بررسی توانایی ارقام مالی جهت خلاصه‌سازی اطلاعات قیمت سهام مبتنی بر "دیدگاه تونلینگ" با استفاده از نقش تعدیل‌گر سازوکارهای راهبری شرکتی قوی

نوع مقاله : مقاله پژوهشی

نویسنده

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


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

نویسنده [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
  1. Agrawal, A., Knoeber, C. R., (1996). Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis. 31 (3), 377–397.

    Aharony, J., Barniv, R., Falk, H., (2010). The impact of mandatory IFRS adoption on equity valuation of accounting numbers for security investors in the EU. European Accounting Review.19 (3), 535–578.

    Ahmadi, F. & Mohammadi, E. (2016). Investigating the Effect of Good Corporate Governance on Supplementary Value of Companies Accepted by Tehran Stock Exchange. Financial Research Journal. Article 3, 18 (2), 235-250 (in persian).

    Alford, A., Jones, J., Leftwich, R., Zmijewski, M., (1993). The relative informativeness of accounting disclosures in different countries. Journal of Accounting Research. 31 (3), 183–223.

    Audit Committee Technical Committee (2007), Accounting and Auditing Standards, Accounting Standards, Audit Organization Publications.

    Azwardi, Fuadah, L. L., & Nazihah, A. (2019). The effect of tax, tunneling incentive, bonus mechanisms, and firm size on transfer pricing (Indonesian evidence). Journal of Accounting, Finance and Auditing Studies, 5(1), 1-17.

    Balatbat, M. C. A., Taylor, S. L., Walter, T. S., (2004). Corporate governance, insider ownership and operating performance of Australian initial public offerings. Accounting and Finance, 44 (3), 299–328.

    Ball, R., Brown, P., (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research,6 (2), 159–178.

    Ball, Ray, Shivakumar, L (2015). Earnings quality in U. K. private firms: Comparative loss recognition timeliness. Journal of Accounting and Economics, 39 (1), 83-128.

    Banker, R., Byzalov, D., & J. M. Plehn - Dujowich (2010). Sticky cost behavior: Theory and evidence. Working paper, Temple University.

    Barnea, A., J, Ronen, & S, Sadan. (1976). Classificatory Smoothing of Income with Extraordinary Items. The Accounting Review. January, 110-122.

    Barth, M. E., (1991). Relative measurement errors among alternative pension asset and liability measures. The Accounting Review 66 (3), 433–463.

    Barth, M. E., Beaver, W. H., Landsman, W. R., (2001). The relevance of the value-relevance literature for financial accounting standard setting: another view. Journal of Accounting and Economics, 31(1–3), 77–104.

    Barth, M. E., Clinch, G., (1996). International accounting differences and their relation to share prices: evidence from U.K., Australian, and Canadian Firms. Contemporary Accounting Research, 13 (1), 135–170.

    Barth, M. E., Clinch, G., (1996). International accounting differences and their relation to share prices: evidence from U.K., Australian, and Canadian Firms. Contemporary Accounting Research,13 (1), 135–170.

    Barth, M. E., Landsman, W. R., Lang, M. H., (2008). International accounting standards and accounting quality. Journal of Accounting Research, 46 (3), 467–498.

    Barth, M., J. Elliott., and M. Finn. (1999). Market rewards associated with patterns of increasing earnings. Journal of Accounting Research, 37, 387-413.

    Bayat, Morteza; Zalaghi, Hasan; Mirhosseini, Iraj. (2015). Investigating the effect of profit sustainability on the value communication of accounting information. Accounting and auditing reviews. Article 4, 22 (1), 41-58 (in persian).

    BekhradiNasab, Vahid, Zholanezhad, Fatemeh. (2017). Investigating manager's behavior in dealing with costs based on corporate ranking approach with corporate governance mechanisms in Fuzzy Topsis. Journal of Modern Management Engineering, Article 2, 15(1,2), 17-37 (in persian).

    Brown, P., Beekes, W., Verhoeven, P., (2011). Corporate governance, accounting and finance: a review. Accounting and Finance, 51 (1), 96–172.

    Chen, K. C. W., Yuan, H., (2004). Earnings management and capital resource allocation: evidence from China's accounting-based regulation of rights issues. The Accounting Review, 79 (3), 645–665.

    Chi, j. (2005). "Understanding the endogeneity between firm value and shareholder rights", Financial Management, Financial Management Assosiation, 65-76.

    Demsetz, H., (1983). The structure of ownership and the theory of the firm. Journal of Law and Economics, 26 (2), 375–390.

    Demsetz, H., Lehn, K. (1985). The structure of corporate ownership: causes and consequences. Journal of Political Economy ,93 (6), 1155–1177.

    Demsetz, H., Villalonga, B., (2001). Ownership structure and corporate performance. Journal of Corporate Finance, 7 (3), 209–233.

    Drobetz, W. Schillhofer, A. Zimmermann, H. (2004). "Corporate governance and expected stock returns: evidence from Germany". European Financial Management, No10, pp 267–293.

    Farooque, O. A., van Zijl, T., Dunstan, K., Karim, A. W., (2010). Co-deterministic relationship between ownership concentration and corporate performance: evidence from an emerging economy. Accounting Research Journal, 23(2), 172–189.

    Francis, J., Schipper, K., (1999). Have financial statements lost their relevance? Journal of Accounting Research, 37 (2), 319–352.

    Gao, L., Kling, G., (2008). Corporate governance and tunneling: empirical evidence from China. Pacific-Basin Finance Journal, 16 (5), 591–605.

    Gao, L., Kling, G., (2012). The impact of corporate governance and external audit on compliance to mandatory disclosure requirements in China. Journal of International Accounting, Auditing and Taxation, 21 (1), 17–31.

    Ge, W., Drury, D. H., Fortin, S., Liu, F., Tsang, D., (2010). Value relevance of disclosed related party transactions. Advances in Accounting, incorporating Advances in International Accounting 26 (1), 134–141.

    George, S., Y. (2015). Value relevance, earnings management and corporate governance in China, Emerging Markets Review. doi: 10.1016/j.ememar.2015.04.009.

    Gordon, E. A. and Henry, E. (2005). Related Party Transactions and Earnings Management. Retrieved from http: //papers. ssrn. com/sol3/ papers. Cfm? abstract_id=612234&rec=1&srcabs=993532&alg =1& pos = 1.

    Graham, R. C., King, R. D., (2000). Accounting practices and the market valuation of accounting numbers: evidence from Indonesia, Korea, Malaysia, the Philippines, Taiwan, and Thailand. International Journal of Accounting, 35 (4), 445–470.

    Harris, T. S., Lang, M., Möller, H., (1994). The value relevance of German accounting measures: an empirical analysis. Journal of Accounting Research 32 (2), 187–209.

    Hasas Yeganeh, Y. (2005), Theoretical Foundations of Corporate Governance, Journalist Journal, No. 168 (in persian).

    Hermalin, B. E., Weisbach, M. S., (2003). Boards of directors as endnogenoursly determined institution: a survey of the economic literature. Economic Policy Review, 9 (1), 7–26.

    Hermalin, B. E., Weisbach, M. S., (2003). Boards of directors as endnogenoursly determined institution: a survey of the economic literature. Economic Policy Review, 9 (1), 7–26.

    Herrmann, D. R., Inoue, T., Thomas, W. B., (2003). The sale of assets to manage earnings in Japan. Journal of Accounting Research 41 (1), 89–108.

    Jensen, M. C. and Meckling, W. (1976). "The theory of the firm: Managerial Behavior, Agency Costs and Ownership Structure", Journal of Financial Economics, 3, 35-60.

    Jian, M., Wong, T. J., (2010). Propping through related party transactions. Review of Accounting Studies, 15 (1), 70–105.

    Jiang, G., Lee, C. M. C., Yue, H., (2010). Tunneling through intercorporate loans: the China experience. Journal of Financial Economics ,98 (1), 1–20.

    Kamyabi, Y., Booghmehrani, E., & Mohammadi, P. (2016). Investigate the relationship between transactions with affiliated entities and the gap between the right to control and the right of ownership of the ultimate controlling shareholder. Financial Management Strategies. Article 3, 4 (4), 45-65 (in persian).   

    Khosh Tinat, M. & Yousefi Aziz, F. (2007). The relationship between symmetry and information asymmetry with conservatism. Empirical studies of financial accounting. Article 2, 5 (20), 37-59 (in persian).

    Kohlbeck, M. and Mayhew, B. (2004). Agency Costs, Contracting and Related Party Transactions. Retrieved from http: //papers. ssrn. com/so l3/papers. cfm Abstract_id=592582.

    Kothari, S. P., (2001). Capital markets research in accounting. Journal of Accounting and Economics, 31 (1–3), 105–231.

    Liu, Q., Tian, G., (2012). Controlling shareholder, expropriations and firm's leverage decision: evidence from Chinese Non-tradable share reform. Journal of Corporate Finance, 18(4), 782–803.

    Lo, A. W. Y., Wong, R. M. K., Firth, M., (2010). Can corporate governance deter management from manipulating earnings? evidence from related-party sales transactions in China. Journal of Corporate Finance, 16 (2), 225–235.

    Lo, A. W. Y., Wong, R. M. K., Firth, M., (2010). Tax, financial reporting, and tunneling incentives for income shifting: an empirical analysis of the transfer pricing behavior of Chinese-listed companies. Journal of the American Taxation Assoication, 32 (2), 1–26.

    Lo, A. W. Y., Wong, R. M. K. (2011). An empirical study of voluntary transfer pricing disclosures in China. Journal of Accounting and Public Policy, 30 (6), 607–628.

    Matolcsy, Z., Tyler, J., Wells, P., (2011). The impact of quasi-regulatory reforms on boards and their committees during the period 2001–2007. Australian Accounting Review, 21(4), 352–364.

    Moradi, Mehdi; Salmanpour, Ali. (2017). Effect of Good Governance on Income Distribution in Selected States of the Organization of Islamic Cooperation. Two Social Quarterly. Article 2, 4(10), 33-59 (in persian).

    Ohlson, J. A., (1995). Eamings, book values, and dividends in equity valuation. Contemporary Accounting Research ,11 (2), 661–687.

    Okafor, O. N.,   Anderson, M. &  Warsame, H. (2016). IFRS and value relevance: evidence based on Canadian adoption, International Journal of Managerial Finance, 12(2),136-160.  https://doi.org/10.1108/IJMF-02-2015-0033.

    Rabiei, H., Amini, V. & Izadinia, N. (2013). Investigation of the Value Relationship of Accounting Information in the Companies Accepted in Tehran Stock Exchange. Empirical Accounting Research. Article 1, 2(4), 101-123 (in persian).

    Rakhshan, Z. (2011). The role of corporate governance in transactions with affiliated entities. Master's Thesis for Accounting at Mazandaran Payame Noor University (in persian).

    Setia-Atmaja, L. Y., (2009). Governance mechanisms and firm value: the impact of ownership concentration and dividends. Corporate Governance: An International Review 17(6), 694–709.

    Shaeri, S. & Hamidi, E. (2012), Identifying the motivations of transactions with affiliated entities, Quarterly Journal of Experimental Accounting Research, 2 (2), 64-49 (in persian).

    Shan, Y. G., (2013). Can internal governance mechanisms prevent asset appropriation? examination of Type I tunneling in China. Corporate Governance: An International Review, 21 (3), 225–241.

    Shan, Y. G., (2014). Corporate governance and voluntary disclosure of related-party transactions in China. Proceedings of the 37th Annual Congress of European Accounting Association, Estonian Business School, University of Tartu, Tallinn, Estonia, 21-23 May 2014. (http://www.eaa2014.org/userfiles/file/05%20EAA%20-%20GV.pdf)

    Tahata, Y. A. & Alhadab, M. (2017). Have accounting numbers lost their value relevance during the recent financial credit crisis? The Quarterly Review of Economics and Finance, 66, 182-191.

    Wong, R. M. K., Kim, J.-B., Lo, A. W. Y., (2015). Are related-party sales value-adding or value-destroying? evidence from China. Journal of International Financial Management and Accounting, 16 (1), 1–38.

    1. Xie & H. Lee (2018). Tunneling and Value Relevance of Financial Reports: Evidence from Hong Kong, Review of Economics & Finance, Better Advances Press, 11, 67-82.