بررسی نقش میانجی قابلیت مقایسه صورت‌های مالی بر رابطه بین رفتارهای فرصت‌طلبانه مدیران و واگرایی عقاید سرمایه‌گذاران
محورهای موضوعی : پژوهش های مالی و رفتاری در حسابداری
محسن توحیدلو
1
,
علی بیات
2
,
علی محمدی
3
,
وهاب رستمی
4
1 - دانشجوی دکتری، گروه حسابداری، واحد زنجان، دانشگاه آزاد اسلامی، زنجان، ایران
2 - استادیار، گروه حسابداری، واحد زنجان، دانشگاه آزاد اسلامی، زنجان، ایران
3 - استادیار، گروه حسابداری، واحد زنجان، دانشگاه آزاد اسلامی، زنجان، ایران
4 - استادیار، گروه حسابداری، واحد زنجان، دانشگاه آزاد اسلامی، زنجان، ایران
کلید واژه: قابلیت مقایسه صورت‌های مالی, واگرایی رفتار سرمایه‌گذاران, مدیریت سود, بیش اطمینانی مدیران,
چکیده مقاله :
باورها و گرایش‌های احساسی سرمایه‌گذاران می‌تواند با ایجاد تغییر در فضای بازار سرمایه بر جهت‌گیری حجم معاملات و قیمت بازار سهم تأثیرگذار باشد. این مقاله نقش میانجی قابلیت مقایسه صورت‌های مالی بر رابطه بین رفتارهای فرصت‌طلبانه مدیران و واگرایی عقاید سرمایه‌گذاران را مورد بررسی قرار داده است. این پژوهش به صورت پس رویدادی و با استفاده از روش همبستگی علی انجام‌شده است. شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران، جامعه آماری پژوهش را شکل داده و با اعمال شرایط مورد نظر و به صورت حذف نظامند از اطلاعات134 شرکت به عنوان نمونه پژوهش در دوره زمانی بین سال‌های 1392 الی 1401 استفاده شده است. برای محاسبه واگرایی رفتار سرمایه‌گذاران از شاخص حجم معاملات غیرمنتظره استفاده شده و رفتارهای فرصت‌طلبانه مدیران به وسیله دو عامل مدیریت سود واقعی و بیش اطمینانی مدیران در تصمیم گیری مورد سنجش قرارگرفته است. نتایج حاصل از آزمون فرضیه‌های پژوهش نشان داد مدیریت سود و بیش اطمینانی مدیریت در تصمیم گیری، رابطه مستقیم و معناداری با واگرایی رفتار سرمایه‌گذاران دارد. همچنین قابلیت مقایسه صورت‌های مالی، رابطه مثبت میان مدیریت واقعی سود و بیش اطمینانی مدیریت بر واگرایی رفتار سرمایه‌گذاران درباره تعیین رقم صحیح ارزش ذاتی سهام حین اخذ تصمیم سرمایه‌گذاری را تعدیل می‌کند.
Beliefs and emotional tendencies of investors can influence the direction of trading volumes and stock market prices by creating changes in the capital market environment. This paper has investigated the mediating role of comparability of financial statements on the relationship between managers' opportunistic behavior and investors' divergence of opinions. This research was conducted post-event and using the causal correlation method. The companies listed to the Tehran Stock Exchange. formed the statistical population of the research, and by applying the desired conditions and systematically removing, it we used information of from 134 companies as a research sample in the period of 2014 to 2023. Divergence of investors' behavior has been calculated using the index of unexpected trading volume and managers' opportunistic behaviors have been measured by two factors of real earnings management and managers' overconfidence. The findings indicated that earnings management and management overconfidence have a direct and significant relationship with the divergence of investors' behavior. Also, the comparability of financial statements moderates the positive relationship between real earnings management and management's overconfidence on the divergence of investors' behavior regarding determining the correct figure of the intrinsic value of stocks while making investment decisions.
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