نوع مقاله : مقاله پژوهشی
عنوان مقاله English
نویسندگان English
This study examines the moderating role of women's presence in top management levels and economic policy uncertainty on the relationship between managerial myopia and the expansion of corporate financialization. The primary objective is to analyze the impact of managers' myopia on increasing companies' dependence on financial activities rather than productive investments, with a focus on Iran's automotive industry, which is heavily affected by economic fluctuations. The research methodology is descriptive-correlational and ex-post facto, with the statistical population consisting of 30 automotive companies listed on the Tehran Stock Exchange and Over-the-Counter Market during the period from 1389 to 1403 (450 firm-year observations). Data were extracted from the Codal system and Rahavard Novin software and analyzed using dynamic regression models to estimate the normal level of financialization and quantile regression to test the hypotheses. Managerial myopia was measured using abnormal deviations in asset returns and marketing expenses, while excessive financialization was defined as the positive residual from the normal model. The findings indicate that managerial myopia significantly intensifies financialization (particularly in the lower and upper quantiles of the distribution), but the presence of women on the board of directors weakens this relationship and plays a deterrent role (significant in the lower quantiles). However, economic policy uncertainty does not have a significant moderating role, and the relationship remains independent of macroeconomic fluctuations. The study's conclusion emphasizes the need to enhance gender diversity on boards of directors and to revise managerial compensation systems to reduce focus on short-term interests, which can increase corporate sustainability. This research contributes to knowledge advancement and fills the existing research gap by simultaneously examining these factors in Iran's unstable economic context, providing practical evidence for improving corporate governance.
کلیدواژهها English