تأثیر عملکرد زیست‌محیطی، اجتماعی و حاکمیتی بر هزینه تأمین مالی با نقش تعدیل گری تامین مالی سبز

نوع مقاله : پژوهشی

نویسندگان
طاهره سجادی راد
رویا دارابی
گروه حسابداری، واحد تهران جنوب، دانشگاه آزاد اسلامی، تهران، ایران.
10.22034/smajournal.2025.538173.1101
چکیده
هدف پژوهش حاضر، بررسی داده‌محور و علمی تأثیر عملکرد ESG بر هزینه تأمین مالی شرکت‌های پذیرفته‌شده در بورس تهران طی سال‌های ۱۳۹۴ تا ۱۴۰۲ با لحاظ نقش تعدیل‌گری تأمین مالی سبز است. این مطالعه از نوع کاربردی و همبستگی است. داده‌های مربوط به شاخص‌های ESG، تأمین مالی سبز و هزینه تأمین مالی از صورت‌های مالی و گزارش‌های شرکت‌های بورسی گردآوری و با استفاده از رگرسیون داده‌های پانل و آزمون اثر تعدیلی تأمین مالی سبز تحلیل شده است. نتایج پژوهش نشان داد که عملکرد بهتر ESG به طور معناداری با کاهش هزینه تأمین مالی شرکت‌ها ارتباط دارد. همچنین، نقش تعدیل‌گری تأمین مالی سبز به طور قابل توجهی این رابطه را تقویت می‌کند؛ به‌ویژه زمانی که شرکت‌ها از ابزارهای تأمین مالی سبز بهره می‌برند، تأثیر مثبت ESG بر کاهش هزینه تأمین مالی پررنگ‌تر می‌شود. در میان ابعاد مختلف، حکمرانی شرکتی و مسئولیت اجتماعی بیشترین نقش را در کاهش هزینه حقوق صاحبان سهام و بهبود اعتماد نهادهای مالی ایفا کرده‌اند. متغیرهای کنترلی مانند سودآوری و اندازه شرکت تأثیر کاهنده و اهرم مالی اثر افزاینده بر هزینه تأمین مالی داشته‌اند. مقدار تعیین مدل پانل (R²=0.48) نیز نشان‌دهنده قدرت تبیین مناسب الگو است. براساس شواهد آماری و تحلیل‌های تجربی، ارتقاء شاخص‌های ESG به‌ویژه حکمرانی شرکتی و شفافیت اطلاعاتی، به همراه بهره‌گیری هدفمند از تأمین مالی سبز، می‌تواند منافع معناداری برای شرکت‌های ایرانی ایجاد کند. این یافته‌ها بر ضرورت تقویت نظام رتبه‌بندی و ارتقای ساختار ESG و همچنین توسعه مکانیزم‌های نوین مالی برای کاهش هزینه تأمین مالی و دستیابی به رشد پایدار تأکید دارد.

کلیدواژه‌ها

موضوعات

عنوان مقاله English

The Impact of ESG Performance on Financing Costs with the Moderating Role of Green Financing

نویسندگان English

Tahereh Sajjadirad
Roya Darabi
Department of Accounting, ST.C., Islamic Azad University, Tehran, Iran.
چکیده English

Present study aims to provide a data-driven and scientific examination of the impact of ESG performance on the cost of financing for companies listed on the Tehran Stock Exchange from 2015 to 2023, considering the moderating role of green financing. This research is applied and correlational in nature. Data related to ESG indicators, green financing, and financing costs were collected from financial statements and company reports and analyzed using panel data regression and the test of the moderating effect of green financing. The results showed that better ESG performance is significantly associated with a reduction in companies' cost of financing. Furthermore, the moderating role of green financing significantly strengthens this relationship; specifically, when companies utilize green financing tools, the positive impact of ESG on reducing the cost of financing becomes more pronounced. Among the different dimensions, corporate governance and social responsibility played the greatest roles in reducing the cost of equity and enhancing the trust of financial institutions. Control variables such as profitability and company size had a decreasing effect, while financial leverage had an increasing effect on the cost of financing. The panel model's R² value (0.48) also indicates an adequate explanatory power of the model. Based on statistical evidence and empirical analysis, improving ESG indicators alongside the targeted use of green financing, can create significant benefits for Iranian companies. These findings underscore the necessity of strengthening the ESG rating system, enhancing ESG structures, and developing innovative financial mechanisms to reduce the cost of financing and achieve sustainable growth.

کلیدواژه‌ها English

ESG performance
cost of financing
green financing
corporate responsibility
Tehran Stock Exchange
corporate governance
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فصلنامه حسابداری مدیریت راهبردی
دوره 2، شماره 3
پاییز 1404
پاییز 1404
صفحه 87-110