شناسایی رویکرد تحلیل‌گران سرمایه‌گذاری در استفاده از اطلاعات زیست‌محیطی

نوع مقاله: مقاله پژوهشی

نویسندگان

1 دانشیار، گروه حسابداری، دانشگاه مازندران، مازندران، ایران.

2 دانشجوی دکتری، گروه حسابداری، دانشگاه مازندران، مازندران، ایران.

چکیده

مقدمه: تحلیل‌گران سهام از واسطه‌های فعال در بازارهای مالی هستند. آنان توصیه‌هایی برای خرید، نگهداری یا فروش سهام را بر اساس تحلیل اطلاعات مختلف ارائه می‌دهند. نحوه لحاظ‌کردن اطلاعات زیست‌محیطی در الگو‌های ارزیابی تحلیل‌گران تاکنون به روشنی تبیین نشده است.
روش پژوهش: این پژوهش از نوع زمینهیابی (پیمایشی) و از لحاظ هدف کاربردی است. به منظور سنجش میزان اهمیت، اولویت و دلیل اصلی توجه‌کردن (یا نکردن) به هر یک از شاخص‌های زیست‌محیطی اعلام شده به‌وسیله سازمان گزارشگری جهانی پرسش‌نامه‌ای به وسیله 64 مدیر سرمایه‌گذاری فعال در صندوق‌های سرمایه‌گذاری تحت نظارت بورس اوراق بهادار تهران در سال 1396 تکمیل و پاسخ‌های آنان با استفاده از آزمون‌های میانگین یک جامعه، دوجمله‌ای و فریدمن بررسی شد.
یافته‌ها: نتایج پژوهش نشان می‌دهد که شاخص‌های مربوط به مواد اولیه و انرژی اهمیت بیشتری برای تحلیل‌گران داشته و دلیل اصلی توجه به استاندارد‌های مذکور منافع سهامداران است. هم‌چنین، اولویتبندی بین شاخص‌های زیست‌محیطی به‌وسیله تحلیل‌گران انجام می‌شود که طبق آن، به ترتیب، شاخص‌های انرژی، مواد اولیه، رعایت مقررات زیست‌محیطی و آب اولویت‌های برتر است.
نتیجه‌گیری: اطلاعات مربوط به مواد اولیه و انرژی که در قالب گزارشگری سنتی و گزارشگری پایداری مورد توجه قرار گرفته است، صرف نظر از تفاوت‌های موجود، بر تصمیم‌گیری تحلیل‌گران سرمایه‌گذاری اثرگذار است. ماهیت داوطلبانه گزارشگری مسئولیت‌های اجتماعی می‌تواند منجر به عملکرد و گزارشگری گزینشی به‌وسیله شرکت‌ها شود و در نتیجه، هدف توسعه پایدار را مخدوش کند. در این راستا، پیشنهاد می‌شود ضمن تلاش برای ارتقاء سطح آگاهی فعالان بازار سرمایه در مورد اهمیت موضوع‌های زیست‌محیطی در الزامات قانونی مربوط نیز بازنگری شود.

کلیدواژه‌ها


عنوان مقاله [English]

Identifying Investment Analysts Approach to Using Environmental Information

نویسندگان [English]

  • H. Fakhari 1
  • M. Mehrabi 2
1 Associate Professor, Department of Accounting, Mazandaran University, Mazandaran, Iran.
2 Ph. D. Student in Accounting, Department of Accounting, Mazandaran University, Mazandaran, Iran.
چکیده [English]

Introduction: Stock analysts are active intermediaries in financial markets. They give advice on buying, maintaining or selling stocks based on different information analysis. The way in which environmental information is included in the evaluation models of analysts has not been clearly defined so far.
Method: This research is a field survey and it is applicable in terms of its purpose. In order to measure the importance, priority and the main reason of giving attention (or lack of attention) to any of the environmental indices announced by the Global Reporting Initiative, 64 investment managers active in investment funds under the supervision of the Tehran Stock Exchange filled in the questionnaires in 2007 and their responses were examined using one-sample, binomial and Friedman tests.
Results: The results of the research reveal that raw materials and energy indices mostly matter to the analysts and the main reason of paying attention to these standards is the interests of shareholders. Further, the analysts prioritize environmental indices which energy, raw materials, following environmental regulations and water take higher priority respectively.
Conclusion: Information about raw materials and energy which has been considered in the context of traditional reporting and sustainability reporting, regardless of the differences, affects the decision making of investment analysts. The voluntary nature of social responsibility reporting can lead to selective reporting and performance by companies and thus it distorts the goal of sustainable development. In this regard, it is suggested not only trying to raise awareness of capital market activists, but also reviewing the importance of environmental issues in relevant legal requirements.

کلیدواژه‌ها [English]

  • Environmental Information
  • Global Reporting Initiative
  • Investment Analysts
  • Sustainable Development
1      Chang, Y.; Chen, T. H.; Chou, H.; and Y. F. Shen (2014). “Corporate Social Responsibility and Analyst’s Recommendation”, International Review of Accounting, Banking&Finance, Vol. 6, No. 2, pp. 1-42.

2      Lu, W. (2016). “An Exploration of the Associations among Corporate Sustainability Performance, Corporate Governance, and Corporate Financial Performance”, Ph.D. Thesis in Philosophy, University of Texas, Available athttps://rc.library.uta.edu/ uta-ir/bitstream/handle/10106/25557/ Lu_uta_2502D_12405.pdf?sequence=1&isAllowed=y[Online] [26 October 2018]

3      Rebello, M. and K. D. Wei (2014). “A Glimpse behind a Closed Door: The Long-Term Investment Value of Buy-Side Research and Its Effect on Fund Trades and Performance”, Journal of Accounting Research, Vol. 52, No. 3, pp. 775-815.

4      Frey, S. and P. Herbst (2014). “The Influence of Analysts on Mutual Fund Trading”, Journal of Banking and Finance, Vol. 49, pp. 442-458.

5      Brown, L. D.; Call, A. C.; Clement, M. B.; and N. Y. Sharp (2015). “Inside the “Black Box” of Sell-Side Financial Analysts”, Journal of Accounting Research, Vol. 53, No. 1, pp. 1-47.

6      Brown, L. D.; Call, A. C.; Clement, M. B.; and N. Y. Sharp (2014). “Skin in the Game: The Inputs and Incentives that Shape Buy-Side Analysts’ Stock Recommendations”, Available at: https://www.bostoncollege.org/content/dam/files/schools/csom_sites/accounting/Call%20Paper.pdf. [Online] [06 November 2018]

7      Brown, L. D.; Call, A. C.; Clement, M. B.; and N. Y. Sharp (2016). “The Activities of Buy-Side Analysts and the Determinants of their Stock Recommendations”, Journal of Accounting and Economics, Vol. 62, No. 1, pp. 139-156.

8      European Commission (2011). “A Renewed EU Strategy 2011e14 for Corporate Social Responsibility”, Brussels, Available at: http://www.eur oparl.europa.eu/meetdocs/2009_2014/documents/com/com_com(2011)0681_/com_com(2011)0681_en.pdf. [Online] [26 October 2018]

9      International Organization for Standardization (2010). “ISO 26000-Guidance on Social Responsibility”, Geneva, Available at: https://www.iso .org/obp/ui/#iso:std:iso:26000:ed-1:v1 :en. [Online] [26 October 2018]

10   Hahn, R. and M. Kühnen (2013). “Determinants of Sustainability Reporting: A Review of Results, Trends, Theory, and Opportunities in an Expanding Field of Research”, Journal of Cleaner Production, Vol. 59, pp. 5-21.

11   Lozano, R. and D. Huisingh (2011). “Inter-Linking Issues and Dimensions in Sustainability Reporting”, Journal of Cleaner Production, Vol.19, No. 2, pp. 99-107.

12   Global Reporting Initiative (2016). “Sustainability Reporting Standards”, Available at: https://www.globalreport ing.org/standards. [Online] [26 October 2018]

13   Bernardi, C.; and A. Stark (2018). “Environmental, Social and Governance Disclosure, Integrated Reporting, and the Accuracy of Analyst Forecasts”, The British Accounting Review, Vol. 50, No. 1, pp.16-31.

14   Luo, X.; Wang, H.; Raithel, S.; and Q. Zheng (2015). “Corporate Social Performance, Analyst Stock Recommendations, and Firm Future Returns”, Strategic Management Journal, Vol. 36, No. 1, pp. 123-136.

15   Waddock, S. A. and S. B. Graves (1997). “The Corporate Social Performance-Financial Performance Link”, Strategic Management Journal, Vol. 18, No. 4, pp. 303-319.

16   Starks, L. T. (2009). “EFA Keynote Speech: Corporate Governance and Corporate Social Responsibility: What do Investors Care About? What Should Investors Care About?”, Financial Review, Vol. 44, No. 4, pp. 461-468.

17   Jung, M. J.; Wong, M. F.; and X. F. Zhang (2018). “Buy-Side Analysts and Earnings Conference Calls”, Journal of Accounting Research, Vol. 56, No. 3, pp. 913-952.

18   Call, A. C.; Sharp, N. Y.; and T. Shohfi (2017). “Implications of Buy-Side Analysts’ Participation in Public Earnings Conference Calls”, Working Paper, Available at: https://acfr.aut .ac.nz/_data/assets/pdf_file/0018/105525/90978-SSRN-id2731930-8.pdf. [Online] [26 October 2018]

19   Gallego-Álvarez, I.; Lozano, M. B.; and M. Rodríguez-Rosa (2018). “An Analysis of the Environmental Information in International Companies According to the New GRI Standards”, Journal of Cleaner Production, Vol. 182, pp. 57-66.

20   Bozorg Asl, M. and S. Ahmadi (2013). “Investors’ Reaction to Types of Corporation Social Responsibility”, Journal of Empirical Research in Accouting, Vol. 2, No. 3, pp. 101-117. [In Persain]

21  Hasas Yeganeh, Y. and G. Barzegar (2013). “Presenting the Components and Indicators of Corporate Social Responsibility and their Current Status in Iran”, Journal of Socio-Cultural Development Studies, Vol. 2, No. 1, pp. 209-234. [In Persain]

22   Fakhari, H.; Malekian, E.; and M. Jafaei Rahni (2018). “Defining and Ranking Components and Indicators of Environmental, Social and Corporate Governance Reporting by Analytic Hierarchy Process in the Companies Listed on the Stock Exchange”, Journal of Value and Behavioral Accounting, Vol. 2, No. 4, pp. 153-187. [In Persain]

23  Taghizadeh Khaneghah, V. and M. Zeynali (2017). “Investigating the Effect of Corporate Social Responsibility on the Investment Efficiency and Innovation”, Journal of Health Accounting, Vol. 5, No. 2, pp. 1-27. [In Persain]

24  Khozein, A.; Talebnia, Gh.; Garkaz, M.; and B. Bani Mahd (2017). “Investigating the Level of Environmental Financial Reporting Development in the Companies Listed on the Tehran Stock Exchange”, Journal of Health Accounting, Vol. 5, No. 2, pp. 28-46. [In Persain]

25  Sepasi, S. and M. Esmaili Kejani (2015). “Green Accounting: A Model for Environmental Disclosure”, Journal of Health Accounting, Vol. 4, No. 1, pp. 1-19. [In Persain]

26  Shamsaei, M. (2007). “International Economic Law and the Principle of Sustainable Development”, Law & Politics Research Journal, Vol. 8, No. 19, pp. 7-25. [In Persain]

27  Curtin, R.; Presser, S.; and E. Singer (2000). “The Effects of Response Rate Changes on the Index of Consumer Sentiment”, Public Opinion Quarterly, Vol. 64, No. 4, pp. 413-428.

28  Ionascu, M. and I. Ionascu (2012). “The Use of Accounting Information by Financial Analysts in Emergent Markets: The Case of Romania”, Accounting and Management Information Systems, Vol. 11, No. 2, pp. 174-186.