بررسی تاثیر خوانایی گزارشگری مالی بر تصمیمات سرمایه‌گذاری شرکت‌ها

نوع مقاله : مقاله پژوهشی

نویسندگان

گروه حسابداری، واحد تهران جنوب، دانشگاه آزاد اسلامی، تهران، ایران.

چکیده
هدف: گزارش‌هایی با خوانایی بالا، حاوی اطلاعات مثبتی برای تصمیم‌گیری سهامداران و سرمایه‌گذاران است و بالعکس. درک اطلاعات از گزارش‌های سالانه مدیران توسط خوانندگان بستگی به سهولت در نگارش گزارش‌های منتشر‌شده توسط مدیریت واحد دارد؛ ‌لذا بر پایه این استدلال، هدف از پژوهش حاضر بررسی تاثیر خوانایی گزارشگری مالی بر تصمیم‌های سرمایه‌گذاری شرکت‌های پذیرفته‌شده بورس اوراق بهادار تهران است.
روش‌شناسی پژوهش: با استفاده از یک نمونه متشکل از 167 شرکت طی سال‌های 1393 تا 1402 این مطالعه انجام شده است. روش پژوهش حاضر از طریق نمونه‌گیری به روش حذف سیستماتیک و پس از استخراج داده‌های لازم برای آزمون فرضیه‌ها از مدل رگرسیونی خطی چندگانه با استفاده از نرم‌افزار ایویوز پرداخته شد.
یافته‌ها: نتایج یافته‌های پژوهش نشان می‌دهد که دو شاخص فوگ و طول متن خوانایی گزارشگری مالی بر تصمیم‌های سرمایه‌گذاری تاثیر مثبت و معناداری دارد. شاخص فوگ به میزان 529/3 واحد و شاخص طول متن به میزان 076/0- واحد باعث کاهش در تصمیم‌های سرمایه‌گذاری می‌شود. بدین معنی که هرچه گزارش‌های منتشره توسط مدیریت واحد‌های تجاری از خوانایی بالاتری برخوردار باشد، تصمیم‌های مربوط به سرمایه‌گذاری شرکت نیز بیشتر خواهد بود.
اصالت/ارزش افزوده علمی: بررسی تاثیر خوانایی گزارشگری مالی بر تصمیمات سرمایه‌گذاری شرکت‌ها به دانش موجود در حوزه مدیریت مالی و سرمایه‌گذاری کمک می‌کند. این پژوهش نشان می‌دهد که خوانایی گزارش‌های مالی، به‌عنوان یکی از ویژگی‌های کیفی اطلاعات حسابداری، می‌تواند تاثیر مستقیمی بر تصمیم‌گیری‌های سرمایه‌گذاران داشته باشد. از آنجا که سرمایه‌گذاران و تحلیل‌گران مالی از اطلاعات موجود در گزارش‌های مالی برای ارزیابی وضعیت مالی و عملکرد شرکت‌ها استفاده می‌کنند، بهبود خوانایی این گزارش‌ها می‌تواند به تصمیم‌گیری‌های بهینه‌تر و کاهش عدم‌اطمینان‌ها منجر شود. این مطالعه با شناسایی و تحلیل این رابطه، به افزایش درک علمی از چگونگی تاثیرگذاری کیفیت اطلاعات مالی بر رفتار سرمایه‌گذاران کمک می‌کند.

کلیدواژه‌ها

موضوعات


عنوان مقاله English

Investigating the impact of financial reporting readability on companies' investment decisions

نویسندگان English

Sharzad Seraj
Mostafa Bahrami
Department of Accounting, South Tehran Branch, Islamic Azad University, Tehran, Iran.
چکیده English

Purpose: Reports with high readability contain positive information for shareholders and investors to make decisions, and vice versa. Readers' understanding of information from managers' annual reports depends on the ease with which unit management publishes the reports. Therefore, based on this argument, the current research aims to investigate the impact of financial reporting readability on companies' investment decisions admitted to the Tehran Stock Exchange.
Methodology: This study used a sample of 167 companies between 2014 and 2023. The method used in the present research was systematic elimination sampling, followed by extracting the necessary data to test the hypotheses using the multiple linear regression model in Eviews.
Findings: The research findings show that the two indicators of fog and the length of the readability text of financial reporting have a positive and significant effect on investment decisions. The fog index of 3.529 units and the text length index of -0.076 units decrease investment decisions. It means that the more readable the reports published by business unit management are, the more decisions related to the company's investment will be made.
Originality/Value: Examining the impact of financial reporting readability on companies' investment decisions contributes to existing knowledge in financial management and investment. This research shows that the readability of financial reports, as a qualitative characteristic of accounting information, can directly affect investors' decisions. Since investors and financial analysts use information in financial reports to evaluate companies' financial status and performance, improving the readability of these reports can lead to better decision-making and reduce uncertainty. By identifying and analyzing this relationship, this study helps increase scientific understanding of how the quality of financial information affects investor behavior.

کلیدواژه‌ها English

Readability of financial reporting
Company investment decisions
Fog index
[1]   Ertugrul, M., Lei, J., Qiu, J., & Wan, C. (2017). Annual report readability, tone ambiguity, and the cost of borrowing. Journal of financial and quantitative analysis, 52(2), 811–836.
[2]   Safari Gerayli, M., & Rezaei Pitenoei, Y. (2019). Business strategy and financial reporting readability. Financial accounting, 11(42), 130-150. (In Persian). https://www.sid.ir/paper/168242/en
[3]   Barnett, A., & Leoffler, K. (1979). Readability of accounting and auditing messages. The journal of business communication, 16(3), 49–59. https://doi.org/10.1177/002194367901600
[4]    Cazier, R. A., & Pfeiffer, R. J. (2016). Why are 10-K filings so long? Accounting horizons, 30(1), 1–21. DOI:10.2308/acch-51240
[5]    Huddart, S., Ke, B., & Shi, C. (2007). Jeopardy, non-public information, and insider trading around SEC 10-K and 10-Q filings. Journal of accounting and economics, 43(1), 3–36. DOI:10.1016/j.jacceco.2006.06.003
[6]     Lim, E. K., Chalmers, K., & Hanlon, D. (2022). The influence of business strategy on annual report readability. Journal of accounting and public policy, 37(1), 65–81. (In Persian). DOI:10.1016/j.jaccpubpol.2018.01.003
[7]    Loughran, T., & Mcdonald, B. (2014). Measuring readability in financial disclosures. Journal of finance, 69(4), 1643–1671. DOI:10.1111/jofi.12162
[8]    Yu, C. H., & Miller, R. C. (2010). Enhancing web page readability for non-native readers [presentation]. Proceedings of the sigchi conference on human factors in computing systems (pp. 2523–2532). https://doi.org/10.1145/1753326.175370
[9]     Bendriouch, F., Jabbouri, I., Satt, H., Jariri, Z., & M’hamdi, M. (2024). Tone complexity and the cost of debt retrospective data from the USA. Review of behavioral finance, 16(1), 1–16. DOI:10.1108/RBF-02-2022-0064
[10]   Vafaeipoor, R., Ghasemi, M., & Mohseni, A. (2021). Providing qualitative model of financial reporting based on the components of ethics, social responsibility and tone management and prioritization of indicators in accounting and auditing firms. Professional auditing research, 1(3), 98-127. (In Persian). DOI:10.22034/arj.2021.247702
[11]   Rajabalizadeh, J. (2023). Readability of auditor reports: does audit market competition matter? Empirical evidence from Iran. Asian review of accounting, 32(1), 1–28. https://doi.org/10.1108/ARA-04-2022-0096
[12]   Kim, T., & Sun, L. (2024). Energy hedging and annual report readability. Asian review of accounting, 32(2), 278–301. DOI:10.1108/ARA-04-2023-0119
[13]   You, H., & Zhang, X. (2009). Financial reporting complexity and investor underreaction to 10-K information. Review of accounting studies, 14, 559–586. https://doi.org/10.1007/s11142-008-9083-2
[14]   Huong Dau, N., Van Nguyen, D., & Thi Thanh Diem, H. (2024). Annual report readability and firms’ investment decisions. Cogent economics and finance, 12(1), 2296230. DOI:10.1080/23322039.2023.2296230
[15]   Shayegan, M., Amiri, H., & Kohbor, M. A. (2022). The impact of auditor style on the relationship between financial reporting readability and stock price synchronicity. Journal of management accounting and auditing knowledge, 11(43), 209-224. (In Persian). https://www.jmaak.ir/article_19729_en.html
[16]   Madadizadeh, E., Taebinaghanderi, A., & Zeinali, H. (2022). The impact of tax aggressiveness and accounting fraud on financial reporting readability. Journal of management accounting and auditing knowledge, 11(43), 379-392. (In Persian). https://www.jmaak.ir/article_20072.html?lang=en
[17]   Kazemiolum, M., Abdi, M., Zalaghi, H., & Jalalvand, H. (2020). The impact of the annual report readability on the audit engagement risk measures. Accounting and auditing review, 27(2), 202-230. (In Persian). DOI:10.22059/acctgrev.2020.299740.1008366
[18]   Toerien, F. E., & du Toit, E. (2024). Fighting through the Flesch and Fog: the readability of risk disclosures. Accounting research journal, 37(1), 39–56. https://doi.org/10.1108/ARJ-03-2023-0094
[19]   Dao, M., & Xu, H. (2024). Shareholder activism and accounting reporting complexity. Journal of accounting literature, 46(1), 121–149. DOI:10.1108/jal-11-2022-0122
[20]   Fatahi Nafchi, H., Joodaki, M., & Mansoorian, Z. (2023). The impact of CEO power on financial reporting readability: exploring the moderating influence of earnings performance and corporate governance. Accounting and auditing review, 30(4), 725-746. (In Persian). DOI:10.22059/acctgrev.2024.364836.1008854
[21]   Hosseinpour, Y., Izadinia, N., Mohammadi Khoshoui, H., & Alimoradi, M. (2023). Investigating the effect of economic and accounting performance criteria on the readability of financial reporting based on the information narrative disclosure. Empirical research in accounting, 13(1), 21-40. (In Persian). DOI:10.22051/jera.2022.40870.3022
[22]   Daryaei, A., & Imeni, M. (2023). Financial reporting readability and the cost of capital: emphasizing the moderating role of financial reporting quality. Financial accounting knowledge, 10(1), 133-161. (In Persian). DOI:10.30479/jfak.2022.16552.2949
[23]   Yusufand, D., Mohammadi, M., & Yusofund, Z. (2021). Investigating the impact of financial reporting readability on tax avoidance and the quality of accruals. Accounting and auditing studies, 10(39), 111-126. (In Persian). https://www.sid.ir/paper/959878/
[24]   Spence, M. (1978). Job market signaling. In Uncertainty in economics (pp. 281–306). Elsevier. https://doi.org/10.1016/B978-0-12-214850-7.50025-5
[25]   Washburn, M. (2017). The effect of auditing standard no. 5 on audit delay and audit fees [Thesis]. https://www.proquest.com/openview/8b04ec449c1a572789b05b2c8c4d2805/1?pq-origsite=gscholar&cbl=18750.
[26]   Asare, S. K., & Wright, A. M. (2012). Investors’, auditors’, and lenders’ understanding of the message conveyed by the standard audit report on the financial statements. Accounting horizons, 26(2), 193–217. DOI:10.2308/acch-50138
[27]   Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: a review and assessment. Journal of management, 37(1), 39–67. DOI:10.1177/0149206310388419
[28]   Dalwai, T., Chinnasamy, G., & Mohammadi, S. S. (2021). Annual report readability, agency costs, firm performance: an investigation of Oman’s financial sector. Journal of accounting in emerging economies, 11(2), 247–277. DOI:10.1108/JAEE-06-2020-0142
[29]   Li, F. (2008). Annual report readability, current earnings, and earnings persistence. Journal of accounting and economics, 45(2–3), 221–247. DOI:10.1016/j.jacceco.2008.02.003
[30]   Lo, K., Ramos, F., & Rogo, R. (2017). Earnings management and annual report readability. Journal of accounting and economics, 63(1), 1–25. DOI:10.1016/j.jacceco.2016.09.002
[31]   Rennekamp, K. (2012). Processing fluency and investors’ reactions to disclosure readability. Journal of accounting research, 50(5), 1319–1354. DOI:10.1111/j.1475-679X.2012.00460.x
[32]   Shah, A. K. (2007). Easy does it: the role of fluency in cue weighting. Judgment and decision making, 2(6), 371–379. http://journal.sjdm.org/jdm7730.pdf
[33]   Lee, Y. J. (2012). The effect of quarterly report readability on information efficiency of stock priceś. Contemporary accounting research, 29(4), 1137–1170. DOI:10.1111/j.1911-3846.2011.01152.x
[34]   Libby, R., Bloomfield, R., & Nelson, M. W. (2002). Experimental research in financial accounting. Accounting, organizations and society, 27(8), 775–810. https://doi.org/10.1016/S0361-3682(01)00011-3
[35]   Grossman, S. J. (1980). On the impossibility of informationally efficient markets. The american economic review, 70(3), 393–408. https://www.jstor.org/stable/1805228
[36]   Hassan, M. K., Abu Abbas, B., & Garas, S. N. (2019). Readability, governance and performance: a test of the obfuscation hypothesis in Qatari listed firms. Corporate governance (Bingley), 19(2), 270–298. DOI:10.1108/CG-05-2018-0182
[37]   Soepriyanto, G., Tjokroaminoto, S., & Zudana, A. E. (2021). Annual report readability and accounting irregularities: evidence from public listed companies in Indonesia. Journal of financial reporting and accounting, 19(5), 793–818. DOI:10.1108/JFRA-01-2020-0006