎد ﮐﺮده و ﻣﻨﺠﺮ ﺑﻪ ﻧﺘﺎﯾﺠﯽ ﭘﺎﯾﯿﻦ ﺗﺮ از ﺳﻄﺢ ﺑﻬﯿﻨﻪ ﺷﻮﻧﺪ؛ ﺑﻨﺎﺑﺮﯾﻦ در اﯾﻦ ﻣﻄﺎﻟﻌﻪ ﺑﻪ ﺑﺮرﺳﯽ ﺗﺄﺛﯿﺮ وﯾﮋﮔﯽ ﻫﺎي ﻓﺮدي ﻣﺪﯾﺮان ﻣﺎﻟﯽ و ﻣﺸﺨﺼﺎت ﺷﺮﮐﺖ ﻫﺎ ﺑﺮ ﻋﻤﻠﮑﺮد ﻣﺎﻟﯽ ﺷﺮﮐﺖ ﻫﺎي ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان از ﻃﺮﯾﻖ ﻧﻘﺶ ﺗﻌﺪﯾﻞ ﮔﺮ ﺗﻮرش ﻫﺎي رﻓﺘﺎري ﭘﺮداﺧﺘﻪ ﺷﺪ. ﺑﺮاي اﯾﻦ ﻣﻨﻈﻮر ﺟﺎﻣﻌﮥ آﻣﺎري، ﻣﺸﺘﻤﻞ ﺑﺮ ﻣﺪﯾﺮان ﻣﺎﻟﯽ ﺷﺮﮐﺖ ﻫﺎي ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان ﺑﻮده و ﺟﻬﺖ ﺗﻌﯿﯿﻦ ﺣﺠﻢ ﻧﻤﻮﻧﻪ و روش ﻧﻤﻮﻧﻪ ﮔﯿﺮي ﺑﻪ ﺗﺮﺗﯿﺐ از ﻓﺮﻣﻮل ﮐﻮﮐﺮان )421 ﻧﻔﺮ( و روش در دﺳﺘﺮس اﺳﺘﻔﺎده ﺷﺪ. ﺟﻬﺖ ﺗﺠﺰﯾﻪ و ﺗﺤﻠﯿﻞ داده ﻫﺎ ﻧﯿﺰ از ﻣﺪل ﻣﻌﺎدﻻت ﺳﺎﺧﺘﺎري ﺑﻪ روش ﺣﺪاﻗﻞ ﻣﺮﺑﻌﺎت ﺟﺰﺋﯽ )PLS( اﺳﺘﻔﺎده ﮔﺸﺖ. ﻧﺘﺎﯾﺞ ﻧﺸﺎن داد ﮐﻪ وﯾﮋﮔﯽ ﻫﺎي ﻓﺮدي ﻣﺪﯾﺮان ﻣﺎﻟﯽ ﺗﺄﺛﯿﺮ ﻣﻌﻨﺎدار ﻣﺜﺒﺘﯽ ﺑﺮ ﻋﻤﻠﮑﺮد ﻣﺎﻟﯽ ﺷﺮﮐﺖ ﻫﺎي ﺑﺮرﺳﯽ ﺷﺪه دارد. ﻫﻤﭽﻨﯿﻦ ﻣﺸﺨﺼﺎت ﺷﺮﮐﺖ ﻫﺎ ﻧﯿﺰ ﺗﺄﺛﯿﺮ ﻣﻌﻨﺎدار ﻣﺜﺒﺘﯽ ﺑﺮ ﻋﻤﻠﮑﺮد ﻣﺎﻟﯽ ﺷﺮﮐﺖ ﻫﺎي ﺑﺮرﺳﯽ ﺷﺪه داراﺳﺖ. ﻋﻼوه ﺑﺮ اﯾﻦ ﺑﺎ وارد ﮐﺮدن ﺗﻮرش ﻫﺎي رﻓﺘﺎري ﺑﻪ ﻋﻨﻮان ﻣﺘﻐﯿﺮ ﺗﻌﺪﯾﻞ ﮔﺮ از ﺷﺪت ﺗﺄﺛﯿﺮ ﻣﺜﺒﺖ وﯾﮋﮔﯽ ﻫﺎي ﻓﺮدي ﻣﺪﯾﺮان و ﻣﺸﺨﺼﺎت ﺷﺮﮐﺖ ﻫﺎ ﺑﺮ ﻋﻤﻠﮑﺮد ﻣﺎﻟﯽ ﺷﺮﮐﺖ ﻫﺎي ﻣﻮرد ﻧﻈﺮ ﮐﺎﺳﺘﻪ ﻣﯽ ﺷﻮد. در ﻧﻬﺎﯾﺖ، ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﺗﺄﺛﯿﺮ ﻣﻌﻨﺎدار و ﻣﻌﮑﻮس ﺗﻮرش ﻫﺎي رﻓﺘﺎري ﻣﺪﯾﺮان ﻣﺎﻟﯽ ﺑﺮ ﻋﻤﻠﮑﺮد ﻣﺎﻟﯽ ﺷﺮﮐﺖ ﻫﺎ، ﺑﻪ ﻣﺪﯾﺮان ﻣﺎﻟﯽ ﭘﯿﺸﻨﻬﺎد ﺷﺪ ﺗﻮرش ﻫﺎي رﻓﺘﺎري ﺧﻮد را از ﻃﺮﯾﻖ ﻣﺸﺎوره ﺑﺎ ﺧﺒﺮﮔﺎن و ﺷﺮﮐﺖ در دوره ﻫﺎي آﻣﻮزﺷﯽ ﮐﻮﺗﺎه و ﺑﻠﻨﺪﻣﺪت ﺗﻌﺪﯾﻞ ﮐﻨﻨﺪ.

Behavioral biases can disturb the process of managers’ decision making and tend to under estimate results. Therefore, in this research the effect of financial manager's individual characteristics and companies’ circumstances on financial performance of listed companies in Tehran stock exchange is studied trough the moderating role of financial biases. In this study statistical population included of financial managers of listed companies in Tehran stock exchange. Also, for determining sample volume and sampling method, the Cochran's formula (421 persons) and available method is used. For data analyzing the structural equation modeling with partial least squares (PLS) method is applied. Results indicate that financial manager's individual characteristics have positive significant effect on companies' financial performance. Also, company’s circumstances have positive significant effect on companies' financial performance. Furthermore, entering financial biases as the moderating variable reduces the positive effect of financial manager's individual properties and companies' circumstances on companies' financial performance. Finally according to the inverse significant effect of behavioral biases of financial managers on financial performance of companies, adjusting the behavioral biases by consult with experts and participate in short run and long run training programs, suggested to financial managers.