بررسی تطبیقی روابط عرضه اولیه سهام و مدیریت سود مبتنی بر اقلام تعهدی اختیاری

نوع مقاله: مقاله پژوهشی

نویسندگان

1 دانشجوی دکتری حسابداری، واحد علوم و تحقیقات تهران، دانشگاه آزاد اسلامی، تهران، ایران

2 دانشیار گروه مدیریت و اقتصاد، واحد علوم و تحقیقات تهران، دانشگاه آزاد اسلامی، تهران، ایران

3 استاد گروه حسابداری، واحد علوم و تحقیقات تهران، دانشگاه آزاد اسلامی، تهران، ایران

چکیده

یکی از مواقعی که انگیزه­های مدیریت برای مدیریت سود برانگیخته می‌شود، عرضه اولیه عمومی است. با توجه به بالا بودن عدم تقارن اطلاعاتی در عرضه اولیه سهام، مدیریت شرکت­های در معرض عرضه اولیه، با مدیریت سودافزایشی از طریق اقلام تعهدی اختیاری تلاش می­کنند تصویری مطلوب­تر از شرکت ارائه دهند. لذا پژوهش حاضر به دنبال بررسی تأثیر عرضه اولیه سهام بر مدیریت سود مبتنی بر اقلام تعهدی است. به‌منظور نیل به این هدف 1408 سال-شرکت (128 شرکت برای یازده سال) مشاهده جمع‌آوری‌شده از گزارش‌ها مالی سالیانه شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران در طی دوره زمانی 1386 تا 1396 مورد آزمون قرارگرفته‌اند. یافته‌های این پژوهش نشان می‌دهد که مدیریت سود از طریق اقلام تعهدی باعرضه اولیه سهام رابطه  مثبت و معنی‌داری دارد. تجزیه‌وتحلیل بیشتر نشان می‌دهد که مدیریت سود از طریق اقلام تعهدی در سال قبل از عرضه اولیه نسبت به سال عرضه بیشتر است این در حالی است که، مدیریت سود از طریق اقلام تعهدی در سال پس از عرضه اولیه نسبت به سال عرضه اولیه کمتر است.

کلیدواژه‌ها


عنوان مقاله [English]

The Comparative Investigation of the Relationship between Initial Public Offerings and Earning Management based on Discretionary Accruals

نویسندگان [English]

  • maryam Akbaryan fard 1
  • hamidreza vakilifard 2
  • hashem nikoumaram 3
1 Ph.D. Student of Accounting, Tehran Sciences and Researches Branch, Islamic Azad University, Tehran, Iran
2 Associate Professor of Management Department, Tehran Sciences and Researches Branch, Islamic Azad University, Tehran, Iran
3 Professor of Accounting Department, Tehran Sciences and Researches Branch, Islamic Azad University, Tehran, Iran
چکیده [English]

One of the occasions when management incentives for earning management are triggered is the initial public offering. Due to the high information asymmetry in the IPO, the management of exposed companies is trying to provide a more favorable image than the company by incremental earnings management. The purpose of this study is to explain the effect of initial public offerings on Discretionary accruals earning management.  In order to reach this goal, 1408 year-company (128 companies for eleven years) viewed and collected from the annual financial reports of companies listed in Tehran Stock Exchange were tested, during the period from 2006 to 2016. The findings of the research show that earnings management through accrual items has a positive and significant relationship with initial stock offerings.  Further analysis shows that earnings management through accrual items is more than the year before the initial stock offerings, while earnings management through accrual items is lower in the year after the initial stock offerings than the initial stock offerings year.

کلیدواژه‌ها [English]

  • Initial public offerings
  • earning management
  • Discretionary accruals
-     آذر، عادل؛ رستمی، محمدرضا و صفری، محمد. (1392). تحلیل مقایسه‌ای عوامل مؤثر در قیمت‌گذاری زیر ارزش ذاتی در عرضه عمومی اولیه سهام شرکت‌های دولتی و غیردولتی؛ مطالعه موردی: شرکت‌های پذیرفته در بورس اوراق بهادار تهران.  اندیشه مدیریت راهبردی، شماره 1، صص 157-185.

-     ابراهیمی کردلر، علی؛ حسنی آذر داریانی، الهام. (1385). بررسی مدیریت سود در زمان عرضه اولیه سهام عموم در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران. بررسی‌های حسابداری و حسابرسی، شماره 45، صص. 3 -23.

-     ثقفی، علی و طالبی نجف‌آبادی، عبدالحسین. (1395). تأثیر سازوکارهای حاکمیت شرکتی بر عملکرد شرکت‌های عرضه اولیه شده در بورس اوراق بهادار تهران. مطالعات تجربی حسابداری مالی، شماره 50، صص. 9-32.

-      سالک، حمیده ؛گوگردچیان، احمد و خانی، عبدالله. (1395). تأثیر نظام راهبردی شرکتی بر مدیریت سود در شرکت‌های پذیرفته‌شده با عرضه عمومی اولیه (IPO) در بورس اوراق بهادار تهران. بررسی‌های حسابداری، شماره 10، صص. 81-100

-      سجادی، سید حسین و عربی، مهدی. (1389). تأثیر کیفیت حسابرسی بر مدیریت سود. حسابدار رسمی، دوره ششم، شماره 12، صص 104-108.

-     شفیع پور، سید مجتبی و جلالی علی‌آبادی، فرزانه (1394) ،عرضه عمومی اولیه : مدیریت سود و ساختار مالکیت، دوره 4، شماره 4، پژوهش‌های تجربی حسابداری،صص 17-32

-      مشایخی، بیتا، ساسان، مهرانی، کاوه و کرمی، غلامرضا. (1384). نقش اقلام تعهدی اختیاری در مدیریت سود شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران. بررسی‌های حسابداری و حسابرسی، دوره12، شماره4، صص 61-74.

-      هاشمی، سید عباس و بهزادفر، فاطمه. (1390). ارزیابی رابطه محتوای اطلاعاتی اقلام تعهدی و نسبت‌های مالی منتخب با قیمت سهام شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران. پژوهش‌های حسابداری مالی، سال سوم، صص 55-76.

-      Ahmad-Zaluki, N.A., Campbell, K. and Goodacre, A. (2011). Earnings management in Malaysian IPOs: the East Asian crisis, ownership control, and post-IPO performance International Journal of Accounting, Vol. 46 No. 2, pp. 111-137.

-      Alhadab, M. (2017). Real and Accrual Earnings Management around Initial Public Offerings in Jordan. International Business Research, Vol. 11, No. 1, pp. 204-216.

-      Aminul Islam, Md., Ruhani, Ali and Zamri, Ahmad. (2010). An Empirical Investigation of the Underpricing of Initial Public Offerings in the Chittagong Stock Exchange. International Journal of Economies and Finance, 2(4): 36-46.

-      Azar, A., Rostami, M. and Safari, M. (2013). A Comparative Analysis of Determinants of the Underpricing IPOs of Governmental and Non-governmental Companies; A Case Study of Accepted Governmental and Non-governmental Companies in Tehran Stock Exchange. Journal of Strategic Mangement thought, Article 5, Volume 7, Issue 1, Page 157-185.

-      Bartov, E., Gul, F. A. and Tsui, J. S. L. (2001). Discretionary Accruals Models and Audit Qualifications. Accounting and Economic, 30 (3), pp.421-452.

-      Belkaoui, A. R. (2004). Is Earnings Management Affected by Human Development and Economic Freedom?. Review of Accounting and Finance, 3(1), pp.115-127.

-      Cai, C., Li, M. and He, H. (2013). Restraint condition, IPO earnings management and corporate performance – viewpoint from accruals and real earnings management. Accounting Research, No. 10, pp. 35-42.

-      Chan, K., Chan, L., Jegadeesh, N. and Lakonishok, J. (2006). Earnings quality and stock returns. Journal of business, Vol. 79 No. 3, pp. 1041-1082.

-      Chang, S.-C., Chung, T.-Y. and Lin, W. C. (2010). Underwriter reputation, earnings management and the long-run performance of initial public offerings. Accounting and Finance, Vol. 50 No. 1, pp. 53-78.

-      Cormier, D. and Martinez, I. (2006). The association between management earnings forecasts, earnings management, and stock market valuation: evidence from French IPOs. The International Journal of Accounting, Vol. 41 No. 3, pp. 209-236.

-      Datta, S., Iskandar, Datta. M. and Singh, V. (2013). Product market power, industry structure, and corporate earnings management. Journal of Banking and Finance, Vol. 37 No. 8, pp. 3273-3285.

-      Dechow, P., Hutton, A., Kim, J., & Sloan, R. (2011). Detecting earnings management: a new approach., Available at: http://www.ssrn.com. Ferdinand Gul,

-      Dechow, P.M., Sloan, R.G. and Sweeney, A.P. (1995). Detecting Earnings Management. The Accounting Review. Vol. 70, pp. 193-225.

-      Ducharme, L.L., Malatesta, P.H. and Sefcik, S.E. (2001). Earnings management: IPO valuation and subsequent performance. Journal of Accounting, Auditing & Finance, Vol. 16 No. 4, pp. 369-396.

-      Fan, Q. (2007). Earnings Management and Ownership Retention for Initial Public Offering Firms: Theory and Evidence. The Accounting Review, 82, pp.27-64.

-      Francis J. and Micheal, S. (2005). A Re-Examination of the Persistence of Accruals and Cash Flow. Journal of Accounting and Economics, 43, pp.413-451.

-      Francis J. and Micheal, S. (2005). A Re-Examination of the Persistence of Accruals and Cash Flow. Journal of Accounting and Economics, 43, pp.413-451.

-      Friedlan, J.M. (1994). Accounting choices of issuers of initial public offerings. Contemporary Accounting Research 11(1):pp. 1-31.

-      Gao, J., Cong, M. L. and Evans, J. (2015). Earnings Management, IPO Underpricing and Post-Issue Stock Performance of Chinese SMEs. The Chinese Economy, 48:5, pp.351-371

-      Gul, F.A., Fung, S.Y. and Jaggi. B.L. (2009). Earning quality: Some evidence on the role of auditor tenure and auditors, industry expertise. Journal of Accounting and Economics, No 47, pp: 265- 280.

-      Hasan, T., Hadad, M. and Ahmed, K. (2016). The accuracy of management profit forecasts in IPO prospectuses: evidence from Indonesia. Journal of Accounting in Emerging Economies, Vol. 6 Iss 1 pp. 2–12.

-      Hashemi, S. A. and Behzadfar, F. (2011). The Evaluation Relationship between Information Content of Accountability Items and Selected Financial Ratios with the Price of Shares of Companies Listed in Tehran Stock Exchange. Financial Accounting Research. Vol 3. pp. 55-76. ( in Persian)

-      Healy, P. and Wahlen, J. (1999). A Review of the Earnings Management Literature and Its Implications for Standard Setting. Accounting Horizons, 13 (4), 36583.

-      Huang, L. and Xie, D. (2014). Pre-IPO performance pressure, cash flow constraint and implicit choice of development expenditures accounting policy. Nankai Business Review, Vol. 17 No. 6, pp. 72-82.

-      Jiang, Y. and Wang, Q. (2011). Ownership structure and real earnings management. Research on Financial and Economic Issues, No. 5, pp. 73-80.

-      Jones, S. and Sharma, R. (2001). The Impact of Free Cash Flow, Financial Leverage and Accounting Regulation on Earnings Management in Australia's. Old and New Economics, Managerial Finance, 27 (12), pp.19-38.

-      Kamel, H. (2012), Earnings management and initial public offerings: a new perspective from Egypt. Journal of Accounting in Emerging Economies, Vol. 2 Iss 2,  pp. 96 – 118

-      Kim, J.B. and Sohn, B. C. (2013). Real Earnings Management and Cost of Capital. Journal of Accounting and Public Policy, Vol. 32 No. 6, pp. 518-543.

-      Kordlar, A. E., Hasani, E. and Dariani, A. (2006). Investigate of earnings management by initial public offering (IPO) firms in Iran. Journal of Accouting and Auditing Review, Article 1, Vol. 13, Issue 3, No. 1716. ( in Persian)

-      Lee, P. J., Taylor, S. J. and Taylor, S. L. (2006). Auditor conservatism and audit quality: evidence from IPO earnings forecasts. International Journal of Auditing, Vol. 10, pp. 183-199.

-      Li, B. and Zhang, J. (2010). Research on economic consequences of real earnings management: experimental evidence from sale manipulation. Management Review, Vol. 22 No. 9, pp. 84-92.

-      Li, Z., Huang, H. and Lian, Y. (2012). Equity private placement, earnings management and the decreased performance of China listed companies based on accruals manipulation and real activities manipulation. Journal of Applied Statistics and Management, Vol. 31 No. 5, pp. 941-950.

-      Maheshwari, Y. and Agrawal, K. (2015). Impact of IPO grading on earnings management. Journal of Financial Reporting and Accounting, Vol. 13 Iss 2 pp. 142–158.

-      Mashayekhi, B., Mehrani, S. and Mehrani, K. and Karami, G. (2006). The role of Discretionary accruals in Earning Mnangement, Journal of Accouting and Auditing Review. Vol. 12, Issue 4, No. 1712. (in Persian)

-      Mostafazadeh, M. (2008). The Impact of Earnings Management on the Value Relevance of Earnings and Book Value in Tehran Stock Exchange Companies. M.A. Thesis. Islamic Azad University Neyshabur Branch. (In Persian)

-      Pourzamani, Z., Jahanshad, A. and Zaeri, A. (2010). The Impact of Earnings Management on Value Relevance of the Elements of Financial Statements. Quarterly the Financial Accounting and Auditing Researches, 2 (6), pp.39-63. (In Persian)

-      Roosenboom, P., Van der Goot, T. and Mertens, G. (2003). Earnings management and initial public offerings: evidence from The Netherlands. International Journal of Accounting, Vol. 38 No. 3, pp. 243-266.

-      Safari, M. (2007). The Investigation of the Effect of Earnings Management on Value Relevance of Accounting Information in Tehran Stock Exchange Companies. M.A. Thesis. University of Tehran. (In Persian).

-      Saghafi, A. and Talebi, N.A. (2016). Effect of Corporate Governance Mechanisms on the Companies' Performance of Initial Public Offering in Tehran Stock Exchange. Empirical Studies in Financial Accounting Quarterly, Article 1, Volume 13, Issue 50, , pp. 9-32 . ( in Persian)

-      Sajjadi, S. H. and Arabi, M. (2010). The impact of Audit Quality on Earning Management. Journal of formal Certified Accountant. Vol. 6, No 12, pp. 104-108. (in Persian)

-      Salek, H., Googerdchian, A. and Khani, A. (2016). The Effect of Corporate Governance on Earnings Management of Listed Companies on the Tehran Stock Exchange with an IPO Firm. Journal of Iranian Accounting Review, Article 5, Volume 3, Issue 10, pp. 81-100. ( in Persian)

-      Schipper, K. (1989). Commentary on earnings management. Accounting Horizons, Vol. 3 No. 4, pp. 91-102.

-      Shafipoor, S. M. and Aliabadi, F. J. (2015). Initial Public Offering: earnings management and ownership structure, Journal of Impirical Research in Accounting. Vol. 4, Iss 4, No. 16, pp. 17-32. (in Persian)

-      Sun Yong. (2007). Two essay on ipo earnings management. Doctoral dissertation, UMI 3283070

-      Teoh, S. H., Wong, T. J. and Rao, G. R. (1998). Are accruals during initial public offerings opportunistic? Review of Accounting Studies, No. 3, pp. 175-208.

-      Wael, M. (2017). The impact of earnings management on the value relevance of earnings Empirical evidence from Egypt. Managerial Auditing Journal, Vol. 32 Iss 1 pp. 50–74.

-      Wang, L. (2013). Real activities earnings management and equity cost. Journal of Management Sciences, Vol. 26 No. 5, pp. 87-99.

-      Wang, Z. and Liu, X. (2003). Empirical research on listed firms IPO earnings management and market performance. Economic Management, No. 18, pp. 78-81.

-      Zhang, H. (2014). Product market competition and earnings management. Doctoral dissertation.