تأثیر توانایی مدیران بر رابطه بین کیفیت گزارشگری مالی و کارایی سرمایه‌گذاری در شرکت‌های دارویی پذیرفته‌شده در بورس اوراق بهادار تهران

نوع مقاله: مقاله پژوهشی

نویسندگان

1 دانشیار حسابداری پردیس فارابی دانشگاه تهران

2 دانشجوی کارشناسی‌ارشد حسابداری پردیس فارابی دانشگاه تهران

چکیده

مقدمه: کیفیت گزارش‌های مالی با اقلام تعهدی سنجیده می‌شود و این‌ اقلام می‌تواند به‌وسیله مدیران دستکاری شود. بنابراین، مدیران می‌توانند با دستکاری اقلام تعهدی بر کیفیت گزارش‌های مالی تأثیر بگذارند. در این پژوهش، عنصر غیرمالی جدیدی با عنوان توانایی مدیران در نظر گرفته شده است و هدف بررسی تأثیر آن بر رابطه بین کیفیت گزارشگری مالی و کارایی سرمایه‌گذاری در شرکت‌های دارویی پذیرفته‌شده در بورس اوراق بهادار تهران است.
روش پژوهش: پژوهش حاضر از بُعد هدف از نوع توصیفی و تحلیلی و از بُعد نتیجه، پژوهشی کاربردی است. نمونه پژوهش شامل 24 شرکت فعـال در صـنعت دارویـی در بازه زمانی 1393-1385 است. برای برازش الگوی پژوهش از روش حداقل مربعات معمولی و رگرسیون چند متغیره استفاده شده است و داده‌ها از نوع  ترکیبی است. هم‌چنین، برای انجام محاسبات از نرم‌افزارهای DEA Frontier نسخه 1/4 و Eviews نسخه 9، استفاده شده است.
یافته‌ها: یافته‌های حاصل از آزمون فرضیه پژوهش نشان داد که توانایی مدیران بر رابطه بین کیفیت گزارشگری مالی و کارایی سرمایه‌گذاری اثرگذار نیست.
نتیجه‌گیری: نتیجه پژوهش حاضر حاکی از آن است که توانایی مدیران بر رابطه بین کیفیت گزارشگری مالی و کارایی سرمایه‌گذاری اثرگذار نیست. این نتیجه در بازار ایران به علت ناکارایی بازار سرمایه و بی‌ثباتی شرایط اقتصادی قابل توجیه است؛ چرا که در زمان ناکارایی بازار سرمایه بحث نامتقارنی اطلاعات پیش می‌آید ولی این نامتقارنی اطلاعات باعث نمی‌شود که هزینه‌های تأمین مالی شرکت‌ها به خاطر مخفی‌بودن اطلاعات واقعی آن‌ها از افکار عمومی بالا رود. در‌‌نتیجه، مدیران شرکت‌های دارویی برای بحث تأمین مالی با مشکل زیادی روبه‌رو نیستند و دلیلی برای افزایش شفافیت و کیفیت گزارش‌های خود نمی‌بینند؛ بنابراین، در این ارتباط، توانایی مدیران بی‌تأثیر است.

کلیدواژه‌ها


عنوان مقاله [English]

The Effect of Managers' Ability on the Relationship between the Quality of Financial Reporting and the Efficiency of Investment in the Pharmaceutical Companies Listed on the Tehran Stock Exchange

نویسندگان [English]

  • M. Kashanipour 1
  • H. Azar Khosh 2
  • M. Rahmani 2
1 Associate Professor, Department of Accounting, Farabi Campus of Tehran University
2 M. A. Student in Accounting, Farabi Campus of Tehran University
چکیده [English]

Introduction: The quality of financial reports is measured by accruals, and these accruals can be manipulated by managers. Therefore, managers by manipulating the accruals can affect the quality of financial reports. In this research, a new non-financial element has been considered as manager's ability, and its goal is to investigate the effect of manager's ability on the relationship between the quality of financial reporting and the efficiency of investment in the pharmaceutical companies listed on the Tehran Stock Exchange.
Method: This is an analytical descriptive research in terms of purpose and it is an applied research regarding the results. The sample of the research includes 24 active companies in the pharmaceutical industry from 2006 to 2014.  In order to fit the model of the research, the Ordinary Least Squares and Multi-variables Regression have been used, and the data are of the panel type. Moreover, in order to do the calculations, DEA Frontier Software Version 4.1 and Eviews Version 9 have been applied.
Results: The results derived from testing the research hypothesis showed that managers' ability does not influence the relationship between the quality of financial reporting and the efficiency of investment.
Conclusion: The findings of the current research suggest that managers' ability does not influence on the relationship between the quality of financial reporting and the efficiency of investment. This result in Iran's market is justifiable because of the inefficiency of the capital market and instability of economic conditions since at the time of inefficiency of the capital market, the discussion of the asymmetry of information is put forward, but the information asymmetry does not cause the financing costs to rise because of managers' hiding the real information from the public opinion. So, the managers of the pharmaceutical companies do not have much difficulty for providing the financing cost, and they do not believe in increasing the transparency and quality of their reports; hence, in this relationship, the managers' ability does not have any effect.

کلیدواژه‌ها [English]

  • Data Envelopment Analysis
  • Managers' Ability
  • the Efficiency of Investment
  • the Quality of Financial Reporting
1      Rastgar Panah, M. (2015). “Iran: the Second Largest Drug Consumers in Asia”, Available at: http://tasalam ati.com/e/8PQQ9/. [Online] [15 January 2016] [In Persian]

2      Piri, P.; Didar, H.; and S. Khodayar Yegane (2014). “Investigating the Effect of Management Ability on the Quality of Financial Reporting throughout the Life Cycle of the Companies Listed on the Tehran Stock Exchange”, Journal of Financial Accounting Research, Vol. 6, No. 3, pp. 99-118. [In Persian]

3      Hajeb, H.; Ghayoori Moghadam, A.; and M. Ghaffari (2014). “Examining the Effect of Managerial Ability on Capital Structure in the Pharmaceutical Products and Material Industry”, Journal of Health Accounting, Vol. 3, No. 3, pp. 1-17. [In Persian]

4      Sheikh-ol-eslami, F. (2014). “The Effect of Managers' Ability on the Quality of Financial Reporting and the Efficiency of Investment of the Companies Listed on the Tehran Stock Exchange”, M. A. Thesis in Accounting, University of Qom, Available at: http://www.irandoc.ac. ir/ganj/dashboard/. [Online] [18 June 2015] [In Persian]

5      Scott, W. R. (2012). Financial Accounting Theory, Pearson Education, 6th Edition, Torrento: Library and Archives Canada Cataloguing Pblications.

6      Francis, J.; Huang, A.; Rajgopal, S.; and A. Zang (2008). “CEO Reputation and Earnings Quality”, Contemporary Accounting Research, Vol. 25, No. 1, pp. 109-147.

7      Verdi, R. S. (2006). “Financial Reporting Quality and Investment Efficiency”, Ph. D. Dissertation in Accounting, University of Pennsylvania, Available at: http://re pository.upnn.edu/dissertations/Aal3246251/. [Online] [18 June 2015]   

8      Beatty, A. S. and J. LiaoWebber (2007). “The Effect of Private Information and Monitoring on the Role of Accounting Quality in Investment Decisions”, Pacific-Basin Finance Journal, Vol. 13, No. 4, pp. 431-449.

9      Biddle, G.; Hilary, G.; and R. S. Verdi (2009). “How does Financial Reporting Quality Relate to Investment Efficiency?”, Journal of Accounting and Economics, Vol. 48, No. 2, pp. 112-131.

10  Leuz, Ch. and R. E. Verrecchia (2000). “The Economic Consequences of Increased Disclosure”, Journal of Accounting Research, Vol. 38, No. 1, pp. 91-124.

11  Bushman, R. and A. Smith (2001). “Financial Accounting Information and Corporate Governance”, Journal of Accounting Economics, Vol. 32, Nos. 1-3, pp. 237-333.

12  Lambert, R.; Leuz, Ch.; and R. E. Verrecchia (2006). “Accounting Information, Disclosure, and the Cost of Capital”, Journal of Accounting Research, Vol. 45, No. 2, pp. 385-420.

13  Modarres, A. and R. Hesarzadeh (2008). “The Quality of Financial Reporting and the Efficiency of Investment”, Journal of Securities Exchange, Vol. 1, No. 2, pp. 85-116. [In Persian]

14  Khodayi Valizade Moghaddam, M. and M. Yahyayi (2010). “Investigating the Relationship between Financial Reporting Quality and Efficiency of Investment in the Tehran Stock Exchange”, Journal of Management Accounting, Vol. 3, No. 5, pp. 1-15. [In Persian]

15  Demerjian, P.; Lev, B.; Lewis, M.; and S. MacVay (2013). “Managerial Ability and Earnings Quality”, The Accounting Review, Vol. 88, No. 2, pp. 463-498.

16  Saghafi, A. and M. Arab Mazare Yazdi (2010). “The Quality of Financial Reporting and the Inefficiency of Investment”, Journal of Financial Accounting Research, Vol. 2, No. 4, pp. 1-20. [In Persian]

17  Mashayekhi, B. and F. Mohamadpoor (2014). “The Quality of Financial Reporting, the Debt Maturity and the Efficiency of Investment”, Journal of Financial Management Strategy, Vol. 2, No. 4, pp. 1-14.  [In Persian]

18   Salehi, M. and F. Davtalabe Toosi (2014). “Investigating the Effect of Ownership Structure on the Value of the Pharmaceutical Companies Listed on the Tehran Stock Exchange by Using the Panel Data”, Journal of Health Accounting, Vol. 3, No. 3, pp. 79-100. [In Persian]

19  Bozorg Asl, M. and B. Salehzadeh (2015). “The Relationship between Management Ability and Profit Stability with an Emphasis on Accrual Components and Cash Flows in the Companies Listed on the Tehran Stock Exchange”, Journal of Audit Science, Vol. 14, No. 58, pp. 153-170. [In Persian]

20  Karami, Gh.; Moradi Joz, M.; and D. Mohseni (2015). “The Quality of Financial Reporting, the Debt Maturity and the Efficiency of Investment: Some Evidence from Tehran Stock Exchange”, Journal of Financial Accounting Research, Vol. 7, No. 1, pp. 93-110. [In Persian]

21  Bertrand, M. and A. Schoar (2003). “Managing with Style: The Effect of Managers on Firm Policies”, Journal of Economics, Vol. 18, No. 4, pp. 1169-1208.

22  Tan, H. C. and K. Jamal (2006). “Effect of Accounting Discretion on Ability of Managers to Smooth Earning”, Journal of Accounting and Public Policy, Vol. 25, No. 5, pp. 554-573.

23  Biddle, G. C. and G. Hilaary (2006). “Accounting Quality and Firm Level Capital Investment”, The Accounting Review, Vol. 81, No. 5, pp. 963-982.

24  Chen, F.; Hope, O. K.; Li, Q.; and W.  Xin (2011). “Financial Reporting Quality and Investment Efficiency of Private Firms in Emerging Markets”, The Accounting Review, Vol. 86, No. 4, pp. 1255-1288.

25  Garcia, J. M. L.; Osma, B. G.; and F. Penalva  (2010). “Accounting Conservatism and Firm Investment Efficiency”, Journal of Accounting and Economics, Vol. 61, No. 1, pp. 1-45.               

26  Bamber, L. S.; Jiang, J.; and I. Y. Wang (2010). “What's my Style? The Influence of Top Managers on Voluntary Corporate Financial Disclosure”, The Accounting Review, Vol. 85, No. 4, pp. 1131-1162.

27  Baik, B. O. K.; Farber D. B.; and S. S. Lee (2011). “CEO Ability and Management Earnings Forecasts”, Contemporary Accounting Research, Vol. 28, No. 5, pp. 1645-1668.

28  Demerjian, P.; Lev, B.; Lewis, M.; and S. MacVay (2012). “Quantifying Managerial Ability: A New Measure and Validity Tests”, Management Science, Vol. 58, No. 7, pp. 1229-1248.

29  Demerjian, P.; Lev, B.; Lewis, M.; and S. MacVay (2012). “Managerial Ability and Earnings Quality”, The Accounting Review, Vol. 88, No. 2, pp. 463-498.

30  Andreou, P.; Ehrlich, D.; and C. Louca (2013). “Managerial Ability and Firm Performance: Evidence from the Global Financial Crisis”, Working Paper, Available at:http://ssrn.com/ abstract=2633216/.[Online] [5 February 2015]

31  Wang, F.; Zhu, Z.; and J. Hoffmire (2015). “Financial Reporting Quality, Free Cash Flow and Investment Efficiency”, Available at:http://dx.doi. org/10.1051/shscomf/20151701027/. [Online] [25 January  2015]

32  Badavar Nahandi, Y. and V. Taghizade Khanqah (2015). “Investigating the Relationship between the Auditor Tenure and the Management of the Real Activities in the Pharmaceutical Companies Listed on the Tehran Stock Exchange”, Journal of Health Accounting, Vol. 3, No.1, pp. 20-41. [In Persian]

33  Dechow, P. M. and I. D. Dichev (2002). “The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors”, The Accounting Review, Vol. 77, No. 1, pp. 35-59.

34  Bozorg Aasl, M. and B. Salehzadeh (2014). “The Management Ability and the Quality of Accruals”, Journal of Accounting Knowledge, Vol. 5, No. 17, pp. 119-139. [In Persian]

35  Aflatooni, A. (2013). Statistical Analysis by Eviews in the Researches of Accounting and Financial Management, 1th Edition, Tehran: Termeh Publications. [In Persian]