جستجوی مقالات مرتبط با کلیدواژه "corporate philanthropy" در نشریات گروه "حسابداری"

The present study seeks to study corporate philanthropy and investment efficiency. The research approach is applied in terms of purpose and according to the analysis of relations between variables is a descriptive-correlation type. All companies listed on the Tehran Stock Exchange comprise the study population of this study. 100 companies accepted in Tehran Stock Exchange during the period 1392 to 1396 were selected for the sample and were tested using multiple regression equations based on consolidated data. The research findings suggest that there is a positive relationship between corporate philanthropy and investment efficiency. In addition, a positive relationship between philanthropy and investment efficiency is more powerful when it comes to a better corporate environment.

According to the theory of value creation, the company goal is to increase the shareholder's wealth and pay attention to the individual interests. One of the elements that creates value is the consideration of philanthropic actions. So that doing these actions will give the company a good image and may affect the performance and investment. Therefore, the purpose of this study is to investigate the relationship between corporate philanthropy and investment efficiency with an emphasis on the ownership of institutional investors at companies listed in Tehran Stock Exchange. Thus, 90 companies were selected for the period of 2010-2017. In order to measure the corporate philanthropy, donations and to measure of investment efficiency, the proposed model based on Iran investment environment was used. A multivariate regression model was used to analyze the data and test hypotheses. The results showed that there is a positive and significant relationship between corporate philanthropy and investment efficiency. That is, humanitarian activities will reduce information asymmetry and increase investment efficiency. Also due to the role of institutional investors, the relationship between company philanthropy and investment efficiency in an environment with institutional investors was investigated. The results showed that institutional investors have a positive impact on corporate philanthropy and investment efficiency. Indeed, in a high regulatory environment, humanitarian action leads to optimal investment.