نقش میانجی مسئولیت اجتماعی شرکتی بر رابطۀ بین مالکیت هم‌زمان نهادی و بهره‌وری شرکت‌ها

هدف پژوهش حاضر بررسی نقش میانجی مسئولیت اجتماعی شرکتی در ارتباط میان مالکیت هم‌زمان نهادی و بهره‌وری شرکت‌هاست. جامعۀ آماری شامل شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران در دورۀ زمانی 1393 تا 1402 بود و با در نظر گرفتن محدودیت‌های اعمال‌شده، 106 شرکت به ‌عنوان نمونه انتخاب شدند. سپس، داده‌های مربوط به جامعۀ غربال‌شده که از طریق بانک اطلاعاتی ره‌آورد نوین و با بهره‌گیری از روش تحلیل محتوا گردآوری شده بودند، با استفاده از رگرسیون چندگانه و آزمون سوبل تجزیه‌وتحلیل شدند. نتایج نشان داد مالکیت هم‌زمان نهادی تاثیری مثبت و معنادار بر بهره‌وری شرکت‌ها دارد. همچنین، یافته‌ها نشان داد مالکیت هم‌زمان نهادی نقشی موثر در افزایش مسئولیت اجتماعی شرکت‌ها دارد و نیز مسئولیت اجتماعی شرکتی نقش میانجی در رابطۀ بین مالکیت هم‌زمان نهادی و بهره‌وری ایفا می‌کند. به عبارت بهتر، نتایج آزمون سوبل نشان داد شرکت‌هایی که در حوزۀ مسئولیت اجتماعی فعال‌تر هستند، تاثیری مثبت‌تر از حضور مالکان هم‌زمان نهادی بر بهره‌وری دریافت می‌کنند. به طور کلی، مالکان هم‌زمان نهادی با بهره‌گیری از دانش و اطلاعات خود می‌توانند تعهدات مسئولیت اجتماعی شرکت‌ها را تقویت کنند و بهره‌وری آنها را افزایش دهند. این مالکان از طریق تشویق به اقدامات اجتماعی، به بهبود عملکرد و موفقیت پایدار شرکت‌ها کمک می‌کنند.

the mediating role of corporate social responsibility in the association between institutional cross-ownership and firm productivity

the objective of the present study is to examine the mediating role of corporate social responsibility (csr) in the relationship between institutional cross-ownership and corporate productivity. the statistical population consists of companies listed on the tehran stock exchange during the period from 2014 to 2023. considering the imposed restrictions, a sample of 106 companies was selected. subsequently, the data related to the screened population, which were obtained through the rahavard novin database and using the content analysis method, were analyzed using multiple regression and the sobel test. the results indicate that institutional cross-ownership has a positive and significant effect on corporate productivity. moreover, the findings revealed that institutional cross-ownership plays a significant role in enhancing corporate social responsibility, and csr acts as a mediator in the relationship between institutional cross-ownership and productivity. in other words, the sobel test results show companies that are more active in csr benefit more positively from the presence of institutional cross-owners in terms of productivity. overall, institutional cross-owners, by leveraging their knowledge and information, can strengthen corporate social responsibility commitments and enhance firm productivity. by encouraging social initiatives, these owners contribute to the improvement of firms' performance and sustainable success.introductionthis study aims to investigate the role of corporate social responsibility (csr) as a mediating variable in the relationship between institutional cross-ownership and corporate productivity. productivity, as a measure of the optimal use of resources to maximize profit, plays a key role in improving economic performance, social welfare, and competitive positioning in the market. one of the critical factors that can influence productivity is the ownership structure of companies, which shapes strategic decision-making and operational efficiency. specifically, institutional cross-ownership, which refers to institutional shareholders with shared ownership in companies within the same industry, can have various effects on corporate performance. in this regard, two different perspectives exist. some believe that institutional cross-owners can increase productivity through knowledge sharing, efficient monitoring, and alignment of strategic objectives, while others point to regulatory challenges, potential conflicts of interest, and short-term priorities, suggesting a negative impact on productivity. this research seeks to demonstrate how csr can mediate the relationship between institutional cross-ownership and corporate productivity. since csr activities can enhance productivity by reducing costs, providing easier access to financial resources, improving reputation, and strengthening relationships with customers, suppliers, and shareholders, this study aims to examine the impact of institutional cross-ownership on these activities and, consequently, on corporate productivity. additionally, this research addresses whether csr can effectively transmit the positive or negative effects of institutional cross-ownership on productivity, potentially serving as a strategic buffer against adverse outcomes. methods & materialthis study falls within the category of applied research, as its findings can be effectively utilized in strategic decision-making processes by managers and policymakers. since the data for this study were collected based on historical financial information, it follows a post-event (ex post facto) design, ensuring consistency in data interpretation. methodologically, it is rigorously classified as a descriptive-correlational study, with the primary objective of analyzing the relationships and potential interactions between research variables. the statistical population consists of firms listed on the tehran stock exchange during the period 2014–2023 (1393–1402 in the persian calendar). after applying relevant constraints and exclusions, a refined sample of 106 firms was selected for analysis. the final dataset was systematically analyzed using stata 17 and eviews 13 software to ensure robust and reliable findings.findingthe results indicate that institutional cross-ownership has a significant positive impact on firm productivity, fostering operational efficiency and strategic alignment. furthermore, findings convincingly demonstrate that institutional cross-owners play an influential and decisive role in enhancing corporate social responsibility. additionally, csr acts as a critical mediating variable in the relationship between institutional cross-ownership and firm productivity, reinforcing the strategic importance of socially responsible initiatives. more specifically, sobel test results robustly confirm that firms actively engaged in csr initiatives benefit more significantly from the positive effects of institutional cross-ownership on productivity, thereby amplifying overall firm performance.conclusion and resultsbased on the findings, institutional cross-owners contribute to improving firm productivity by leveraging their monitoring and informational capabilities. these results support the view that institutional cross-owners—particularly those with a long-term investment horizon—foster csr initiatives, which in turn enhance firm productivity. csr, as a mediating mechanism, allows firms to better manage costs, improve stakeholder interactions, and strengthen their reputation, ultimately leading to superior performance and long-term sustainability. the study highlights that institutional cross-ownership, through its reinforcement of csr activities, can have a substantial impact on firm productivity. through csr policies, firms can optimize costs, attract skilled human capital, and secure better access to financial resources, all of which enhance productivity. additionally, csr practices contribute to risk management, regulatory compliance, and corporate legitimacy, further strengthening a firm's competitive advantage. this research contributes to the growing literature on the role of institutional cross-ownership in firm productivity and underscores the need for further exploration into the influence of csr strategies on this relationship.