Investigating the Interactive Effect of Corporate Governance and Corporate Social Responsibility on the Firm Value in the Tehran Stock Exchange

Document Type: Research Paper


Department of Accounting and Finance, Faculty of Economics, Management and Accounting, Yazd University, Yazd, Iran


The purpose of this study is to investigate the effect of corporate governance (CG), corporate social responsibility (CSR) and their interactive effect on the value of companies listed on the Tehran Stock Exchange. For this purpose, the data of 194 companies listed on this stock exchange, which was selected using a systematic elimination method, from 2011-2017 were collected and analyzed using the pool data technique. This research is applied and is an analytical-explanatory study. The research findings showed that corporate governance, social responsibility, and the interactive effect of corporate governance and social responsibility have a direct effect on the company's value in all four models of capital asset pricing in the companies listed in the Tehran Stock Exchange. It was also shown in the comparison of models that the market-based, single-factor model explains the relationship between these variables better than other models discussed in this study.


Main Subjects

Article Title [Persian]

بررسی اثر تعاملی حاکمیت شرکتی و مسئولیت اجتماعی بر ارزش شرکت در شرکت های پذیرفته شده در بورس اوراق بهادار تهران

Authors [Persian]

  • جمال برزگری خانقاه
  • حجت اله صادقی
  • مریم قدک فروشان
گروه حسابداری و مالی، دانشکدة اقتصاد، مدیریت و حسابداری، دانشگاه یزد، یزد، ایران
Abstract [Persian]

هدف از انجام این پژوهش بررسی اثر حاکمیت شرکتی و مسئولیت اجتماعی و همچنین اثر تعاملی آنها بر ارزش شرکت در شرکت های پذیرفته شده در بورس اوراق بهادار تهران است. بدین منظور داده های 194 شرکت پذیرفته شده در بورس اوراق بهادار که با استفاده از روش حذف سیستماتیک انتخاب شدند، طی سال های 1390 الی 1396 جمع آوری گردید و با استفاده از تکنیک داده های تلفیقی تجزیه و تحلیل شد. این پژوهش کاربردی بوده و از نوع تحلیلی- تبیینی می‌باشد. یافته های پژوهش نشان دادند که حاکمیت شرکتی، مسئولیت اجتماعی و اثرتعاملی حاکمیت شرکتی و مسئولیت اجتماعی بر ارزش شرکت در هر چهار مدل قیمت گذاری دارایی های سرمایه ای در شرکت های پذیرفته شده در بورس اوراق بهادار تهران اثر معنادار و مستقیم دارند. همچنین در مقایسه مدل ها نشان داده شد که مدل تک عاملی بازار رابطه بین این متغیرها را بهتر از سایر مدل های این پژوهش توضیح می دهد.

Keywords [Persian]

  • حاکمیت شرکتی
  • مسئولیت اجتماعی
  • ارزش شرکت
  • مدل های قیمت گذاری دارایی های سرمایه ای
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