Document Type : Research Paper
Authors
Abstract
This study aims to investigate to the effect of board composition on performance of companies Tehran Stock Exchange listed with emphasis on efficiency of value added by a firm’s total resources and efficiency of value added by a firm’s physical capital and intellectual capital resources separately. For this purpose, a sample consisting of 64 companies between 2001 and 2010 was selected. The results of testing hypotheses by applying the ordinary least square regression model statistically show that there is a weak positive and meaningful relationship between the variable of the presence of one of the non-executive members in the chairman position and the efficiency of value added by a firm’s total resources and efficiency of value added by a firm’s physical capital and intellectual capital resources. However, no meaningful relationship was found between variables of the percentage of non-executive directors on the board and presence of at least three non-executive members in the board composition and the efficiency of value added by a firm’s total resources and efficiency of value added by a firm’s physical capital and intellectual capital resources
Keywords
حساس یگانه، یحیی، رئیسی، زهره و سیدمجتبی حسینی ) 0833 (. "رابطه بین کیفیت حاکمیت
شرکتی و عملکرد شرکت های پذیرفته شده در بورس اوراق بهادار تهران. " فصل نامه علوم
- . مدیریت ایران، سال چهارم، شماره 08 ، صص 95 011
.2 قالیباف اصل، حسن و فاطمه رضایی ) 0834 (. "بررسی تأثیر ترکیب هیأت مدیره بر عملکرد
، شرکت های پذیرفته شده در بورس اوراق بهادار تهران." تحقیقات مالی، دوره 1، شماره 28
- . صص 88 63
.8 قائمی، محمدحسین و مهدی شهریاری ) 0833 (. "حاکمیت شرکتی و عملکرد مالی شرکت ها."
- . مجله پیشرفت های حسابداری، دوره اول، شماره اول، صص 008 023
.6 مرادزاده فرد، مهدی و مجتبی عدیلی ) 0811 (. "بررسی رابطه مالکیت نهادی سهام و عملکرد
سرمایه فکری در شرکت های پذیرفته شده در بورس اوراق بهادار تهران." مجله پیشرفت های
- . حسابداری، دوره سوم، شماره 2، صص 042 060
.5 نمازی، محمد و شهلا ابراهیمی ) 0833 (. "بررسی تأثیر سرمایه فکری بر عملکرد جاری و آینده
شرکتهای پذیرفته شده در بورس اوراق بهادار تهران." تحقیقات حسابداری، شماره 6، صص
- .6 25
.4 نمازی، محمد و شهلا ابراهیمی ) 0811 (. "بررسی تجربی نقش اجزای سرمایه فکری در ارزیابی
عملیات مالی شرکت های پذیرفته شده در بورس اوراق بهادار تهران." مجله پیشرفت های
- . حسابداری، سال سوم، شماره 2، صص 048 019
.9 نمازی، محمد و محمد منفرد مهارلوئی ) 0811 (. "بررسی تأثیر حدود عملیات شرکت بر ساختار
هیأت مدیره )مورد مطالعه: شرکت های پذیرفته شده در بورس اوراق بهادار تهران(." دانش
- . حسابداری، سال دوم، شماره هفتم، صص 9 25
8. Ahmed, K.; Hossain, M.; and M. B. Adams (2006). “The Effects of Board Composition and Board Size on the Informativeness of Annual Accounting Earnings.” Corporate Governance, Vol. 14, No. 5, pp.418- 431.
9. Balatbat, M.; Taylor, S. L.; and T. S. Walter (2004). “Corporate
Governance, Insider Ownership and Operating Performance of Australian Initial Public Offerings.” Accounting and Finance Journal, Vol. 44, pp. 299-328.
تأثیر ترکیب هیأت مدیره بر عملکرد با تأکید...... 21
10. Bontis, N. (1998). “Intellectual Capital: an Exploratory Study that Develops Measures and Models.” Management Decision, Vol. 36, No. 2, pp. 63-76.
11. Bontis, N.; Crossan, M.M.; and J. Hulland (2002). “Managing an Organizational Learning System by Aligning Stocks and Flows.” Journal of Management Studies, Vol. 39 No. 4, pp. 437-69.
12. Chen, X. and J. Yur-Austin (2007). “Re-Measuring Agency Costs: The Effectiveness of Blockholders.” The Quarterly Review of Economics and Finance, Vol. 47, pp. 588-601.
13. Clarkson, M. B. E. (1994). A Risk Based of Stakeholder Theory. Toronto, ON: The Centre for Corporate Social Performance and Ethics, University of Toronto.
14. Coles, J. W.; McWilliams, V. B.; and N. Sen (2001). “An Examination of the Relationship of Governance Mechanisms to Performance.” Journal of Management, Vol. 27, No. 1, pp: 23- 50.
15. Daryaee, A.; Pakdel, A.; Easapour, k.; and M. M. Khalaflu (2011). “Intellectual Capital, Corporate Value and Corporate Governance (Evidence from Tehran Stock Exchange).” Australian Journal of Basic and Applied Sciences, Vol. 5, No. 12, pp. 821-826.
16. Dey, A. (2008). “Corporate Governance and Agency Cost.” Journal of Accounting Research, Vol. 46, No. 5, pp.1143-1181.
17. Donnelly, R.; and P. Kelly (2005). “Ownership and Board Structure in Irish PLCS.” European Management Journal, Vol. 23, No. 6, pp. 730-740.
18. Ho, C.; and S. M. Williams (2003). “International Comparative Analysis of the Association between Board Structure and the Efficiency of Value Added by a Firm from its Physical Capital and Intellectual Capital Resources.” The International Journal of Accounting, Vol. 38, pp.465–491.
19. Fama, E.F.; and M.C. Jensen (1983). “Separation of Ownership and Control.” Journal of Law and Economics, Vol. 26, pp. 301–25.
20. Gompers, P.; Joy, I.; and A. Metrick (2003). “Corporate Governance and Equity Prices.” Quarterly Journal of Economics, Vol. 118, pp.107-155.
21. Gregory, H. J. (2001). International Comparison of Corporate Governance Guidelines and Codes of Best Practice—Developing and Emerging Markets. New York, NY: Weil, Gotshal and Manges LLP.
22. Jensen, M. C. and W. H. Meckling (1976). “Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure.” Journal of Financial Economics, Vol. 3, Issue 4, pp. 305-360.
23. Morck, R.; Shleifer, A.; and R. W. Vishny (1988). “Management Ownership and Market Valuation: an Empirical Analysis.” Journal of Financial Economics, pp.293–315.
24. Nazari, J. A.; and I. M. Herremans (2007). “Extended VAIC Model: Measuring Intellectual Capital Components.” Journal of Intellectual Capital, Vol. 8, No. 4, pp. 595-609.
26 فصلنامه مطالعات تجربی حسابداری مالی، سال یازدهم، شماره 04 ، زمستان 2932
25. Peng, M. W.; Buck, T.; and I. Filatotchev (2003). “Do Outside Directors and New Managers Help Improve Firm Performance? An Exploratory Study in Russian Privatization.” Journal of World Business, Vol. 38, No. 4, pp. 348- 360.
26. Petra, S. T. (2007). “The Effects of Corporate Governance on the Informativeness of Earnings.” Economics of Governance, pp.129–152.
27. Pulic, A. (1998). Measuring the Performance of Intellectual Potential in Knowledge Economy. Available online:
http://www.measuringip.at/papers/Pulic/Vaictxt/vaictxt.html.
28. Shaikh, J. (2004). “Measuring and Reporting of Intellectual Capital Performance Analysis.” The Journal of American Academy of Business, Vol.
4, No.1-2, PP.439-448.
29. Shleifer, A. and R. W. Vishny (1997). “A Survey of Corporate Governance.” Journal of Finance, pp. 737–783.
30. Stewart, T.A. (1997). Intellectual Capital: The New Wealth of Organizations, Doubleday, NewYork, NY.
31. Swartz, N.P.; and S. Firer (2005). “Board Structure and Intellectual Capital Performance in South Africa”. Meditari Accountancy Research, Vol. 13, No. 2, pp.145-166.
32. Zahra, S. A.; and J. A. Pearce (1989). “Boards of Directors and Corporate Financial Performance: A Review and Integrative Model.” Journal of Management, Vol. 15, No. 2, pp. 291- 334.
33. Zainal Abidin, Z.; Kamal, N. M.; and K. Jusoff (2009). “Board Structure and Corporate Performance in Malaysia.” International Journal of Economics and Finance, Vol. 1, No. 1, pp. 150-164
شرکتی و عملکرد شرکت های پذیرفته شده در بورس اوراق بهادار تهران. " فصل نامه علوم
- . مدیریت ایران، سال چهارم، شماره 08 ، صص 95 011
.2 قالیباف اصل، حسن و فاطمه رضایی ) 0834 (. "بررسی تأثیر ترکیب هیأت مدیره بر عملکرد
، شرکت های پذیرفته شده در بورس اوراق بهادار تهران." تحقیقات مالی، دوره 1، شماره 28
- . صص 88 63
.8 قائمی، محمدحسین و مهدی شهریاری ) 0833 (. "حاکمیت شرکتی و عملکرد مالی شرکت ها."
- . مجله پیشرفت های حسابداری، دوره اول، شماره اول، صص 008 023
.6 مرادزاده فرد، مهدی و مجتبی عدیلی ) 0811 (. "بررسی رابطه مالکیت نهادی سهام و عملکرد
سرمایه فکری در شرکت های پذیرفته شده در بورس اوراق بهادار تهران." مجله پیشرفت های
- . حسابداری، دوره سوم، شماره 2، صص 042 060
.5 نمازی، محمد و شهلا ابراهیمی ) 0833 (. "بررسی تأثیر سرمایه فکری بر عملکرد جاری و آینده
شرکتهای پذیرفته شده در بورس اوراق بهادار تهران." تحقیقات حسابداری، شماره 6، صص
- .6 25
.4 نمازی، محمد و شهلا ابراهیمی ) 0811 (. "بررسی تجربی نقش اجزای سرمایه فکری در ارزیابی
عملیات مالی شرکت های پذیرفته شده در بورس اوراق بهادار تهران." مجله پیشرفت های
- . حسابداری، سال سوم، شماره 2، صص 048 019
.9 نمازی، محمد و محمد منفرد مهارلوئی ) 0811 (. "بررسی تأثیر حدود عملیات شرکت بر ساختار
هیأت مدیره )مورد مطالعه: شرکت های پذیرفته شده در بورس اوراق بهادار تهران(." دانش
- . حسابداری، سال دوم، شماره هفتم، صص 9 25
8. Ahmed, K.; Hossain, M.; and M. B. Adams (2006). “The Effects of Board Composition and Board Size on the Informativeness of Annual Accounting Earnings.” Corporate Governance, Vol. 14, No. 5, pp.418- 431.
9. Balatbat, M.; Taylor, S. L.; and T. S. Walter (2004). “Corporate
Governance, Insider Ownership and Operating Performance of Australian Initial Public Offerings.” Accounting and Finance Journal, Vol. 44, pp. 299-328.
تأثیر ترکیب هیأت مدیره بر عملکرد با تأکید...... 21
10. Bontis, N. (1998). “Intellectual Capital: an Exploratory Study that Develops Measures and Models.” Management Decision, Vol. 36, No. 2, pp. 63-76.
11. Bontis, N.; Crossan, M.M.; and J. Hulland (2002). “Managing an Organizational Learning System by Aligning Stocks and Flows.” Journal of Management Studies, Vol. 39 No. 4, pp. 437-69.
12. Chen, X. and J. Yur-Austin (2007). “Re-Measuring Agency Costs: The Effectiveness of Blockholders.” The Quarterly Review of Economics and Finance, Vol. 47, pp. 588-601.
13. Clarkson, M. B. E. (1994). A Risk Based of Stakeholder Theory. Toronto, ON: The Centre for Corporate Social Performance and Ethics, University of Toronto.
14. Coles, J. W.; McWilliams, V. B.; and N. Sen (2001). “An Examination of the Relationship of Governance Mechanisms to Performance.” Journal of Management, Vol. 27, No. 1, pp: 23- 50.
15. Daryaee, A.; Pakdel, A.; Easapour, k.; and M. M. Khalaflu (2011). “Intellectual Capital, Corporate Value and Corporate Governance (Evidence from Tehran Stock Exchange).” Australian Journal of Basic and Applied Sciences, Vol. 5, No. 12, pp. 821-826.
16. Dey, A. (2008). “Corporate Governance and Agency Cost.” Journal of Accounting Research, Vol. 46, No. 5, pp.1143-1181.
17. Donnelly, R.; and P. Kelly (2005). “Ownership and Board Structure in Irish PLCS.” European Management Journal, Vol. 23, No. 6, pp. 730-740.
18. Ho, C.; and S. M. Williams (2003). “International Comparative Analysis of the Association between Board Structure and the Efficiency of Value Added by a Firm from its Physical Capital and Intellectual Capital Resources.” The International Journal of Accounting, Vol. 38, pp.465–491.
19. Fama, E.F.; and M.C. Jensen (1983). “Separation of Ownership and Control.” Journal of Law and Economics, Vol. 26, pp. 301–25.
20. Gompers, P.; Joy, I.; and A. Metrick (2003). “Corporate Governance and Equity Prices.” Quarterly Journal of Economics, Vol. 118, pp.107-155.
21. Gregory, H. J. (2001). International Comparison of Corporate Governance Guidelines and Codes of Best Practice—Developing and Emerging Markets. New York, NY: Weil, Gotshal and Manges LLP.
22. Jensen, M. C. and W. H. Meckling (1976). “Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure.” Journal of Financial Economics, Vol. 3, Issue 4, pp. 305-360.
23. Morck, R.; Shleifer, A.; and R. W. Vishny (1988). “Management Ownership and Market Valuation: an Empirical Analysis.” Journal of Financial Economics, pp.293–315.
24. Nazari, J. A.; and I. M. Herremans (2007). “Extended VAIC Model: Measuring Intellectual Capital Components.” Journal of Intellectual Capital, Vol. 8, No. 4, pp. 595-609.
26 فصلنامه مطالعات تجربی حسابداری مالی، سال یازدهم، شماره 04 ، زمستان 2932
25. Peng, M. W.; Buck, T.; and I. Filatotchev (2003). “Do Outside Directors and New Managers Help Improve Firm Performance? An Exploratory Study in Russian Privatization.” Journal of World Business, Vol. 38, No. 4, pp. 348- 360.
26. Petra, S. T. (2007). “The Effects of Corporate Governance on the Informativeness of Earnings.” Economics of Governance, pp.129–152.
27. Pulic, A. (1998). Measuring the Performance of Intellectual Potential in Knowledge Economy. Available online:
http://www.measuringip.at/papers/Pulic/Vaictxt/vaictxt.html.
28. Shaikh, J. (2004). “Measuring and Reporting of Intellectual Capital Performance Analysis.” The Journal of American Academy of Business, Vol.
4, No.1-2, PP.439-448.
29. Shleifer, A. and R. W. Vishny (1997). “A Survey of Corporate Governance.” Journal of Finance, pp. 737–783.
30. Stewart, T.A. (1997). Intellectual Capital: The New Wealth of Organizations, Doubleday, NewYork, NY.
31. Swartz, N.P.; and S. Firer (2005). “Board Structure and Intellectual Capital Performance in South Africa”. Meditari Accountancy Research, Vol. 13, No. 2, pp.145-166.
32. Zahra, S. A.; and J. A. Pearce (1989). “Boards of Directors and Corporate Financial Performance: A Review and Integrative Model.” Journal of Management, Vol. 15, No. 2, pp. 291- 334.
33. Zainal Abidin, Z.; Kamal, N. M.; and K. Jusoff (2009). “Board Structure and Corporate Performance in Malaysia.” International Journal of Economics and Finance, Vol. 1, No. 1, pp. 150-164
)