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بررسی رابطه بین مدیریت سود و ناکارایی سرمایهگذاری: با تأیید بر نقش هزینه های نمایندگی | ||
حسابداری و منافع اجتماعی | ||
مقاله 2، دوره 9، شماره 3 - شماره پیاپی 34، مهر 1398، صفحه 27-51 اصل مقاله (1.46 M) | ||
نوع مقاله: مقاله پژوهشی | ||
شناسه دیجیتال (DOI): 10.22051/ijar.2019.23624.1466 | ||
نویسندگان | ||
رضوان حجازی1؛ حمید فرهادی* 2؛ ثریا ویسی حصار3 | ||
1استاد دانشگاه الزهرا | ||
2دانشجوی دکترای حسابداری، دانشگاه آزاد اسلامی، واحد بین المللی بندر انزلی، گیلان، | ||
3کارشناسی ارشد حسابداری، مؤسسه آموزش عالی کار، دانشکده مدیریت و حسابداری، قزوین، ایران | ||
چکیده | ||
یکی از پیامدهای مدیریت سود، افزایش ناکارایی سرمایه گذاری (بیش سرمایه گذاری یا کم سرمایه گذاری) شرکت ها است و این مسأله در شرکت های دارای هزینه های نمایندگی، بیشتر نمود پیدا میکند. هدف این پژوهش، بررسی رابطه بین مدیریت سود و ناکارایی سرمایهگذاری با توجه به هزینههای نمایندگی زیاد و کم در شرکت های پذیرفته شده در بورس اوراق بهادار تهران است. فرضیه های پژوهش بر مبنای یک نمونه آماری متشکل از 98 شرکت از سال 1386 لغایت 1396 و با استفاده از الگوهای رگرسیونی چند متغیره، مورد آزمون قرار گرفت. بدین منظور از باقیمانده های، الگوی جریان نقدی جنسن (1986) و الگوی توسعه یافته جریان نقدی ریچاردسون (2006)، برای محاسبه ناکارایی سرمایهگذاری استفاده شده است. باقیمانده های مثبت و منفی به ترتیب، نشان دهنده بیش و کم سرمایهگذاری است که در این پژوهش بهعنوان نماینده ناکارایی سرمایهگذاری درنظر گرفته شده است. همچنین، فروش اختیاری و اقلام تعهدی اختیاری، به عنوان نماینده مدیریت سود درنظر گرفته شدند. نتایج این پژوهش نشان می دهد که بین اقلام تعهدی اختیاری و ناکارایی سرمایه گذاری در شرکت های دارای هزینه های نمایندگی زیاد، رابطه منفی و معناداری وجود دارد. همچنین، نتایج با استفاده از باقیمانده های الگوی جریان نقدی جنسن (1986)، به عنوان نماینده ناکارایی سرمایهگذاری، نشان داد که بین فروش اختیاری و ناکارایی سرمایهگذاری در شرکت های دارای هزینههای نمایندگی کم، رابطه منفی و معناداری وجود دارد. | ||
کلیدواژهها | ||
مدیریت سود؛ ناکارایی سرمایه گذاری؛ هزینه های نمایندگی | ||
عنوان مقاله [English] | ||
Investigation of Relationship between Earnings Management and Investment Inefficiency with the Emphasis on the Role of Agency Costs | ||
نویسندگان [English] | ||
rezvan hejazi1؛ Hamid Farhadi2؛ soraya weysihesar3 | ||
1Prof. of Accounting, Faculty Member of Alzahra University | ||
2PhD Student of Accounting, Islamic Azad University, Bandar Anzali International Branch, Bandar Anzali | ||
3MSc of Accounting, KAR Higher Education Institute, Qazvin, Iran | ||
چکیده [English] | ||
One of the earnings management consequences is investment inefficiency (over or under-investment) in companies. Also, it is expected that this issue will increase in companies with high agency costs. The objective of this study is to investigate the relationship between earnings management and investments inefficiency in companies with high and low agency costs listed in the Tehran Stock Exchange. In order to test this, the hypothesis on a sample of 98 companies from 1386 till 1396 and using multivariate regression models were tested. For this purpose, the residual cash flow pattern Jensen (1986) and cash flow developed pattern Richardson (2006) was used to calculate the investment inefficiency. The positive and negative residuals will represent over investments and under investments, respectively and in this study is used as a proxy for investment inefficiency. Also, discretionary revenues and discretionary accruals as a proxy for earnings management were considered. The results show that there is a significant negative relationship between discretionary accruals and inefficient investment in firms with high agency costs. Also, results using a residual cash flow pattern Jensen (1986) as a proxy for investment inefficiency indicated a significant negative relationship between discretionary revenues and inefficient investment in firms with low agency costs. | ||
کلیدواژهها [English] | ||
Agency Costs, Earnings Management, Investment Inefficiency | ||
مراجع | ||
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