بررسی رابطه محافظه کاری حسابداری با واکنش بازار و ارزش شرکت ها

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانش آموخته کارشناسی ارشد حسابداری دانشگاه آزاد اسلامی واحد علوم و تحقیقات آذربایجان شرقی، نویسنده مسئول

2 استادیار گروه حسابداری دانشگاه آزاد اسلامی واحد بناب

چکیده

محافظه کاری حسابداری از نظر مشارکت‌ کنندگان در بازار سرمایه و به ویژه سهامداران مطلوب بوده و منجر به افزایش تقاضا برای خرید سهام در شرکت‌های دارای سطح بالای محافظه‌کاری می‌گردد.افزایش تقاضا هم به نوبه خود منجر به افزایش قیمت سهام و در نتیجه منجر به افزایش واکنش بازار و ارزش شرکت ها می گردد. این مقاله به بررسی رابطه بین محافظه کاری حسابداری با واکنش بازار و ارزش شرکت های پذیرفته شده در بورس اوراق بهادار تهران می پردازد. دراین پژوهش برای سنجش محافظه کاری شرطی از مدل بال و شیوا کومار و برای سنجش محافظه کاری غیر شرطی از مدل گیولی و هاین استفاده شده است. این پژوهش از نوع همبستگی بوده وجامعه آماری ، شامل شرکت های پذیرفته شده در بورس اوراق بهادار است که با روش حذفی، 68 شرکت در نمونه آماری این پژوهش قرار گرفته اند.دوره زمانی پژوهش سال های 1387 تا 1392 است. برای آزمون فرضیه های صورت بندی شده از رگرسیون چند گانه خطی بهره گیری شده است. نتایج آزمون نشان می دهد که محافظه کاری حسابداری باواکنش بازار وارزش شرکت رابطه معنی داری دارد وازبین متغیر های کنترلی وارد شده در مدل، نرخ بازده دارایی باواکنش بازار رابطه مثبت داشته و نرخ بازده دارایی و نسبت ارزش بازار به دفتری و نسبت نقدینگی باارزش شرکت رابطه مثبت و معنی دار دارد.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

The Relationship of Accounting Conservatism with Market Responsess and Firms Value

نویسندگان [English]

  • Sahar Ruhi 1
  • Asgar Pakmaram 2
1 Graduate Student of Accounting at Islamic Azad University, East Azarbaijan Branch, Researcher
2 Assistant Professor, Department of Accounting, Bonab Islamic Azad University
چکیده [English]

Accounting conservatism, leading to increases in demand for stock buying in companies with higher level of conservatism, is profitable for capital market participants, particularly shareholders. Increases in demand may lead to an increase in share prices in its own right which will inevitably trigger market reaction and boost company value. This paper investigates the relationship between accounting conservatism, market reaction and value of the companies accepted at stock exchange. Ball and Shivakumar (2005) model and Givoly and Hayn model (2000) were adopted in order to measure the degree of conditional and unconditional conservatism, respectively. The statistical population consists of 68 companies accepted at Tehran stock exchange, during the period of 5 years (1387-1392), which are selected by using systematic elimination procedure. Simple linear regression was used to test research hypothesis. The results indicated a relationship between market reaction and company value. In addition, return on assets, from among control variables in regression, had a positive relation with market reaction. A positive and meaningful relation was indicated between return on assets, book-to-market ratio, liquidity ratio and company value.

Keywords: conditional conservatism, unconditional conservatism, market reaction and company value.

کلیدواژه‌ها [English]

  • conditional conservatism
  • Unconditional Conservatism
  • Market responsess
  • Firm valuation
Ahmed A, Billings B, Morton R, and Stanford-Harris M. the Role oAccounting Conservatis in Mitigating Bondholder-shareholder Conflicts Over Dividend Policy and in Reducing Debt Costs. The Accounting Review 2002; 77: 867-890.
Asadi, G. H. , Bayat, M. (2015). The Impact of Conditional and Unconditional Conservatism on Firm Value. Management Accounting, 8 (24) , 1-12.
Azimi, M. (2014). The study of the relationship between stability accruals and stock returns. Accounting and Auditing Research, (21) , 86-99.
Bali akesh. An Empirical Analysis of Stock Returns around Dividend Changes, Applied Economics January 2003; 35 (1): 51-61.
Ball, R. , & Brown, P (1968). An empirical evaluation of accounting Income Numbers. Journal of Accounting Research, autumn: 159-178.
Ball, R. and Shivakumar L. (2005). Earnings quality in UK private firms : comparative loss recognition timeliness ,Journal of Accounting and Economics,39 (1): 83-128.            .
BaniMahd, B. (2008). Specification and Development a Model for Estimating of Accounting Conservatism in Iran. Futures Studies of Management, 19 (77) , 1-16.
Banker, R. , Kama, I. and Weiss, D. (2012). Do Investors Comprehend Available Information on Cost Behavior? Working paper, Eberhardt School of Business, University of the Pacific, Stockton, United States
Basu, S. (1997). "The Conservatism Principle and the Asymmetric Timeliness of Earnings". Journal of Accounting and Economics 24, pp3-376.
Basu, S. (2005). Discussion of ‘‘Conditional and Unconditional Conservatism: ConceptsandModeling’’ Review of Accounting Studies10: 311-321.
Chan, K, Chan, L, Jegadeesh, N. and J. Lakonishok (2006). Earnings quality and stock returns. Journal of business, forthcoming characteristics. Accounting Enquiries ; 7 (1).
Dastgir, M. , Rastgar, M. (2011) The Relationship between quality of earnings (earnings stability) , the size and quality of accruals and stock returns. Research in Financial Accounting, 3 (1) , 1-20.
Financial Accounting Standards Board. (1978). Statement of Financial Accounting Concept No, 1. Objectives of Financial Reporting by Business Enterprises.
Garmi, G. , Husseini, A. , Hasani, A. (2010). The Relationship between corporate governance mechanisms and conservatism of listed companies in Tehran Stock Exchange. Accounting and Auditing Research, 2 (7) , 86-99.
Garsia Lara, J. M. , Garsia Osma, B. and Penalva, F. (2009). Conditional conservatism and firm investment efficiency. http: //papers. ssrn. com/sol3/papers. cfm?abstract_id=1383642. [Online] [30 October 2010].
Givoly D, Hayn C. the Changing Time-series Properties of Earnings, Cash Flows and Accruals: Has Financial Reporting Become More Conservative?. Journal of Accounting and Economics 2000; 29: 287-320.
Hasas Yeganeh, Y. , Rastgar, M. (2008). The Relationship between institutional investors and corporate value. Accounting and Auditing, 15 (52) , 107-122.
Hashemi, A. , Matlabian, M. (2013). The relationship between abnormal operating cash flows and stock returns of companies listed on Tehran Stock Exchange. Accounting and Auditing Research (5) , 42-57.
Izadi Nia, N. , Karbalae’i, A. H. (2012). Identification of the effect of financial variables on stock return in Tehran Stock Exchange. Financial Accounting, 4(1) , 17-30.
Kashanipour, M. , Rasaeian, A. (2009). The relationship between Tobin's Q and criteria for evaluating the performance of companies in Iran. Financial Accounting, 1 (3) , 131-146.
khan,m. ,Watts,R. L, (2009). "Estimation and Empirical Properties of a Firm-Year Measure of Accounting Conservatism". Journal Of Accounting and Economics 486.
Mahdavi, S. , Panahian, S. (2012). The effect of accounting conservatism on liquidity management companies listed in the Tehran Stock Exchange. Accounting and Auditing Research, (4) , 58-73.
Mc Cannel,& Servas,H. (1990) , Additional evidence on equity ownership and corporate value,journal of financial economics,27: 595_612.
Mehran, S. , Noruzi, S. (2015). The effect of corporate governance on the relationship between firm value and earnings management. Knowledge of financial accounting, 2 (3) , 105-122.
Rabii, S. (2005). The relationship between changes in stock returns changes for items and losses on listed companies in Tehran Stock Exchange. Researcher (2) , 1-7.
Rezazadeh, J. , Azad, A. (2008). The relationship between information asymmetry and conservatism in financial reporting. Accounting and Auditing, 15 (54) , 63-80.
Roychowdhury S, and Watts R. L. Asymmetric Timeliness of Earnings, Market-to-book and Conservatism in Financial Reporting. Journal of Accounting & Economics 2007; 44, 2-31.
Sameti, M. , Moradian, M. (2009). The relationship between firm value with inflation using Tobin's Q index at Tehran Stock Exchange during the period 1373-1383. Industrial Management 4 (3) , 45-60.
Valipour, H. , Shahabi, A. , Rostami, V. (2013). The relation between levels and components of reported earnings to predict the value of the company. Management Accounting, 3 (7) , 93-107.
Watts R L. a Proposal for Research on Conservatism. Working Paper. University of Rochester. (Presented at the AAA meetings, San Francisco, CA) ; 1993.
Watts, R. and J, Zimmerman. (1979). “The Demand for and Supply of accounting Theories: The Market for Excuses,” The Accounting Review (April 1979) pp. 273
Watts, R. Zhang, J. (2008). The contracting benefits of accounting conservatism to lenders and borrowers. Journal of Accounting and Economics45: 27-54
Wolk, H. L. , Dodd, J. L. & Tearny ,M. G. (2004). Accounting Theory: Conceptual Issues in a Political and Economic Environment. South-Western.