نقش تعدیل‌کننده تنوع جنسیتی هیئت‌مدیره بر رابطه بین شفافیت شرکت و بازده سهام شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران
محورهای موضوعی : حسابداریپرنیان جمشیدی 1 , سعید علی احمدی 2
1 - دانشجوی کارشناسی ارشد گروه حسابداری، واحد اصفهان (خوراسگان)، دانشگاه آزاد اسلامی، اصفهان، ایران.
2 - دانشیار گروه حسابداری، واحد اصفهان (خوراسگان)، دانشگاه آزاد اسلامی، اصفهان، ایران. (نویسنده مسئول)
کلید واژه: بازده سهام, شفافیت شرکت, تنوع جنسیتی هیئت‌مدیره,
چکیده مقاله :
مهمترين معیار ارزيابي عملکرد موسسات در حال حاضر نرخ بازده سهام است. اين معیار به تنهايي داراي محتواي اطلاعاتي براي سرمايه‌گذاران بوده و براي ارزيابي عملکرد مورد استفاده قرار مي‌گیرد. شفافیت اطلاعات نیز می¬تواند عملکرد شرکت¬ها را تحت تاثیر قرار داده و باعث تغییرات در بازده آنها شوند. شفافیت اطلاعات مالی، سرمایه¬گذاران و مدیران را در شناسایی و ارزیابی فرصت¬هاي سرمایه¬گذاري یاري می¬کند. براي این منظور اطلاعات باید در دسترس و قابل اتکا باشند تا منابع مالی و انسانی در بخش¬هایی با بیشترین بازده سرمایه¬گذاري شوند و آنچه مورد انتظار است حاصل گردد. لذا هدف این پژوهش بررسی نقش تعدیل‌کننده تنوع جنسیتی هیئت‌مدیره بر رابطه بین شفافیت شرکت و بازده سهام شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران است. به منظور دستيابي به اين هدف سه فرضيه تدوين شد. جهت آزمون فرضيه ها نمونه اي متشکل از 130 شرکت پذيرفته شده در بورس اوراق بهادار تهران طي سال¬هاي 1396 تا 1401 انتخاب گرديد و رگرسيون چندگانه مبتني بر داده‌هاي ترکيبي به کار برده شد. نتايج حاصل از پژوهش نشان مي¬دهد که شفافیت شرکت بر بازده سهام تاثیر مثبت دارد. اما تنوع جنسیتی هیئت مدیره بر بازده سهام تاثیر معنادار ندارد. همچنین تنوع جنسیتی هیئت مدیره رابطه بین شفافیت شرکت و بازده سهام را تعدیل نمی¬کند.
The most important criterion for evaluating the performance of institutions at present is the stock return rate. This criterion alone has informational content for investors and is used to evaluate performance. Firm opacity can also affect the performance of companies and cause changes in their efficiency. Firm opacity financial helps investors and managers in identifying and evaluate investment opportunities. For this purpose, information must be available and reliable so that financial and human resources are invested in the sectors with the highest returns and what is expected is achieved. Therefore, the purpose of this research is to examine the moderating role of board gender diversity on the relationship between firm opacity and stock returns of companies listed on the Tehran Stock Exchange. To achieve this goal, three hypotheses were formulated. To test the hypotheses, a sample consisting of 130 companies admitted to the Tehran Stock Exchange during the years 2017 to 2022 was selected and multiple regression based on composite data was used. The results of the research show that firm opacity has a positive effect on stock returns. Board gender diversity does not have a significant effect on stock returns. Also, board gender diversity does not moderate the relationship between firm opacity and stock returns.
Abdellahpour, F., Barshjan, S., & Daneshyar, F. (2021). Investigating the relationship between financial reporting quality and stock portfolio returns: growth or value ? Journal of Accounting and Management Vision, 4(41), 87–105. https://www.jamv.ir/article_130920_en.html [In Persian].
Abdi, M., Kazemiolum, M., Mohammadpoorzanjani, M., & Parvizi, A. (2019). Gender Diversity within Audit Committee, Board of Directors and Chief Financial Officer and Disclosure of Corporate Social Responsibility: An Altruism Theory Test. Accounting and Auditing Review, 26(4), 544–569. https://doi.org/10.22059/acctgrev.2020.281539.1008178[In Persian].
Baig, A., Blau, B. M., & Griffith, T. G. (2021). Firm Opacity and the Clustering of Stock Prices: the Case of Financial Intermediaries. Journal of Financial Services Research, 60(2–3), 187–206. https://doi.org/10.1007/s10693-020-00341-w.
Bashirimanesh, N., & Vagfi, S. H. (2021). The effect of women’s presence on the board of directors on the quality characteristics of financial information of companies listed on the Tehran Stock Exchange. Woman in Development & Politics, 19(3), 477–500. https://doi.org/10.22059/JWDP.2021.324558.1008021[In Persian].
Bushman, Robert M. and Smith, A. J. (2003). Transparency, Financial Accounting Information, and Corporate Governance. Economic PolicyReview.https://papers.ssrn.com/sol3/papers.cfm?abstract_id=795547.
Espinosa, M., & Trombetta, M. (2007). Disclosure interactions and the cost of equity capital: Evidence from the Spanish continuous market. Journal of Business Finance and Accounting, 34(9–10), 1371–1392. https://doi.org/10.1111/j.1468-5957.2007.02064.x.
Feizabadi, F. (2022). The moderating role of women in the audit committee and effectiveness of expertise Committee Members to Earnings management. Professional Auditing Research, 2(7), 8–33. https://doi.org/10.22034/JPAR.2022.548963.1076 [In Persian].
Firth, M., Wang, K., & Wong, S. M. L. (2015). Corporate transparency and the impact of investor sentiment on stock prices. Management Science, 61(7), 1630–1647. https://doi.org/10.1287/mnsc.2014.1911.
García Lara, J. M., Penalva, J., & Scapin, M. (2022). Financial reporting quality effects of imposing (gender) quotas on boards of directors. Journal of Accounting and Public Policy, 41(2), 106921. https://doi.org/10.1016/j.jaccpubpol.2021.106921.
Gerami, A., Qamar, L., Jafari, N., & Eslami, S. (2022). Gender of board members, financing decisions and free cash flow. Journal of Accounting and Management, 5(67), 42–52. http://www.jamv.ir/&url=http://www.jamv.ir/article_158568.html?lang=en%0Ahttp://www.jamv.ir/article_158568_e328b702878843ea14ae00cfe5fc5b03.pdf [In Persian].
Gul, F. A., Hutchinson, M., & Lai, K. M. Y. (2013). Gender-diverse boards and properties of analyst earnings forecasts. Accounting Horizons, 27(3), 511–538. https://doi.org/10.2308/acch-50486
Harakeh, M., Leventis, S., El Masri, T., & Tsileponis, N. (2023). The moderating role of board gender diversity on the relationship between firm opacity and stock returns. British Accounting Review, 55(4), 101145. https://doi.org/10.1016/j.bar.2022.101145
Hermalin, B. E., & Weisbach, M. S. (2012). Information disclosure and corporate governance. Journal of Finance, 67(1), 195–233. https://doi.org/10.1111/j.1540-6261.2011.01710.x.
Jabbarzadeh Kangarluie, S., & Radi, Y. (2019). Investigating the Impact of Managerial Capacity on Corporate Transparency, Emphasizing the Moderation of Weaknesses in Internal Controls in Companies Acquired in Tehran Stock Exchange. Financial Accounting Research, 11(1), 55–80. https://doi.org/10.22108/FAR.2019.110456.1248 [In Persian].
Jones, J. J. (1991). Earnings Management During Import Relief Investigations. Journal of Accounting Research, 29(2), 193. https://doi.org/10.2307/2491047.
Lang, M., & Lundholm, R. (1993). Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures. Journal of Accounting Research, 31(2), 246. https://doi.org/10.2307/2491273.
Lin, H.-C., & Huang, J.-C. (2020). the Effect of Information Transparency on Stock Prices of Financial Institutions: Evidence From Taiwan. IJOI The International Journal of Organizational Innovation. http://www.ijoi-online.org/.
Lybaert, N., & Creemers, N. (2019). Women on the Board of Directors: Linked to a More Transparent Policy? International Conference on Gender Research, 371–377, XIX. https://www.proquest.com/conference-papers proceedings/women-onboarddirectorslinkedmoretransparent/docview/2288610154/se2?accountid=15172%0Ahttp://wa4py6yj8t.search.serialssolutions.com/directLink?&atitle=Women+on+the+Board+of+Directors%3A+Linked+to.
Malkiel, B. G., & Fama, E. F. (1970). Efficient Capital Markets: a Review of Theory and Empirical Work. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1970.tb00518.x.
Mehranian, M., & dehkordi, khodamorad. (2023). Examining the moderating role of gender diversity of the board of directors on the relationship between the lack of transparency of financial information and the stock returns of companies listed on the Tehran Stock Exchange. The 6th International Conference on New Developments in Management, Economics and Accounting. https://civilica.com/doc/1861605/certificate/print/ [In Persian].
Mohammadi, M., & Yousefvand, D. (2020). Investigating the Impact of Gender Diversity of the Board of Directors and the Audit Committee on Management Ability and Transparency in Companies Listed on the Tehran Stock Exchange. Journal of New Research Approaches in Management and Accounting, 5(16), 114–137. https://majournal.ir/index.php/ma/article/view/660 [In Persian].
Nikbakht, M. R., Weysihesar, S., & Fateri, A. (2020). Investigating the Relationship between CEO’s Tenure and Lack of Transparency in Company Information. Financial Management Strategy, 8(1), 87–106. https://doi.org/10.22051/JFM.2019.24567.1970 [In Persian].
Peni, E., & Vähämaa, S. (2010). Female executives and earnings management. Managerial Finance, 36(7), 629–645. https://doi.org/10.1108/03074351011050343.
Seddighi, R., Alifamian, M., & ... (2018). The Relationship between Information Asymmetry and Firm Value: The Role of Financial Leverage and Growth Opportunities. Journal of Iranian Accounting, 5(17), 81–96. https://doi.org/10.22055/JIAR.2018.23741.1164 [In Persian].
Srinidhi, B., Gul, F. A., & Tsui, J. (2011). Female directors and earnings quality. Contemporary Accounting Research, 28(5), 1610–1644. https://doi.org/10.1111/j.1911-3846.2011.01071.x.