بررسی رابطه بین عدم تقارن اطلاعاتی و بازده سهام با تاکید بر نقش تعدیلی محافظه‌کاری شرطی در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی

نویسندگان

1 گروه حسابداری، دانشگاه شهید چمران، اهواز، ایران.

2 گروه مدیریت بازرگانی، دانشگاه شیخ بهایی، اصفهان، ایران.

چکیده
هدف: عدم‌ تقارن اطلاعات میان مدیریت و افراد برون‌سازمانی موجب اعمال محافظه­‌کاری بیشتری در گزارشگری مالی می‌­شود. محافظه‌کاری هم به نوبه خود انگیزه و توان مدیران را در دستکاری اطلاعات حسابداری، تقلیل و بدین ترتیب هزینه­‌های نمایندگی ناشی از عدم تقارن اطلاعاتی را کاهش می­‌دهد. در پژوهش حاضر افزون بر بررسی تاثیر عدم‌ تقارن اطلاعاتی بر بازده سهام، تاثیر محافظه‌کاری شرطی بر رابطه بین عدم‌ تقارن اطلاعاتی با بازده سهام ‌در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران نیز مورد بحث و بررسی قرار می‌گیرد.
روش‌شناسی پژوهش: بدین صورت که محقق پس از طرح مبانی نظری و فرضیه‌های پژوهش، از طریق نمونه‌گیری به روش حذف سیستماتیک تعداد 114 شرکت پذیرفته­‌شده در بورس اوراق بهادار تهران را در یک قلمروی زمانی هفت ساله (1400-1394) به‌عنوان نمونه آماری برگزید و پس از استخراج داده‌های لازم برای آزمون فرضیه‌ها از مدل رگرسیونی خطی چندگانه با استفاده از نرم‌افزار اقتصادسنجی Eviews 14  پرداخت.
یافته‎‌ها: یافته‌های پژوهش ضمن تایید فرضیه‌ها، این نتیجه را دربر داشت که اولا عدم‌ تقارن اطلاعاتی بر بازده سهام تاثیر مثبت و معناداری دارد و ثانیا محافظه‌­کاری به‌­طور مستقیم روی بازده سهام تاثیر ندارد، اما افزایش آن موجب تضعیف شدت رابطه مستقیم بین عدم‌ تقارن اطلاعاتی و بازده سهام خواهد شد. 
اصالت/ارزش افزوده علمی: بنابراین، در مواقعی که عدم‌تقارن اطلاعات شرکت­‌ها بالا می­‌باشد، مدیران  شرکت­‌ها تخمینی محافظه‌کارانه از اطلاعات بازار ایجاد خواهند کرد. از این‌رو عدم‌ تقارن اطلاعات به‌طور بالقوه می‌­تواند منجر به اشتباهات یا ریسک­‌های بزرگی گردد.

کلیدواژه‌ها

موضوعات


عنوان مقاله English

Investigating the relationship between information asymmetry and stock returns, emphasizing the moderating role of conditional conservatism in companies listed on the Tehran stock exchange

نویسندگان English

Ali Kiani 1
Niloufar Zalekzadeh 2
1 Department of Accounting, Shahid Chamran University, Ahvaz, Iran.
2 Department of Business Administration, Sheikh Bahai University, Isfahan, Iran.
چکیده English

Purpose: The asymmetry of information between management and external people causes more conservatism in financial reporting. Conservatism, in turn, reduces managers' motivation and ability to manipulate accounting information, thereby reducing agency costs arising from information asymmetry. In the present study, in addition to examining the effect of information asymmetry on stock returns, the effect of conditional conservatism on the relationship between information asymmetry and stock returns in companies listed on the Tehran Stock Exchange is also discussed.
Methodology: In such a way that the researcher, after planning the theoretical foundations and hypotheses of the research, through systematic elimination sampling; he chose the number of 114 companies admitted to the tehran stock exchange in a period of seven years (2015-2021) as a statistical sample and after extracting the necessary data; to test the hypotheses, multiple linear regression model was used using Eviews software.
Findings: Research findings; while confirming the hypotheses, he concluded that, firstly, information asymmetry has a positive and significant effect on stock returns, and secondly, conservatism does not directly affect stock returns, but its increase weakens the intensity of the direct relationship between information asymmetry and stock returns.
Originality/Value: Therefore, when information asymmetry is high, company managers will create a conservative estimate of market information. Hence, information asymmetry can potentially lead to big mistakes or risks.

کلیدواژه‌ها English

Information asymmetry
Conditional conservatism
Stock return
[1]   Chen, J., Hong, H., & Stein, J. C. (2001). Forecasting crashes: trading volume, past returns, and conditional skewness in stock prices. Journal of financial economics, 61(3), 345–381. https://doi.org/10.1016/S0304-405X(01)00066-6
[2]   Solymaniamiri, G., Ahanpanje, Z. zare, & Daneshyar, F. (2021). Investigating the impact of intellectual capital indicators and information asymmetry on stock portfolio returns: growth or value? Knowledge of management accounting and auditing, 10(38), 167–181. (In Persian). https://www.magiran.com/paper/2282311
[3]   Mashayekhi, B., Hasanzadeh, S., Amini, Y., & Menati, V. (2015). The effect of internal audit cooperation on the timeliness of the independent audit report. Auditing, theory and practice, 3(2), 91–109. (In Persian).
https://www.noormags.ir/view/en/articlepage/1185329/text
[4]   Rezazadeh, J., & Abdolah, A. (2007). The relationship between information asymmetry and conservatism in financial reporting. Accounting and auditing review, 17(3), 207–221. (In Persian). https://acctgrev.ut.ac.ir/article_19961.html?lang=en
[5]   Watts, R. L. (2003). Conservatism in accounting part i: explanations and implications. Accounting horizons, 17(3), 207–221. https://doi.org/10.2308/acch.2003.17.3.207
[6]   KIM, J. B., & Zhang, L. (2012). Does accounting conservatism reduce stock price crash risk? Firm-level evidence. In 35th EAA annual congress, Ljubljana, Slovenia. CityU Scholars.  https://scholars.cityu.edu.hk/en/publications/publication
 [7]  Feltham, G. A., & Ohlson, J. A. (1995). Valuation and clean surplus accounting for operating and financial activities. Contemporary accounting research, 11(2), 689–731. https://doi.org/10.1111/j.1911-3846.1995.tb00462.x
[8]   Kellogg, R. L. (1984). Accounting activities, security prices, and class action lawsuits. Journal of accounting and economics, 6(3), 185–204. https://doi.org/10.1016/0165-4101(84)90024-7
[9]   Lafond, R., & Watts, R. L. (2008). The information role of conservatism. The accounting review, 83(2), 447–478.
[10]   Lara, J. M. G., Osma, B. G., & Penalva, F. (2016). Accounting conservatism and firm investment efficiency. Journal of accounting and economics, 61(1), 221–238. https://doi.org/10.1016/j.jacceco.2015.07.003
[11]   Basu, S. (1997). The conservatism principle and the asymmetric timeliness of earnings. Journal of accounting and economics, 24(1), 3–37.
[12]   Mozayeni, M. (2013). The relationship between product competitive structures and ownership structure with unconditional conservatism in financial reporting. [Thesis]. (In Persian). https://ganj.irandoc.ac.ir//#/search?keywords
[13]   Kharazi, M. R. (2015). Principles of corporate governance. Stock exchange (affiliated with stock information and services company). (In Persian). https://www.gisoom.com/book/1403660
[14]   Aboody, D., & Lev, B. (2000). Information asymmetry, R&D, and insider gains. The journal of finance, 55(6), 2747–2766. https://doi.org/10.1111/0022-1082.00305
[15]   Yassin, M. M., Ali, H. Y., & Hamdallah, M. E. (2015). The relationship between information asymmetry and stock return in the presence of accounting conservatism. International journal of business and management, 10(5), 126. https://pdfs.semanticscholar.org/2c63/84ad46674a15f779b651fa9c38b327062512.pdf
[16]   Hutton, A. P., Marcus, A. J., & Tehranian, H. (2009). Opaque financial reports, R2, and crash risk. Journal of financial economics, 94(1), 67–86. https://doi.org/10.1016/j.jfineco.2008.10.003
[17]   Mahbubi, H., Keshideh, M. D., Vesalian, H. M., & Nasabian, S. (2023). The effect of macroeconomic indicators on the volatility of stock returns. Financial accounting and audit research, 15(59), 199–218. (In Persian). https://doi.org/10.30495/faar.2023.705564
[18]   Shahrestani, M. H., Dastgir, M., & Yar, A. S. (2022). The effect of conditional and unconditional conservatism on future investment level and stock value. Financial accounting and audit research, 14(53), 1–30. (In Persian). https://doi.org/10.30495/faar.2022.691684
[19]   Kanani, A., Hejazi, R., Ghanbari, M., & Navid, B. J. (2021). The relationship between the product market competition and information asymmetry; structural equation modeling approach. Financial accounting and audit research, 13(50), 119–168. (In Persian). https://dorl.net/dor/20.1001.1.23830379.1400.13.50.5.2
[20]   Nahandi, Y. B., Khojaste, H., & Sharifzadeh, G. (2018). The moderating role of stock misvaluation on the relationship between information asymmetry and capital structure. Financial accounting and audit research, 10(37), 53–84. (In Persian). https://journals.iau.ir/article_539791_970d72017eadf0d3f84de016aa19d5f7.pdf
[21]   Akbaricheshmeh, S., Didar, H., & Chalaki, P. (2016). Investigating the impact of accounting conservatism on residual profit and abnormal profit in companies listed on the Tehran stock exchange. Accounting reviews, 4(14), 35–58. (In Persian). https://doi.org/10.22055/jiar.2017.19149.1062
[22]   Hashemi, S. A., Nejati, A., & Amiri, H. (2015). The effect of cost stickiness on conditional conservatism and information asymmetry. [Thesis]. (In Persian). https://elmnet.ir/doc/10717550-84771
[23]   Hajiha, Z., & Moradian, B. (2014). Investigating the impact of information asymmetry and company value on investment in Tehran stock exchange. Investment knowledge, 3(12), 97-116. (In Persian). https://jik.srbiau.ac.ir/article_7666.html
[24]   He, W. P., Lepone, A., & Leung, H. (2013). Information asymmetry and the cost of equity capital. International review of economics & finance, 27, 611–620. https://doi.org/10.1016/j.iref.2013.03.001
[25]   Nagar, V., Schoenfeld, J., & Wellman, L. (2019). The effect of economic policy uncertainty on investor information asymmetry and management disclosures. Journal of accounting and economics, 67(1), 36–57. (In Persian). https://doi.org/10.1016/j.jacceco.2018.08.011
[26]   Ugwunta, D. O., & Ugwuanyi, B. U. (2019). Accounting conservatism and performance of Nigerian consumer goods firms: an examination of the role of accruals. International journal of financial research, 10(1), 1–9. https://d1wqtxts1xzle7.cloudfront.net
[27]   Kim, J. B., & Zhang, L. (2016). Accounting conservatism and stock price crash risk: Firm-level evidence. Contemporary accounting research, 33(1), 412–441. https://doi.org/10.1111/1911-3846.12112
[28]   Prabowo, B. H. (2017). The impact of intellectual capital disclosure and information asymmetry on the cost of equity capital: an empirical investigation in Indonesia. International journal of research in business and social science, 6(5), 1–12. https://doi.org/10.20525/ijrbs.v6i5.763
[29]   Dai, B., & Yang, F. (2015). Monetary policy, accounting conservatism and trade credit. China journal of accounting research, 8(4), 295–313. https://doi.org/10.1016/j.cjar.2015.09.002
[30]   Sabet, A. H., & Heaney, R. (2016). An event study analysis of oil and gas firm acreage and reserve acquisitions. Energy economics, 57, 215–227. https://doi.org/10.1016/j.eneco.2016.05.002
[31]   Alves, H. S., Canadas, N., & Rodrigues, A. M. (2015). Voluntary disclosure, information asymmetry and the perception of governance quality: an analysis using a structural equation model. Tékhne, 13(1), 66–79. https://doi.org/10.1016/j.tekhne.2015.10.001
[32]   Francis, B., Hasan, I., & Wu, Q. (2013). The benefits of conservative accounting to shareholders: evidence from the financial crisis. Accounting horizons, 27(2), 319–346. https://doi.org/10.2308/acch-50431
[33]   Givoly, D., Hayn, C. K., & Natarajan, A. (2007). Measuring reporting conservatism. The accounting review, 82(1), 65–106.
[34]   Marchica, M. T., & Mura, R. (2010). Financial flexibility, investment ability, and firm value: evidence from firms with spare debt capacity. Financial management, 39(4), 1339–1365. https://doi.org/10.1111/j.1755-053X.2010.01115.x
[35]   Dehaan, E., Shevlin, T., & Thornock, J. (2015). Market (in) attention and the strategic scheduling and timing of earnings announcements. Journal of accounting and economics, 60(1), 36–55. (In Persian). https://doi.org/10.1016/j.jacceco.2015.03.003
[36]   Latif, M., Malik, M. S., & Aslam, S. (2012). Intellectual capital efficiency and corporate performance in developing countries: a comparison between Islamic and conventional banks of Pakistan. Interdisciplinary journal of contemporary research in business, 4(1), 405–420.
[37]   Khan, M., & Watts, R. L. (2009). Estimation and empirical properties of a firm-year measure of accounting conservatism. Journal of accounting and economics, 48(2–3), 132–150. (In Persian). https://www.sciencedirect.com/science/article/abs/pii/S0165410109000445
[38]   Beaver, W. H., & Ryan, S. G. (2005). Conditional and unconditional conservatism: concepts and modeling. Review of accounting studies, 10, 269–309. https://link.springer.com/article/10.1007/s11142-005-1532-6