تاثیر حاکمیت شرکتی بر عملکرد مالی شرکت ها با استفاده از روش فرا تحلیل (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
مدیران از طریق مدیریت برخی متغیرها در ساختار مالی بنگاه (نظیر ساختار سرمایه، تقسیم سود و سرمایه گذاری) می توانند هدف حداکثرسازی ثروت سهامداران را دنبال کنند. سهامداران با به کارگیری ابزارهای حاکمیت شرکتی، تلاش می کنند مدیران را به اصلاح این متغیرها در راستای حداکثر ثروت، هدایت کنند. جامعه آماری این پژوهش آزمون های آماری در مطالعات تجربی گذشته است که فرضیه های این پژوهش را به روش تجربی آزمون کرده اند. در این پژوهش، با رویکرد فراتحلیل (در هفت مرحله) تأثیرپذیری متغیرهای مذکور از حاکمیت شرکتی و تأثیر آن ها بر عملکرد مالی آزمون شده است. به دلیل وجود سه متغیر واسطه ای، سه فرضیه در مورد تاثیر حاکمیت شرکتی بر متغیرهای مذکور و سه فرضیه در مورد تاثیر متغیرهای واسطه ای بر عملکرد مالی و یک فرضیه در مورد تاثیر مستقیم حاکمیت شرکتی بر عملکرد مالی طراحی و 64 مقاله شامل مجموعاً 260 اندازه اثر (از نوع r) که تاریخ انتشار آنها بین سال های 1993 تا 2019 بوده فراتحلیل شد. برای محاسبه اندازه اثر در مورد طبقاتی که اندازه اثر در آن واگرا بوده است از روش اثرات تصادفی و برای طبقات با اندازه اثر همگرا، از روش اثرات ثابت استفاده شد. بر اساس نتایج به دست آمده حاکمیت شرکتی بر عملکرد مالی، ساختار سرمایه، تقسیم سود و سرمایه گذاری تاثیر دارد. ضمناً هر سه متغیر ساختار سرمایه، تقسیم سود و سرمایه گذاری بر عملکرد مالی تاثیر دارد. به ازای هر فرضیه پس از تعیین اندازه اثر مشترک، آزمون پایایی روی نتایج انجام و تحلیل شده است.The Effect of Corporate Governance on the Firms` Financial Performance Using Meta-Analysis Approach
Managers can maximize shareholders' wealth by managing variables in the financial structure (such as capital structure, dividend, and investment). Using corporate governance mechanisms, shareholders try to guide managers in this direction. The sample of this research is the statistical tests in past experimental studies that experimentally tested the research hypotheses. In this research, with the meta-analysis approach (in seven stages), the influence of the aforementioned variables on corporate governance and their effect on financial performance is tested. Due to the presence of three intermediate variables, three hypotheses about the effect of corporate governance on the mentioned variables and three hypotheses about the effect of intermediate variables on financial performance, and one hypothesis on the direct effect of corporate governance on financial performance were designed and 64 studies including a total of 260 effect size (r type) that their publication dates were between 1993 and 2019 were meta-analyzed. In the groups of the sample where the effect sizes were divergent, the random effects method, and for the convergent cases, the fixed effects method was used to calculate the cumulative effect size. Based on the results, corporate governance affects financial performance, capital structure, dividends, and investment. In addition, all three variables of capital structure, dividend, and investment have a significant influence on financial performance. For each hypothesis, after determining the size of the joint effect, a robustness test has been performed and analyzed on the results. Introduction In many past studies, the impact of corporate governance on the company's financial performance has been measured directly (Che et al., 2008). It is expected that corporate governance will lead to the improvement of financial performance not directly but through the impact on some structural variables of the company. If these variables do not have a favorable impact on corporate governance or on performance, the impact of corporate governance on performance will be distorted. In this research, the effect of corporate governance on mediating variables and the effect of mediating variables on financial performance are tested with a meta-analysis approach. After meta-analyzing about 110 studies searched with the keywords of corporate governance and financial performance, the mediating variables identified are capital structure (Hussainey and Aljifri, 2012), dividend (Elmagrhi, et al. 2017), and investment (Sharma, 2012). Optimal capital structure as a structure for which the wealth of shareholders is maximized is one of the mediators of corporate governance and performance. While the dividend is one of the important factors studied by previous studies in maximizing shareholders' wealth. Opportunistic managers use the extra cash for their self-serving. With the effective implementation of corporate governance mechanisms, dividend policy works to overcome agency problems (Ogden, et al., 2003). Does corporate governance influence management actions? Do companies with different degrees of governance experience different managerial practices? Do management practices facilitate the achievement of the goal of maximizing shareholders` wealth? And in general, has the development of corporate governance directly or indirectly affected the company's financial performance? These are the questions that the authors were motivated to find answer to solve the functional paradox of corporate governance and performance. Methods & Material The meta-analysis of this research has been implemented in seven stages. In the first stage, corporate governance as an independent variable, financial performance as a dependent variable, and capital structure, dividend, and investment as intermediate variables were defined. In the second stage, three main steps, including determining keywords, determining databases, and searching for studies, were implemented. Indexing databases include Science Direct, Emerald, Google Scholar, SSRN, ResearchGate, Jstor, and Semantic Scholar and keywords include “ Corporate governance, Board of directors, Board independence, Ownership, Concentration, Institutional ownership, Performance, Financial performance, ROE, ROS, ROA, Tobin’s Q, EVA, Return on equity, Return on Sales, Return on assets, Economic value added, Capital expenditure, Corporate investment, Positive NPV projects, Dividend, DPS, Capital structure, Debt ratio, and Leverage ratio” . In the third stage, after applying the conditions: 1) the subject of the research is following one of the hypotheses of this meta-analysis, 2) the information necessary to calculate the effect size is reported, and 3) the study is correlational. 64 published studies including 260 empirical tests (the sample of this research) were meta-analyzed between 1993 and 2019. In the fourth stage, general information, information related to the effect size, and information necessary for the reliability test were extracted, sorted in the form of an Excel spreadsheet, and entered into the CMA software for the next steps. In the fifth step, the effect size was calculated for each member of the sample (each test). In cases where the correlation coefficient between the independent and dependent variable has been calculated, the correlation coefficient has been recorded as the r effect size. In cases where the regression analysis method was used, the t statistic corresponding to each regression coefficient was converted into the effect size r with the following formula (Rosenthal, 2001). where “ t” is the value of the test statistic, and n is the number of observations in the empirical test in the field study. In the sixth step, the cumulative effect size was calculated for each hypothesis. After testing the hypotheses using the significance of the cumulative effect size, it has been tried to check the robustness of the results by changing the research conditions. Findings In all hypotheses, the common effect size is divergent, that is, it is related to a group of different effect sizes with high deviation, and the random effects method is used for calculating the cumulative effect size. The results indicate the rejection of the null hypothesis related to all hypotheses. In other words, the effect of corporate governance on financial performance and all three mediating variables and the effect of all three mediating variables on financial performance are confirmed. Therefore, based on the meta-analysis of past studies, capital structure, dividends, and investment play a mediating role between corporate governance and financial performance. To robustness check the results, the answer to this question is considered: Does the relationship between corporate governance and financial performance change with changing the research conditions? The conditions that are the basis of the robustness check include the country's development, the corporate governance index, and the time of the study. That is, it is checked that when the tests are separated based on the development of the countries, the time of the empirical study, and the indicators of corporate governance, do the results remain the same? The robustness check results show that in developed countries the results of hypothesis 1 remain stable, but the impact of investment and dividends on financial performance is not. The time of empirical studies was categorized into three subperiods (2005-2009), (2010-2014), and (2015-2019). The direct relationship between corporate governance and financial performance and capital structure, even though it was positive and significant in the whole sample and the past, in recent years, has become insignificant. The impact of dividends and investment on financial performance and the impact of corporate governance on investment in recent years, i.e., from 2015 to 2019, has been positive and significant. In other words, these five relationships have changed from a negative state in the past years to a significant positive state in recent years. Conclusions and Results During the first hypothesis test, the existence of a positive relationship between corporate governance and financial performance and the repetition of this relationship in developing and developed countries have shown the success of shareholders in directing management and governance policies to protect their wealth. This effect on the level of financial performance indicators due to the positive and significant impact on asset return, equity return, and Q-tubin shows that the corporate governance system has been able to align the accounting and market indicators of financial performance. Since the independence of the board of directors and the audit committee has the greatest impact on financial performance (Buallay, et al., 2017; Kajola, 2008; Merendino & Melville, 2019), it is appropriate for shareholders to try to ensure that the board of directors is not empty of independent directors and that internal audit and a strong internal control system are under the supervision of independent members of the board. The positive relationship between corporate governance and capital structure, and dividends, as well as its significant relationship with financial performance (especially return on equity and return on assets) and the strengthening of both relationships in the last five years, allow this index to be one of the mediators of performance. Shareholders have managed to direct the company's financial policies to improve financial performance through corporate governance. This and the effective role of many corporate governance indicators show the effectiveness of the corporate governance system in this regard. Investment is the last mediating variable between corporate governance and financial performance. The positive relationship of this variable with corporate governance and financial performance (especially return on assets and Q-Tobin) has made it accepted as one of the mediators of these two variables in this research. It means that the shareholders have been able to control the investment policies of the management and improve the financial performance criteria through that.
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