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

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