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بررسی توانایی ارقام مالی جهت خلاصهسازی اطلاعات قیمت سهام مبتنی بر "دیدگاه تونلینگ" با استفاده از نقش تعدیلگر سازوکارهای راهبری شرکتی قوی | ||
| راهبرد مدیریت مالی | ||
| مقاله 10، دوره 11، شماره 2 - شماره پیاپی 41، تیر 1402، صفحه 227-254 اصل مقاله (1.22 M) | ||
| نوع مقاله: مقاله پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22051/jfm.2020.23572.1894 | ||
| نویسنده | ||
| وحید بخردی نسب* | ||
| دکتری حسابداری، گروه حسابداری، دانشگاه آزاد اسلامی، واحد نجف‌آباد، نجف‌آباد، ایران | ||
| چکیده | ||
| مربوطبودن و سودمندبودن اطلاعات میتواند توسط ارتباط همزمان میان اطلاعات مالی، انواع بازده سهام و ارزش بازار اندازهگیری شود. این موضوع، مبنای فعالیتهایی است که در زمینه بررسی ارتباط ارزشی صورت گرفته است. مفهوم ارتباط ارزشی توانایی ارقام مالی جهت خلاصهکردن اطلاعات تحت قیمت سهام میباشد. بر این اساس انگیزههای مالی گزارشگری متهورانه ارتباط ارزشی را تنزل میدهد. یکی از دلایل اقدامات فرصتطلبانه مدیران و گزارشگری مالی متهورانه تونلینگ است. دیدگاه تونلینگ عبارت است از تبانی سهامداران عمده و مدیریت که با استفاده از معاملات مدیریت با اشخاص وابسته انجام میشود. انتخاب بهترین معیارها از سازوکارهای راهبری شرکتی میتواند از حکمرانی خوب بهعنوان بهترین عامل بازدارنده از تونلینگ استفاده نماید. بر این اساس هدف از مطالعه حاضر بررسی توانایی ارقام مالی جهت خلاصهسازی اطلاعات قیمت سهام مبتنی بر دیدگاه تونلینگ با استفاده از نقش تعدیلگر حکمرانی خوب میباشد. جامعه آماری در دسترس شامل 133 شرکت از شرکتهای پذیرفته شده در بورس اوراق بهادار تهران طی سالهای 1397-1383 میباشد. روش اجرای پژوهش مبتنی بر دادههای ترکیبی و رگرسیون چندگانه میباشد. شواهد پژوهش حاکی از آن است که تونلینگ سطح ارتباط ارزشی اطلاعات مالی را کاهش میدهد. از دیگر نتایج پژوهش این است که حکمرانی خوب بر تونلینگ تاثیر معکوس ولی غیرمعنی‌دار دارد. همچنین حکمرانی خوب، تاثیر معکوس تونلینگ بر ارتباط ارزشی را تضعیف میکند. این نتایج گویای ضرورت و اهمیت وجود حکمرانی خوب در شرکتها و محدود نمودن تونلینگ میباشد. | ||
| کلیدواژه‌ها | ||
| تونلینگ؛ حکمرانی خوب؛ ارتباط ارزشی؛ معاملات غیر طبیعی با اشخاص وابسته | ||
| عنوان مقاله [English] | ||
| Investigating the Ability of Financial Figures to Summarize Stock Price Information based on "Tunneling View" Using the Moderator role of Good Governance | ||
| نویسندگان [English] | ||
| Vahid Bekhradinasab | ||
| Department of accounting, Najaf Abad branch, Islamic Azad Univercity, Najaf Abad, Iran | ||
| چکیده [English] | ||
| The relevance and usefulness of the information can be measured by the relationship between financial information, types of returns, and market value. This is the basis of the activities carried out in the field of evaluating value relationships. The concept of value communication is the ability of financial figures to summarize information under stock prices. Accordingly, the aggressive financial reporting motives reduce value communication. One of the reasons for the opportunistic actions of executives and the audacious financial reporting of Tunneling. Tunneling views are the collusion between major shareholders and management that is conducted through management transactions with affiliated entities. The identification and elimination of tunneling will help to improve the relevance and usefulness of financial statements and the relevance of financial information. Therefore, by choosing the best criteria for corporate governance mechanisms, good governance can be used as the best deterrent to tunneling. Accordingly, the purpose of this study was to investigate the ability of financial figures to summarize stock price information based on the tunneling approach using the role of moderating good governance. The statistical population of the study consisted of all listed companies in Tehran Stock Exchange during the period of 2009-2017. The sample size is based on a systematic elimination method of 158 companies. The research method is based on combined data and multiple regression. Evidence from research suggests that tunneling reduces the level of financial information relevance. Other results of the study are not that good governance has a reverse effect on tunneling. Good governance also undermines the inverse effect of tunneling on value ties. These results suggest the need for good governance in companies and the limitation of tunneling. | ||
| کلیدواژه‌ها [English] | ||
| Tunneling, Good Governance, Value Relevance, Related-Party Transactions | ||
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