مدیریت در لحن افشا و میزان استفاده از اطلاعات محرمانه در معاملات سهام: پیامدهای تداوم انتخاب حسابرس و حق الزحمه های غیرعادی حسابرسی

محورهای موضوعی : حسابداری و مالی

یحیی کامیابی ^{1 *} , مهدی بشیری جویباری ²

1 - گروه حسابداری، دانشکده اقتصادی و اداری، دانشگاه مازندران، بابلسر، ایران
2 - دانشجوی دکتری حسابداری، دانشکده اقتصادی و اداری، دانشگاه مازندران، بابلسر، ایران

تاریخ دریافت : 1402/11/30 تاریخ پذیرش : 1403/04/12 تاریخ انتشار : 1403/11/28

کلید واژه: لحن غیرعادی افشا, اطلاعات محرمانه در معاملات سهام, تداوم در انتخاب حساس, حق الزحمه های غیرعادی حسابرسی,

چکیده مقاله :

نوع لحن افشا می تواند علامت های متفاوتی برای تفسیر اطلاعات با در نظر گرفتن ناهمگونی بین سرمایه گذاران ایجاد نماید. تأثیر افشای داوطلبانه در بازار سرمایه، همچنین انگیزه‌هایی برای مدیریت لحن افشا توسط شرکت‌های با محیط اطلاعاتی ضعیف تر ایجاد می‌کند. از این رو، این پژوهش درصدد است اثر تعدیلی پیامد های تداوم در انتخاب حسابرس و حق الزحمه های غیرعادی حسابرسی بر رابطه ی بین لحن غیرعادی افشا و میزان استفاده از اطلاعات محرمانه در معاملات سهام بررسی نماید. برای دستیابی به این هدف، تعداد 91 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی دوره زمانی 1394 الی 1401 به عنوان نمونه انتخاب گردید. برای آزمون فرضیه ها مدل پژوهش از روش رگرسیون حداقل مربعات معمولی استفاده گردید. نتایج حاصل از آزمون فرضیه ها نشان می دهد که سطح لحن غیرعادی افشا تاثیر مثبت و معناداری بر میزان استفاده از اطلاعات محرمانه در معاملات سهام دارد. علاوه بر این، پیامدهای تداوم در انتخاب حسابرس رابطه بین لحن غیرعادی و معامله بر مبنا اطلاعات محرمانه اثر تعدیل کننده ندارد اما میزان حق الزحمه غیرعادی حسابرسی بر رابطه ی بین لحن غیرعادی و معامله بر مبنا اطلاعات محرمانه اثر تعدیل کننده دارد. یافته های پژوهش حاکی از آن است که لحن غیرعادی افشا از طریق ایجاد اختلاف نظر بین سرمایه‌گذاران و گمراهی بیشتر سرمایه گذاران خرد، موقعیت های استفاده از اطلاعات محرمانه را افزایش می دهد و حق الزحمه غیرعادی حسابرسی رابطه بین مدیریت لحن افشا و استفاده از اطلاعات محرمانه را تشدید می کند.

چکیده انگلیسی:

Considering the heterogeneity between investors, the type of disclosure tone can create different signals to interpret the information. Also, the effect of voluntary disclosure in the capital market creates incentives for tone management by firms with a weaker information environment. Therefore, this research aims to investigate the moderating effect of Auditor tenure and Abnormal Audit Fees on the relationship between Tone management and the amount of Informed trading by investors in stock transactions. To achieve this goal, the research sample includes 91 companies listed in the Tehran Stock Exchange during the period from 1394 to 1401. The ordinary least squares regression method was used to test the hypotheses of the research model. The results of the hypothesis test show that the level of the abnormal tone of disclosure has a positive and significant effect on the amount of use of private Information by investors in stock transactions. In addition, the Auditor tenure does not have a moderating effect on the relationship between the tone management and Informed trading by investors, but the amount of the Abnormal audit fee has a moderating effect on the relationship between the tone management and amount of use of Informed trading by investors. The findings of the research indicate that the tone management increases the situations of using Informed trading by creating disagreements between investors and more confusion in small investors and abnormal audit fees exacerbate the relationship between tone management and the Informed trading by investors.

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