تأثیر لحن مدیریت و ویژگیهای مدیران بر قابلیت مقایسه صورتهای مالی
محورهای موضوعی : حسابداری و حسابرسی
حمیدرضا نظری
1
,
حبیب اله نخعی
2
*
,
محمود لاری دشت بیاض
3
1 - گروه حسابداری، واحد قاینات، دانشگاه آزاد اسلامی، قاینات، ایران.
2 - گروه حسابداری،واحد بیرجند، دانشگاه آزاد اسلامی، بیرجند، ایران.
3 - گروه حسابداری، دانشگاه فردوسی، مشهد، ایران.
کلید واژه: قابلیت مقایسه صورتهای مالی, لحن مدیریت, ویژگیهای مدیران,
چکیده مقاله :
هدف: قابلیت مقایسه صورتهای مالی بهعنوان یکی از ویژگیهای مهم کیفی اطلاعات مالی، نقش اساسی در تصمیمگیریهای اقتصادی ایفا میکند. ویژگیهای مدیران و لحن مدیریت میتوانند بر این قابلیت تأثیرگذار باشند. هدف از این پژوهش، بررسی تأثیر لحن مدیریت و ویژگیهای مدیران بر قابلیت مقایسه صورتهای مالی در شرکتهای پذیرفتهشده بورس اوراق بهادار تهران است.
روششناسی پژوهش: این پژوهش با استفاده از روشهای کیفی و کمی انجام شده است. در بخش کیفی، از روش دلفی فازی برای شناسایی متغیرهای مرتبط با ویژگیهای مدیران استفاده شد. دادههای لحن مدیریت از طریق متن کاوی یادداشتهای توضیحی صورتهای مالی هر سهم استخراج و با نرمافزار مکسکیودا تحلیل شدند. سپس، الگوی رگرسیون بر اساس دادههای ترکیبی برای بررسی تأثیر لحن مدیریت و ویژگیهای مدیران بر قابلیت مقایسه صورتهای مالی برای 47 شرکت بورسی در دوره زمانی 1398 تا 1402 تخمین زده شد.
یافتهها: نتایج تحلیل رگرسیون نشان داد که لحن خوشبینانه و بدبینانه مدیریت تأثیر مثبت و معناداری بر قابلیت مقایسه صورتهای مالی دارد. همچنین ویژگیهایی مانند سطح تحصیلات و توانایی مدیریت در عملکرد بهتر نیز تأثیر مثبت و معناداری بر این متغیر دارند، در حالی که ویژگیهایی مانند خودشیفتگی مدیران و توانایی مدیریت در کاهش ریسک تأثیر معناداری نشان ندادند. این نتایج بر اهمیت توجه به ویژگیهای کیفی و شخصیتی مدیران در ارزیابی و تحلیل قابلیت مقایسه صورتهای مالی تاکید میکند و پیشنهاداتی برای پژوهشهای آتی و کاربردهای عملی ارائه میدهد.
اصالت / ارزشافزوده علمی: یافتههای این پژوهش حاکی از آن است که توجه به لحن مدیریت و ویژگیهای مدیران، میتواند در افزایش قابلیت مقایسه صورتهای مالی موثر باشد. این امر میتواند به تصمیمگیریهای سرمایهگذاری بهینه و ارزیابی دقیقتر فرصتها منجر شود.
Objective: Financial statement comparability, as one of the key qualitative characteristics of financial information, plays a fundamental role in economic decision-making. Managerial characteristics and managerial tone may influence this comparability. The objective of this study is to examine the effect of managerial tone and managers’ characteristics on the comparability of financial statements of companies listed on the Tehran Stock Exchange.
Methodology: This research adopts a mixed-methods approach, incorporating both qualitative and quantitative techniques. In the qualitative phase, the fuzzy Delphi method was employed to identify variables related to managers’ characteristics. Data on managerial tone were extracted through text mining of the explanatory notes to financial statements per share and analyzed using MAXQDA software. Subsequently, a panel regression model was estimated to examine the effect of managerial tone and managers’ characteristics on financial statement comparability for a sample of 47 listed firms over the period 2019–2023.
Findings: The regression analysis results indicate that optimistic and pessimistic managerial tone have a positive and statistically significant effect on the comparability of financial statements. In addition, characteristics such as educational level and managerial ability in enhancing performance exert a positive and significant influence on comparability. In contrast, characteristics such as managerial narcissism and managerial ability in risk reduction do not show a statistically significant effect. These findings highlight the importance of considering qualitative and personality-related managerial attributes in the evaluation and analysis of financial statement comparability and provide implications for future research and practical applications.
Originality / Scientific Contribution: The findings suggest that greater attention to managerial tone and managers’ characteristics can enhance the comparability of financial statements. This, in turn, can contribute to more optimal investment decision-making and a more accurate assessment of investment opportunities.
Abbasi Astemal, M., & Hosseinzadeh Dalandar, N. (2023). The effect of Managers' Optimistic Tone on Corporate Social Responsibility Disclosure with emphasis on Information Asymmetry. Journal of Financial Accounting Knowledge, 10(3), 151-171. [In Persian]
Abou-El-Sood, H., & El-Sayed, D. (2022). Abnormal disclosure tone, earnings management and earnings quality. Journal of Applied Accounting Research, 23(2), 402-433.
Ahangari, M., Yaghouti, F. S., & Gholami Zare, M. (2024). Investigating the moderating role of CEO characteristics on the relationship between intellectual capital and dividend policy. 7th National Conference on Management, Economy & Islamic Science, 684-698. [In Persian]
Amernic, J. H., & Craig, R. J. (2010). Accounting as a facilitator of extreme narcissism. Journal of business ethics, 96(1), 79-93.
Armstrong, C. S., Glaeser, S., Huang, S., & Taylor, D. J. (2019). The economics of managerial taxes and corporate risk-taking. The Accounting Review, 94(1), 1-24.
Asay, H. S., Libby, R., & Rennekamp, K. (2018). Firm performance, reporting goals, and language choices in narrative disclosures. Journal of Accounting and Economics, 65(2-3), 380-398.
Ayuningtyas, E. S., & Harymawan, I. (2021). Negative tone and readability in management discussion and analysis reports: impact on the cost of debt. Journal of Theory and Applied Management, 14(2), 129-146.
Bali, T. G., Brown, S. J., Murray, S., & Tang, Y. (2017). A lottery-demand-based explanation of the beta anomaly. Journal of Financial and Quantitative Analysis, 52(6), 2369-2397.
Barcellos, L. P., Cardoso, R. L., & Leite, R. D. O. (2025). The effects of cognitive reflection and work experience on financial statement comparability under principles-based accounting standards. In Accounting Forum, 49(2), 449-471.
Barros, L. A. B. D. C., & Di Miceli da Silveira, A. (2007). Overconfidence, managerial optimism and the determinants of capital structure. Brazilian Review of Finance, 6(3).
Beattie, V. (2014). Accounting narratives and the narrative turn in accounting research: Issues, theory, methodology, methods and a research framework. The British Accounting Review, 46(2), 111-134.
Bebchuk, L. A., Cohen, A., & Hirst, S. (2017). The agency problems of institutional investors. Journal of Economic Perspectives, 31(3), 89-112.
Behzadmanesh, A., Gholizadeh, M. H., & Doustar, M. (2022). The effect of managers' optimism and stock overvaluation on stock price crash risk. Quarterly Journal of Applied Research in Management and Accounting, 7(25), 100-120. [in Persian]
Bendriouch, F., Jabbouri, I., Satt, H., Jariri, Z., & M'hamdi, M. (2024). Tone complexity and the cost of debt retrospective data from the USA. Review of behavioral finance, 16(1), 1-16.
Berk, J. B., & DeMarzo, P. M. (2007). Corporate finance. Pearson Education.
Bjornsen, M., & Stallings, M. (2022). Managerial Ability and Financial Statement Comparability. Mountain Plains Business Conference
Bodoff, D., & Hirsch, I. (2023). Tone and credibility in voluntary disclosures. Corporate Communications: An International Journal, 28(6), 943-971.
Bonsall IV, S. B., Leone, A. J., Miller, B. P., & Rennekamp, K. (2017). A plain English measure of financial reporting readability. Journal of Accounting and Economics, 63(2-3), 329-357.
Bordeman, A., & Demerjian, P. (2022). Do borrowers intentionally avoid covenant violations? A reexamination of the debt covenant hypothesis. Journal of Accounting Research, 60(5), 1741-1774.
Bowman, E. H., Singh, H., Useem, M., & Bhadury, R. (1999). When does restructuring improve economic performance?. California management review, 41(2), 33-54.
Buchanan, J., Griffith, E., Lambert, T. A., & Perreault, S. (2025). Dark Triad Traits and Accounting: An Operating, Reporting, and Assurance Framework. Auditing: A Journal of Practice & Theory, 44(2), 27-49.
Buchholz, F., Lopatta, K., & Maas, K. (2020). The deliberate engagement of narcissistic CEOs in earnings management. Journal of Business Ethics, 167(4) 663-686.
Campbell, W. K., Hoffman, B. J., Campbell, S. M., & Marchisio, G. (2011). Narcissism in organizational contexts. Human resource management review, 21(4), 268-284.
Cao, Z., & Narayanamoorthy, G. S. (2011). The effect of litigation risk on management earnings forecasts. Contemporary Accounting Research, 28(1), 125-173.
Chen, S., Qiu, Y., Li, J., Fang, K., & Fang, K. (2023). Precision marketing for financial industry using a PU-learning recommendation method. Journal of Business Research, 160, 113771.
Choi, J., & Lee, S. R. (2025). Span of Control as a Dynamic Strategic Lever for Early-stage Firm Growth. The Wharton School Research Paper.
Craig, R., & Amernic, J. (2018). Are there language markers of hubris in CEO letters to shareholders?. Journal of business ethics, 149(4), 973-986.
Collins, D. R., & Stukas, A. A. (2008). Narcissism and self-presentation: The moderating effects of accountability and contingencies of self-worth. Journal of Research in Personality, 42(6), 1629-1634.
Custódio, C., Ferreira, M. A., & Matos, P. (2019). Do general managerial skills spur innovation?. Management Science, 65(2), 459-476.
Dadanlar, H. H., Vaswani, M. M., Al-Shammari, M., & Banerjee, S. N. (2024). Firm performance feedback and organizational impression management: The moderating role of CEO overconfidence. Journal of Management & Organization, 1-24.
Davis, A. K., & Tama‐Sweet, I. (2012). Managers’ use of language across alternative disclosure outlets: earnings press releases versus MD&A. Contemporary Accounting Research, 29(3), 804-837.
Davis, A. K., Ge, W., Matsumoto, D., & Zhang, J. L. (2015). The effect of manager-specific optimism on the tone of earnings conference calls. Review of accounting studies, 20(2), 639-673.
De Franco, G., Kothari, S. P., & Verdi, R. S. (2011). The benefits of financial statement comparability. Journal of Accounting research, 49(4), 895-931.
DeAngelo, H., & Roll, R. (2016). Capital Structure Instability. Journal of Applied Corporate Finance, 28(4), 38-53.
Delshad, A. (2025). Investigating the Effect of Management Characteristics on Abnormal Returns and Specific Stock Returns of Companies Listed on the Tehran Stock Exchange. Investment Knowledge, 14(53), 309-345. [in Persian]
Demerjian, P. R., Lev, B., Lewis, M. F., & McVay, S. E. (2013). Managerial ability and earnings quality. The accounting review, 88(2), 463-498.
Deshmukh, S., Goel, A. M., & Howe, K. M. (2013). CEO overconfidence and dividend policy. Journal of financial intermediation, 22(3), 440-463.
Elshandidy, T., & Kamel, H. (2024). Tone of narrative disclosures and earnings management: UK evidence. Advances in accounting, 64, 100710.
Endrawes, M., Feng, Z., Lu, M., & Shan, Y. (2020). Audit committee characteristics and financial statement comparability. Accounting & Finance, 60(3), 2361-2395.
Eshraghi, A. (2014). Fund manager overconfidence and investment narratives. In Communication and language analysis in the corporate world. 1-20.
Etikan, I., Musa, S. A., & Alkassim, R. S. (2016). Comparison of convenience sampling and purposive sampling. American journal of theoretical and applied statistics, 5(1), 1-4.
Evans, J. B., Slaughter, J. E., Ellis, A. P., & Rivin, J. M. (2019). Gender and the evaluation of humor at work. Journal of applied psychology, 104(8), 1077.
Framework, C. (2018). Conceptual framework for financial reporting. IFRS Foundation.
Feldman, R., Govindaraj, S., Livnat, J., & Segal, B. (2010). Management’s tone change, post earnings announcement drift and accruals. Review of Accounting Studies, 15(4), 915-953.
Foster, J. D., McCain, J. L., Hibberts, M. F., Brunell, A. B., & Johnson, R. B. (2015). The Grandiose Narcissism Scale: A global and facet-level measure of grandiose narcissism. Personality and individual differences, 73, 12-16.
Fu, X., Wu, X., & Zhang, Z. (2021). The information role of earnings conference call tone: Evidence from stock price crash risk. Journal of Business Ethics, 173(3), 643-660.
Gupta, G., Mahakud, J., & Debata, B. (2018). Impact of CEO’s characteristics on investment decisions of Indian listed firms: Does crisis make any difference? Cogent Economics & Finance, 6(1), 1439258.
Guthrie, J., & Parker, L. D. (2016). Whither the accounting profession, accountants and accounting researchers? Commentary and projections. Accounting, Auditing & Accountability Journal, 29(1), 2-10.
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European business review, 31(1), 2-24.
Ham, C., Seybert, N., & Wang, S. (2018). Narcissism is a bad sign: CEO signature size, investment, and performance. Review of Accounting Studies, 23(1), 234-264.
Hambrick, D. C. (2007). Upper echelons theory: An update. Academy of management review, 32(2), 334-343.
Mashayekh, S., Hassanzadeh Koucho, M., Mirzaei Beirami, R., Habibzadeh, M., & (2024). The effect of CEO narcissism on stock returns. Capital Market Analysis, 3(4), 100-120. [In Persian]
Hasson, F., & Keeney, S. (2011). Enhancing rigour in the Delphi technique research. Technological forecasting and social change, 78(9), 1695-1704.
Hasson, F., Keeney, S., & McKenna, H. (2000). Research guidelines for the Delphi survey technique. Journal of advanced nursing, 32(4), 1008-1015.
Heaton, J. B. (2002). Managerial optimism and corporate finance. Financial management, 31(2), 33-45.
Henry, E. (2008). Are investors influenced by how earnings press releases are written?. The Journal of Business Communication, 45(4), 363-407.
Henry, E., & Leone, A. J. (2016). Measuring qualitative information in capital markets research: Comparison of alternative methodologies to measure disclosure tone. The Accounting Review, 91(1), 153-178.
Hiebl, M. R. (2014). Upper echelons theory in management accounting and control research. Journal of Management Control, 24(3), 223-240.
Hosseini, E. S., & Jamalianpour, M. (2022). Earnings Management and Tone and Complexity of the Audit Reporting. Empirical Studies in Financial Accounting, 19(73), 1-26. [In Persian]
Hossain, M., Hossain, M., Mitra, S., & Salama, F. (2019). Narrative disclosures, firm life cycle, and audit fees. International Journal of Auditing, 23(3), 403-423.
Hsieh, I. H., & Liu, J. W. (2024). Effects of Melodic Contour on Sung Speech Intelligibility in Noisy Environments in Musicians and Nonmusicians. Music Perception: An Interdisciplinary Journal, 42(2), 149-164.
Huang, X., Krishnan, S., & Lin, P. (2018). Tone analysis and earnings management. Journal of Accounting and Finance, 18(8), 46-61.
Huang, X., Teoh, S. H., & Zhang, Y. (2014). Tone management. The accounting review, 89(3), 1083-1113.
Jang, S., Choi, H., & Kim, H. (2024). Managerial ability and cost of equity capital. Advances in accounting, 65, 100681.
Jegadeesh, N., & Wu, D. (2013). Word power: A new approach for content analysis. Journal of financial economics, 110(3), 712-729.
Ji, Y., Rozenbaum, O., & Welch, K. (2017). Corporate culture and financial reporting risk: Looking through the glassdoor. Available at SSRN 2945745.
Jian, J., Yang, F., Liu, M., & Liu, Y. (2024). Cost of equity capital and annual report tone manipulation. Emerging Markets Finance and Trade, 60(3), 519-540.
Kabanda, M. K., & Barrena-Martinez, J. (2025). Effective communication in management. IGI Global Scientific Publishing, 17-42.
Kalembe, D., Kaawaase, T. K., Nkundabanyanga, S. K., & Kayongo, I. N. (2024). CEO power, audit committee effectiveness and earnings quality. Journal of Accounting in Emerging Economies, 14(3), 585-611.
Keeney, S., McKenna, H. P., & Hasson, F. (2011). The Delphi technique in nursing and health research. John Wiley & Sons.
Khazaei, M., Zalaghi, H., & Aflatooni, A. (2019). The effect of management ability on the comparability of financial statements. Journal of Accounting Knowledge, 10(2), 21-42. [in Persian]
Kim, J. B., Li, L., Lu, L. Y., & Yu, Y. (2016). Financial statement comparability and expected crash risk. Journal of Accounting and Economics, 61(2-3), 294-312.
Kim, S., Kraft, P., & Ryan, S. G. (2013). Financial statement comparability and credit risk. Review of Accounting Studies, 18(3), 783-823.
Knox, B. D., Omer, T. C., & Stallings, M. A. (2024). Do Big Prizes Attract Talent or Big Heads? The Role of Narcissism, Skill Level, and Relative Performance Information in Public and Private Tournament Choice. The Role of Narcissism, Skill Level, and Relative Performance Information in Public and Private Tournament Choice (November 13, 2024).
Lee, J. (2011). The role of accounting conservatism in firms' financial decisions (Doctoral dissertation, Northwestern University).
Lewellen, J. (2014). The cross section of expected stock returns. Forthcoming in Critical Finance Review, Tuck School of Business Working Paper, (2511246).
Li, F., Lundholm, R., & Minnis, M. (2013). A measure of competition based on 10‐K filings. Journal of Accounting Research, 51(2), 399-436.
Lindawati, L., Nurfi, N., Nurjihan, N., & Haryadi, D. (2024). The effect of work environment and health, work safety on employee performance. Journal of Management Science (JMAS), 7(1), 45-51.
Linstone, H. A., & Turoff, M. (2002). The Delphi method: Techniques and applications. Addison-Wesley.
Loughran, T., & McDonald, B. (2011). When is a liability not a liability? Textual analysis, dictionaries, and 10‐Ks. The Journal of finance, 66(1), 35-65.
Loughran, T., & McDonald, B. (2016). Textual analysis in accounting and finance: A survey. Journal of accounting research, 54(4), 1187-1230.
Loughran, T., & McDonald, B. (2020). Textual analysis in finance. Annual Review of Financial Economics, 12(1), 357-375.
Majeed, M. A., & Yan, C. (2022). Financial statement comparability and stock liquidity: evidence from China. Applied Economics, 54(47), 5497-5514.
Maleki Choobari, M., Kherdyar, S., Azadi, K., & Akbari Goovabari, B. (2021). Investigation of the relationship between the organizational narcissism of managers with financial crises within the framework of the narcissism approach. Investment Knowledge, 10(38), 1-23. [In Persian]
Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. The journal of finance, 60(6), 2661-2700.
Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market's reaction. Journal of financial Economics, 89(1), 20-43.
Merkl‐Davies, D. M., Brennan, N. M., & McLeay, S. J. (2011). Impression management and retrospective sense‐making in corporate narratives: A social psychology perspective. Accounting, Auditing & Accountability Journal, 24(3), 315-344.
Muttakin, M. B., & Khan, A. (2025). CEO tenure, board monitoring and competitive corporate culture: how do they influence integrated reporting?. Journal of Accounting Literature, 47(1), 75-99.
Naseem, M. A., Lin, J., Rehman, R. U., Ahmad, M. I., & Ali, R. (2020). Does capital structure mediate the link between CEO characteristics and firm performance?. Management Decision, 58(1), 164-181.
Nazrul, T., & Mousa, R. (2025). Executive Religiosity and Disclosure Tone Ambiguity of Annual Reports. Journal of Risk and Financial Management, 18(2), 54.
Ngo, T. T., Vu, X. H., & Nguyen, D. C. (2024). The influence of organizational culture on employee well-being and productivity: Insights and Recommendations for Vietnamese Organizations. The American Journal of Management and Economics Innovations, 6(3),53-65
Nguyen, T. T., Duong, C. M., & Narendran, S. (2021). CEO profile and earnings quality. Review of Quantitative Finance and Accounting, 56(3), 987-1025.
Nikbakht, Z. (2024). The relationship between cash flows of operating, investments, and financing activities with the firm value. International Journal of Finance & Managerial Accounting, 9(33), 101-112.
Osei Bonsu, C., Liu, C., & Yawson, A. (2024). The impact of CEO attributes on corporate decision-making and outcomes: a review and an agenda for future research. International Journal of Managerial Finance, 20(2), 503-545.
Pagliarussi, M. S., Aguiar, M. O., & Galdi, F. C. (2016). Sentiment analysis in annual reports from Brazilian companies listed at the BM&FBovespa. BASE Journal (Administration and Accounting) of UNISINOS, 13(1), 53-64.
Pahlavan, M., Anvary Rostamy, A. A., & Darabi, R. (2023). Impacts of environmental sustainable performance reporting on the stock price crash risk and stock liquidity: The mediating role of predictability and comparability. Journal of Corporate Accounting & Finance, 34(3), 144-157.
Patelli, L., & Pedrini, M. (2015). Is tone at the top associated with financial reporting aggressiveness?. Journal of business ethics, 126(1), 3-19.
Riahi-Belkaoui, A. (2004). Accounting Theory. Cengage Learning EMEA. International Thomson.
Robichaud, C. W. (2022). CEO Self-Serving Attribution Bias: The Role of Organizational Identification and Consequences for Strategic Change (Doctoral dissertation, University of Kansas).
Safarnezhad Boroujeni, A., Chahar Mahali, A. K., Peik Falak, J., & Rabiei, M. (2023). The effect of financial reporting tone on stock returns of companies listed on the Tehran Stock Exchange. Management Accounting and Auditing Knowledge, 12(46), 429-440. [In Persian]
Sarami, M., Khaefelahi, A. A., AzadFallah, P., & Rajabzadeh Ghatari, A. (2021). The Effect of changing the personality characters of organizational manager on organizational climate. Organizational Resource Management Research, 11(2), 91-113. [In Persian]
Schrand, C. M., & Zechman, S. L. (2012). Executive overconfidence and the slippery slope to financial misreporting. Journal of Accounting and economics, 53(1-2), 311-329.
Shahab, Y., Ntim, C. G., Chengang, Y., Ullah, F., & Fosu, S. (2018). Environmental policy, environmental performance, and financial distress in China: do top management team characteristics matter?. Business Strategy and the Environment, 27(8), 1635-1652.
Shahsavari, M., Abbaszadeh, M. R., & Hesari, H. (2023). The tone in the auditor's report and the audit fee with emphasis on the moderating role of the requirements of Auditing Standard No. 700. Empirical Studies in Financial Accounting, 19(76), 131-161. [In Persian]
Smith, M., & Taffler, R. J. (2000). The chairman’s statement‐A content analysis of discretionary narrative disclosures. Accounting, Auditing & Accountability Journal, 13(5), 624-647.
Wang, G., Holmes, R. M., Oh, I. S., & Zhu, W. (2016). Do CEOs Matter to Firm Strategic Actions and Firm Performance? A Meta-Analytic Investigation Based on Upper Echelons Theory. Personnel Psychology, 69(4), 775-862.
Wang, Y., & Wright, B. (2024). Management’s tone change in MD&A and tax avoidance. Journal of Financial Reporting and Accounting.
Yekini, L. S., Wisniewski, T. P., & Millo, Y. (2016). Market reaction to the positiveness of annual report narratives. The British Accounting Review, 48(4), 415-430.