حاکمیت شرکتی و تشکیل سرمایه؛ رویکرد بین کشوری

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشجوی دکتری اقتصاد دانشگاه آزاد اسلامی،

2 استادیار اقتصاد دانشگاه آزاد اسلامی واحد تهران شمال،

3 دانشیار دانشگاه آزاد اسلامی واحد علوم و تحقیقات،

10.30495/jik.2024.23246

چکیده

هدف این مطالعه بررسی ارتباط بین حاکمیت شرکتی و تشکیل سرمایه با استفاده از کانال توسعه مالی می‌باشد. مطابق بررسی های انجام شده مشخص گردید تاثیر حاکمیت شرکتی بصورت مستقیم بر تشکیل سرمایه نامشخص است. بررسی داده ها نشان داد حاکمیت شرکتی از کانال توسعه مالی می تواند بر تشکیل سرمایه اثرگذار باشد که البته این اثرگذاری در کشورهای مختلف، متفاوت است و علت آن سطح توسعه یافتگی متفاوت کشورها در جذب سرمایه و سرمایه گذار می باشد. در این مطالعه از داده های 98 کشور که شامل 67 کشور که حمایت از سرمایه گذار در آنها قوی و 31 کشور که حمایت از سرمایه گذار در آنها ضعیف است طی سالهای 2020-2005 در قالب روش Panel-GMM استفاده شده است. نتایج بررسی ها نشان داد که حاکمیت شرکتی در کشورهایی که در سطح پایینی از حمایت از سرمایه گذار قرار دادند تاثیر مثبت و معنادار بر تشکیل سرمایه دارد و بهبود حاکمیت شرکتی موجب بهبود تشکیل سرمایه می گردد. اما این رابطه برای کشورهای با سطح بالای حمایت از سرمایه گذار معنادار نبوده است. همچنین توسعه مالی در هر دو گروه کشورها تاثیر مثبت و معنادار بر تشکیل سرمایه داشته ولی میزان تاثیرگذاری آن در کشورهای با حمایت ضعیف، بیشتر بوده است. همچنین نتایج بررسی توسعه مالی در ابعاد جزئی تر نشان داد، توسعه مالی بازارها موجب بهبود تشکیل سرمایه در کشورها می گردد؛ اما توسعه مالی نهادها، تاثیری بر بهبود تشکیل سرمایه ندارد.

کلیدواژه‌ها

عنوان مقاله [English]

Capital Formation and Corporate Governance, Inter-country Approach

نویسندگان [English]

  • Seyed Rouhollah Hosseini Moghaddam 1
  • Mahdi Adibpour 2
  • abbas memarnejad 3
1 Phd candidate in Economic, Islamic Azad University
2 Assistant professor in Economic, Islamic Azad University
3 Associated Professor in Economic, Islamic Azad university
چکیده [English]

The purpose of this study is to examine the relationship between corporate governance and capital formation using the financial development channel. According to the investigations, it was found that the direct impact of corporate governance on capital formation is unclear. The analysis of the data showed that corporate governance through the financial development channel can have an effect on capital formation, which, of course, is different in countries, and the reason for that is the different level of development of countries in attracting capital and investors. In this study, the data of 98 countries, including 67 countries in which investor protection is strong and 31 countries in which investor protection is weak during the years 2005-2020, were used in the form of Panel-GMM method. The results of the surveys showed that corporate governance in countries with a low level of investor protection has a positive and significant effect on capital formation, and improving corporate governance improves capital formation. But this relationship has not been significant for countries with a high level of investor protection. Also, financial development in both groups of countries had a positive and significant impact on capital formation, but its impact was greater in countries with weak support. Also, the results of the financial development survey in more detail showed that the financial development of markets improves capital formation in countries; But the financial development of institutions does not affect the improvement of capital formation.

کلیدواژه‌ها [English]

  • "Financial Development
  • "
  • "Corporate Governance"
  • "Capital Formation"
  • " Investor Protection"

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