نوع مقاله : مقاله پژوهشی
نویسندگان
1 استادیار گروه حسابداری، دانشگاه پیام نور، تهران، ایران
2 استادیار گروه مدیریت، دانشکده علوماداری و اقتصادی، دانشگاه اراک، اراک، ایران
3 استادیار گروه حسابداری، دانشکده علوم اقتصادی و اداری، دانشگاه مازندران، بابلسر، ایران
چکیده
کلیدواژهها
عنوان مقاله [English]
نویسندگان [English]
This study investigates the role of managers' social capital in reducing financial risks through the disclosure of environmental, social, and governance (ESG) criteria in companies listed on the Tehran Stock Exchange. Utilizing data from 124 companies over the period from 2019 to 2024, the study employs a dynamic panel regression approach with the Generalized Method of Moments (GMM) and Granger causality analysis to examine the dynamic and directional relationships between variables. Data were collected from companies’ annual reports, the Tehran Stock Exchange database, managers’ questionnaires, and sustainability reports. The research variables include financial risk (measured by stock return volatility and market beta), ESG disclosure quality (measured by ESG scores), and managers’ social capital (measured by the number of board meetings with active managerial participation). Control variables include firm size, financial leverage, financial performance, and industry type. The results indicate that managers’ social capital has a significant positive impact on the quality of ESG disclosure, and this disclosure directly and indirectly (through interaction with social capital) reduces financial risks. Granger causality analysis confirms that managers’ social capital acts as a prerequisite, first improving ESG disclosure quality and subsequently reducing financial risk. Robustness tests, including Hausman and Sargan tests, validate the reliability of the results. These findings align with stakeholder theory, signaling theory, and resource-based view theory.
کلیدواژهها [English]
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