The Effects of Corporate Characteristics on Managerial Entrenchment

Document Type: Research Paper


1 Faculty of Accounting, Ferdowsi University of Mashhad, Mashhad, Iran

2 Islamic Azad University, Qaenat Branch, Qaenat, Iran


The present study aims to assess the relationship between some corporate factors and managerial entrenchment in companies listed on the Tehran Stock Exchange during 2011-2017. Panel data regression models were used to test the hypotheses. The obtained results indicated that four corporate factors, namely real earnings management, predictable earnings management, institutional ownership, and board independence, have a significant relationship with the managerial entrenchment. In this study, the mixed index of managerial entrenchment is calculated using the principal component analysis based on four governance mechanisms of the percentage of shares available to the CEO, CEO duality, CEO compensation logarithm, and CEO tenure. This process has made the present study distinct from the previous ones, in which individual indexes were used for evaluating the entrenchment.


Main Subjects

Article Title [فارسی]

بررسی اثر عوامل شرکتی بر روی سنگرگیری مدیریت

Authors [فارسی]

  • مهدی صالحی 1
  • محمود لاری دشت بیاض 1
  • محمد محتشمی 2
1 گروه حسابداری، دانشگاه فردوسی مشهد، مشهد، ایران
2 دانشگاه ازاد اسلامی واحد قائنات، قائنات، ایران
Abstract [فارسی]

هدف از انجام این پژوهش، بررسی ارتباط برخی عوامل شرکتی با سنگرگیری مدیریت در بین شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران می­باشد. قلمرو زمانی پژوهش محدود به سال­های 1395- 1389 است. روش پژوهش توصیفی- همبستگی بوده و برای تبیین ارتباط بین متغیرهای پژوهش از مدل­های رگرسیونی مبتنی بر داده­های پانلی استفاده شد. در این پژوهش، با استفاده از تحلیل مولفه­های اصلی مبتنی بر چهار سازوکار حاکمیتی درصد سهام در اختیار مدیر عامل، دوگانگی نقش مدیر عامل، لگاریتم پاداش هیات مدیره و دوره تصدی مدیر عامل، شاخص ترکیبی سنگرگیری مدیریت محاسبه می­شود و از این نظر متمایز از پژوهش­های گذشته می­باشد که در آن­ها از شاخص­های منفرد برای سنجش سنگرگیری استفاده گردید. یافته‌های پژوهش نشان می‌دهد که از بین عوامل شرکتی چهار عامل مدیریت سود واقعی، مدیریت سود پیش­بین، مالکیت نهادی و استقلال هیات مدیره ارتباط معناداری با سنگرگیری مدیریتی دارند.

Keywords [فارسی]

  • اجتناب مالیاتی
  • حاکمیت شرکتی
  • سنگرگیری مدیریت
  • مدیریت سود
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