تعداد نشریات | 25 |
تعداد شمارهها | 916 |
تعداد مقالات | 7,522 |
تعداد مشاهده مقاله | 12,234,228 |
تعداد دریافت فایل اصل مقاله | 8,653,300 |
بررسی رابطه اندازه، مدیریت سود و زمانبندی بازار با عملکرد شرکت در زمان افزایش سرمایه | ||
پژوهش های تجربی حسابداری | ||
مقاله 9، دوره 7، شماره 1 - شماره پیاپی 23، خرداد 1396، صفحه 189-219 اصل مقاله (4.79 M) | ||
نوع مقاله: مقاله پژوهشی | ||
شناسه دیجیتال (DOI): 10.22051/jera.2017.9233.1218 | ||
نویسندگان | ||
مریم دولو1؛ افسانه پایسته* 2 | ||
1استادیار گروه مدیریت مالی دانشگاه شهید بهشتی | ||
2کارشناس ارشد مدیریت مالی دانشگاه البرز | ||
چکیده | ||
برخی شواهد تجربی حاکی از آن است که شرکتها در زمان افزایش سرمایه نسبت به مدیریت سود و زمانبندی بازار اقدام نموده و بهکارگیری هر یک از راهبردهای مذکور تحت تأثیر اندازه آنها است. هدف پژوهش حاضر بررسی رابطه اندازه، مدیریت سود و زمانبندی بازار با عملکرد شرکت در زمان افزایش سرمایه است. نمونه این پژوهش متشکل از 63 شرکت پذیرفته شده در بورس اوراق بهادار تهران است که در فاصله زمانی سالهای 1380 تا 1392 افزایش سرمایه داشتند. جهت بررسی رابطه اندازه، مدیریت سود و زمانبندی با عملکرد سهام از آزمون مقایسه میانگین دو جامعه و روش رگرسیون دادههای تابلویی استفاده میشود. یافتههای پژوهش حاکی از تأثیر مثبت و معنادار مدیریت سود بر عملکرد کوتاهمدت و همچنین تأثیر منفی آن بر عملکرد یک ساله است؛ حال آنکه عملکرد کوتاهمدت، یک ساله، دو ساله و سه ساله در اثر زمانبندی بازار تضعیف میگردد. همچنین نمیتوان ادعا کرد تصمیم شرکت جهت اقدام به مدیریت سود و زمانبندی بازار در زمان افزایش سرمایه تحت تأثیر اندازه شرکت است. | ||
کلیدواژهها | ||
اندازه شرکت؛ زمانبندی؛ مدیریت سود؛ افزایش سرمایه | ||
عنوان مقاله [English] | ||
Relation of Size, Earning Management and Market Timing to the Firm Performance in Seasoned Equity Offerings | ||
نویسندگان [English] | ||
Maryam Davallou1؛ afsane payesye2 | ||
چکیده [English] | ||
Some empirical evidence indicate that firms during the period of seasoned equity offerings take necessary actions of earning management and market timing and also, applying each of these approaches is affected by their size. The aim of this study is to investigate the relation of size, earning management and market timing to firm performance during the period of seasoned equity offerings. The sample of this study includes 63 firms listed in Tehran Stock Exchange that have experienced seasoned equity offerings from 2001 to 2013. The test of comparing two population means and panel data regression method have been used in order to investigate the relation of size, earning management and market timing to stock performance. Research findings indicate that earning management has a positive significant influence on short term performance, while it has a negative influence on one-year performance; however, market timing weaken the short term, one, two and three-year performances. Also, it cannot be claimed that a firm's decision of earning management and market timing during the period of seasoned equity offerings is affected by its size. | ||
کلیدواژهها [English] | ||
Firm Size, Market Timing, earnings management, Seasoned Equity Offerings | ||
مراجع | ||
Alti, A. (2006). How Persistent is the Impact of Market Timing on Capital. Available from http://www.ssrn.com. Anvary Rostami, Ali Asghar; Tajvidi, Elnaz & Jahangard, Meysam. (2015). Empirical Investigation on the Effect of Capital Structure and Board Compensation on Investment Efficiency. Journal of Empirical Research in Accounting, Vol5 (2) , 109-130, in Persian. Asquith, P., & Mullins, D. W. (1986). Equity issues and offering dilution. Journal of Financial Economic. 15 (1–2) , 61–89. Baker, M., & Wurgler, J. (2002). Market Timing and Capital Structure. Journal of Finance, American Finance Association, 57 (1) , 1-32. Chen, S., & Cheng, L. Y. (2008). Seasoned Equity Offerings, Market Timing and Long-run Performance. Available from http://www.ssrn.com. Ching, M. L., Michael, F., & Oliver, M. R. (2002). Earnings Management, Corporate Governance and the Market Performanc of Seasoned Equity Offerings. Available from http://www.ssrn.com. Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. Accounting Review, 70 (2) , 193–225. Deng, X., & Ong, S. E. (2014). Real Earnings Management, Liquidity and REITs SEO dynamics. Available from http://www.ssrn.com. Ebrahimi Kordlar, Ali and Hassani Azar Dariani, E lham. (2006) The Study of Earning Management durind the Initial Public Offering for Public in Tehran Listed Companies. Accounting and Auditing Review , No 45,23-30, in Persian. Ebrahimi, Somayeh. (2012). Post Public Offering Operating Performance and Earnings Management. A Thesis for Obtaining MS Degree, Qazvin Islamic Azad University, in Persian. Healy, P. M. & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13, 365-383. Hong, S. (2016). Earning Management By Financing Purposes. The Journal of Applied Business Research, 32. Huang, Y., Uchida, K., & Zha, D. (2016). Market Timing in Private Placements of Seasoned Equity. Available from http://www.ssrn.com. Jones, J. (1991). Earningsmanagement during importrelief investigations. Journal of Accounting Reaserch, 29, 193-228. Kaya, K. D. (2014). The Characteristics of Hot Market Seasoned Equity Issuers. International Journal of Business and Social Science, Vol 5 No. 1; January 2014. Lucas, D., & McDonald, R. (1990). Equity issues and stock price dynamics. Journal of Finance , 45, 1019–1043. Mirmohamadi Mahounaki, Sajad. (2015). The Study of Earning Management in Seasond equity offering for the Public in Tehran Listed Companies. A Thesis for Obtaining MS Degree, Management and Accounting College, Yazd University, in Persian. Rahmani, Ali and Arbabi Bahar, Zahra. (2014). The association Between Book Tax Difference and Earning Management. Journal of Empirical Research in Accounting, Vol3 (4) , 61-83, in Persian. Ritter, J. (1991). The long run performance of initial public offerings. Journal of Finance, 46 (1) , 3–28. Sadeghi Sharif, Seyed Jalal and Akbarosadat, Mohamad. (2011). Earning Management and the Long-Run Market Performance of Initial Public Offerings: Evidences from Tehran Stock Exchange. Journal of Financial Research, Vol13 (32) , 57-72, in Persian. Shu, P. G., & Chiang, S. J. (2014). Firm size, timing, and earnings management of seasoned equity offerings. International Review of Economics and Finance, 29 ,177–194. Sloan, R. (1996). Do stock prices fully reflect information in accruals and cash flows about future earnings?. The Accounting Review, 71, 289-315. Souri, Ali. (2014). Preliminary Econometrics as well as Application Eviews8 & Stata12. First Volume, Tehran: farhangshenasi Publication, in Persian. Teoh, S. H., Welch, I., & Wong, T. J. (1998). Earnings management and the post-issue performance of seasoned equity offerings. Journal of Financial Economics, 50, 63-99. Yang, B. (2013). Dynamic Capital Structure with Heterogeneous Beliefs and Market Timing. Journal of Corporate Finance, Volume 22, 254–277. Yoon, S. S., Miller, G. (2002). Earnings management of seasoned equity offering firms in Korea. The International Journal of Accounting, 37, 57–78. | ||
آمار تعداد مشاهده مقاله: 1,504 تعداد دریافت فایل اصل مقاله: 1,905 |