بررسی رابطه بین مدیریت سود و ناکارایی سرمایه‌گذاری: با تأیید بر نقش هزینه های نمایندگی

نوع مقاله : مقاله پژوهشی

نویسندگان

1 استاد دانشگاه الزهرا

2 دانشجوی دکترای حسابداری، دانشگاه آزاد اسلامی، واحد بین المللی بندر انزلی، گیلان،

3 کارشناسی ارشد حسابداری، مؤسسه آموزش عالی کار، دانشکده مدیریت و حسابداری، قزوین، ایران

چکیده

یکی از پیامدهای مدیریت سود، افزایش ناکارایی سرمایه­ گذاری (بیش سرمایه­ گذاری یا کم سرمایه­ گذاری) شرکت­ ها است و این مسأله در شرکت­ های دارای هزینه ­های نمایندگی، بیشتر نمود پیدا می‌کند. هدف این پژوهش، بررسی رابطه بین مدیریت سود و ناکارایی سرمایه‌گذاری با توجه به هزینه‌های نمایندگی زیاد و کم در شرکت­ های پذیرفته شده در بورس اوراق بهادار تهران است. فرضیه­ های­ پژوهش بر مبنای یک نمونه آماری متشکل از 98 شرکت از سال 1386 لغایت 1396 و با استفاده از الگوهای رگرسیونی چند متغیره، مورد آزمون قرار گرفت. بدین منظور از باقیمانده­ های، الگوی جریان نقدی جنسن (1986) و الگوی توسعه یافته جریان نقدی ریچاردسون (2006)، برای محاسبه ناکارایی سرمایه‌گذاری استفاده شده است. باقیمانده­ های مثبت و منفی به ترتیب، نشان­ دهنده بیش و کم سرمایه‌گذاری است که در این پژوهش به‌عنوان نماینده ناکارایی سرمایه‌گذاری درنظر گرفته شده است. همچنین، فروش اختیاری و اقلام تعهدی اختیاری، به ­عنوان نماینده مدیریت سود درنظر گرفته شدند. نتایج این پژوهش نشان می­ دهد که بین اقلام تعهدی اختیاری و ناکارایی سرمایه­ گذاری در شرکت­ های دارای هزینه ­های نمایندگی زیاد، رابطه منفی و معناداری وجود دارد. همچنین، نتایج با استفاده از باقیمانده ­های الگوی جریان نقدی جنسن (1986)، به ­عنوان نماینده ناکارایی سرمایه‌گذاری، نشان داد که بین فروش اختیاری و ناکارایی سرمایه‌گذاری در شرکت­ های دارای هزینه‌های نمایندگی کم، رابطه منفی و معناداری وجود دارد.

کلیدواژه‌ها

عنوان مقاله [English]

Investigation of Relationship between Earnings Management and Investment Inefficiency with the Emphasis on the Role of Agency Costs

نویسندگان [English]

  • rezvan hejazi 1
  • Hamid Farhadi 2
  • soraya weysihesar 3
1 Prof. of Accounting, Faculty Member of Alzahra University
2 PhD Student of Accounting, Islamic Azad University, Bandar Anzali International Branch, Bandar Anzali
3 MSc of Accounting, KAR Higher Education Institute, Qazvin, Iran
چکیده [English]

One of the earnings management consequences is investment inefficiency (over or under-investment) in companies. Also, it is expected that this issue will increase in companies with high agency costs. The objective of this study is to investigate the relationship between earnings management and investments inefficiency in companies with high and low agency costs listed in the Tehran Stock Exchange. In order to test this, the hypothesis on a sample of 98 companies from 1386 till 1396 and using multivariate regression models were tested. For this purpose, the residual cash flow pattern Jensen (1986) and cash flow developed pattern Richardson (2006) was used to calculate the investment inefficiency. The positive and negative residuals will represent over investments and under investments, respectively and in this study is used as a proxy for investment inefficiency. Also, discretionary revenues and discretionary accruals as a proxy for earnings management were considered. The results show that there is a significant negative relationship between discretionary accruals and inefficient investment in firms with high agency costs. Also, results using a residual cash flow pattern Jensen (1986) as a proxy for investment inefficiency indicated a significant negative relationship between discretionary revenues and inefficient investment in firms with low agency costs.

کلیدواژه‌ها [English]

  • Agency Costs
  • Earnings Management
  • Investment Inefficiency

مراجع

Biddle, G. C. , & Hilary, G. (2006). Accounting quality and firm-level capital investment. The accounting review, 81 (5) , 963-982.
Biddle, G. C. , Hilary, G. , & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency?. Journal of accounting and economics, 48 (2-3) , 112-131.
Bushman, R. M. , & Indjejikian, R. J. (1993). Stewardship value of" distorted" accounting disclosures. Accounting Review, 765-782.
Chen, L. , Liu, C. , & Wang, G. (2013, July). Financial constraints, investment efficiency and corporate governance: Empirical evidence from China. In 2013 10th International Conference on Service Systems and Service Management (pp. 445-449). IEEE.
Chen, X. , Sun, Y. , & Xu, X. (2016). Free cash flow, over-investment and corporate governance in China. Pacific-Basin Finance Journal, 37, 81-103.
Cheng, M. , Dhaliwal, D. , & Zhang, Y. (2013). Does investment efficiency improve after the disclosure of material weaknesses in internal control over financial reporting?. Journal of Accounting and Economics, 56 (1) , 1-18.
Cohen, D. A. , & Zarowin, P. (2008). Economic consequences of real and accrual-based earnings management activities. Leonard Ster School of Business& New York University, Working Paper.
Dastgir, M. , & Ghanizadeh, B. (2014). Impact of accruals quality on long-term investments in companies listed to Tehran Stock Exchange. Quarterly Financial Accounting, 5 (20) , 42-65. (In Persian)
Ebrahimi, K. , & Ahmadi Moghadam, M. (2016). The effect of financial leverage and conditional conservatism on the inefficiency of investment listed companies in the Tehran Stock Exchange. Quarterly Financial Accounting, 7 (27) , 102-120. (In Persian)
Fazzari, S. , Hubbard, R. G. , & Petersen, B. C. (1987). Financing constraints and corporate investment.
Fischer, S. , & Merton, R. C. (1984). Macroeconomics and finance: The role of the stock market.
Forogh Nezhad, H. , Moradi Joz, M. , Heydari, H. , & Masomi Khanghah, Gh. (2017). Stock liquidity, investment efficiency and company performance: Evidence from Tehran Stock Exchange. Quarterly Investment Knowledge, 5 (18) , 179-196. (In Persian)
Godarzi, A. , & Babazadeh Shirvan, H. (2016). Investigating the relationship between financial reporting quality and debts, maturity with investment efficiency in Tehran Stock Exchange. Quarterly Management Accounting, 8 (27) , 105-117. (In Persian)
He, Y. , Chen, C. , & Hu, Y. (2019). Managerial overconfidence, internal financing, and investment efficiency: Evidence from China. Research in International Business and Finance, 47, 501-510.
Hejazi, R. , & Farhadi, H. (2018). Analysis of earnings management influence on the investment inefficiency in companies. Journal of New Researches in Accounting and Auditing, 1 (1) , 93-116. (In Persian)
Holmström, B. , & Tirole, J. (1993). Market liquidity and performance monitoring. Journal of Political Economy, 101 (4) , 678-709.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76 (2) , 323-329.
Kanodia, C. , & Lee, D. (1998). Investment and disclosure: The disciplinary role of periodic performance reports. Journal of Accounting Research, 36 (1) , 33-55.
Kedia, S. , & Philippon, T. (2007). The economics of fraudulent accounting. The Review of Financial Studies, 22 (6) , 2169-2199.
Mahmoodabadi, H. , & Rajaii, S. (2015). Evaluating the relationship between the agency costs and investment efficiency of the Listed Companies in Tehran Stock Exchange (TSE). Journal of Accounting, 4 (15) , 185-204. (In Persian)
Mahmoud Abadi, H. , & Mehtari, Z. (2011). The relationship between accounting conservatism and investment Efficiency of listed companies in Tehran Stock Exchange. Journal of Accounting Advances, 3 (2) , 113-140. (In Persian)
McNichols, M. F. , & Stubben, S. R. (2008). Does earnings management affect firms’ investment decisions?. The accounting review, 83 (6) , 1571-1603.
Morgado, A. , & Pindado, J. (2003). The underinvestment and overinvestment hypotheses: an analysis using panel data. European Financial Management, 9 (2) , 163-177.
Namazi, M. , & Gholami, R. (2014). The impact of the accrual-based earnings management on efficiency investment of listed companies in Tehran Stock Exchange. Journal of Accounting Knowledge, 5 (17) , 29-48. (In Persian)
Pourheydari, O. , Rahmani, A. , & Gholami, R. (2013). The effect of the actual management of earnings on the investment behavior of listed companies in Tehran Stock Exchange. Journal of Accounting Advances, 5 (1) , 55-85. (In Persian)
Richardson, S. (2006). Over-investment of free cash flow. Review of accounting studies, 11 (2-3) , 159-189.
Scott, W. R. , & O'Brien, P. C. (2003). Financial accounting theory (Vol. 3). Toronto: Prentice Hall.
Shen, C. H. , Luo, F. , & Huang, D. (2015). Analysis of earnings management influence on the investment efficiency of listed Chinese companies. Journal of Empirical Finance, 34, 60-78.
Stubben, S. R. (2010). Discretionary revenues as a measure of earnings management. The accounting review, 85 (2) , 695-717.
Taghizadeh Khanghah, V. , & Gholinezhad, M. (2015). The impact of the Manipulate discretionary accruals and real activities on over-investment and under-investment. Management and Accounting Researches, (13) , 67-92. (In Persian)
Taghizadeh Khanghah, V. , Anvar khatibi, S. , & Shahdavar, R. (2018). The relationship dividend policy and investment efficiency with emphasis on firm life cycle. Journal of Accounting, 8 (29) , 99-120. (In Persian)
Talebnia, Gh. , & Taftian, A. (2010). Investigating the Relationship between Institutional Investors and the Board with earnings Management. Journal of Future Studies Management, (83) , 87-98. (In Persian)
Tang, V. W. (2007). Earnings management and future corporate Investment. Available at SSRN 985172.
Tehrani, R. , & Hesarzadeh, R. (2009). The impact of free cash flow and financing constraints on over investment and under investment. Accounting Research, 1 (3) , 50-67 (In Persian).
Wang, Y. , Chen, C. R. , Chen, L. , & Huang, Y. S. (2016). Overinvestment, inflation uncertainty, and managerial overconfidence: Firm level analysis of Chinese corporations. The North American Journal of Economics and Finance, 38, 54-69.
Yuan, J. , & Jiang, Y. (2008). Accounting information quality, free cash flow and overinvestment: A Chinese study.

فایل ها

سابقه مقاله

  • تاریخ دریافت: 26 آذر 1397
  • تاریخ بازنگری: 16 بهمن 1397
  • تاریخ پذیرش: 16 بهمن 1397

هم رسانی

ارجاع به این مقاله

آمار