تاثیر عملکرد مسئولیت اجتماعی بر آشفتگی مالی در طول چرخه عمرشرکت با استفاده از تابع فاصله جهت‌دار

هدف: هدف از این پژوهش بررسی تاثیر عملکرد مسئولیت اجتماعی شرکت بر آشفتگی مالی در طول چرخه عمر برای مدت 10 سال است. روش: جامعه آماری این پژوهش شامل 112 شرکت در طی دوره سال‌های 1388 تا 1397 است. برای جمع‌آوری داده‌ها از تارنمای بورس اوراق بهادار تهران و نرم‌افزارهای مربوطه استفاده شده است. برای ارزیابی عملکرد مسئولیت اجتماعی از روش ریاضی (تابع فاصله جهت‌دار) و برای اندازه‌گیری آشفتگی مالی از مدل‌های برگر و همکاران، آلمیدا، کامپلو و آلتمن استفاده شده است. فرضیه‌های پژوهش با استفاده از داده‌های تابلویی و اثرات ثابت به روش آماری رگرسیون چندمتغیره آزمون شده است. یافته‌ها: نتایج نشان می‌دهد عملکرد مسئولیت اجتماعی به‌تنهایی تاثیری بر آشفتگی مالی ندارد. ترکیب مسئولیت اجتماعی با چرخه عمر در مراحل رشد و بلوغ اثر منفی و معناداری بر آشفتگی مالی دارد. در واقع عملکرد مسئولیت اجتماعی و چرخه عمر به طور مشترک باعث کاهش آشفتگی مالی می‌شوند.  نتیجه‌گیری: از آنجایی‌که شرکت‌ها در مراحل رشد و بلوغ بیشتر از مرحله‌های دیگر چرخه عمر با هم به رقابت می‌پردازند، توجه بیشتری نیز به مسئولیت اجتماعی دارند. بنابراین، بر اساس نتایج به دست آمده می‌توان نتیجه گرفت چرخه عمر شرکت و عملکرد مسئولیت اجتماعی به‌طور مشترک باعث کاهش آشفتگی مالی می‌شوند.

the impact of social responsibility performance on financial turmoil over the firm’s life cycle using the directional distance function

objective: in recent years, high inflation has caused many problems for companies. the financial turmoil has caused companies to lose their value due to the imposition of capital costs and the inability to attract foreign capital and to get a poor rating compared to their competitors. companies try to satisfy shareholders and stakeholders by reducing risk and increasing company value. stakeholder concerns about financial turmoil are seen as a positive factor in ameliorating financial turmoil. therefore, it can lead managers to find the right solution. there are several ways to reduce company risk and avoid financial turmoil. in the current economy, one of the most important ways to satisfy shareholders, stakeholders, and institutions is to provide activities related to social responsibility and pay attention to it. today, corporate social responsibility is considered one of the most important financial issues. one of the ways out of these problems is to increase the social responsibility performance of the company. considering the various results presented in this field, it seems necessary to conduct more research in this field to obtain reasonable results. most of these problems are affected by life cycle stages. so; compliance with social responsibility at different stages can help the company’s sustainability. on the other hand, the impact of social responsibility on financial volatility depends on economic changes and developments, which vary throughout the life cycle. and the impact of csr may not be the same in all stages of the life cycle. in this research, two goals have been pursued, one is to investigate the effect of social responsibility performance on financial turbulence without considering the life cycle. another is to examine the impact of corporate social responsibility performance on financial turmoil over the life cycle. therefore, the purpose of this study is to investigate the effect of social responsibility performance on financial turbulence during the company’s life cycle for a period of ten years.methods: the statistical sample of this research includes 112 active listed companies during the period of 2009 to 2019. to measure the performance variable of the company’s social responsibility, using the website of tehran stock exchange and the website of kodal, about 36,000 pages of reports of the activities of the board of directors during the considered years were studied, and the scores of each dimension of the company’s social responsibility were inserted in an excel file. and finally, using the mathematical method (directed distance function), the social responsibility performance of companies was evaluated. berger et al., almeida, campello and altman models have been used to measure financial turbulence. research hypotheses have been tested using panel data and fixed effects by multivariate regression statistical method.results: the results show that the performance of social responsibility either in general or in detail, regardless of the company’s life cycle, alone cannot reduce financial turmoil. the variable combination of the company’s social responsibility performance with the life cycle in the stages of growth and maturity shows a significant and decreasing effect on financial turmoil. in fact, it can be said that corporate social responsibility performance and life cycle jointly reduce financial turmoil. the combination of social responsibility performance with the life cycle has a positive and significant effect on financial turbulence in the recession stage and has no effect in the decline stage.conclusion: companies can reduce business risk and financial turbulence through social responsibility management. companies that have a high social responsibility performance have more credibility. this makes it easier for companies to access financial resources.