بررسی تجربی تاثیرگذاری قابلیت مقایسه و خوانایی صورت‌های مالی بر اجتناب از قیمت‌گذاری نادرست سهام شرکت‌ها

نوع مقاله : مقاله پژوهشی

نویسندگان

1 استادیار گروه حسابداری، دانشگاه پیام نور، تهران، ایران

2 استادیار گروه حسابداری واحد زنجان، دانشگاه آزاد اسلامی، زنجان، ایران

3 کارشناسی ارشد حسابداری، دانشگاه پیام نور، تهران، ایران

10.22051/jfm.2024.43428.2808

چکیده

پژوهش حاضر به دنبال بررسی تاثیرگذاری قابلیت مقایسه و خوانایی صورت­های مالی بر اجتناب از قیمت‌گذاری نادرست سهام شرکت­ها است. در راستای حصول به اهداف پژوهش، اطلاعات نمونه­ای مرکب از  127 شرکت پذیرفته شده در بورس اوراق بهادار که طبق الگوی حذف سیستماتیک انتخاب شده بودند برای یک دوره زمانی 10 ساله (1400- 1391) گردآوری شد و از آنجا که داده­های دوره 1400 در محاسبات مورد نیاز بود از 9 دوره جهت کارهای آماری استفاده شد. برای آزمون فرضیه‌های پژوهش از یک مدل رگرسیون چندمتغیره خطی بهره گرفته شد. به منظور قیمت­گذاری نادرست سهام، از مدل گسترش‌یافته پانتزالیس و پارک (2013) و برای سنجش خوانایی و قابلیت مقایسه صورت­های مالی نیز، به ترتیب از شاخص فوگ و شاخص سود-بازده استفاده شده است. نتایج آزمون فرضیه­های پژوهش نشان داد افزایش هر دو متغیر خوانایی گزارش‌های مالی و قابلیت مقایسه اطلاعات حسابداری به طور مجزا، منجر به کاهش حجم قیمت‌گذاری نادرست سهام می‌شود. به علاوه، بررسی‌های بیشتر آشکار ساخت تعامل دو متغیر فوق نیز منجر به مبادله و شکل‌گیری قیمت‌های سهام در ارقامی نزدیک به ارزش‌های ذاتی آن‌ها شده و حجم قیمت­گذاری نادرست سهام به دلیل کاهش نابرابری اطلاعاتی کاهش می‌یابد

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

Empirical Investigating of the Impact of Comparability and Readability of the Financial Statements on Avoiding of the Companies Shares' Incorrect Pricing

نویسندگان [English]

  • Vahab Rostami 1
  • Mehdi Mohammadi 2
  • Hamed Kargar 3
1 Assistant Prof. , Department of Accounting, Payame Noor University, Tehran, Iran
2 Assistant Prof, Department of Accounting,, Zanjan branch, Islamic Azad University, Zanjan, Iran
3 MA. In Accounting, Payame Noor University, Tehran, Iran
چکیده [English]

The present study aim is to empirically investigate the impact of comparability and readability of financial statements on avoiding incorrect pricing of company shares. In order to achieve the objectives of the research, a sample of 127 companies listed in the Stock Exchange, which were selected according to the systematic elimination pattern, was collected for a period of 10 years from 2013 to 2022, and since the data of the period 2022 in the calculations It was needed for 9 years and was used for statistical work. A multivariable linear regression model was used to test the research hypotheses. For incorrect pricing of shares, the model previously developed by Pantzalis and Park (2013) and for measuring the readability and comparability of financial statements, the fog index and the profit-return index were used, respectively. The results of the research hypotheses test showed that the increase of both the readability of financial statements and the ability to compare accounting information separately leads to a decrease in the volume of incorrect stock pricing. In addition to that, further investigations revealed the interaction of the above two variables and led to the exchange and formation of stock prices in figures close to their intrinsic values, and the volume of incorrect stock pricing has decreased due to the reduction of information inequality

کلیدواژه‌ها [English]

  • Comparability of Financial Information
  • Stock incorrect pricing
  • Readability of financial statements
  • Quality of financial information
Aflatooni, A. (2015). The low power of shareholders in processing information and its role in incorrect pricing of company shares. Financial Knowledge of Securities Analysis (Financial Studies), 9(30), 55-66(In persian).
Ahmadi, A., & Ghaemi, M. H. (2019). Real Earnings Management and Financial Reporting Readability. Applied Research in Financial Reporting, 7(2), 45-72(In persian).
Aiyabei, J.C(2021) Effect of Financial Statement Information on IdiosyncraticVolatilityofStockReturnsamongListedFirmsinKenya.URIhttp://localhost/xmlui/handle/123456789/5530.
Aldoseri, M. M, & Melegy, M. M. A. (2023) Readability of Annual Financial Reports, Information Efficiency, andStock Liquidity: Practical Guides from the Saudi Business Environment. Information Sciences Letters an International Journal. Inf. Sci. Lett. 12(2), 813-821.
Babaei, G., Pakmaram, A., Badavar Nahandi, Y., & Rezaei, N. (2021). The Relationship between Corporate Social Responsibility and Financial Statements Comparability with an Emphasis on the Role of Institutional Ownership. Journal of Accounting Knowledge, 12(4), 43-66. doi: 10.22103/jak.2021.17484.3479(In persian).
Badavar Nahandi, Y., & Sarafraz, E. (2018). The Relationship between Stock Mispricing and Corporate Investments with Emphasis on the Role of Financial Constraints and Time Horizon of Stockholders Investment. Financial Knowledge of Securities Analysis, 11(37), 119-132(In persian).
Bagheri Azghandi, A., Hesarzadeh, R., & Abbaszadeh, M. R. (2018). Readability of Financial Statements and the Sensitivity of Investors to Use of Accounting Information. Financial Management Perspective, 8(23), 87-103(In persian).
Behnampour, M., Hashemi Dehchi, M., & Izadinia, N. (2023) The ability to compare financial statements and managers' use of corporate resources. Accounting Knowledge, 52(14), 51-69(In persian).
Cao, Z, S Chelikani, O Kilic, X Wang (2022) Implied Volatility Spread and Stock Mispricing- Journal of Behavioralhttps://doi.org/10.1080/15427560.2022.2085278  
Chi, J. and Gupta, M., (2009). “Over valution and earning managment”, Journal of Banking and Finance, 9(33).1652-1663.
Choi, J.H., Choi, S., Myers, L.A. & Ziebart, D. (2019) Financial statement comparability and the informativeness of stock prices about future earnings. Contemp. Account. 2(36), 389–417.
Dadashi, I. & Norouzi, M. (2020). Investigating the Mediating Effect of Financial Reporting Readability on the Relationship between Earnings Management and Cost of Capital. Journal of Accounting Knowledge, 11(1), 135-157. doi: 10.22103/jak.2020.11718.2629(In persian).
Hamidian, N., & Eshaghi, G. (2022). The Effect of Comparability of Financial Statements and the Opacity in Financial Reporting on the Value Relevance of Earnings and Book Value per Share. Empirical Studies in Financial Accounting, 19(73), 85-115. doi: 10.22054/qjma.2022.63507.2312(In persian).
Hasan, M. M., & N. Alam (2022) Asset redeployability and trade credit. International Review of Financial Analysis, 102024.
hashemi, A., & moshashae, M. (2018). Corporate Governance and the Relation between Investor Sentiment and Corporate Investment Decisions. Empirical Research in Accounting, 8(1), 199-226. doi: 10.22051/jera.2017.10751.1349(In persian).
He, M., Huang, J. & Zhu, H. (2021), "Heterogeneous beliefs and idiosyncratic volatility puzzle: evidence from China", China Finance Review International. 11(1). 124-141. https://doi.org/10.1108/CFRI-07-2019-0128.
Heidari, M., Ghaderi, B., & Hamekhani, S. (2018). The Mediation of Information Asymmetry on the Relationship between Audit Quality and Financing Policies. Financial Management Strategy, 5(4), 93-126. doi: 10.22051/jfm.2018.11708.1146(In persian).
Hosseini, S. A., & Ahmadi, S. (2021). Investigating the Relationship between Financial Statements Complexity and Voluntary Disclosure Based on the Role of Firm Performance, Liquidity, and Institutional Owners. Financial Management Strategy, 9(2), 87-64. doi: 10.22051/jfm.2020.28659.2231(In persian).
Joudi, S., & Mansourfar, G. (2020). The role of audit quality on the relationship between information asymmetry and both informative and deceptive dimensions of income smoothing. Financial Accounting Research, 12(1), 19-38. doi: 10.22108/far.2020.118604.1499(In persian).
Karami, F. G., & farajzadeh, F. M. (2015). Examining Relationship between Information Asymmetry and Mispricing of Accruals. Empirical Studies in Financial Accounting, 12(48), 77-104. doi: 10.22054/qjma.2016.4051(In persian).
Khodadadi, V, & Norouzi, M. (2015) Mispricing of shares and investment behavior of companies. Evidence from the theory of shareholder satisfaction. Advances in Accounting, Shiraz University, 8 (2), 122-93(In persian).
 Kim, S,   Kraft, P.&  Ryan, S.G. (2012) Financial statement comparability and credit risk. Review of Accounting Studies. 18(2), 783–823 (2013).
Liem, Thanh, N. (2021) Accounting comparability and accruals-based earnings management: Evidence on listed firms in an emerging market. Cogent Bus. Manag. 2021, 8, 1923356.
mahdavi R, azin far K, dadashi I, & barzgar G O. investigate the effect of readability financial reporting on credit with emphasis on the role of management ability in listed companies in Tehran stock exchange. mieaoi 2022; 11 (39) :195-220(In persian).
Mashaiekhi, B. & Yassin, A. (2022) Presenting the model of factors affecting pricing lower than actual in initial offerings with emphasis on the role of accounting information. Experimental researches of accounting, 2(44), 175-214(In persian).
Mehmood, W., Mohd-Rashid, R. & Ahmad, A.H. (2020) Impact of pricing mechanism on IPOoversubscription: evidence from Pakistan stock exchange, Pacific Accounting Review,32(2).1-16.
Mehmood, W., Mohd-Rashid, R. & Ahmad, A.H. (2020). Impact of pricing mechanism on IPOoversubscription: evidence from Pakistan stock exchange. Pacific Accounting Review,32(2).1-16.
Norouzi, M., Azinfar, K., Abbasi, E., & Dadashi, I. (2021). Modeling the Moderating Role of Corporate Governance in the Relationship between Financial Reporting Readability and Agency Cost. Financial Management Strategy, 9(2), 223-201. doi: 10.22051/jfm.2019.24896.1999(In persian).
Pakizeh, K., & Bashiri Joybari, M. (2012) The effect of incorrect valuation on the investment of companies admitted to the Tehran Stock Exchange. Scientific-Research Quarterly of Asset Management and Financing, 3(10). 81-98. (In persian).
Pantzalis, C. & Park, J, C. (2013) Agency Costs and Equity Mispricing. www.ssrn.com. 1-40.
Rahman, D., Muhammad K., Muhammad Jahangir A. & Barry O. 2023. Does product market competition influence annual report readability? Accounting and Business Research.27(2). 220-231. https://doi.org/10.1080/00014788.2023.2165031 .
Rezaei Pitenoei, Y., & Safari Qerayli, M. (2019). Financial reporting readability and the likelihood of fraudulent financial reporting. Financial Accounting Research, 10(4), 43-58.doi: 10.22108/far.2019.113858.1337(In persian).
Seifzadeh, M., Salehi, M., Abedini, B. & Ranjbar, M.H. 2021."The relationship between management characteristics and financial statement readability", EuroMed Journal of Business, 16(1), 108-126.https://doi.org/10.1108/EMJB-12-2019-0146.
Shen, F., Guo, Q., Liang, H. & Liu, Z. (2022), "Responses in divergence of opinion to earnings announcements: evidence from American depository receipts", International Journal of Managerial Finance, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IJMF-08-2021-0375
Thuy, C.T.M.; Khuong, N.V.; Canh, N.T.& Liem, N.T. (2022) Corporate Social Responsibility Disclosure and Financial Performance: The Mediating Role of Financial Statement Comparability. Sustainability 2021, 13, 10077. https:// doi.org/10.3390/su131810077
vagfi, S. H., & Oshkooh, A. (2021). Investigating the effect of information asymmetry on incorrect stock pricing with emphasis on the role of corporate political communication. Journal of Accounting Advances, 13(2), 387-419. doi: 10.22099/jaa.2022.42019.2186(In persian).
Xu, H., Pham, T.H. & Dao, M. (2020), "Annual report readability and trade credit", Review of Accounting and Finance, 19(3). 363-385. https://doi.org/10.1108/RAF-10-2019-0221.
Yong, O. & Albada, A.Z. (2018), “Under-pricing and listing board in explaining heterogeneity ofopinion regarding values of Malaysian IPOs”, Jurnal Pengurusan, Vol. 52, pp. 63-72.
Yu,Z. (2022) Financial Report Readability and Accounting Conservatism. Marilyn Davies College of Business, University Houston Downtown, Houston, TX 77002, USARisk Financial Manag.15(10), 454; https://doi.org/10.3390/jrfm15100454.