Document Type : Research Paper
Authors
Abstract
Abstract
Corporate risk taking is important perspective related to performance.
This paper is investigating the relationship between corporate risk
taking and financial performance along with checking for the impact
of corporate governance mechanism on risk and performance linkage.
To achieve the mentioned goal 101 companies listed on Tehran Stock
Exchange over the period of 2005 to 2012 (including 808 firm- years)
were examined through correlation test and using the liner regression
model. Result show corporate risk taking have significant positive
relationship with financial performance. In addition, board
independence have significant negative relationship with corporate
risk taking; while association of Institutional investor and board size
and corporate risk taking is not significant. Findings also show that
board independence, board size and institutional investor have direct
significant impact on the relationship between corporate risk taking
and financial performance
Keywords
منابع
بررسی رابطه بین ویژگی های حاکمیت » .( آقایی ، محم د عل ی و پر ی چالاکی( 1387
.78-54 : تحقیقات حسابدار . ی شماره 3 .« شرکتی و مدیریت سود
رابطه بین عدم تقارن » .( باباجانی، جعفر؛ تحریری، آرش؛ ثقفی، علی و احمد بدری ( 1393
.26 – 1 : پیشرفت های حسابداری، 67 .« اطلاعاتی و مدیریت سود
خدادادی ، یلو و تاثیر ساختار حاکمیت شرکتی برعملکرد مالی و » .( رضا تاکر ( 1391
تحقیقات حسابداری و .« ارزش شرکت های پذیرفته شده در بورس اوراق بهادار تهران
.101-88 : حسابرس . ی 15
بررسی اثر سهامداران نهادی » .( مدرس احمد، حسینی، سیدمجتبی و زهره رییسی( 1388
به عنوان یکی از معیارهای حاکمیت شرکتی بر بازده سهامداران شرکت های پذیرفته
.250-223 : پژوهشنامه اقتصادی. 5 .« شده در بورس اوراق بهادار تهران
رابطه بین ساز و کارهای » .( ناظمی، امین ؛ ممتازیان، علیرضا و محسن صالحی نیا ( 1393
حاکمیت شرکتی و کارایی مدیریت موجودی کالا (مطالعه موردی: شرکت های
فصلنامه مطالعات تجربی حسابداری .« ( پذیرفته شده در بورس اوراق بهادار تهران
.184-157 :(42) مال . ی 12
تأثیر ترکیب هیأت مدیره بر عملکرد با تأکید بر » .( نمازی، محمد و فهیمه ابراهیمی ( 1392
فصلنامه مطالعات تجربی حسابداری مالی. 11 .« کارایی ارزش افزوده منابع شرکت
.26-1 :(40)
بررسی رابطه بین سازوکارهای راهبری شرکتی و ریسک » .( نیکبخت و طاهری. ( 1393
.126-109:(21) بررسی های حسابداری و حسابرس . ی 1 .« سیستماتیک
Adams, R. and Mehran, H. (2008), “Corporate performance, board
structure and their determinants inthebanking industry”, Staff
Report No. 330, Federal Reserve Bank of New York, New York,
NY.
Adams, R. B. and Ferreira, D. (2007). “A Theory of Friendly Boards”. Journal of Finance. 62(1): 217–250.
Agrawal, A. and Knoeber, C. R. (1996). “Firm Performance and Mechanisms to Control Agency Problem between Managers and Shareholders”. Journal of Financial and Quantitative Analysis 31(3): 377-397.
Aguilera, R.V., Rupp, D. E., Williams, C. A., and Ganapathi, J. (2007). “Putting the S back in CSR: A multi-level theory of social
166 فصلنامه مطالعات تجربی حسابداری مالی سال 12 شماره 49 بهار 1395
change in organizations”. Academy of Management Review, 32 (3):
836-863.
Ajinkya,B.,Bhojraj,S.,Sengupta,P. (2005).”The association between outside directors institutional investors and the properties of management earnings forecasts”. Journal of Accounting Research, 43: 343–376.
Akhigbe, A., & Martin, A., D. (2008). “Influence of disclosure and
governance on risk of US financial services firms following
Sarbanes-Oxley”. Journal of Banking and Finance, 32: 2124-2135.
Bargeron, L. L., Lehn, K. M., & Zutter, C. J. (2010). “Sarbanes-Oxley
and corporate risktaking.” Journal of Accounting and Economics,
49: 34-52.
Bartov, E., S. Radhakrishnan, and I. Krinsky.(2000). “Investor
sophistication and patterns in stock returns after earnings
announcements”. The Accounting Review, 75(1): 43-63.
Bhagat, S and Bolton,B.(2008). “Corporate governance and firm performance”. Journal of Corporate Finance, 14: 257-273.
Bhagat, S. and Black, B. (2002). “The Non-Correlation between Board Independence and Long-Term Firm Performance”. Journal of Corporation Law, 27(2): 231-273.
Bliss, M.A. (2010). “Does CEO duality constrain board
independence? Some evidence from auditpricing”. Accounting &
Finance, 51 (2): 361-80.
Bohl, M., Brzeszcynski, J. (2006). “Doinstitutional investors
destabilize stockprices? Evidence from an emergingmarket”.
Journal of international Financial market ,Institution&Money, 16:
370-383.
Bohl,M., Brzezcynski,J.,Wilfling,B. (2009). “Institutional investors
and stock returns Volatility:Emperical evidence from a
naturalexperiment”, Journal of Banking &Finance, 33: 627-639.
Boone, A., Field, L.C., Karpoff, J., Raheja, C.G.(2007). “The
determinants of corporate board size and composition: an empirical
analysis”. Journal of Financial Economics, 85: 66–101.
Bromiley, P., Miller, K. D., & Rau, D. (2001). Risk in strategic
management research. The Blackwell handbook of strategic
management. 259-288.
Brown, L., D., & Caylor, M., L. (2006). “Corporate governance and
firm valuation”. Journal of Accounting and Public Policy, 25: 409-
434.
Bruner, C. M. (2010). “Corporate governance reform in a time of
crisis”. The Journal of Corporate Law, 36(2), 309-341.
بررسی رابطه بین ریسک پذیری شرکت و عملکرد مالی... 167
Bushee.b.J., Noe.c. (2001). “Corporate Disclosure practices, Institutional Investors, and Stock returns volatility”. Journal of Accounting Research, 38:171.
Bushman.R. ,Chen,Q. ,Engel,E., Smith,A. (2004). “Financial
accounting information, organizational Complexity, and corporate
governance systems”. Journal of Accounting and Economics, 37:
167–201.
Callahan, C. M; Martin Stuebs. (2010). “A Theoretical and Empirical
Investigation of the Impact of Labor Flexibility on risk and the cost
of equity capital”. Journal of Applied Business Research, 26 (5):
45.
Caprio, G., Laeven, L., & Levine, R. (2007). “Governance and bank
valuation”. Journal of Financial Intermediation, 16: 584-61'7.
Chen Kevin C.W. Zhihong Chen, K.C. John Wei , (2009). “Legal
protection of investors,corporate governance, and the cost of equity
capital”. Journal of Corporate Finance, 15: 273–289.
Chen, C., Guo, W., Mande, V., (2003). “Managerial ownership and firm valuation: evidence from Japanese firm”. Pacific-Basin Finance Journal, 11: 267–283.
Christy, J.A., Matolcsy, Z.P., Wright, A., and Wyatt, A. (2013). “Do board characteristics influence the shareholders’ assessment of risk for small and large firms?”. Abacus. Doi: 10.1111/Abac.12005.
Core, J., E., Guay, W., R., & Rusticus, T., O. (2006). “Does weak
governance cause weak stock return? An examination of firm
operating performance and investors’ expectations”. The Journal of
Finance, 61(2): 655-687.
Dahya, J. and McConnell, J. J. (2005). “Outside Directors and
Corporate Board Decisions”. Journal of Corporate Finance, 11:
37-60.
De Andres, P., & Vallelado, E. (2008). “Corporate governance in
banking: The role of the board of directors”. Journal of Banking
and Finance, 32: 2570-2580.
Dechow, P. M., R. G. Sloan, and Sweeney. A. P., (1996). “Causes and
consequences of earnings manipulations”. Contemporary
Accounting Research 13 (spring): 1-35
Devers, C.E., McNamara, G., Wiseman, R.M., & Aarfelt, M. (2008).
Moving closer to the action: Examining compensation design
effects on firm risk. Organization Science, 19: 548 - 566.
Ellul, A., & Yerramilli, V. (2010). “Stronger risk controls, lower risk:
Evidence from U.S. bank holding companies. Working Paper.
Retrieved from http://ssrn.com /abstract=1550361
168 فصلنامه مطالعات تجربی حسابداری مالی سال 12 شماره 49 بهار 1395
Erkens, D, Hung M & Matos P. (2012). “Corporate governance in the 2007–2008 financial crisis: Evidence from financial institutions worldwide”. Journal of Corporate Finance, 18: 389–411.
Fiador.V.(2013). “Corporate governance and value relevance of financial information: evidence from the Ghana Stock Exchange”. Corporate Governance, 13 (2): 208-217.
Fortin, R., Goldberg, G., M., & Roth, G. (2010). “Bank risk taking at
the onset of the current banking crisis”. The Financial Review, 45:
891-913.
Gao, W., (2008). “Banks as lenders and shareholders: evidence from Japan”. Pacific-Basin Finance Journal, 16: 389–410.
Gomley, T.A., Matsa, D.A., Milbourn, T., (2013). CEO compensation
and corporate risk: evidence from a natural experiment. Journal of
Accounting and Economics. 56: 79–101.
Harris, M. and Raviv, A. (2006). “A theory of board control and size”. Review of Financial Studies. 21 (4): 1797-832
Hayes, R.M., Lemmon, M., Qiu, M., (2012). Stock options and
managerial incentives for risk taking: evidence from FAS 123R.
Journal of Financial Economics. 105: 174–190.
Hiraki, T., Inoue, H., Ito, A., Kuroki, F., Masuda, H., (2003). “Corporate governance and firm value in Japan: evidence from 1985 to 1998”. Pacific-Basin Finance Journal, 11: 239–265.
Houston, J., Lin, C., Lin, P., & Ma, Y. (2010). Creditor rights,
information sharing, and bank risk-taking. Journal of Financial
Economics, 96: 485–512.
Hsu, G.C.M. and Koh, P.S. (2005). “Does the presence of institutional
investors influence accruals management? Evidence from
Australia”. Corporate Governance, 13(6): 809-823.
Hutchinson, M,Seamer, M &Chapple, L. (2013). “Institutional Investors, Risk/Performance and Corporate Governance: Practical Lessons from the Global Financial Crisis”.The International Journal of Accounting Symposium, Zhongnan University of Economics and Law, China.
Imhof, M. J. and Seavey S. E. (2014).Corporate risk-taking, firm value and high levels of managerial earnings forecasts. Advances in Accounting, incorporating Advances in International Accounting 30 (2): 328–337
Jiang, Haiyan, Ahsan Habib, Baiding Hu. (2011). “Ownership concentration, voluntary disclosures and information asymmetry in New Zealand”. The British Accounting Review, 43: 39–53.
Jiraporn,P., Chatjuthamard. P., Tong, SH., Kim. Y.S,. (2015). “Does corporate governance influence corporate risk-taking? Evidence from the Institutional Shareholders Services”. Finance Research Letters. 13: 105–112
بررسی رابطه بین ریسک پذیری شرکت و عملکرد مالی... 169
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compensation in the banking industry”. Federal Reserve Bank of
New York Economic Policy Review, 109-121.
Karamanou, I., Vafeas, N., (2005). “The association between boards, audit committees, and management earnings forecasts: an empirical analysis”. Journal of Accounting Research, 43: 453–486.
Kim, E. H., & Lu, Y. (2011). “CEO ownership, external governance,
and risk-taking”. Journal of Financial Economics, 102: 272-292.
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بررسی رابطه بین ویژگی های حاکمیت » .( آقایی ، محم د عل ی و پر ی چالاکی( 1387
.78-54 : تحقیقات حسابدار . ی شماره 3 .« شرکتی و مدیریت سود
رابطه بین عدم تقارن » .( باباجانی، جعفر؛ تحریری، آرش؛ ثقفی، علی و احمد بدری ( 1393
.26 – 1 : پیشرفت های حسابداری، 67 .« اطلاعاتی و مدیریت سود
خدادادی ، یلو و تاثیر ساختار حاکمیت شرکتی برعملکرد مالی و » .( رضا تاکر ( 1391
تحقیقات حسابداری و .« ارزش شرکت های پذیرفته شده در بورس اوراق بهادار تهران
.101-88 : حسابرس . ی 15
بررسی اثر سهامداران نهادی » .( مدرس احمد، حسینی، سیدمجتبی و زهره رییسی( 1388
به عنوان یکی از معیارهای حاکمیت شرکتی بر بازده سهامداران شرکت های پذیرفته
.250-223 : پژوهشنامه اقتصادی. 5 .« شده در بورس اوراق بهادار تهران
رابطه بین ساز و کارهای » .( ناظمی، امین ؛ ممتازیان، علیرضا و محسن صالحی نیا ( 1393
حاکمیت شرکتی و کارایی مدیریت موجودی کالا (مطالعه موردی: شرکت های
فصلنامه مطالعات تجربی حسابداری .« ( پذیرفته شده در بورس اوراق بهادار تهران
.184-157 :(42) مال . ی 12
تأثیر ترکیب هیأت مدیره بر عملکرد با تأکید بر » .( نمازی، محمد و فهیمه ابراهیمی ( 1392
فصلنامه مطالعات تجربی حسابداری مالی. 11 .« کارایی ارزش افزوده منابع شرکت
.26-1 :(40)
بررسی رابطه بین سازوکارهای راهبری شرکتی و ریسک » .( نیکبخت و طاهری. ( 1393
.126-109:(21) بررسی های حسابداری و حسابرس . ی 1 .« سیستماتیک
Adams, R. and Mehran, H. (2008), “Corporate performance, board
structure and their determinants inthebanking industry”, Staff
Report No. 330, Federal Reserve Bank of New York, New York,
NY.
Adams, R. B. and Ferreira, D. (2007). “A Theory of Friendly Boards”. Journal of Finance. 62(1): 217–250.
Agrawal, A. and Knoeber, C. R. (1996). “Firm Performance and Mechanisms to Control Agency Problem between Managers and Shareholders”. Journal of Financial and Quantitative Analysis 31(3): 377-397.
Aguilera, R.V., Rupp, D. E., Williams, C. A., and Ganapathi, J. (2007). “Putting the S back in CSR: A multi-level theory of social
166 فصلنامه مطالعات تجربی حسابداری مالی سال 12 شماره 49 بهار 1395
change in organizations”. Academy of Management Review, 32 (3):
836-863.
Ajinkya,B.,Bhojraj,S.,Sengupta,P. (2005).”The association between outside directors institutional investors and the properties of management earnings forecasts”. Journal of Accounting Research, 43: 343–376.
Akhigbe, A., & Martin, A., D. (2008). “Influence of disclosure and
governance on risk of US financial services firms following
Sarbanes-Oxley”. Journal of Banking and Finance, 32: 2124-2135.
Bargeron, L. L., Lehn, K. M., & Zutter, C. J. (2010). “Sarbanes-Oxley
and corporate risktaking.” Journal of Accounting and Economics,
49: 34-52.
Bartov, E., S. Radhakrishnan, and I. Krinsky.(2000). “Investor
sophistication and patterns in stock returns after earnings
announcements”. The Accounting Review, 75(1): 43-63.
Bhagat, S and Bolton,B.(2008). “Corporate governance and firm performance”. Journal of Corporate Finance, 14: 257-273.
Bhagat, S. and Black, B. (2002). “The Non-Correlation between Board Independence and Long-Term Firm Performance”. Journal of Corporation Law, 27(2): 231-273.
Bliss, M.A. (2010). “Does CEO duality constrain board
independence? Some evidence from auditpricing”. Accounting &
Finance, 51 (2): 361-80.
Bohl, M., Brzeszcynski, J. (2006). “Doinstitutional investors
destabilize stockprices? Evidence from an emergingmarket”.
Journal of international Financial market ,Institution&Money, 16:
370-383.
Bohl,M., Brzezcynski,J.,Wilfling,B. (2009). “Institutional investors
and stock returns Volatility:Emperical evidence from a
naturalexperiment”, Journal of Banking &Finance, 33: 627-639.
Boone, A., Field, L.C., Karpoff, J., Raheja, C.G.(2007). “The
determinants of corporate board size and composition: an empirical
analysis”. Journal of Financial Economics, 85: 66–101.
Bromiley, P., Miller, K. D., & Rau, D. (2001). Risk in strategic
management research. The Blackwell handbook of strategic
management. 259-288.
Brown, L., D., & Caylor, M., L. (2006). “Corporate governance and
firm valuation”. Journal of Accounting and Public Policy, 25: 409-
434.
Bruner, C. M. (2010). “Corporate governance reform in a time of
crisis”. The Journal of Corporate Law, 36(2), 309-341.
بررسی رابطه بین ریسک پذیری شرکت و عملکرد مالی... 167
Bushee.b.J., Noe.c. (2001). “Corporate Disclosure practices, Institutional Investors, and Stock returns volatility”. Journal of Accounting Research, 38:171.
Bushman.R. ,Chen,Q. ,Engel,E., Smith,A. (2004). “Financial
accounting information, organizational Complexity, and corporate
governance systems”. Journal of Accounting and Economics, 37:
167–201.
Callahan, C. M; Martin Stuebs. (2010). “A Theoretical and Empirical
Investigation of the Impact of Labor Flexibility on risk and the cost
of equity capital”. Journal of Applied Business Research, 26 (5):
45.
Caprio, G., Laeven, L., & Levine, R. (2007). “Governance and bank
valuation”. Journal of Financial Intermediation, 16: 584-61'7.
Chen Kevin C.W. Zhihong Chen, K.C. John Wei , (2009). “Legal
protection of investors,corporate governance, and the cost of equity
capital”. Journal of Corporate Finance, 15: 273–289.
Chen, C., Guo, W., Mande, V., (2003). “Managerial ownership and firm valuation: evidence from Japanese firm”. Pacific-Basin Finance Journal, 11: 267–283.
Christy, J.A., Matolcsy, Z.P., Wright, A., and Wyatt, A. (2013). “Do board characteristics influence the shareholders’ assessment of risk for small and large firms?”. Abacus. Doi: 10.1111/Abac.12005.
Core, J., E., Guay, W., R., & Rusticus, T., O. (2006). “Does weak
governance cause weak stock return? An examination of firm
operating performance and investors’ expectations”. The Journal of
Finance, 61(2): 655-687.
Dahya, J. and McConnell, J. J. (2005). “Outside Directors and
Corporate Board Decisions”. Journal of Corporate Finance, 11:
37-60.
De Andres, P., & Vallelado, E. (2008). “Corporate governance in
banking: The role of the board of directors”. Journal of Banking
and Finance, 32: 2570-2580.
Dechow, P. M., R. G. Sloan, and Sweeney. A. P., (1996). “Causes and
consequences of earnings manipulations”. Contemporary
Accounting Research 13 (spring): 1-35
Devers, C.E., McNamara, G., Wiseman, R.M., & Aarfelt, M. (2008).
Moving closer to the action: Examining compensation design
effects on firm risk. Organization Science, 19: 548 - 566.
Ellul, A., & Yerramilli, V. (2010). “Stronger risk controls, lower risk:
Evidence from U.S. bank holding companies. Working Paper.
Retrieved from http://ssrn.com /abstract=1550361
168 فصلنامه مطالعات تجربی حسابداری مالی سال 12 شماره 49 بهار 1395
Erkens, D, Hung M & Matos P. (2012). “Corporate governance in the 2007–2008 financial crisis: Evidence from financial institutions worldwide”. Journal of Corporate Finance, 18: 389–411.
Fiador.V.(2013). “Corporate governance and value relevance of financial information: evidence from the Ghana Stock Exchange”. Corporate Governance, 13 (2): 208-217.
Fortin, R., Goldberg, G., M., & Roth, G. (2010). “Bank risk taking at
the onset of the current banking crisis”. The Financial Review, 45:
891-913.
Gao, W., (2008). “Banks as lenders and shareholders: evidence from Japan”. Pacific-Basin Finance Journal, 16: 389–410.
Gomley, T.A., Matsa, D.A., Milbourn, T., (2013). CEO compensation
and corporate risk: evidence from a natural experiment. Journal of
Accounting and Economics. 56: 79–101.
Harris, M. and Raviv, A. (2006). “A theory of board control and size”. Review of Financial Studies. 21 (4): 1797-832
Hayes, R.M., Lemmon, M., Qiu, M., (2012). Stock options and
managerial incentives for risk taking: evidence from FAS 123R.
Journal of Financial Economics. 105: 174–190.
Hiraki, T., Inoue, H., Ito, A., Kuroki, F., Masuda, H., (2003). “Corporate governance and firm value in Japan: evidence from 1985 to 1998”. Pacific-Basin Finance Journal, 11: 239–265.
Houston, J., Lin, C., Lin, P., & Ma, Y. (2010). Creditor rights,
information sharing, and bank risk-taking. Journal of Financial
Economics, 96: 485–512.
Hsu, G.C.M. and Koh, P.S. (2005). “Does the presence of institutional
investors influence accruals management? Evidence from
Australia”. Corporate Governance, 13(6): 809-823.
Hutchinson, M,Seamer, M &Chapple, L. (2013). “Institutional Investors, Risk/Performance and Corporate Governance: Practical Lessons from the Global Financial Crisis”.The International Journal of Accounting Symposium, Zhongnan University of Economics and Law, China.
Imhof, M. J. and Seavey S. E. (2014).Corporate risk-taking, firm value and high levels of managerial earnings forecasts. Advances in Accounting, incorporating Advances in International Accounting 30 (2): 328–337
Jiang, Haiyan, Ahsan Habib, Baiding Hu. (2011). “Ownership concentration, voluntary disclosures and information asymmetry in New Zealand”. The British Accounting Review, 43: 39–53.
Jiraporn,P., Chatjuthamard. P., Tong, SH., Kim. Y.S,. (2015). “Does corporate governance influence corporate risk-taking? Evidence from the Institutional Shareholders Services”. Finance Research Letters. 13: 105–112
بررسی رابطه بین ریسک پذیری شرکت و عملکرد مالی... 169
John, K., & Qian, Y. (2003). “Incentives features in CEO
compensation in the banking industry”. Federal Reserve Bank of
New York Economic Policy Review, 109-121.
Karamanou, I., Vafeas, N., (2005). “The association between boards, audit committees, and management earnings forecasts: an empirical analysis”. Journal of Accounting Research, 43: 453–486.
Kim, E. H., & Lu, Y. (2011). “CEO ownership, external governance,
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