بررسي تاثير حدود عمليات شركت بر ساختار هيات ‌مديره (مورد مطالعه: شركتهاي پذيرفته شده بورس اوراق بهادار تهران)

Impact of Firm’s Scope of Operation on the Board of Director’s Structure (Evidence from Tehran Stock Exchange)

اين پژوهش در راستاي ارايه نگرشي جديد نسبت به اهميت، كميت و كيفيت هيات‌مديره به بررسي تاثير حدود عمليات شركت بر ساختار هيات‌مديره پرداخته است. نمونه‌ مورد بررسي شامل 60 شركت پذيرفته شده در بورس اوراق بهادار تهران طي سالهاي 1379 تا 1388، است. روشهاي آماري مورد استفاده نيز شامل الگو رگرسيون لجستيك و الگو رگرسيون حداقل مربعات معمولي به روش داده‌هاي تركيبي است. نتايج از پژوهش بيانگر اين است كه معيارهاي حدود عمليات شركت شامل اندازه شركت، عمر شركت و نسبت بدهي بر معيارهاي ساختار هيات‌مديره شامل اندازه هيات ‌مديره، درصد اعضاي غيرموظف هيات‌مديره، حضور يكي از اعضاي غير موظف در رياست هيات ‌مديره و حضور حداقل سه عضو غيرموظف در تركيب هيات‌ مديره شركتهاي مورد بررسي تاثيرمعناداري ندارد.

After the separation of management from ownership, and the emergence of the agency theory, the board of directors has been identified as the mechanism of internal control and governing means in firms. Hence, this study, attempting to provide a new approach to the importance, quality and quantity of the board of directors, investigates the impact of operations of a firm on the structure of board of directors. In this study, the sample consists of 60 firms listed in the Tehran Stock Exchange (TSE) from 2000 to 2009. The statistical method of analysis utilizes the Logistic regression model and ordinary least squares regression model with panel data. The findings revealed that the scope of operation measures, namely firm size, firm age and debt ratios, didn’t significantly affect the structure measures of board of directors, including size of the board, percentage of outsiders in the board, appearance of one of the outsiders as the chairman of the board, and the presence of at least three outsiders in the board. However, the ownership percentage of institutional shareholders had significant and negative effect on the structure of board of directors. Also, type of industry didn’t have significant impact on the structure of board of directors in the studied firms.