مالکیت دولتی و رفتار نامتقارن هزینه‌ها

در این پژوهش، به بررسی ﻧﻘﺶ ﻣﺎﻟﮑﯿﺖ دوﻟﺘﯽ در ﻣﻘﺎﯾﺴﻪ ﺑﺎ ﺧﺼﻮﺻﯽ ﺑﺮ رﻓﺘﺎر ﻧﺎﻣﺘﻘﺎرن ﻫﺰﯾﻨﻪﻫﺎ ﭘﺮداﺧﺘﻪ ﺷﺪه اﺳﺖ. ﺑﻪ ﻣﻨﻈﻮر اﺟﺮای اﯾﻦ ﭘﮋوﻫﺶ، ﻧﻤﻮﻧﻪای ﻣﺸﺘﻤﻞ ﺑﺮ 325 ﺷﺮﮐﺖ (1990 ﻣﺸﺎﻫﺪه) ﭘﺬﯾﺮﻓﺘﻪﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان و ﻓﺮاﺑﻮرس اﯾﺮان (1990 ﺳﺎل- ﺷﺮﮐﺖ)، در ﺑﺎزه زﻣﺎﻧﯽ ﺳﺎلﻫﺎی 1388 اﻟﯽ 1398 اﻧﺘﺨﺎب ﺷﺪﻧﺪ. ﻫﺰﯾﻨﻪﻫﺎی ﻓﺮوش، اداری و ﻋﻤﻮﻣﯽ و در ﺳﻄﺢ ﮐﻠﯽﺗﺮ ﻫﺰﯾﻨﻪﻫﺎی ﻋﻤﻠﯿﺎﺗﯽ ﺑﻪ ﻋﻨﻮان ﻣﺘﻐﯿﺮﻫﺎی واﺑﺴﺘﻪ ﻣﺪل ﻣﻮرد ارزﯾﺎﺑﯽ ﻗﺮار ﮔﺮﻓﺘﻪاﻧﺪ. ﻓﺮﺿﯿﻪﻫﺎ ﺑﺎ اﺳﺘﻔﺎده از دادهﻫﺎی ﺗﺮﮐﯿﺒﯽ و ﻣﺪل رﮔﺮﺳﯿﻮن ﭼﻨﺪﮔﺎﻧﻪ ﺑﺎ روش ﺣﺪاﻗﻞ ﻣﺮﺑﻌﺎت ﻣﻌﻤﻮﻟﯽ و روﯾﮑﺮد ﺧﻄﺎی اﺳﺘﺎﻧﺪارد ﻣﻘﺎوم آزﻣﻮن ﺷﺪ. ﻣﺎﻟﮑﯿﺖ دوﻟﺘﯽ ﻧﺴﺒﺖ ﺑﻪ ﻣﺎﻟﮑﯿﺖ ﺧﺼﻮﺻﯽ ﺑﻪ ﭼﺴﺒﻨﺪﮔﯽ ﺑﯿﺸﺘﺮ در ﻫﺰﯾﻨﻪﻫﺎی ﻓﺮوش، اداری و ﻋﻤﻮﻣﯽ و ﮐﻞ ﻫﺰﯾﻨﻪﻫﺎی ﻋﻤﻠﯿﺎﺗﯽ ﻣﻨﺠﺮ ﻣﯽﺷﻮد. در ﺷﺮﮐﺖﻫﺎی ﺑﺎ ﻣﺎﻟﮑﯿﺖ دوﻟﺘﯽ ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﺣﻤﺎﯾﺖ دوﻟﺖ از آنﻫﺎ، اوﻟﻮﯾﺖ ﻗﺮار دادن اﻫﺪاف ﺳﯿﺎﺳﯽ – اﺟﺘﻤﺎﻋﯽ و دﺧﺎﻟﺖ در ﻓﺮآﯾﻨﺪ ﺗﺼﻤﯿﻢﮔﯿﺮی، در ﻫﻨﮕﺎم ﮐﺎﻫﺶ ﻓﺮوش، ﺑﺎ ﺗﻌﺪﯾﻞ رو ﺑﻪ ﭘﺎﯾﯿﻦ ﮐﻤﺘﺮ در ﻫﺰﯾﻨﻪﻫﺎ ﻫﻤﭽﻮن ﺗﻌﺪﯾﻼت ﮐﺎرﮐﻨﺎن و ﺗﻐﯿﯿﺮات در ﻣﻨﺎﺑﻊ ﺑﮑﺎرﮔﺮﻓﺘﻪ ﺷﺪه، ﭼﺴﺒﻨﺪﮔﯽ ﻫﺰﯾﻨﻪﻫﺎ اﻓﺰاﯾﺶ ﻣﯽﯾﺎﺑﺪ. اﻧﺘﻈﺎرﻫﺎی ﻣﺪﯾﺮﯾﺘﯽ ﻫﻤﮕﺎم ﺑﺎ ﺣﻤﺎﯾﺖﻫﺎی دوﻟﺘﯽ ﻣﺎﻧﻨﺪ ﺧﻮشﺑﯿﻨﯽ ﻧﺴﺒﺖ ﺑﻪ ﺗﻘﺎﺿﺎی آﺗﯽ و اﻧﮕﯿﺰه آنﻫﺎ ﻣﺎﻧﻨﺪ ﻓﺮﺻﺖﻃﻠﺒﯽ و ﺳﺎﺧﺖ اﻣﭙﺮاﻃﻮری ﻧﯿﺰ از دﯾﮕﺮ دﻻﯾﻞ ﭼﺴﺒﻨﺪﮔﯽ ﻫﺰﯾﻨﻪ ﺑﯿﺸﺘﺮ در ﺷﺮﮐﺖﻫﺎی دوﻟﺘﯽ ﻧﺴﺒﺖ ﺑﻪ ﺷﺮﮐﺖﻫﺎی ﺧﺼﻮﺻﯽ اﺳﺖ.

State Ownership and Asymmetric Cost Behavior

Objective: In this study, the role of state ownership in comparison to private ownership on the asymmetric behavior of costs has been investigated.Method: In order to conduct this research, sample of 325 companies listed in the Tehran Stock Exchange and Iran Fara Bourse (1990 firm-year) were selected during the period 2010-2020. Selling, general administrative costs and, at a higher level, operating costs have been evaluated as dependent variables of the model. Hypotheses were tested using panel data and multiple regression model with ordinary least squares method and robust standard error approach.Results: State ownership compared to private ownership leads to greater stickiness in selling, general administrative costs and total operating costs.Conclusion: In the state-owned enterprises due to government support, prioritizing socio-political objectives and intervention in the decision-making process, the degree of cost stickness is higher, because downward adjustments in costs such as employee adjustments and changes in resources level is lower than other firms. Management expectations in conjuction with government support (such as optimism about future demand) and their incentives (such as opportunism and empire building) are other reasons for higher degree of cos stickness of state-owned enterprises in comparison with private-owned enterprises.