دانشگاه اصفهان نشریه پژوهش های حسابداری مالی 2322-3405 15 1 2023 05 22 The Effect of Investor Sentiment on the Likelihood of Misstatement of Financial Statements and Auditor Conservatism تأثیر احساسات سرمایه‌گذاران بر احتمال تحریف صورت‌های مالی و محافظه‌کاری حسابرسان 1 20 27779 10.22108/far.2023.137522.1966 FA امین حاجیان نژاد استادیار حسابداری، دانشکده علوم اداری و اقتصاد، دانشگاه اصفهان، اصفهان، ایران. علیرضا رهروی دستجردی استادیار حسابداری، دانشکده علوم اداری و اقتصاد، دانشگاه اصفهان، اصفهان، ایران. 0000-0001-6874-8398 محسن علوی زاده کارشناس ارشد حسابداری، دانشکده علوم اداری و اقتصاد، دانشگاه اصفهان، اصفهان. 0009-0001-8112-3672 Journal Article 2023 05 07 Investors in the capital market sometimes exhibit emotional and irrational behavior, which can impact two groups of individuals. On one hand, company managers may act on their opportunistic motives when observing this emotional atmosphere. On the other hand, auditors may underestimate their legal risk and reduce the number of content tests they perform, resulting in a decrease in their fees. The purpose of this study is to examine the effect of investors' sentiments on the probability of misstatement of financial statements and the conservatism of auditors in companies listed on the Iranian IFB stock exchange. A sample of 51 companies listed on the Iranian IFB stock exchange between 2013 and 2020 was selected, and multivariate regression and logit regression were used to test the research hypotheses. The results of the study indicate that investor sentiment does not significantly impact the likelihood of misstatement of financial statements or the likelihood of issuing a going concern opinion. However, it does have an inverse and significant effect on audit fees. As investor sentiment increases, auditors become less conservative, resulting in a reduction in audit fees. The keywords for this study include investors' sentiment, misstatement, auditors' conservatism, legal risk, and going concern opinion. Introduction As investors' sentiment intensifies, they tend to pay less attention to the financial statements and fundamental information of companies, instead relying on exaggerated and sometimes fictitious news and information published in the media and press. These conditions may incentivize managers to take advantage of the situation by misstating information that portrays the company's future growth prospects in a positive light for investors. However, if the image presented to investors is inconsistent with the reality of the company, the likelihood of financial statement fraud may increase. Additionally, auditors who are responsible for validating financial statements are also impacted by the investors' sentiment. On one hand, it is possible that investors' inattention to financial statements due to heightened sentiments may cause auditors to perceive less (or more) legal risk. This could result in a decrease (or increase) in the conservatism of auditors, with less (or more) effort put into obtaining sufficient and appropriate audit evidence. As a result, auditors may charge lower (or higher) fees to the employer or issue a statement of going concern opinion with less (or more) strictness. Therefore, this study aims to investigate the impact of investors' sentiment on the likelihood of financial statement misstatement and the conservatism of auditors. At times, the sentiments of investors have caused irrational fluctuations in the capital market. In such conditions, the media space is used to draw a bright future for various companies, enticing investors who do not trade based on fundamental information. However, with the passage of time and the emergence of actual company performance, the capital market corrects its emotional and inaccurate process through the release of new and confirmed information. Nevertheless, it is the immature investors who have acted under the influence of their emotions that ultimately become the main victims of this situation. Therefore, studying the field of investors' sentiments is crucial. While various experimental researches have dealt with different dimensions of investors' sentiments, the impact of investors' sentiments on the behavior of managers and auditors in the context of the Iranian capital market has not been addressed. This research aims to investigate whether investors' sentiments have an effect on the likelihood of financial statement misstatement and the conservatism of auditors. Methods & Material For the purpose of hypothesis testing, the research covers the time period between 2013 and 2020. The statistical population consists of all companies listed on the Iranian IFB stock exchange. The focus of the study is on the conservatism of auditors, making it appropriate to analyze a market dominated by smaller and riskier companies. The sample selection process involves excluding companies that do not meet certain criteria, such as being present in the Iranian stock market during the research period, not being in the financial industry, banking or financial intermediation, having a fiscal year ending on the Iranian calendar, not changing their fiscal year during the research period, having available information, and not having a trading break of more than one year. Applying these conditions and limitations, the study ultimately selected a sample of 51 companies from the Iranian IFB stock exchange, providing a total of 408 observations (company-years) for analysis. The study considers the "investor sentiment index" as the independent variable, while the "probability of misstatement of financial statements", "audit fee", and "probability of issuing a going concern opinion in the audit report" are the dependent variables. To determine the sentiment index, the researchers used the principal component analysis (PCA) technique. The study employed multivariate least squares regression and logit regression to test the research hypotheses. Findings The study found that the first hypothesis was rejected, meaning that investors' sentiments do not have an impact on the possibility of financial statement misstatement. This result can possibly be explained by the presence of appropriate institutional and structural frameworks. The second hypothesis was not rejected, indicating that investors' sentiments had a significant inverse effect on audit fees. As mentioned earlier, if auditors perceive less risk due to investors' emotional behavior and inattention to financial information, they may reduce audit fees and provide satisfaction to their employer while also fulfilling their economic motivations and maintaining their economic link with the employer. The third hypothesis was rejected, meaning that investors' sentiments did not have a significant effect on the possibility of issuing a going concern opinion in the audit report. It can be argued that the auditor's response to increased judicial risk may be hierarchical, and investors' sentiments may not have been enough during the study period to change the auditor's willingness to issue or not issue an ambiguity clause in the continuity of activity. Conclusion & Results The findings of this study suggest that auditors should exercise caution in reducing their conservatism in response to emotional market conditions, as this behavior poses significant risks such as audit risk, reputation risk, and judicial risk. It is recommended that auditors maintain their professional skepticism and not compromise their auditing standards in response to market sentiment. Additionally, investors are advised to increase their financial literacy and avoid herd behavior in order to make informed decisions based on logic and analysis rather than emotions. This is especially important given the significant losses experienced by investors in the Iranian market in 2020 due to emotional decision-making. Overall, this research highlights the importance of maintaining objectivity and professionalism in auditing and investing, even in the face of market volatility and emotional pressures. * Corresponding author بازار سرمایه ممکن است در مقاطعی شاهد رفتارهای احساسی و غیرمنطقی از جانب سرمایه‌گذاران باشد. این واکنش‌های احساسی ممکن است بر دو گروه تأثیرگذار باشد. در یک سو مدیران شرکت‌ها هستند که با مشاهده این فضای احساسی ممکن است انگیزه‌های فرصت‌طلبانه خود را دنبال کنند و در سوی دیگر، حسابرسان قرار دارند که ممکن است ریسک قضایی خود را کمتر ارزیابی کنند و حجم آزمون‌های محتوا و حق الزحمه خود را تغییر دهند؛ بنابراین، هدف این پژوهش، بررسی تأثیر احساسات سرمایه‌گذاران بر احتمال تحریف صورت‌های مالی و محافظه‌کاری حسابرسان در شرکت‌های پذیرفته‌شده در فرابورس ایران است. برای این منظور، نمونه‌ای شامل 51 شرکت پذیرفته‌شده در فرابورس ایران در بازه زمانی 1392 تا 1399 انتخاب و برای آزمون فرضیه‌های پژوهش از روش رگرسیون چندمتغیره و نیز رگرسیون لاجیت استفاده شد. نتایج نشان دادند احساسات سرمایه‌گذاران تأثیر معناداری بر احتمال تحریف صورت‌های مالی و احتمال صدور بند ابهام در تداوم فعالیت در گزارش حسابرسی ندارد؛ اما تأثیر منفی و معناداری بر حق‌الزحمه حسابرسی دارد. براساس یافته‌های پژوهش، با افزایش احساسات سرمایه‌گذاران، حسابرسان با کاهش حق‌الزحمه‌های حسابرسی، محافظه‌کاری خود را کاهش می‌دهند.

https://far.ui.ac.ir/article_27779_27bd06575a9d73566491d17d73a84495.pdf

دانشگاه اصفهان نشریه پژوهش های حسابداری مالی 2322-3405 15 1 2023 05 22 The investigation of the relationship between tax avoidance and managerial empire-building considering corporate governance بررسی رابطه اجتناب مالیاتی و امپراتورسازی مدیریتی با در نظر گرفتن حاکمیت شرکتی 21 48 28350 10.22108/far.2024.139044.1995 FA منصور صادقی هسنیجه دانشجوی کارشناسی ارشد حسابداری، دانشگاه شهید باهنر کرمان، کرمان، ایران. کاظم شمس الدینی دانشیار گروه حسابداری، دانشگاه شهید باهنرکرمان، کرمان، ایران. علیرضا رحیمی استادیار گروه حسابداری، دانشگاه شهید باهنر کرمان، کرمان، ایران. Journal Article 2023 09 07 Tax avoidance legally creates economic resources for the firm. Shareholders expect managers to use these resources to increase their wealth, agency theory states that due to the conflict of interests between the manager and the owner, these resources lead to the manager's opportunistic behavior, such as participating in empire-building activities. Besides, attending to all the stakeholders is a must in the stakeholder theory and The purpose of establishing monitoring mechanisms such as corporate governance is to reduce the opportunistic behavior of managers and to align the interests of managers and shareholders. Thus, the research motives to empirically investigate the relationship between tax avoidance and managerial empire-building by considering corporate governance. The statistical population of this research includes 729 firm-year observations obtained from companies admitted to the Tehran Stock Exchange (TSE) from 2013 to 2021. Additionally, a multivariate regression model based on panel data was used to test the research hypotheses, using the generalized least squares (GLS) method.. Examining the research hypotheses showed that tax avoidance significantly increases managerial empire-building activities. In addition, it found that corporate governance mechanisms could not meaningfully deteriorate the relationship. Introduction As businesses have expanded, modern corporations have been formed through the collective efforts of groups such as managers, employees, shareholders, and creditors. These groups come together in a corporation through the negotiation of various formal and informal contracts. For many years in the past, economists assumed that all groups involved in a corporation worked towards a common goal, but in recent years many cases of conflict of interest between these groups and how corporations deal with these conflicts have been raised. These issues were first raised by Jensen and Meckling (1976) as the basis of agency theory (Jensen & Meckling, 1976). An agency relationship is a contractual arrangement in which individuals or groups select an individual or group to act as their agent and appoint them to provide a specific set of services (Shams et al., 2022). The contract between the agent and the principal requires the delegation of decision-making authority to the agent and the payment of remuneration to him. According to Fama and Jensen (1983), agency problems typically arise in corporations due to the unlimited nature of residual rights associated with common stock, which can lead to a gap between the interests of managers and shareholders of the company (Fama & Jensen, 1983). With the creation of an agency relationship, each party seeks to maximize their interests. In some cases, increasing the wealth of managers or representatives does not necessarily lead to an increase in the interests of other stakeholders, including the owner or shareholders. Agency theory predicts that managers can make suboptimal decisions to maximize personal benefit (Chatterjee et al., 2021). An example of suboptimal decisions made by managers is empire-building, which reduces operating performance and, consequently, the value of the company (Shams et al., 2022). Therefore, the challenge ahead in the field of empire-building by managers is the loss of shareholder wealth through managers' attention to personal interests by using resources from tax avoidance. This challenge will likely be minimized by adopting appropriate supervisory approaches. Gul (2020) shows that with the growth of the company, managers gain more prestige by increasing the resources under their control, and they may also be able to receive more compensation if the company grows. Therefore, managers who intend to build an empire may keep unprofitable activities in the company only to maximize their interests (Gul, 2020). Supporters of agency theory believe that managers have incentives such as receiving more compensation and satisfying their desire for position, power, and prestige to use the company's resources to build a commercial empire in the pursuit of personal gain (Hope & Thomas, 2008). In accounting literature, tax avoidance is a way to use loopholes and tax laws to reduce taxes (Hanlon & Heitzman, 2010). Tax avoidance is an activity of tax evasion within the framework of tax laws and without violating the rules (Agrawal, 2007). Gantchev et al. (2019) argued that tax avoidance activities, especially hidden strategies, can provide a protective shield for managerial opportunism and resource diversion (Gantchev et al., 2019). Therefore, tax avoidance can be a reflection of agency theory and may lead to tax decisions that follow the manager's interests (Jensen & Meckling, 1976) and lead to increased empire-building through the creation of cash resources available to the manager (Shams et al., 2022). According to agency theory, the existing literature shows that monitoring mechanisms, by reducing agency problems, limit managers' tendency to engage in opportunistic behavior and have an impact on reducing companies' tax avoidance activities. One of the monitoring mechanisms that has been widely used in the literature is corporate governance (Mashayekhi & Seyyedi, 2015). Several studies argue that opportunistic behavior by managers can be limited through improved corporate governance and strong external oversight. In light of the aforementioned discussions, the empirical examination of whether tax avoidance can lead to the adoption of an opportunistic approach and specifically empire-building by the manager, and the impact of corporate governance mechanisms in reducing managers' misuse of company-generated resources through tax avoidance, has been the motivation for this research. Methods & Material Four criteria have been used in combination to calculate managerial empire-building. The desired criteria are the education rate, the level of capital expenditure, the growth of total assets, and the growth of property, plant, and equipment. The book tax difference (BTD) measure has been used to measure tax avoidance. Also, to measure corporate governance, 14 components are used as moderator variables. The statistical population of the current research consists of all the companies admitted to the Tehran Stock Exchange that have submitted their financial statements from 2013 to 2021. It is worth mentioning that because the data for the 2012 and 2022 financial years are needed to calculate the variables of the research, the data for the two mentioned years were also collected. The statistical sample of this research was also selected by screening method among the mentioned companies, and a total of 81 companies were selected. To test the hypotheses of the current research, the estimation of multivariate regression models has been used. Finding The results of the first hypothesis test show that with an increase of one unit in the company's tax avoidance activities, the empire-building activities of managers increase by approximately 4%. These findings indicate that tax avoidance has a positive and significant effect on managerial empire-building. It was also found that strong corporate governance does not affect the relationship between tax avoidance and managerial empire-building, and the second hypothesis is rejected. Conclusion & Results The results obtained from the first hypothesis showed that although tax avoidance activities increase the level of economic resources owned by the company, according to what Hope and Thomas (2008) showed, in the absence of sufficient supervision, it can increase the willingness of managers to engage in opportunistic behaviors such as empire-building and help them in getting personal benefit (Hope & Thomas, 2008); Therefore, the first hypothesis is confirmed. The findings of Atwood and Lewellen (2019) in the study of tax avoidance and the level of deviation of managers showed that the managers of companies in tax havens, by paying less attention to the interests of investors, divert the tax savings obtained from tax avoidance activities towards excessive investment and research costs, and development expenses (Atwood & Lewellen, 2019). The research results of Shams et al. (2022) also showed that tax avoidance leads to an increase in managerial empire-building activities, because managers can gain fame, power, and credibility in this way. The results of the current research are also in the same direction as the mentioned research. The results also confirm the view that tax avoidance can be a reflection of agency theory and may lead to decisions about tax sources that follow the manager's interests. The results of the second hypothesis showed that strong corporate governance mechanisms do not affect the relationship between tax avoidance and managerial empire-building. The results of the current research are different from the findings of Gharanjik and Garkeaz (2015) in terms of the relationship between corporate governance and tax avoidance because their research has confirmed the existence of a significant relationship between corporate governance mechanisms and corporate tax avoidance. Many studies have shown that opportunistic behavior by managers can be limited through improving corporate governance and strong external supervision (Crocker & Slemrod, 2005; Gaertner, 2014), but the results of this study showed the opposite of this view. The reason for this may be attributed to the conditions in which the research was conducted; it seems that in Iran, the understanding of the basic principles of the corporate governance system, which is in the theoretical perspective and its final implementation, has not been done correctly. Corresponding author اجتناب مالیاتی به‌طور قانونی باعث ایجاد منابع اقتصادی برای شرکت می‌شود. سهام‌داران انتظار دارند این منابع صرف افزایش ثروت آنان شود؛ اما تئوری نمایندگی بیان می‌کند به‌دلیل تضاد منافع میان مدیر و مالک، این منابع به انجام رفتارهای فرصت‌طلبانه مدیر همچون شرکت در فعالیت‌های امپراتورسازی منجر می‌شود. همچنین، تئوری ذی‌نفعان لزوم توجه به تمام ذی‌نفعان را درخور توجه قرار می‌دهد و هدف از وضع مکانیزم‌های نظارتی همچون حاکمیت شرکتی را کاهش رفتارهای فرصت‌طلبانه مدیر و همسوشدن منافع مدیران و سهام‌داران بیان می‌کند؛ بنابراین، انگیزه انجام این پژوهش بررسی تجربی رابطه اجتناب مالیاتی و امپراتورسازی مدیریتی با در نظر گرفتن حاکمیت شرکتی است. جامعه آماری این پژوهش، 729 مشاهده سال - شرکت را در بر می‌گیرد که از شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران طی بازه زمانی 1391 تا 1399 به دست آمده‌اند. همچنین، برای آزمون فرضیه‌های پژوهش، از الگوی رگرسیون چندمتغیره مبتنی بر داده‌های ترکیبی با استفاده از روش حداقل مربعات تعمیم‌یافته استفاده شد. یافته‌های حاصل از آزمون فرضیه‌های پژوهش نشان دادند اجتناب مالیاتی، فعالیت‌های امپراتورسازی مدیریتی را به‌طور معناداری افزایش می‌دهد. همچنین، مشخص شد مکانیزم‌های حاکمیت شرکتی توانایی تضعیف این رابطه به نحوی معنادار را ندارد.

https://far.ui.ac.ir/article_28350_61de792db33692a16cd989e92d5425a1.pdf

دانشگاه اصفهان نشریه پژوهش های حسابداری مالی 2322-3405 15 1 2023 05 22 The Role of Accountants in Water Resources Management with Emphasis on Climate Changes: Exploratory and Confirmatory Factor Analysis نقش حسابداران در مدیریت منابع آب با تأکید بر تغییرات اقلیمی: تحلیل عاملی اکتشافی و تأییدی 49 72 27861 10.22108/far.2023.138876.1991 FA محمد نظری پور استادیار، گروه حسابداری، دانشگاه حضرت معصومه (س)، قم، ایران. بابک زکی زاده کارشناسی ارشد مدیریت بازرگانی، باشگاه پژوهشگران جوان و نخبگان، واحد آبادان، دانشگاه آزاد اسلامی، آبادان، ایران. 0000-0002-8304-5866 Journal Article 2023 08 23 The efficient management of water resources is one of the serious concerns of today's human societiesis, so climate change has doubled the importance of this issue. Like many specialists in different fields, accountants can also help to achieve this goal. In this regard, the purpose of this study is to investigate the role of accountants in water resources management with an emphasis on its climatic effects using the method of exploratory and confirmatory factor analysis. In terms of the method, this study is descriptive-correlation and structural equation modeling. The population of this study included accountants working in manufacturing companies. Sample size is 225 accountants. The required data was collected through a questionnaire. Research data has been analyzed using structural equation modeling and through SPSS version 26 and Amos version 24 software. According to the research findings accountants can participate in water resources management by providing physical and dollar information in the five areas of water supply, water demand, auditing and monitoring of water resources, water resource accounting and climate change. The findings show that as the accountants' knowledge and experience increases in each of the mentioned areas, it is expected that their participation in water resources management will also increase. In general, accountants can make managers' and policymakers' views more positive towards the water crisis and climate change by relevant, timely and accurate insights, analysis and reporting. Introduction Considering that clean, healthy, high-quality, and sufficient water is vital for protecting the lives of all living things, the role of water in sustainable development is beyond common notions (Momblanch et al., 2018). Today, due to the increasing water consumption, the risk of its shortage is felt more than ever. Therefore, effective and efficient management, providing qualified information, and accountability regarding how it is obtained, to whom it is allocated, and how the allocated water is used is essential (Stefano et al., 2016). Water management is a series of processes that involves effective management of water through policy and management reforms by decision-makers with the support of stakeholders (Pedro-Monzonís et al., 2016). Climate change has emerged as one of the many problems faced by water managers. Therefore, it is necessary to manage water resources in a way that can consider climate change (Pahl-Wostl et al., 2007). In this regard, it can be stated that water resources management aims to utilize water by ensuring there is sufficient water of adequate quality for drinking water and sanitation services, food production, energy generation, inland water transport, and water-based recreation, as well as sustaining healthy water-dependent ecosystems and protecting the aesthetic and spiritual values of lakes, rivers, and estuaries (Momblanch et al., 2018). Companies are among the users of water resources and therefore they play an important role in environmental sustainability (Özsözgün Çalişkan, 2014). In this regard, customers and other stakeholders see corporations as responsible for the destruction of resources in as much as they use natural resources to satisfy their stakeholder’s needs, to make a profit, and to maximize shareholders’ value (Öztürk et al., 2022). Accounting as an information system can provide necessary information for the processes of monitoring, identification, measurement, planning, and management of these scarce natural resources. In other words, accountants can play an effective role in water resources management through sustainability reporting (Islam et al. 2023). Accountants can support organizational climate change adaptation by performing functions such as: assessing vulnerability and adaptive capacity, valuing adaptation costs and benefits, and disclosure of risk associated with climate change impacts (Water, 2014). In this regard, this study aims to examine the role of accountants in water resources management with an emphasis on its climatic effects using the method of exploratory and confirmatory factor analysis. Methods In terms of the type of research, the present research is applicable, in terms of the path it is descriptive, in terms of the time it is cross-sectional and in terms of implementation it is of the field type. The population of this study included accountants working in manufacturing companies. In this research, the snowball sampling method was used for the sample size. With many efforts, 225 usable questionnaires were finally collected. In the present study, the required data was collected through a questionnaire based on a five-point Likert scale. The questionnaire consisted of two parts. The first part included four demographic questions (gender, age, education, and years of service). The second part included questions related to the study constructs (water supply, water demand, auditing and monitoring of water resources, relevant and valid accounting information, and climate change). Research data has been analyzed using structural equation modeling and through SPSS version 26 and Amos version 24 software. Findings Since this study is of an exploratory and confirmatory type, the main constructs of the research were first identified through exploratory factor analysis. These constructs include water supply, climate change, water demand, auditing and monitoring of water resources, and water resource accounting. This finding shows that accountants can participate in the management of water resources by providing information related to each of the constructs. After the exploratory stage, it is time for confirmatory factor analysis, the purpose of which is to confirm the identified factor constructs. AMOS version 24 software was used to perform factor analysis (first and second orders). The results of the first-order analysis show that the factor loadings of all the items related to each of the constructs are more than 0.5 and therefore the variance between the constructs and the related items is greater than the variance of the measurement error, and as a result, the reliability of the measurement model is acceptable. Therefore, it can be stated whether the items introduced for each construct are good indicators for that construct. The results of the second-order analysis show that the identified constructs have a positive and significant effect in explaining the main construct of the study "the role of accountants in optimal water consumption". Also, according to the research findings, the order of influence of each of the construct on the main construct are water resource accounting, auditing and monitoring of water resources, climate change, water demand, and water supply. Conclusion Manufacturing companies are one of the major consumers of water. According to the research findings, accountants can play a great role in establishing an efficient system in the field of water resources management by providing realistic and quantitative information about each of the five identified constructs of water supply, water demand, auditing and monitoring of water resources, water resource accounting, and climate change. The findings show that as the accountants' knowledge and experience increase in each of the mentioned areas, it is expected that their participation in water resources management will also increase. In general, accountants can make managers' and policymakers' views more positive regarding the water crisis and climate change through relevant, timely and accurate insights, analysis, and reporting. * Corresponding author مدیریت کارآمد منابع آبی یکی از دغدغه‌های اساسی جوامع بشری امروزی بوده است؛ به طوری که تغییرات اقلیمی نیز اهمیت این موضوع را دوچندان کرده است. همانند بسیاری از کارشناسان رشته‌های مختلف، حسابداران نیز می‌توانند در تحقق این هدف مؤثر واقع شوند. در همین راستا، هدف پژوهش حاضر، بررسی نقش حسابداران در مدیریت منابع آب با تأکید بر اثرات اقلیمی، آن هم به روش تحلیل عاملی اکتشافی و تأییدی است. پژوهش‌ حاضر ازنظر نوع‌ پژوهش، کاربردی، براساس‌ مسیر، توصیفی‌، براساس‌ زمان‌، مقطعی‌ و براساس‌ اجرا میدانی‌ است. نوع‌ و روش‌ پژوهش‌ در این‌ تحقیق،‌ توصیفی‌ است‌. جامعه آماری پژوهش شامل حسابداران شاغل به کار در شرکت‌های تولیدی بود. حجم نمونه آماری 224 نفر است. داده‌های مورد نیاز ازطریق‌ پرسشنامه گردآوری شده‌اند. تجزیه‌وتحلیل داده‌های پژوهش با استفاده از مدل‌یابی معادلات ساختاری و ازطریق‌ نرم‌افزارهای SPSS نسخه 26 و Amos نسخه 24 انجام شده است. یافته‌های این پژوهش نشان می‌دهند حسابداران می‌توانند ازطریق‌ ارائه اطلاعات کمّی و ریالی در پنج حوزه عرضه آب، تقاضای آب، تغییرات اقلیمی، حسابداری منابع آب، حسابرسی و نظارت بر منابع آبی در مدیریت منابع آب مشارکت کنند. یافته‌های این پژوهش نشان می‌دهند هرچه دانش و تجربه حسابداران نسبت به هر یک از حوزه‌های مذکور افزایش می‌یابد، انتظار می‌رود مشارکت آنان در مدیریت منابع آب نیز افزایش یابد. در کل، حسابداران ازطریق‌ تهیه گزارشات مقتضی و به‌موقع و همچنین، ارائه تحلیل‌های دقیق می‌توانند بر دیدگاه مدیران و سیاست‌گذاران نسبت به بحران آب و تغییرات اقلیمی اثر مثبت داشته باشند.

https://far.ui.ac.ir/article_27861_99da2fa49131fcf0701b26a7af64f653.pdf

دانشگاه اصفهان نشریه پژوهش های حسابداری مالی 2322-3405 15 1 2023 05 22 Evaluation of the Relationship between Shareholder Competition Intensity and Performance and Value of Active Stock Exchange Companies: Evidence from Managerial Entrenchment or Convergence of Interests ارزیابی رابطه شدت رقابت سهامداران با بازدهی و ارزش شرکتهای فعال بورسی: شواهدی از سنگربندی مدیریتی یا همگرایی منافع 73 98 28061 10.22108/far.2023.138946.1994 FA سمانه نورانی آزاد استادیار گروه اقتصاد، دانشکده مدیریت و اقتصاد، دانشگاه پیام نور، تهران، ایران. عبدالرسول رحمانیان کوشککی استادیار، گروه حسابداری، دانشگاه پیام نور، تهران، ایران. Journal Article 2023 08 29 The primary purpose of this study was to examine the evidence of managerial entrenchment or convergence of interest’s hypothesis in evaluating the relationship between the shareholder competition’s intensity on the return and value of Iranian stock exchange companies. This research is applied, a post-event method and descriptive type; it is included in the category of threshold nonlinear regression models. In this article, the data of 127 production companies active in the stock exchange market over the period of 2012-2021 were used.The results confirm the existence of a threshold non-linear relationship between the intensity of shareholder competition and the performance of the company; In other words, if the share of state owners increases, the hypothesis of convergence of interests prevails in the managerial entrenchment. This means that the major shareholders try to reduce agency conflict through control and supervision and align their interests with the managers and minority stockholders to increase the company’s value and return. Conclusion: At high levels of concentration, shareholders by dominating the market are able to benefit from tariff exchange rates, cheap feed, and government support; therefore, these stockholders being in the safe margin, do not feel threatened by competitors and can use their resources in profitable activities with high return and value Introduction The value of the company is one of the reliable indicators of the development of societies and organizations, as well as the vital key to the realization of development goals in individual and social dimensions (Karimi & Parhizgar, 2007). Organizations, in their pursuit of realizing this value and meeting shareholder expectations, exhibit more responsible behavior. Organizations must operate in a manner aligned with the values of shareholders and stakeholders. Entities failing to align themselves with this fundamental principle are unlikely to succeed pragmatically and are unable to uphold or enhance their standing in society. Consequently, their viability is endangered by substantial risks (Agustina& Sudibyo, 2022). From a theoretical standpoint, the escalation of competition and competitiveness implies that a company cannot adopt a production method through controlling prices and matching them with the final cost to offer a higher quality product at a lower price than the competitors, thus gaining market share. Consequently, the competition intensity among shareholders is regarded as a facet of concentration, influencing shareholders' capacity to dictate prices and sales volume, and set prices above the final cost to maximize profits in the capital market. This stands out as one of the pivotal mechanisms in corporate governance. Aligned with the structuralist school or the Structure-Conduct-Performance (SCP) paradigm, under the Production-Structure-Performance framework, it can exert dominance over a company's operational and strategic decisions, shaping the trajectory of corporate performance, including enhancements in efficiency and corporate value (Syverson, 2019). Although numerous studies affirm the correlation between these two variables, the relationships are intricate and ambiguous, taking on positive, negative, or inverse U-shaped forms. Interpretation of these relationships can be facilitated through agency theory, the convergence of interests' hypothesis, and managerial entrenchment. In the initial perspective, Jensen and Meckling (1976) assert that ownership concentration and increased shareholder competition have a positive impact on corporate performance. They argue that heightened competition among shareholders, facilitated by internal and external mechanisms, mitigates agency problems and conflicts of interest between shareholders and managers. This argument is based on the premise that managers tend to allocate company resources to pursue their interests, potentially conflicting with the interests of external shareholders. However, the increase in managerial ownership aligns their interests more closely with those of external shareholders, potentially resolving conflicts between managers and shareholders. Consequently, managerial ownership is considered a contributing factor to addressing agency problems and improving corporate performance (Jensen & Meckling, 1976). In a contrasting perspective, Fama and Jensen (1983) redirect their attention to the implications of agency problems arising from shareholder concentration and control. They argue that this concentration enables controlling shareholders to pursue their interests at the expense of the firm's activities. Essentially, their research illustrates that managers holding sufficient shares to gain control of the board can exploit the company's wealth. Through managerial entrenchment, they transform into significant shareholders, capable of extracting additional benefits for themselves, even if it involves making negative net present value investments in valuable projects (Fama & Jensen, 1983). Fama (1980) contends that the separation of ownership and control, fostered by competition among companies, enhances the monitoring of individuals and organizations. He argues that in a dispersed ownership structure, shareholders find themselves in a vulnerable position vis-à-vis managers. Consequently, managers can expropriate the company's wealth and, by allocating more benefits to themselves, deprive shareholders of the firm's interests due to cost considerations. In simpler terms, shareholders in public companies are so widely scattered that they lack the power and motivation required to reform and constrain the actions taken by managers (Fama, 1983). As a result, in line with the managerial entrenchment hypothesis, the separation of ownership from control suggests that the performance of majority shareholders with a larger stake surpasses that of a company with less ownership among shareholders. Nevertheless, conflicting evidence regarding the separation of ownership and control, along with the positive or negative impacts of ownership structure on the company's value and profitability, has given rise to a third perspective. This perspective observes a U-shaped relationship between ownership structure and company performance by combining the two hypotheses of convergence of interests and managerial entrenchment. In simpler terms, when ownership concentration is low, all shareholders make efforts to monitor managers to maximize the company's value. However, when ownership concentration is sufficiently high, shareholders tend to expropriate the wealth of minority shareholders, striving to augment their wealth and profits. Consequently, the profitability and performance of expropriated shareholders decrease. Now, with a review of the theoretical literature, research hypotheses can be formulated as follows: Hypothesis 1: The relationship between the intensity of competition among shareholders and the value of active manufacturing companies in the stock market is nonlinear; however, a diminishing relationship or the managerial entrenchment hypothesis is confirmed. Hypothesis 2: The relationship between the intensity of competition among shareholders and the returns of manufacturing companies in the stock market is nonlinear; however, an increasing relationship or the convergence of interest's hypothesis is confirmed. Methods & Materials The present research is of applied type and employs a quasi-experimental design, relying on post-event or archival descriptive data. It falls into the category of analyzing non-linear threshold regression models. The theoretical and empirical foundations of the study are formulated using a literature review method, and the required data for calculating study variables are extracted from various databases. Archival data from the Rahavard Novin database were utilized for calculating variables requiring financial statements and market items. The selected population of the study includes financial information for all companies listed on the Tehran Stock Exchange from 2012 to 2021. Based on the following conditions, the sample member companies have been excluded from the statistical population: Excluding companies classified as banks and financial institutions (investment companies, financial intermediaries, holding companies, and leasing companies) since their financial disclosure and corporate strategic structures differ. The fiscal year of the companies ends at the end of each year. Companies should not have changed their fiscal year during the years 2012 to 2021. They should have been listed on the Tehran Stock Exchange until the end of the fiscal year 2011. They should not have been delisted from the Tehran Stock Exchange during the specified period. Applying these conditions reduced the available statistical population to 127 active companies on the Tehran Stock Exchange, which were ultimately selected as the sample. Findings The research findings confirm a non-linear threshold relationship between the intensity of shareholder competition and the efficiency and value of the company. In both hypotheses, as the ownership share of government shareholders varies, both convergence and managerial entrenchment hypotheses are apparent. However, the convergence of interests theory prevails over managerial entrenchment. Essentially, majority shareholders have strived to alleviate agency conflicts through control and oversight, aligning their interests with those of managers and shareholders, aiming to enhance the value and performance of the company. Conclusion & Results At elevated levels of shareholder concentration, achieving market dominance provides shareholders with advantages such as preferential tariff rates, access to cost-effective currency supplies, and government support. Residing in a secure position, these shareholders perceive no threat from competitors, enabling them to efficiently deploy resources in lucrative activities that yield high performance and value. Simultaneously examining the managerial entrenchment and convergence of interests' hypotheses, this study significantly advances the theoretical literature on ownership structure and company performance. Unlike previous studies, this approach establishes a foundation for identifying the threshold level of ownership structure and comparing variable statuses before and after reaching this threshold. This facilitates precise decision-making for professionals, financial planners, and shareholders seeking to enhance investments in profitable activities with high efficiency and value. * Corresponding author هدف محوری این تحقیق بررسی شواهدی از دو فرضیه سنگربندی مدیریتی یا همگرایی منافع در ارزیابی ارتباط شدت رقابت سهامداران بر بازدهی و ارزش شرکت‌های فعال بورسی ایران است. پژوهش حاضر ازنظر هدف کاربردی، از منظر روش پس‌رویدادی و از نوع توصیفی است و در دسته تحلیل مدل‌های رگرسیون غیرخطی آستانه‌ای قرار می‌گیرد. نمونه آماری مشتمل بر 127 شرکت فعال تولیدی، شرکت‌های بورس اوراق بهادار تهران است که در بازه‌های زمانی 1400-1391 در بورس فعالیت مستمر داشته‌اند. نتایج پژوهش ضمن تأیید وجود رابطه غیرخطی آستانه‌ای بین شدت رقابت سهامداران با بازدهی و ارزش شرکت بیان می‌کند در هر دو فرضیه، با تغییر سهم مالکان دولتی فرضیه همگرایی منافع برسنگربندی مدیریتی غالب است؛ به عبارت دیگر، سهامدارن عمده تلاش کرده‌اند ازطریق کنترل و نظارت در جهت کاهش تضاد نمایندگی و همسویی منافعشان با مدیران و سهامداران جزء برآیند تا بتوانند نسبت به افزایش ارزش و بازدهی شرکت اقدام کنند. در سطوح تمرکز بالای سهامداران، سهامداران با تسلط بر بازار امکان بهره‌مندی از نرخ‌های ارز تعرفه‌ای، خوراک ارزان قیمت و حمایت‌های دولتی برایشان فراهم می‌شود؛ ازاین‌رو، اینگونه سهامداران با قرارگرفتن در حاشیه امن، تهدیدی از سوی رقبا احساس نمی‌کنند و می‌توانند منابع خود را در فعالیت‌های سودآور با بازدهی و ارزش بالا استفاده ‌کنند. این مطالعه با آزمون همزمان دو فرضیه سنگربندی مدیریتی و همگرایی منافع می‌تواند گام مؤثری در توسعه ادبیات نظری در حوزه ساختار مالکیت و عملکرد شرکت باشد. برخلاف مطالعات قبلی، استفاده از این رویکرد زمینة پیشرفت‌ تعیین سطح آستانه ساختار مالکیت و مقایسه وضعیت متغیرها در سطوح قبل و بعد از سطح آستانه به‌منظورتصمیم‌گیری صحیح صاحب‌نظران، برنامه‌ریزان مالی و سهامدارن برای افزایش سرمایه‌گذاری در فعالیت‌های سودآور با بازدهی و ارزش بالا فراهم می‌شود.

https://far.ui.ac.ir/article_28061_f72a7b55e6bf0ef1425b7a10a48b05cf.pdf

دانشگاه اصفهان نشریه پژوهش های حسابداری مالی 2322-3405 15 1 2023 05 22 The Impact of Dividend Payment Patterns and Price-to-Earnings Ratio on the Market Value of Companies Listed on the Tehran Stock Exchange تأثیر الگوهای پرداخت سود سهام و نسبت قیمت به سود بر ارزش بازار سهام شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران 99 124 27862 10.22108/far.2023.136641.1953 FA سعید یادگاری استادیار حسابداری، گروه حسابداری، دانشکده علوم اداری و اقتصاد، دانشگاه شهید اشرفی اصفهانی، اصفهان، ایران. مائده رنجبر زهرانی کارشناس ارشد حسابداری، گروه حسابداری، دانشکده علوم اداری و اقتصاد، دانشگاه شهید اشرفی اصفهانی، اصفهان، ایران. Journal Article 2023 03 06 The stock price is one of the most important factors that motivates investors to buy or sell stocks. However, the presence of challenges in explaining stock price behavior due to the influence of various internal and external factors is an inevitable issue in any capital market. Among the most important fundamental analysis tools in pricing discussions are dividends and the price-to-earnings ratio. This study evaluates their informational role in the form of dividend payout patterns and lagged price-to-earnings ratio. Data from 113 profitable companies listed on the exchange over eight-years (2014-2021) were collected. In this study, a multiple linear regression model (with fixed effects panel data) was used and three variables of size, growth, and financial leverage were also controlled. The findings indicate that cash dividends, particularly dual dividends with a majority cash component, have a significant positive impact on the end-of-period stock price. However, bonus shares, whether individually or combined with cash dividends as dual dividends with a majority bonus component, do not significantly influence the end-of-period stock price. Furthermore, an increase in the lagged price-to-earnings ratio corresponds to a significant rise in the current period's stock price. These results highlight the stronger informative role of cash dividends compared to bonus shares, even in the case of dual dividends where a stronger price reaction to the cash majority is observed. Additionally, the study confirms the informational content of the price-to-earnings ratio and provides evidence for its predictive power in forecasting changes in stock price in subsequent periods. Overall, this research contributes to the understanding of stock price behavior in the Tehran Stock Exchange and highlights the importance of considering dividend payout patterns and the price-to-earnings ratio in investment decision-making. Introduction In response to news about profitability and dividends, the stock price may rise owing to future optimism or fall due to market perception. Corporate news serves as an information source for investors and guides them in their investment decisions. This article looked into the role of dividends and the price-to-earnings ratio in providing information. There is no agreement across countries on the impact of these two factors on stock prices, and new issues must be explored and researched. What sets this study apart from other similar studies in this field is the role of dual dividends in dividend distribution methods, which is discussed for the first time as a combination of cash dividends and bonus shares in domestic research and could be of interest to researchers and scholars for filling the existing gap in the impact of combined dividends. The primary goal of this study was to find a suitable answer to the question of what effect payment patterns of cash dividends, bonus shares, dual dividends, and the previous period's P/E ratio to the average of similar companies have on the stock price of the listed company at the end of the period. Dividends are one of the most efficient methods for management to provide information to the market about the company's ability to achieve future profits and improve performance, which aids investors in accurately determining the true worth of a share. According to Huang et al. (2009), one of the basic features of dual dividends is that both its components, i.e., cash dividends and bonus shares, send separate signals of future profitability to the market. But when both forms are combined, the company's future profitability is conveyed with a stronger signal. The P/E ratio is one of many ratios used in relative valuation. The price-to-earnings ratio shows the relationship between stock price and earnings per share (EPS) and reflects the market's expectations of the stock's profitability and prospects (Sarwar, 2013). The stock price behavior highlights the importance of the price-earnings ratio as a valuation multiple. In this research, the high and low ratio compared to the average of similar companies in each industry was used as an evaluation criterion to provide a more comprehensive perspective for understanding the information content of P/E in the analysis of stock price behavior. The research hypotheses were set and tested as follows: H1: Paying cash dividends during the period has a positive and significant effect on the stock price at the end of the period. H2: Issuing bonus shares during the period has a positive and significant effect on the stock price at the end of the period. H3: Paying dual interest during the period has a positive and significant effect on the stock price at the end of the period. H4: The effect of dual dividends on stock price is different in the trend of cash dividends than the trend of bonus shares. H5: The comparative and delayed P/E ratio from the previous period has a positive and significant effect on the final prices. Methods &Material The statistical sample for this study consisted of 113 profitable enterprises. The study used a multiple linear regression technique based on combined data with a generalized least squares approach and a fixed effects model to estimate the model and test the research hypotheses. Following the research of Ifeanyichukwu and Yusuf (2021) and Liu and Chi (2014), research models were developed based on equations (1) and (2): (1) (2) Where: Mps= The share's market price at the end of the fiscal period. Cash_div= Cash dividend paid during the period after subtracting 10% of the last period's Eps. Stock_div= The capital increase amount from the accumulated profit and reserves divided by the number of ordinary shares at the time of the capital increase extraordinary general meeting. Dual_div= The sum of cash dividends and bonus shares paid per share during a period. Dual_div cash/stock_inclined= Dual dividend is a non-cash trend until the ratio of cash profit to dual dividends is equal to or greater than 0.5. Per_compared= Price earnings ratio delayed and compared to the average of its industry peers Size= The natural logarithm of the company's total assets. Growth= The difference in sales between the current and prior periods divided by the previous period's sales. Lev= Total liabilities divided by total assets of the company. Findings Table 1: Regression Results Model B Model A Variable probability t-value Coefficient probability t-value Coefficient 0.000 3.735 3.678 0.000 13.460 3.939 Constant 0.000 6.647 0.115 0.000 6.585 0.101 Cash_div 0.354 -0.928 -0.032 0.448 -0.759 -0.028 Stock_div - - - 0.005 2.821 0.047 Dual_div 0.001 3.271 0.068 - - - Dual_div-cash_inclined 0.069 1.815 0.033 - - - Dual_div-stock_inclined 0.000 5.077 0.006 0.000 4.918 0.006 Per_compared (t-1) 0.000 5.219 0.632 0.000 5.684 0.607 Size 0.001 3.437 0.205 0.000 3.678 0.197 Growth 0.000 -7.956 -1.109 0.000 -6.454 -1.099 Lev 487.486 492.231 Sum squared resid 25.241 (0.000) 27.926 (0.000) F-statistic (prob) 0.569 0.565 R-squared 0.763 0.780 Adjusted R-squared 1.549 1.532 Durbin-Watson stat Source: Research findings Conclusion & Results The result of H1 supports the signaling hypothesis or informational content of stock dividends and the bird theory, which is consistent with the research of Qolipour (1996), Kathirlu (2021), Ifeanyichukwu and Yusuf (2021), Joshi (2012), Liu and Chi (2014), and Sharma (2011). However, it is not consistent with the findings of Saeedi et al. (2017), Akbar and Baig (2010), Kibet et al. (2016) and Mirfakhr-Al-Dini et al. (2011) do not match. The result of H2 is compatible with the view that bonus shares are only a type of classification change and practically have no value for the shareholder. This result is consistent with the findings of Saeedi et al. (2017), Ifeanyichukwu and Yusuf (2021) and Kibet et al. (2016). On the other hand, this is in contrast with the findings of Jahankhani and Abasi (1991), Qolipour (1996), Akbar and Baig (2010). And Liu and Chi (2014) conflict. According to the result of H3, strong evidence from the Tehran stock market is provided to support the combination of the two hypotheses of free cash flow and retained earnings or the balanced dividend distribution hypothesis, which is in line with the findings of Liu and Chi (2014) and contrasts with the findings of Akbar and Baig (2010), suggests that the distribution of bonus shares alone does not have an impact on stock prices. However, when combined with cash dividends, it has a positive effect on stock prices. The results obtained from comparing the cash and non-cash orientations in H4 reaffirm the lack of impact of bonus shares on the end-of-period stock prices, as only in the cash orientation, dual dividends lead to an increase in stock prices and in the bonus orientation, no significant effect on stock prices is observed. This finding is somewhat in contrast with the findings of Huang et al. (2009), who identified balanced dual dividends and dual dividends with non-cash orientation as the factors influencing the growth of future earnings. According to the result of H5, the P/E ratio from the previous period can explain the prices at the end of the period and provide evidence of the signaling effect and the information content of the P/E ratio to the average of similar companies. This result is consistent with Saeedi et al. (2017), Kathirlu (2021), Yahyazadeh Far and Hijabi (2020), Ifeanyichukwu and Yusuf (2021), Joshi (2012) and is in contrast with the two studies of Mirfakhr-Al-Dini et al. (2011) and Sharma (2011). Generally, these two internal criteria, in addition to evaluating current or past performance and determining the intrinsic value, have valuable information about the outlook and future performance of the stock. قیمت سهام یکی از مهم‌ترین عواملی است که سرمایه‌گذاران را به خرید یا فروش سهام ترغیب می‌کند بااین‌حال زمینه وجود چالش در تبیین رفتار قیمت سهام به دلیل تأثیرگذاری عوامل متعدد داخلی و خارجی، مسئله ناگزیر هر بازار سرمایه‌ای است. ازجمله مهم‌ترین ابزارهای تحلیل بنیادی در بحث قیمت‌گذاری، سود سهام و نسبت قیمت به سود است که این پژوهش، نقش اطلاعاتی آن‌ها را در قالب الگوهای پرداخت سود سهام و ضریب قیمت به سود تأخیری ارزیابی می‌کند. برای این منظور، اطلاعات مربوط به ۱۱۳ شرکت سودآور در بورس تهران در طی یک دوره هشت‌ساله (1393-1400) جمع‌آوری‌شده است. در این پژوهش، از یک مدل رگرسیون خطی چندگانه (داده‌های پنل با اثرات ثابت) استفاده شده و سه متغیر اندازه، رشد و سطح بدهی مالی نیز کنترل شده‌اند. نتایج نشان می‌دهند که سود نقدی، به‌ویژه سود دوگانه با اکثریت نقد، تأثیر مثبت و معناداری بر قیمت سهام پایان دوره دارد. بااین‌حال، سهام جایزه، به‌تنهایی یا در ترکیب غالب با سود نقدی تحت عنوان سود دوگانه با گرایش جایزه، تأثیر معناداری بر قیمت سهام انتهای دوره ندارند. علاوه بر این، افزایش نسبت قیمت به سود تأخیری با افزایش قیمت سهام در دوره جاری همراه است. این یافته‌ها حاکی از قوی‌تر بودن نقش اطلاعاتی سود نقدی نسبت به سهام جایزه است، به حدی که حتی در مورد سود دوگانه، واکنش قوی‌تری به گرایش نقد مشاهده می‌شود. علاوه بر این، این پژوهش محتوای اطلاعاتی نسبت قیمت به سود را تأیید کرده و شواهدی درباره قدرت پیش‌بینی آن برای تغییرات قیمت سهام یک دوره بعد ارائه می‌کند. به‌طورکلی، این مطالعه به درک رفتار قیمت سهام در بورس تهران کمک می‌کند و اهمیت در نظر گرفتن الگوهای پرداخت سود سهام و نسبت قیمت به سود را در تصمیم‌گیری سرمایه‌گذاری به‌وضوح بیان می‌کند.

https://far.ui.ac.ir/article_27862_504ead39a6978a45bb3497b3c015c9ee.pdf

دانشگاه اصفهان نشریه پژوهش های حسابداری مالی 2322-3405 15 1 2023 05 22 Investigating the Effect of Financial Statement Comparability on the Marginal Value of Cash Holdings and Marginal Value of Capital Expenditure: Instrumental Variables Approach بررسی تأثیر قابلیت مقایسه صورت‌های مالی بر ارزش نهایی نگهداشت وجوه نقد و ارزش نهایی مخارج سرمایه‌ای: رویکرد متغیرهای ابزاری 125 148 28364 10.22108/far.2023.137794.1973 FA مهرداد دقیقی ماسوله دانشجوی دکتری حسابداری، گروه حسابداری، واحد مبارکه، دانشگاه آزاد اسلامی، اصفهان، ایران 0009-0004-5067-5417 مسعود فولادی استادیار حسابداری، گروه حسابداری، واحد شاهین‌شهر، دانشگاه آزاد اسلامی، اصفهان، ایران مریم فرهادی استادیار اقتصاد، گروه حسابداری، واحد مبارکه، دانشگاه آزاد اسلامی، اصفهان، ایران مهنام ملایی استادیار حسابداری، گروه حسابداری، واحد نجف‌آباد، دانشگاه آزاد اسلامی، نجف‌آباد، ایران Journal Article 2023 05 27 Financial statement comparability reduces the information asymmetry between managers and investors not only by making it easier for investors to identify timelier signals about the profitability of projects undertaken by managers, but also by enabling investors to extract from comparable peers information useful for monitoring firms’ use of corporate resources, thereby making them less reliant on the disclosures made by the firms. This research examines the impact of financial statement comparability on the marginal value of cash holdings and capital expenditure. In order to measure the financial statement comparability, this study uses the method of De Franco et al. The sample consists of 122 companies listed on Tehran Stock Exchange for the period 2013 to 2020. Since, the financial statement comparability is an endogenous variable, this study uses an instrumental variables approach and a Two-Stage Least Squares estimator to test the research hypotheses. Findings indicate that the increase in financial statement comparability increases the marginal value of cash holdings and the marginal value of capital expenditure. Introduction The purpose of this study is to examine the impact of financial statement comparability on the marginal value of cash holdings and the marginal value of capital expenditure of firms listed on Tehran Stock Exchange (TSE). Financial reporting provides rich information which allows creditors and investors to evaluate firm performance. Specifically, high-quality financial reporting reduces the information asymmetry between managers and shareholders and provides a better monitoring of managers’ investment decisions. Bushman and Smith (2001) suggest that high-quality financial reporting may provide more information to assess project profitability, leading to invest in value-creating projects and avoid from value-destroying projects; as a consequence, managers are less likely to make decisions at the expense of investors. As a result, financial reports with higher quality led to lower the cost of capital and increase related shareholder value. Therefore, in firms with more comparable financial reports, external monitoring of managers is stronger and managers are more disciplined when using corporate resources. Therefore, investors believe that managers in firms with higher comparability will make better use of corporate resources, and assign more value to the firm. Comparability reduces the information asymmetry between managers and investors and make it easier for investors to understand and identify signals about the profitability of projects undertaken by managers. In addition, provide investors with more opportunity to use peer firms in order to asses firm performance. This is because comparability allows investors to make inferences about a firm’s performance from comparison with the performance and/or disclosures of the peer firms (Kim et al., 2021). Comparability facilitates external monitoring of manager performance of using corporate resources in general and of corporate cash in particular. Specifically, financial statement comparability induces managers to use the cash more efficiently ex-ante. Therefore, the market will assign a higher value to the cash holdings of firms with more comparable financial statements. Since comparability facilitates investors’ monitoring of managers’ use of capital resources, managers will use corporate capital more efficiently ex-ante, and therefore investors will perceive capital expenditure to contribute more value to firms with greater financial statement comparability. Based on the stated contents, the research hypotheses are presented as follows: H1: The increase in financial statement comparability increases the marginal value of cash holdings. H2: The increase in financial statement comparability increases the marginal value of capital expenditure. Methods & Material The statistical population in this research is all the companies listed on Tehran Stock Exchange and the period under investigation is from 2013 to 2020. In this research, the systematic elimination method was used to reach the sample, and 122 companies were selected as the research sample. In order to test the hypotheses, the instrumental variable approach and a two-stage least squares estimator (2SLS) have been used. Instrumental variable methods are commonly used in accounting research to resolve econometric problems with observational data, such as when the outcome and explanatory variables are simultaneously determined. Another problem occurs when a variable that affects both the outcome and explanatory variables is not included in the regression model. Both of these problems frequently occur in accounting research. To resolve these problems, instrumental variable methods are used in both multiple equation models and single equation models. Because financial statement comparability is affected by other factors, endogeneity bias is created in the model and the results will not be reliable. In the prior studies that have been conducted in the field of the comparability of financial statements, the possibility of this issue has not been mentioned, and the ordinary least squares approach has been used. Because the financial statement comparability is an endogenous variable, an instrumental variable approach and a two-stage least squares estimator (2SLS) have been used to test the research hypotheses. Findings Findings of first hypothesis shows that financial statement comparability has a significant and positive effect on the marginal value of cash holdings. In addition, findings of second hypothesis shows that financial statement comparability has a significant and positive effect on the marginal value of capital expenditure. Conclusion & Results Findings of this study indicate as firms’ financial information becomes more comparable, corporate cash holdings are more valuable to shareholders, and capital expenditure contributes more to shareholder value. In addition, financial statement comparability provides investors with an opportunity to assess the firm performance, which in turn increases the efficacy of monitoring managerial investment decisions. This study contributes to the literature that examines the benefits of financial statement comparability. Based on the results enhanced efficiency in the use of corporate cash reserves and capital expenditure decisions, are two possible avenues through which comparability enhances shareholder value. This study also contributes to the literature on the value of cash holdings. Prior studies show that holding cash is, on average, value-destroying. This research suggests that the value destruction associated with cash holdings can be mitigated by financial statement comparability. Based on the findings, as the financial statement comparability increases the marginal value of cash holdings and the marginal value of capital expenditure increase. These findings are consistent with Kim et al. (2021) * Corresponding author قابلیت مقایسه صورت‌های مالی علاوه بر اینکه عدم تقارن اطلاعاتی بین مدیران و سرمایه‌گذاران را کاهش می‌دهد، شناسایی سیگنال‌های به موقع درباره سودآوری پروژه‌های انجام شده توسط مدیران را برای سرمایه‌گذاران تسهیل کرده و آنها را قادر می‌سازد تا اطلاعات مفیدی را برای نظارت بر استفاده شرکت‌‌ها از منابع، از شرکت‌های همتای قابل‌مقایسه کسب نمایند؛ در نتیجه سرمایه‌گذاران به اطلاعات افشاء شده توسط شرکت‌ها کمتر متکی می‌گردند. پژوهش حاضر به بررسی تأثیر قابلیت مقایسه صورت‌های مالی بر ارزش نهایی نگهداشت وجوه نقد و ارزش نهایی مخارج سرمایه‌ای می‌پردازد. برای اندازه‌گیری قابلیت مقایسه صورت‌های مالی از معیار دی‌فرانکو و همکاران استفاده شده است. نمونه آماری پژوهش شامل 122 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی سال‌های 1392 الی 1399 بوده است. با توجه به درون‌زا بودن قابلیت مقایسه صورت‌های مالی، برای آزمون فرضیه‌های پژوهش از رویکرد متغیرهای ابزاری و برآوردگر حداقل مربعات دو‌مرحله‌ای استفاده شده است. نتایج حاکی از آن است که افزایش قابلیت مقایسه صورت‌های مالی باعث افزایش ارزش‌ نهایی نگهداشت وجوه نقد و همچنین باعث افزایش ارزش‌ نهایی مخارج سرمایه‌ای می‌شود.

https://far.ui.ac.ir/article_28364_6b65ea26fc94cf0560daa7dfb68ee2cb.pdf