دانشگاه اصفهان نشریه پژوهش های حسابداری مالی 2322-3405 15 4 2024 02 20 The Impact of Audit Committee Characteristics and Audit Fees on Classification Shifting of Items in the Income Statement: Evidence from Iran تأثیر ویژگی‌های کمیته حسابرسی و حق‌الزحمه حسابرسی بر تغییر طبقه‌بندی اقلام در صورت سود و زیان: شواهدی از ایران 1 32 29034 10.22108/far.2024.139031.2011 FA حامد عبدلی محمودآباد دانشجوی کارشناسی ارشد حسابداری، دانشکده مدیریت و حسابداری، دانشکدگان فارابی، دانشگاه تهران، قم، ایران. امید فرجی دانشیار حسابداری، دانشکده مدیریت و حسابداری، دانشکدگان فارابی، دانشگاه تهران، قم، ایران. Journal Article 2023 11 06 classification shifting of items in the income statement is one of the management strategies for earnings manipulation and management. The presence of regulatory factors to control financial reporting and ensure its health is necessary. The current research has investigated the effect of audit committee characteristics (size and financial expertise of members) and audit fees on the classification shifting of items in the income statement. To achieve this goal, 1052 company-year observations (208 companies) collected from the audited financial reports of companies admitted to the Tehran Stock Exchange from 2013 to 2022 have been examined. The results of the research, in addition to confirming the use of stock exchange companies of classification shifting for earnings management, show that there is a negative and significant relationship between audit fees and the increase in the financial and accounting expertise of the members of the audit committee with the classification shifting of items in the income statement; But there is no significant relationship between the size of the audit committee and this strategy. Introduction Earnings, as one of the most important items of financial statements and criteria for evaluating performance and future profitability, play an important role in the decision-making process of users of financial statements. Managers can manipulate this important by using different earnings management methods and mislead users of financial statements. According to the agency theory and previous studies, increasing the size of the audit committee by increasing the entry of various expertise and experiences into the committee and increasing the freedom and independence of the committee, as well as increasing the committee's expert members by increasing the committee's awareness of accounting standards and procedures, leads to better performance of the audit committee in reducing the opportunistic behavior of managers such as profit management and reduction of agency costs. In addition, as a mechanism for overseeing the financial reporting process, it plays a more effective role in the defense of shareholders' rights and gives credibility to financial statements (Zalata & Roberts, 2016; Al-Absy et al., 2019). Also, studies have shown that with an increase in audit fees, the auditor spends more time, effort, and accuracy in the audit process, and as a result, reduces earnings management (Gandía & Hoguet, 2021; Craswell et al., 2002). Most of these studies are about accrual and real earnings management. This research has investigated another tool of earnings management, i.e. classification shifting of items in the income statement, which has not been studied in the Iranian environment. Considering the conditions of Iran's environment (such as inflationary stagnation, the nascentness of the audit committee, and the intensely competitive environment for audit work), the present research sought to answer the question of whether the size of the audit committee (first hypothesis) and the financial expertise of its members (second hypothesis) and audit fee (third hypothesis) have a negative relationship with classification shifting of items in the income statement? The results of this research, by filling the existing gap, can expand the related literature and help the legislators formulate laws that are suitable for this model of earnings management and use the results of this research to evaluate the effectiveness of the audit committee and the independent auditor. It also provides useful information about these issues for regulatory authorities and stakeholders so that they can make more confident decisions. Methods & Material In this research, the companies admitted to the Tehran Stock Exchange were used as the statistical population and the statistical sample was determined by applying the following restrictions: 1- Due to the difference in reporting rules and the nature of service companies, financial mediation, and investment with production and trading companies, the selected company should not be from the industries of such companies. 2- The information on the selected companies should be available during the research period. 3- The selected company has not changed its activity or financial year in the studied period. 4- The observations of the audit organization and Mofid Rahbar Institute are removed due to the difference in their fees from other private sector institutions in the third hypothesis of the research (Mohammadrezaei & Faraji, 2018). The data required for the research were collected manually from the audited financial statements of the selected companies published on the Kodal website from 2013 to 2022. Considering the above limitations, the statistical sample includes 1052 firm-years (208 companies). According to Mcvay (2006), model 1 is used to calculate the normal earnings, the remainder of which represents the abnormal earnings. Model 2 is used to examine the use and non-use of classification shifting by companies for earnings management, and if this tool is used, the variable coefficient of abnormal items becomes positive and significant (Zalata & Roberts, 2017). Models 3, 4, and 5 have been used to investigate the first, the second, and the third hypothesis of the research, respectively. To achieve such a goal, the significance level and the effect sign of the third interactive variable of the models have been investigated. Finding Table (1): The results of the research hypotheses test P>|t| T Std. err Coefficient symbol Variable 0/294 -1.05 0/071 -0/075 nr-acsize Audit committee size *non-recurring 0/314 R2 0/000 Prob > F 17/27 F statistic The results of the first hypothesis test 0/039 -2/08 0/134 0/279- nr-acfin Financial expertise *non-recurring 0/217 R2 0/000 Prob > F 15/58 F statistic The results of the second hypothesis test 0/041 -2/08 0/104 -0/216 nr-audfee Audit fee*non-recurring items 0/359 R2 0/000 Prob > F 11/03 F statistic The results of the third hypothesis test Source: Research findings Conclusion & Results According to the significance level and the coefficients of the interaction variables of audit committee members' expertise and audit fees with non-recurring items (which are negative and significant), the increase of expert and experienced members in the audit committee and the increase in audit fees reduced the managers' use of abnormal items to classification shifting. These findings can be confirmed with the agency theory and are consistent with the results of previous studies (for example Gandía & Huguet, 2021; Craswell et al., 2002; Zalata & Roberts, 2016; Usman et al., 2022) and show that the second and third hypothesis is confirmed. Also, Also, according to the level of significance and the coefficient of the interaction variable of audit committee size with non-recurring items (which is negative but non-significant), increasing the size of the audit committee does not have a significant effect on reducing managers' use of abnormal items to classification shifting. These results are consistent with previous studies such as Usman et al., (2022) and Baxter & Cotter, (2009). The institutional theory can explain this result. The institutional theory considers the existence of the audit committee as a formality and states that the existence of this committee is only to show compliance with laws and regulations and the creation of legitimacy outside the organization. According to the obtained results, it is suggested that supervisors and relevant authorities pay special attention to the classification shifting of items in the income statement to protect the quality of financial reporting. Users of financial statements should pay attention to abnormal items, their amount, and their recurrence in future years. Also, auditors should consider the possibility of earnings management through classification shifting of items in the income statement. * Corresponding author تغییر طبقه‌بندی اقلام در صورت سود و زیان یکی از استراتژی‌های مدیریت برای دستکاری و مدیریت سود است. وجود عوامل نظارتی به‌منظور کنترل بر گزارشگری مالی و اطمینان از سلامت آن امری لازم و ضروری است. همچنین، مبتنی‌بر ادبیات مدیریت سود، کمیته حسابرسی و حسابرس مستقل می‌توانند به‌عنوان چنین عوامل نظارتی نقش ایفا کنند و بر رفتار فرصت‌طلبانه مدیران تأثیر بگذارند. هدف پژوهش حاضر، بررسی تأثیر ویژگی‌های کمیته حسابرسی و حق‌الزحمه حسابرسی بر تغییر طبقه‌بندی اقلام در صورت سود و زیان است. در این پژوهش از سنجه‌های اندازه و تخصص مالی اعضای کمیته حسابرسی به‌عنوان معیارهای ویژگی‌های کمیته حسابرسی استفاده شده است. برای نیل به این هدف، با استفاده از گزارش‌های مالی حسابرسی‌شده شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران، 1052 سال-شرکت (208 شرکت) مشاهده و گردآوری و طی بازه 1391 تا 1400 بررسی شده‌اند. نتایج پژوهش بیان‌کنندۀ استفاده شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران از تغییر طبقه‌بندی برای مدیریت سود است. همچنین، نتایج پژوهش نشان می‌دهند بین حق‌الزحمه حسابرسی و افزایش تخصص مالی و حسابداری اعضای کمیته حسابرسی با تغییر طبقه‌بندی اقلام در صورت سود و زیان رابطه منفی و معنی‌داری وجود دارد؛ اما بین اندازه کمیته حسابرسی و تغییر طبقه‌بندی اقلام در صورت سود و زیان رابطه‌ای معنی‌دار وجود ندارد.

https://far.ui.ac.ir/article_29034_94da0c1cefe21f0b3ea0399ab7330803.pdf

دانشگاه اصفهان نشریه پژوهش های حسابداری مالی 2322-3405 15 4 2024 02 20 Moderating Effect of Earning Quality and Audit Quality on the Relationship between Readability of Financial Reporting and Cost of Financing in Firms Listed in Tehran Stock Exchange اثر تعدیلی کیفیت سود و کیفیت حسابرسی بر رابطۀ خوانایی گزارش‌های مالی با هزینۀ تأمین مالی شرکت‌های عضو بورس اوراق بهادار تهران 33 58 29035 10.22108/far.2024.139427.2002 FA ماندانا طاهری استادیارحسابداری، دانشکده مدیریت و حسابداری، دانشگاه علامه طباطبایی، تهران، ایران. غزاله شیخ زاده کارشناس ارشد حسابرسی، دانشکده مدیریت و حسابداری، دانشگاه علامه طباطبایی، تهران، ایران. Journal Article 2023 10 11 Complex disclosure limits the ability of users to extract useful information from the financial reports disclosed by firms and affects the decisions and perceptions of the stockholders of the information and adjusts their expectations of returns and consequently will affect the financing costs of the company. Based on this, the purpose of this research is to investigate the relationship between the readability of financial reporting and financing costs, as well as to investigate the moderating effect of profit quality and audit quality on this relationship in Iran's capital market. For this purpose, the data of 138 firms listed in Tehran Stock Exchange were collected for ten years from 1391 to 1400, and the hypotheses of the research were investigated using the statistical method of multivariable linear regression. The results of the research hypotheses test show a significant and negative relationship between the readability of financial reporting and the cost of capital of companies. Also, the results show that profit management as an index of profit quality measurement intensifies the negative relationship between readability and financing costs. In other words, the increase in earnings management in companies with lower readability has led to an increase in financing costs. Also, the audit quality in companies that have lower readability has adjusted the cost of capital in a positive direction. Introduction The more readable the information, the better the goals of financial reportingand information efficiency will be achieved (Seifzadeh et al., 2021); Because low readability weakens the beliefs of information users about the adequacy of information. Some researchers (Aldoseri et al., 2023; Heflin et al., 2016) state thatin companies whose disclosure readability level information is high, analysts' expectations from the company are more accurate, and the cost of equity and volatility in return on their equity is less. The results of the study by Ejaz (2022) also show that the high readability of financial reporting leads to an increase in the confidence of investors and a decrease in the cost of capital. The problem that has been addressed in this research for Iran's capital market, is whether the readability offinancial reporting of firms listed in the Tehran Stock Exchange is effective on the financing costs of these companies, especially on their capital costs. On the other hand, the profit of the company provides important information for investors and creditors. Dividends reduce the uncertainty of investors and lead to the use of a lower discount rate for the future profits of the company and as a result, increase the value of the company; Conversely, poor financial reporting on earnings leads to poor forecasting of future cash flows, which in turn leads to high information risks (Kustono, 2021). Many previous studies have shown a negative relationship between earnings quality and cost of capital (for example, Persakis & Iatridis 2015). According to the signaling theory, high reported earnings quality increases managers' willingness to increase the level of readability of disclosed reports, and it is expected that this will eventually lead to a reduction in the company's cost of capital. In addition, based on the ambiguity hypothesis, management may hide their poor performance when earnings quality is low by increasing the textual complexity of their reports, which affects their cost of capital (Ejaz, 2022). Another point is that based on the theory of agency, monitoring mechanisms are applied to align the interests of shareholders and managers and reduce the conflict of interest as well as any subsequent opportunistic behavior (Alzoubi, 2018). Accordingly, one of the monitoring tools of shareholders is independent auditing, and it is the quality of auditing that improves the reliability of financial statements for users of accounting information. On the other hand, audit quality is compromised when companies present a less readable annual report to hide earnings management or poor financial performance, which increases the risk of material misstatement of the financial statements. Therefore, the low readability of annual reports will lead to low audit quality (Blanco et al., 2021), which will also lead to an increase in the capital cost of companies. Based on what was said, the purpose of this research is to explain the relationship between the readability of financial reporting of listed companies and the capital structure, and in the next step, the moderating effect of profit quality and audit quality on this relationship will be measured. Methods & Material To test the hypotheses, simple regression and multivariate regression models have been used. Based on this, the financial statements of listed companies for 10 years from 1391 to 1400 have been examined, and data related to transactions with related parties have been extracted from the notes accompanying the financial statements and other variables from the Rahvard Naveen website. In this research, the statistical sample was selected by the systematic elimination method. Based on this, taking into account the following criteria, 138 companies accepted in the Tehran Stock Exchange were selected as a sample to investigate the hypotheses of the research. In this research, to measure the relationship between the readability of financial reporting and the cost of capital and the moderating effect of profit quality and audit quality on this relationship, the research by Ejaz (2022) and Coffie et al. (2018) were used to develop research models. Finding The results of the first hypothesis test show that the readability of financial reporting has a negative and significant effect on the cost of capital. The results of the second hypothesis test of the research confirmed the moderating effect of profit management on the relationship between the readability of financial reporting and the cost of capital, and the results of the third hypothesis test of the research also show that audit quality has a moderating effect on the relationship between the readability of financial reporting and the cost of capital. Finally, two sensitivity analysis tests were performed to check the robustness of the results and confirm the research findings. For this purpose, first, the average of all values during three years was calculated and the GLS regression model was run again to test the validity of the main results, and the findings confirmed the main findings of the research. Then, the effects of industry type and year were controlled and the results did not show any effect on the main regression results. Based on the above results, the performance of both additional sensitivity analyses supports the main results of this study. Conclusion & Results According to the results of this research, it can be said that by increasing the ease of reading the annual financial reports of companies, the cost of capital of listed companies in Iran will decrease. Therefore, it is important to pay attention to the writing style of reports presented by managers and the linguistic complexity of these reports. In other words, for shareholders and creditors, identifying management's writing style in board reports helps them to correctly interpret companies' actions and to be able to identify historical events, current status, and prospects of companies. Also, the results of the research indicated that the higher the amount of manipulation of accruals, the higher the increase in the cost of capital and vice versa. In other words, although it is expected that the decrease in the quality of profit will lead to an increase in the cost of capital; in more readable companies, the readability of financial statements has compensated for the weakness of these companies in the lower quality of profit and the higher level of profit management. Finally, the selection of large audit firms in terms of reputation and quality of audit work gives a signal to the market, because larger and more reliable audit firms, due to the planning and implementation of quality work, can control and manage the complexities of the internal affairs and operational activities of companies, especially the complexities of the internal control system and the poor readability of the financial reporting of these companies and thus, have a moderating effect on the cost of capital of these companies. افشای پیچیده توانایی کاربران برای استخراج اطلاعات مفید از گزارش‌های مالی افشاشده توسط شرکت‌ها را محدود میکند و بر تصمیمات و ادراک ذینفعان از اطلاعات تأثیر میگذارد و انتظارات آنها از بازدهی را تعدیل می‌کند و به تبع بر هزینه‌های تأمین مالی شرکت‌ مؤثر واقع می‌شود. بر این اساس، هدف این پژوهش تعیین رابطه خوانایی گزارشگری مالی و هزینه‌های تأمین مالی و همچنین، بررسی اثر تعدیلی کیفیت سود و کیفیت حسابرسی بر این رابطه در بازار سرمایه ایران است. برای این منظور داده‌های 138 شرکت عضو بورس اوراق بهادار تهران برای یک دوره ده ساله از 1391 تا 1400 جمع‌آوری شد و با استفاده از روش آماری رگرسیون خطی چندمتغیره، فرضیات پژوهش بررسی شد. نتایج حاصل از آزمون فرضیههای پژوهش رابطه معنادار و منفی را بین خوانایی گزارشگری مالی و هزینه سرمایه شرکت‌ها نشان میدهد. همچنین، نتایج نشان میدهند مدیریت سود به‌عنوان شاخص اندازه‌گیری کیفیت سود، رابطه منفی بین خوانایی و هزینه‌های تأمین مالی را تشدید می‌کند. به‌عبارتی، افزایش مدیریت سود در شرکت‌هایی که خوانایی پایین‌تری دارند، منجر به افزایش هزینه‌های تأمین مالی شده است. همچنین، کیفیت حسابرسی در شرکت‌هایی که خوانایی پایین‌تری داشته‌اند، هزینه سرمایه را در جهت مثبت تعدیل کرده است.

https://far.ui.ac.ir/article_29035_e77ad05d9e1313f38251bdac11dd2042.pdf

دانشگاه اصفهان نشریه پژوهش های حسابداری مالی 2322-3405 15 4 2024 02 20 Shareholders’ Reaction to Information Content Disclosure of the Integrated Reporting Framework under Interest Conflicts واکنش سهامداران به افشای محتوای اطلاعات چارچوب گزارشگری یکپارچه در شرایط تضاد منافع 59 84 28490 10.22108/far.2024.140864.2037 FA حسن بدری گمچی دانشجوی دکتری، گروه حسابداری، دانشکده مدیریت، واحد تهران شمال، دانشگاه آزاد اسلامی، تهران، ایران. محمد حسنی استادیار حسابداری، گروه تحصیلات تکمیلی حسابداری و حسابرسی، دانشکده مدیریت، واحد تهران شمال، دانشگاه آزاد اسلامی، تهران، ایران. Journal Article 2024 03 12 The present study is assessed the shareholders’ reaction to information content disclosure of the integrated reporting framework under the interest conflicts through the channel of expected return adjustment. The shareholders’ expected return is derived from the capital assets pricing model. The interest conflict caused by agency problems has been measured using the operating expenses to operating revenues ratio as a proxy of agency cost. In addition, the information disclosure index corresponding to the content elements under integrated reporting framework has been measured based on a relevant dimensions checklist. The research population includes 144 firms listed in the Tehran Securities & Exchange during March 2016 till March 2023. The multivariable panel regression models based on firm-year observations focusing on post-event data were used to test research hypotheses. The evidences showed that the agency cost arising from interest conflict between managers and owners causes shareholders to demand higher expected returns. However, firms' effort to disclose information related to content elements of the integrated reporting framework will moderate the shareholders’ expected returns when agency conflicts occur; Hence, the shareholders’ expected return decreases. These findings are consistent with the signaling theory, according to which, although the increase in agency conflicts is a warning sign for firms to demand higher returns from shareholders, but firms' efforts to improve information disclosure aspects based on content elements in the integrated reporting framework is a positive sign, meaning that shareholders can adjust their return expectations. Introduction In recent years, achieving high-quality disclosure has focused on the integration of financial and non-financial information under an integrated reporting approach. Considering the role of integrated reporting in improving the content of information disclosure, it is important to assess its consequences in the capital market. It is expected that following the integrated framework as a new reporting approach will create better reports for stakeholders and improve transparency and accountability in the capital market. Since introducing the integrated reporting framework, countries have shown a greater willingness to follow this reporting approach. However, due to the lack of acceptance and full implementation of this approach in recent years in Iran, only the movement towards an integrated reporting framework can be explored. Although there is some empirical evidence about the improving information environment with a focus on new reporting approaches, the effect of content elements disclosure according to the integrated reporting framework on the shareholders’ expectations in achieving returns has not been addressed, especially under agency problem risk between providers and users of information. To cover this research gap, the present study has assessed the role of information disclosure following the integrated reporting framework in adjusting the shareholders’ expected return considering the occurrence of interest conflict risk. In this regard, first, the effect of agency cost arising from interest conflicts on shareholders’ expected return has been analyzed, and then, the impact of information disclosure related to content elements moving towards the integrated reporting framework on the shareholders’ expected return under agency conflict circumstances has been assessed. Methods & Material The shareholders’ expected return is derived from the capital assets pricing model. The interest conflict caused by agency problems has been measured using the ratio of operating expenses to operating revenues as a proxy of agency cost. In addition, the information disclosure index corresponding to the content elements under the integrated reporting framework has been measured based on a relevant dimensions checklist. The research population includes 144 firms listed in the Tehran Securities & Exchange from March 2016 to March 2023. The multivariable panel regression models based on firm-year observations focusing on post-event data were used to test research hypotheses. Findings The evidence showed that the agency cost arising from interest conflict between managers and owners causes shareholders to demand higher expected returns. The occurrence of agency conflicts is perceived as a risk criterion by shareholders and leads to an increase in the shareholders’ expected returns. However, firms' efforts to disclose information related to content elements based on the integrated reporting framework will moderate the shareholders’ expected returns when agency conflicts occur. It means that following the information disclosure procedure according to the integrated reporting framework has restricted the agency problems risk, and led to a reduction in the shareholders’ expected return under the occurrence of the interest conflict by improving the information environment and reducing information asymmetry. Conclusion Even though shareholders expect to achieve higher returns under agency conflict occurrence, improving the information disclosure level and controlling the agency conflict risk by moving towards integrated reporting causes shareholders to adjust their expectations about returns. Hence, the shareholders’ expected return decreases. These findings are consistent with the signaling theory, according to which, although the increase in agency conflicts is a warning sign for firms to demand higher returns from shareholders, firms' efforts to improve information disclosure aspects based on content elements in the integrated reporting framework is a positive sign, meaning that shareholders can adjust their return expectations. در مطالعه حاضر، واکنش سهامداران به افشای محتوای اطلاعات چارچوب گزارشگری یکپارچه در شرایط تضاد منافع ازطریق تعدیل بازده مورد انتظار بررسی شده است. بازده مورد انتظار سهامداران با بهره‌گیری از مدل قیمت‌گذاری دارایی‌های سرمایه‌ای محاسبه شده است. هزینه نمایندگی ناشی از تضاد منافع براساس مفهوم کارایی طبق نسبت هزینه‌های عملیاتی به درآمدهای عملیاتی فروش محاسبه شده است. به‌‌علاوه، شاخص افشای اطلاعات عناصر محتوا در چارچوب گزارشگری یکپارچه براساس چک‌لیستی از ابعاد مربوطه سنجش شده است. برای انجام تحلیل‌ها، تعداد 144 شرکت طی سال‌های 1395 تا 1401 طبق روش غربالگری از جامعه آماری شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران گزینش شدند. داده‌های بررسی‌شده بر مبنای مشاهده‌های شرکت-سال هستند که با تمرکز بر داده‌های پس‌رویدادی، از مدل‌های رگرسیونی در تحلیل‌ها استفاده شده است. شواهد نشان دادند هزینه‌‌ نمایندگی ناشی از تضاد منافع بین مدیران و مالکان سبب می‌شود سهامداران بازده مورد انتظار بالاتری مطالبه کنند؛ با این حال، تلاش شرکت‌ها در افشای اطلاعات مربوط به عناصر محتوا چارچوب گزارشگری یکپارچه سبب تعدیل بازده مورد انتظار سهامداران هنگام بروز تضاد نمایندگی می‌شود و از این رو، بازده مورد انتظار سهامداران کاهش می‌یابد. این یافته‌ها سازگار با مبانی استدلالی نظریه علامت‌دهی است که طبق آن گرچه افزایش تضادهای نمایندگی علامتی هشداردهنده برای شرکت‌ها مبنی بر مطالبه بازده بالاتر از سوی سهامداران است، تمرکز شرکت‌ها بر بهبود جنبه‌های افشای اطلاعات براساس عناصر محتوا در چارچوب گزارشگری یکپارچه به‌عنوان علامتی مثبت از سوی سهامداران تلقی می‌شود که می‌تواند انتظارات بازدهی آنها را تعدیل کند.

https://far.ui.ac.ir/article_28490_bd8ba10b751348c2b2fafcfc521d4c2a.pdf

دانشگاه اصفهان نشریه پژوهش های حسابداری مالی 2322-3405 15 4 2024 02 20 The effect of the quality of environmental dimensions on the performance of business units according to the mediating role of corporate governance تأثیر کیفیت ابعاد زیست‌محیطی بر عملکرد واحدهای تجاری با توجه به نقش میانجی راهبری شرکتی 85 108 28365 10.22108/far.2024.137584.1968 FA نویدرضا نمازی استادیار، گروه حسابداری، دانشکده اقتصاد، مدیریت و علوم اجتماعی، دانشگاه شیراز، شیراز، ایران. 0000-0002-4030-9585 حسن اسماعیل پور دانش‌آموخته کارشناسی ارشد، گروه حسابداری، دانشکده اقتصاد، مدیریت و علوم اجتماعی، دانشگاه شیراز، شیراز، ایران. بشیر کاظمی هفدانی دانش‌آموخته کارشناسی ارشد، گروه حسابرسی، دانشکده مدیریت و حسابداری، دانشگاه آزاد اسلامی-واحد مبارکه، اصفهان، ایران. Journal Article 2023 05 22 Abstract With the increase of companies and the conflict over the use of natural resources and the resulting pollution, the environment has become very vulnerable. Currently, this issue has become a global and challenging issue. With the support of the shareholders and their concern about the impact of the companies' activities on the environment, the performance of the companies has undergone changes. Therefore, the aim of this research is to investigate the effect of the quality of environmental dimensions on the performance of business units with regard to the mediating role of corporate governance. The statistical population of the current research is all the companies admitted to the Tehran Stock Exchange and the statistical sample includes 202 listed companies (2020 companies) in a 10-year period. In order to inferential analysis of the findings, structural equations modeling (SEM) of partial least squares (PLS) method version 3 were used. The findings showed that environmental dimensions have a positive and significant effect on the performance of business units and corporate governance. In addition, corporate governance has a significant effect on the performance of business units. Finally, corporate governance as a mediating variable has an effect on the relationship between environmental dimensions and the performance of business units, and its (partial) mediating role is confirmed. The results show that with the increasing attention of companies to environmental issues and preservation and non-damage to the environment, shareholders and investors react positively to these companies. This positive view can greatly improve the performance of companies. Introduction Environmental problems are one of the most fundamental business issues today and are the result of their conflict and confrontation with the natural environment; because the development of companies is inevitably associated with the dominance of buildings, industries, transportation, and economic activities in natural spaces. Over time, this dominance has changed to the form of urban and commercial dominance over nature and is the basis of widespread urban pollution (Song et al., 2019). About society and the environment, business units have a special responsibility that goes back to the role and performance of business units in society. This responsibility is an important emphasis on the prominent role of accounting as the only solution for calculating costs incurred in the environment. From a traditional point of view, the only task of accounting has been to maximize shareholder wealth, but according to social and environmental accounting, these goals have moved away from accounting. The theoretical literature shows that two variables of corporate governance and also environmental aspects affect the performance of business units. Corporate governance is a set of mechanisms of any economic enterprise that creates a relative balance between the responsibilities of the company's shareholders, the board of directors, management, and employees (Lawal, 2012). According to Lawal's model (2012), corporate governance is a function of the composition of the board of directors, and factors including the percentage of non-executive members of the board of directors (Earnhart & Lizal, 2006), the size of the board of directors (Kumar, 2005) and the dual role of the CEO (Bulgurcu, 2012) are considered its indicators (Lawal, 2012). The most important goals of corporate governance can be considered increasing the certainty of creating the interests of shareholders specifically and all stakeholders (Moradi & Rostami, 2013; Foroughi & Heydari Sureshjani, 2014). Therefore, according to the stated research, it is expected that the corporate governance mechanisms also affect the performance of business units. The problem that exists in this research is that the role of environmental dimensions on the performance of companies is not clear. Also, considering the importance of corporate governance and the comprehensive impact of this factor on companies, the effect of this variable on the relationship between environmental dimensions and company performance needs to be carefully investigated. Therefore, this study seeks to investigate the effect of the quality of environmental dimensions on the performance of business units considering the mediating role of corporate governance. The studies that have been done in the past have not investigated the effect of the three variables of environmental dimensions, corporate performance, and corporate governance. Considering the existing governance in companies and the increasing importance of the environment on the performance and profitability of business units, related research that can examine these three factors is very important, and has not been studied so far. According to the mentioned contents, it is necessary to conduct this study. Therefore, the important questions that are raised in this context are what is the effect of corporate governance and environmental dimensions on the performance of business units? What is the effect of environmental dimensions, which is a subset of social responsibility, on the performance of business units? And does corporate governance affect the relationship between environmental dimensions and the performance of economic enterprises? The purpose of this research is to answer the questions raised. Research Methodology and Model This study is among quantitative research. The current research is applied in terms of purpose and quasi-experimental, using a one-time post-event approach (through past information) (Namazi, 2010). Also, the library method was used to examine the theoretical foundations of the research hypotheses and the experimental and theoretical background of the research. The data and information required for the statistical sample of the research were collected by referring to the Kodal system and Rahvard software version 3 (in addition, financial statements and accompanying explanatory notes were also used). Finally, the data was prepared in Excel software, and for descriptive and inferential research tests, Smart PLS version 3 and SPSS version 25 software were used. Research Findings First hypothesis: The first hypothesis of the research was that environmental dimensions affect the performance of business units. The results of the first hypothesis test showed that the value of the t statistic is statistically significant and its value is greater than 1.96. According to the path coefficient, the path coefficient between the two variables of environmental dimensions and the performance of business units is positive and significant. Therefore, in terms of statistics and probability, according to the findings of the current research, environmental dimensions have a positive effect on the performance of units, and dimensions can be an effective factor in increasing the added value of companies. Second hypothesis: The second hypothesis of the research was that environmental dimensions affect corporate governance. The results of the second hypothesis test showed that the value of the t statistic is statistically significant and at the 5% error level, the research hypothesis is confirmed. According to the path coefficient, the path coefficient between the two variables of environmental dimensions and corporate governance is positive. According to statistical data, it is stated that environmental dimensions have a positive and significant effect on corporate governance. The third hypothesis: The third hypothesis of the research was that corporate governance affects the performance of business units. The results of the third hypothesis test showed that the value of the t statistic and the significance of this statistic are statistically significant. The results of the third hypothesis test showed that the research hypothesis is confirmed at the confidence level of 95% and its statistical value is greater than 1.96. Also, the path coefficient between the two variables of corporate governance and the performance of business units is positive. Therefore, social responsibility has a positive and significant effect on added value. The fourth hypothesis: The results of the fourth hypothesis test showed that environmental dimensions have a positive and significant effect on the performance of business units in the presence of corporate governance as a mediating variable. This finding shows the importance of corporate governance in the field of impact on environmental dimensions and the performance of business units. Therefore, the fourth research hypothesis is confirmed. In addition, the value of the path coefficient of the mediating variable is equal to 0.167, which means that 16% of the total effect of environmental dimensions and the performance of business units is indirectly explained by the mediating variable of corporate governance. Conclusion & Results The purpose of this research was to investigate the effect of environmental dimensions on the performance of business units, emphasizing the mediating role of corporate governance. The performance of business units of companies is the focus of the attention of investors and company analysts. Since the main goal of every company is profitability, according to the theory of the business unit, liquidity ratios, performance, profitability, new market, and added value are very important as a new criterion for evaluating the performance of companies. Based on the theory of political economy, environmental dimensions deal with ethical issues about the company's behavior and decision-making on issues such as human resource management, environmental protection, occupational health, social relations, and relations with suppliers and customers. Therefore, environmental aspects can affect the performance of business units. Environmental dimensions using social responsibility include measures of employee relations, product characteristics, environment, and social participation. According to agency theory, free market theory, and controlled market theory, corporate governance can affect the performance of business units. Corporate governance includes measures of the size of the board of directors, non-commissioned members of the board of directors, and the duality of the role of the CEO, which with the positive and negative performance of the company, and according to the environmental dimensions of the companies have different effects on the expectations of investors and the performance of the company's market; Because, today, shareholders and investors pay attention to companies that comply with environmental and social issues and do not harm the environment, and preserve it for future generations. هدف پژوهش حاضر، بررسی تأثیر کیفیت ابعاد زیست‌محیطی بر عملکرد واحدهای تجاری با توجه به نقش میانجی راهبری شرکتی است. جامعه آماری پژوهش حاضر، کلیه شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران است. تعداد 202 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران به‌عنوان نمونه آماری در بازه زمانی 10 ساله (از سال 1390 لغایت 1399) (2020 سال-شرکت) انتخاب شد. از معادلات ساختاری روش حداقل مربعات جزئی و نرمافزار Smart PLS نسخه 3 به‌منظور تحلیل استنباطی دادهها استفاده شد. یافته‌ها نشان دادند ابعاد زیست‌محیطی بر عملکرد واحدهای تجاری و راهبری شرکتی تأثیر مثبت و معنادار دارد. افزون بر این، راهبری شرکتی بر عملکرد واحدهای تجاری تأثیر و معناداری دارد. درنهایت، راهبری شرکتی نیز به‌عنوان یک متغیر میانجی بر رابطه بین ابعاد زیست‌محیطی و عملکرد واحدهای تجاری تأثیر دارد و نقش میانجی (جزئی) آن تأیید شد. با افزایش شرکت‌ها، جدال بر سر استفاده از منابع طبیعی و آلودگی‌های ناشی از آن، شدت چشمگیری پیدا کرده و باعث آسیبپذیر شدن محیط زیست شده است. در حال حاضر، این موضوع، به یک مسئله جهانی و چالش‌برانگیز بدل شده است. با افزایش نگرانی سهامداران در خصوص محیط زیست، عملکرد شرکت‌ها نیز دچار تغییراتی شده است. مطابق با یافته‌های پژوهش، با افزایش توجه شرکت‌ها به مسائل زیست‌محیطی، حفظ و عدم‌آسیب به محیط زیست، سهامداران و سرمایه‌گذاران واکنش مثبتی به این شرکت‌ها نشان می‌دهند. این دیدگاه مثبت می‌تواند به مراتب عملکرد شرکت‌ها را بهبود بخشد.

https://far.ui.ac.ir/article_28365_935e5ccdb24e68cddf7abb0e4c00aec3.pdf

دانشگاه اصفهان نشریه پژوهش های حسابداری مالی 2322-3405 15 4 2024 02 20 Investigating the Relationship between Earnings Persistence, Institutional Investors Monitoring, and Types of Political Connections بررسی رابطۀ بین نظارت نهادی و انواع ارتباطات سیاسی با پایداری سود 109 130 28749 10.22108/far.2024.140493.2033 FA بهرنگ پارسافرد دانشجوی دکترای حسابداری، دانشکده مدیریت و حسابداری، دانشگاه علامه طباطبایی، تهران، ایران. سهراب استا استادیار حسابداری، دانشکده علوم انسانی، دانشگاه ایلام، ایلام، ایران. هادی شیخی دانشجوی دکترای حسابداری، دانشکده مدیریت و حسابداری، دانشگاه علامه طباطبایی، تهران، ایران. Journal Article 2024 01 24 The purpose of this study is to investigate the relationship between Earnings persistence, institutional investors monitoring, and types of political connections in companies listed on the Tehran Stock Exchange. The statistical population of this study is all companies listed on the Tehran Stock Exchange from 2015 to 2021 and the number of samples is 105 companies. The regression analysis method and Ivory statistical software were used to analyze the research data. The results showed that institutional oversight in companies with political connections has an effective role in increasing profit stability. The selection of large auditors by companies with political connections has no significant relationship with profit stability. However, the longer the term of the CEO of companies with political connections increases, the more stable the profit. The results generally indicate a significant relationship between profit stability, institutional oversight, and various types of political communication. Introduction Political relations are certainly more valuable than all social relations. Empirical evidence shows that companies have political connections when the president or director of the company is a current or former government official. The behavior of the company that is made due to the political connection of its executives is an attractive topic for academic research (Hu & Wang, 2018). The motivation of business units to appoint managers with a political background is to increase their competitive advantage compared to other companies. Previous research shows that political communication has positive economic consequences for the company. For example, Joe et al. found that political connections help secure financing from banking sources for the company. Financial writings consider many benefits of political communication for the company. They believe that political communication has advantages such as increasing tax benefits, facilitating the issuance of bonds, increasing competitive advantages, more mergers and ownership, and increasing the company's value (Jou et al., 2017). It is argued that companies with political connections face serious representation problems, which ultimately leads to less profit quality and a decrease in conservatism (Mohammed et al., 2017; Godhami et al., 2014). This problem leads to the weakening of corporate governance in those companies (Guedhami et al., 2014). The results of Chaney et al.'s research indicated that despite the low quality of financial performance reporting in companies with political connections, these companies have an incentive to improve the quality of information because they are not penalized by the market with a higher cost of debt rate (Chaney et al., 2011). Some previous studies (such as those of Chaney et al.) show that the level of earnings management and accruals in companies with political connections is much higher than that of other companies. An increase in the level of discretionary accruals leads to lower earnings stability. Some studies state that increased earnings stability is a sign of high earnings quality (Dechow & Schrand, 2010). The influence of political communication on capital markets is more intense in countries with capitalist systems and political support. However, recent evidence shows that political communication can have different effects on capital markets and financial statements depending on its type (Tee, 2019). For example, the findings of some studies indicate that companies that have been involved in political communication for a longer period are likely to support the presence of an independent board of directors to maintain their credibility in the capital market (Fung et al., 2015). It is also argued that the credibility of the auditor is one of the other factors affecting the behavior of companies with political connections (Guedhami et al., 2014). In this regard, some recent studies indicate the influence of institutional investors on political communication. For example, the findings of Tee's studies (2019) show that institutional investors have an effective monitoring role in companies with political connections. On the other hand, Sarhangi et al.'s studies (2017) show that there is no significant relationship between institutional ownership (the measure of political connections) and the ownership of the largest shareholder and profit stability. Therefore, considering that Iran's economy has been involved in the term state economy for many years and companies are engaged in political communication whether they like it or not, dealing with the relationships in the present research for many stakeholders of the company, including the government, company decision makers, analysts, investors, etc. is of great importance. Methods & Material The current research is of applied type and retrospective in terms of time. Considering that there is no change in the variables and only the collected information is described, the research is descriptive. The main goal of this type of research is to determine the relationship between two or more variables, and the size and value of that relationship. Collection, classification, and analysis of information and calculations related to the regression model have been done using Excel version 2010 and Eviuse version 10 software. Also, using the targeted elimination method, 105 companies were selected as a statistical sample from 2015 to 2015. Findings According to the descriptive statistics of the research, the average percentage of institutional shareholders is 67%. This means that more than 67% of the shares of the sample companies under review are owned by institutional shareholders. The variable average of institutional investors shows that these types of investors have high power in the investigated companies. The average financial leverage is 58%. This number indicates that the sample companies pay more attention to financing through debt because more than 58% of assets are financed from debt and the rest from other financing methods. The variable average of asset return, which is used in some previous research as a measure of management efficiency, shows the number of 15%. This means that for each asset unit, the management of the sample companies has been able to create a 15% operating profit. The average standard deviation of the company's sales revenue is 5% and the average logarithm of the company's size is 14.5. There is a significant correlation between profit stability and types of political communication at the 95% confidence level. According to the significant correlation between some independent variables and the modulating variable, the preliminary evidence indicates that some research hypotheses are not rejected. In general, it can be said that since the correlation between the research variables is in the range (-1 to +1), there is no autocorrelation problem between the research variables. In other cases, there is a significant correlation between some variables. Discussion & Conclusion It is argued that companies with political connections suffer from a high level of agency costs, which can harm the quality and sustainability of the profits of such companies. On the other hand, the presence of institutional shareholders in the company provided that it does not damage the rights of the minority owners in the company, will probably lead to strengthening supervision and reducing representation problems. In this research, the relationship between profit stability, institutional supervision, and different types of political communication was investigated. The results of the research hypotheses test show that the presence of institutional shareholders in companies with political connections leads to an increase in profit stability; Therefore, it can be said that institutional supervision is a factor that can play an effective role in increasing the quality of profits of companies with political connections. On the other hand, the findings of the second hypothesis of the research indicate that the presence of large auditors in companies with political connections as independent auditors cannot have a significant effect on the sustainability of profits. However, the tenure of the CEO of companies with political connections helps to increase the stability of the company's profit. In other words, increasing the duration of the presence of the CEO of companies with political connections somehow guarantees the quality of the profits of such companies. The results of the first and third sub-hypotheses are in line with the findings of Hashemi et al. (2018) and Tee (2019). Considering the results obtained from this research, it is recommended to the decision-makers of companies and legislators to avoid successive changes of company CEOs and to improve corporate governance mechanisms in companies with political connections for increased profit stability. For the aim of future research, it is also suggested that the effect of the quality of corporate governance in companies with political connections on the sustainability of profit be investigated (Hashmi et al., 2018; Tee, 2019). هدف این پژوهش بررسی رابطۀ بین پایداری سود، نظارت نهادی و انواع ارتباطات سیاسی در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران است. جامعۀ آماری این پژوهش شامل کلیۀ شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران در بازۀ زمانی 1395 تا 1401 و تعداد نمونه نیز 105 شرکت است. به منظور تجزیه‌وتحلیل داده‌های پژوهش، از روش تحلیل رگرسیون و نرم‌افزار آماری ایویوز استفاده شده است. نتایج پژوهش نشان داد نظارت نهادی در شرکت‌های دارای ارتباطات سیاسی نقشی مؤثر در افزایش پایداری سود دارد. انتخاب حسابرسان بزرگ توسط شرکت‌های دارای ارتباطات سیاسی دارای رابطه‌ای معنادار با پایداری سود نیست؛ ولی هرچه مدت تصدی مدیرعامل شرکت‌های دارای ارتباطات سیاسی افزایش پیدا کند، پایداری سود نیز بیشتر می‌شود. به ‌طور کلی، نتایج حاکی از وجود رابطۀ معنادار بین پایداری سود، نظارت نهادی و انواع ارتباطات سیاسی است؛ بنابراین، با توجه به اینکه اقتصاد ایران در سال‌های متمادی درگیر اصطلاح اقتصاد دولتی است و شرکت‌ها، خواه یا ناخواه، درگیر ارتباطات سیاسی هستند، بررسی روابط مدنظر در پژوهش حاضر ممکن است برای طیفی وسیع از ذی‏نفعان شرکت از جمله دولت، تصمیم‌گیرندگان شرکت‌ها، تحلیلگران، سرمایه‌گذاران و غیره، از اهمیت بسیار برخوردار باشد.

https://far.ui.ac.ir/article_28749_6ee4175f2c5f41b8cbc7b055bd6fdf0d.pdf

دانشگاه اصفهان نشریه پژوهش های حسابداری مالی 2322-3405 15 4 2024 02 20 Investigation of the Effect of Internal Control Effectiveness on Hospitals` Performance by Considering the Mediating Role of Intra-Organizational Information Quality and Organizational Ethical Behaviors (Case study: the Public Hospitals) بررسی تأثیر اثربخشی سیستم کنترل داخلی بر عملکرد بیمارستان‌ها با در نظر گرفتن نقش میانجی کیفیت اطلاعات درون‌سازمانی و رفتارهای اخلاقی سازمانی (مورد مطالعه: بیمارستان‌های دولتی) 131 154 29092 10.22108/far.2024.142065.2056 FA علی هادوی دانشجوی دکتری، گروه حسابداری، واحد ساری، دانشگاه آزاد اسلامی، ساری، ایران. اسفندیار ملکیان استاد، گروه حسابداری، دانشگاه مازندران، بابلسر، ایران. غلامرضا رضایی استادیار، گروه حسابداری، دانشگاه سیستان و بلوچستان، زاهدان، ایران. Journal Article 2024 07 07 This research develops and tests a mediation model regarding the effectiveness of internal control on hospitals` performance via the mediating role of intra-organizational information quality and organizational ethical behaviors. The proposed model and its hypotheses were tested using partial least squares structural equation modeling (PLS-SEM) in SmartPLS-3 with survey data from 384 public hospital managers in Iran. This study found that internal control effectiveness positively affects hospitals` performance. Also, the effect of internal control effectiveness on intra-organizational information quality and organizational ethical behaviors is positive and these, in turn, improve the hospitals` performance (mediating role). In general, these findings suggest that public hospitals seeking to improve their performance need to improve internal control systems. Introduction The accounting literature has a wealth of information on how internal control structures affect organizational performance. Internal control studies primarily concentrate on how internal control systems help organizations prevent and detect fraud and errors, manage risks, deal with agency problems, and ultimately promote corporate governance and accounting performance. An internal control system refers to a company's set of controls and procedures to achieve its objectives, which include improving operational effectiveness and efficiency, enhancing financial reporting reliability, and ensuring compliance with laws and regulations. Accordingly, it can be expected that the internal control system will firstly improve the organization’s information quality (both internal and external information), secondly, prevent the occurrence of unethical issues (such as fraud in financial reporting) and thirdly result in better performance. However, the evidence in this regard is limited in the public hospital sector of the country. Therefore, the main question that this research seeks to find an answer to is whether the effectiveness of the internal control system has the power to influence the public hospitals` performance in Iran. And if there is an effect, which way do these effects take place? In this research, the intra-organizational information quality and organizational ethical behaviors are emphasized. Based on the theoretical literature and the conducted studies, research hypotheses were developed as follows. The present study has 7 primary hypotheses. H1: The effectiveness of internal control affects the hospitals` performance. H2: The effectiveness of internal control affects the hospitals` organizational ethical behaviours. H3: The effectiveness of internal control affects the quality of hospitals` intra-organizational information. H4: The organizational ethical behaviours affect the hospitals` performance. H5: The organizational ethical behaviours have a mediating role in the relationship between the effectiveness of internal control and the hospitals` performance. H6: The quality of intra-organizational information affects the hospitals` performance. H7: The quality of intra-organizational information has a mediating role in the relationship between the effectiveness of internal control and the hospitals` performance. Methods & Material The statistical population of this research consists of all managers in the public hospitals in Iran. This study used cluster sampling method for its statistical population. The approximate number of managers in the public hospitals in Iran was considered a large statistical population. Using Morgan’s table for large population (from 100000), the sample size consisted of 384 persons. In the present study, internal control effectiveness was the independent variable. The questionnaire developed by Nguyen and Hoai (2023), as a prominent questionnaire, which consists of 13 questions was utilized. Also, this research used a questionnaire developed by Alolayyan et al. (2020) to measure the hospitals’ performance (dependent variable). In addition, a scale of 9 items developed by Nguyen and Hoai (2023) was used to measure organizational ethical behaviors. Finally, this research used the intra-organizational information quality as a mediating variable and for measuring it, a questionnaire developed by Alolayyan et al. (2020) and Rezaei et al. (2024) was used. Possible answers to questions in this study were categorized on a 7-point scale. Also, the collected data was calculated using the Excel software and was analyzed using SPSS-23 and Smart-PLS-3. Finding We ran partial least squares structural equation modeling (PLS-SEM) to testing hypotheses. Figure (1) depicts the result of this research. This study found that internal control effectiveness positively affects hospitals’ performance. Also, the effect of internal control effectiveness on intra-organizational information quality and organizational ethical behaviors is positive and these, in turn, improve the hospitals’ performance (mediating role). Figure 1. The results of path coefficients of the research model Conclusion & Results The goal of this research is to study the effects of mediating role of intra-organizational information quality and organizational ethical behaviors in the relationship between internal control effectiveness on hospitals’ performance. In general, based on the results of the present study and according to the significant effect of the internal control effectiveness on hospitals’ performance and the mediating role of intra-organizational information quality and organizational ethical behaviors in this relationship and since the main objective of organizations is improving their performance, we recommend that actual and potential user (such as managers) consider these relations. These findings suggest that public hospitals seeking to improve their performance need to improve their internal control system. این پژوهش نقش میانجی کیفیت اطلاعات درون‌سازمانی و رفتارهای اخلاقی سازمانی را در رابطۀ بین اثربخشی سیستم کنترل داخلی و عملکرد بیمارستان‌ها آزمون می‌کند. فرضیه‌های پیشنهادی آن با استفاده از الگوسازی معادلات ساختاری حداقل مربعات جزئی در نرم‌افزار اسمارت پی‌ال‌اس نسخۀ 3 و با داده‌های نظرسنجی از 384 نفر از مدیران بیمارستان‌های دولتی کشور آزمون شدند. این مطالعه نشان داد اثربخشی سیستم کنترل داخلی بر عملکرد بیمارستان‌ها تأثیری مثبت و معنادار دارد. همچنین، اثربخشی سیستم کنترل داخلی به‌طور مثبت بر کیفیت اطلاعات درون‌سازمانی و رفتارهای اخلاقی سازمانی تأثیر می‌گذارد که این امر نیز به نوبۀ خود باعث بهبود عملکرد بیمارستان‌ها می‌شود (نقش میانجی). به طور کلی، این نتایج پیشنهاد می‌کند بیمارستان‌های دولتی برای بهبود عملکرد خود باید به بهبود وضعیت سیستم کنترل داخلی خود توجه کنند.

https://far.ui.ac.ir/article_29092_e21ccb39457ad8466fc97bc8bad25040.pdf