مدیریت موجودی کالا و ویژگی‌های هیأت مدیره: نقش تعدیلی رقابت در صنعت و چرخۀ عمر شرکت

نویسندگان

دانشگاه مازندران

چکیده

موجودی کالا از مهم‌ترین و پیچیده‌ترین شرکت‌ها برای مدیریت در سطح شرکت و در سطح اقتصاد کلان است. تفکیک مالکیت از مدیریت در شرکت‌های جدید منجر به استدلال‌های متعددی دربارۀ ارتباط بین مالک و مدیر شده است. جنسن و مکلینگ (1976)، این سناریو را به‌عنوان ارتباط نمایندگی بیان کرده و استدلال کردند که نماینده (برای مثال مدیر اجرایی)، منافع شخصی را ترجیح خواهد داد. بنابراین، سازوکارهای نظارتی داخلی و خارجی برای کاهش تضاد منافع، ضروری هستند. هدف این مطالعه بررسی ارتباط بین ویژگی‌های هیأت مدیره، رقابت در صنعت، چرخۀ عمر شرکت و مدیریت موجودی کالاست. نمونۀ مورد استفاده دربرگیرندۀ 155 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران طی سال‌های 1385 تا 1392 است. برای پردازش و آزمون فرضیه‌ها از الگوی اثرات ثابت و روش حداقل مربعات تعمیم‌یافتۀ برآوردی استفاده شده است. نتایج نشان داد که اندازۀ هیأت مدیره، استقلال هیأت مدیره و رقابت در صنعت ارتباطی مستقیم و معنادار با مدیریت موجودی کالا دارند. علاوه بر این مشخص شد که مدیریت موجودی کالا طی چرخۀ عمر شرکت، متفاوت است. با استفاده از معیار چرخۀ عمر دیکینسان مشخص گردید که در مراحل رشد و بلوغ، مدیریت موجودی کالا بهینه‌تر بوده و در مراحل معرفی، عدم‌ثبات و افول غیربهینه‌تر است. ضمناً نتایج بررسی‌ها نشان داد که رابطۀ مستقیم بین استقلال هیأت مدیره و مدیریت موجودی کالا در شرکت‌هایی که در مرحلۀ افول هستند، قوی‌تر است.

کلیدواژه‌ها


عنوان مقاله [English]

Inventory Management and Board Characteristics: Moderating Role of Industry Level Competition and Firm Life Cycle

نویسندگان [English]

  • Ahmad Ahmadpour
  • Esmail Tavakolnia
University of Mazandaran
چکیده [English]

Inventory represents one of the most important and complex assets to be managed at firm level as well as at macro economy level. Separation of ownership and management in new firms has led to different arguments regarding the relationship between the owner and the agent. Jensen and Meckling (1976) articulated this scenario as an agency relationship and argued that the agent (i.e., executive managers) will be a self-interest optimizer. Therefore, internal and external monitoring mechanisms are required to be executed to diminish disagreement in interests. The purpose of this study is investigating the relationship between board characteristics, industry level competition, firm life cycle and inventory management. The sample of this study, includes 155 companies listed in the Tehran Stock Exchange during the period 1385-1392. For processing and testing hypotheses, Fixed Effects Model and Estimated Generalized Least Squares (EGLS) methodology are used. Results show that board size, board independence and industry level competition have positive and significant impact on the inventory management. Also we find that the inventory management varies over the life cycle of the firm. Using Dickinson’s life cycle measure we find that the inventory management is more optimal in the growth and mature stages and more non-optimal in the introduction, shake-out and decline stages. Also study results show that positive relationship between board independence and inventory management is stronger for firms in the introduction stages.

کلیدواژه‌ها [English]

  • Inventory Management
  • Board Independence
  • Board Size
  • Industry Level Competition
  • firm life cycle

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