رابطه بین مدیریت سود و عملکرد شرکت های مورد مطالعه در بورس اوراق بهادار تهران
محورهای موضوعی : مدیریت بازرگانیمحمدرضا جواهری 1 , مجید زنجیردار 2
1 - گروه حسابداری، پردیس علوم و تحقیقات اراک، دانشگاه آزاداسلامی،اراک، ایران
2 - گروه حسابداری ،واحد اراک، دانشگاه آزاد اسلامی، اراک، ایران
کلید واژه: عملکرد, اقلام تعهدی, مدیریت سود,
چکیده مقاله :
یافته های بسیاری از تحقیقات موید آن است که سرمایه گذاران در تصمیمات سرمایه گذاری، سود هموار و کم نوسان را ترجیح می دهند. در این راستا مدیران تلاش می کنند سود و نرخ رشد آن را مدیریت نمایند. مدیران یا به قصد تحریف اطلاعات و در جهت منافع خود و یا به قصد انتقال و گزارش اطلاعات محرمانه ی خود درباره ی سودهای آتی اقدام به دستکاری و مدیریت سود می نمایند. این تحقیق بر آن است به بررسی تاثیر مدیریت سود بر عملکرد در جامعه ی شرکت های پذیرفته شده در بورس اوراق بهادار تهران بپردازد. در این تحقیق مدیریت سود با استفاده از همبستگی منفی بین تغییرات اقلام تعهدی اختیاری و تغییرات سود از قبل پیش بینی شده برآورد می شود. همچنین شاخص های اساسی بخش عملکرد شامل گردش وجوه نقد، سود هرسهم، اقلام تعهدی و بازده سهام در نظرگرفته شده و این مولفه ها به عنوان شاخص های کارایی در این تحقیق مدنظر است. جامعه آماری این تحقیق شامل کلیه شرکتهای پذیرفته شده در بورس اوراق بهادار تهران در طی دوره 1392-1384 می باشد که با استفاده از روش نمونه گیری حذف سیستماتیک تعداد 89 شرکت به عنوان نمونه انتخاب گردید. نتایج حاصل از فرضیات تحقیق نشان داد که بین مدیریت سود و عملکرد شرکت ها رابطه معناداری برقرار می باشد. همچنین مدیریت سود در پیش بینی گردش وجوه نقد آتی، تقویت همبستگی بین سودهای جاری و آتی و همچنین پیش بینی اقلام تعهدی آتی موثر است.
Many research Findings emphasis that investors in their investments decisions will prefer smooth profit with low fluctuation. In this regards managers will try to manage the benefit and its growth. Managers either with tampering the information's for the sake of their benefit or transferring and reporting confidential information about management. The study tries to investigate the effect of benefit management by using negative correlation between the optional obligatory items change and anticipated changes of benefit. The essential performance indicators which include cash flow fund, earning per share, liability items and dividend yield have been considered and these components are considered as efficiency indicators in this research.The statistical population included all the listed companies in securities bourse in Tehran during 1384-1392. Using systematic call-off sampling method 89 companies was selected as the sample size. The results showed that there was a significant relationship between the profit management and companies performance. The profit management is also effective in forecasting future cash fund, in forcing solidarity between running and future yield.
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Badri, B., & Qahraman, M. A. (2012), Income Smoothing and Cost of Equity: Evidence From Tehran Stock Exchange. Empirical Studies in Financial Accounting Quarterly, 35, 23-47, (In Persian).
Chen, H., Tang, Q., Jiang, Y., & Lin, Z. (2010), The Role of International Financial Reporting Standards in Accounting Quality: Evidence from the European Union. Journal of International Financial Management & Accounting, 21(3), 220-278.
Damoori, D., Damoori, D., Arefmanesh, Z., & Abasi Muselo, K. H. (2011), nvestigating the relation between income smoothing, earnings quality and firm value. Financial Accounting Researches, 1, 39-54, (In Persian).
Huanga, P., Zhang, Y., Deis, D. R., Moffittd, J. S. (2009), Do Artificial Income Smoothing and Real Income. Journal of Banking & Finance, 2, 224-233.
Izadinia N., Rasaiian A., & Rezaei- Rajaei, A. (2012), The Relationship of Dividend Smoothing with Corporate Governance Tools and Stock Liquidity. The Journal of Planning and Budgeting. 17(3), 53-77, (In Persian).
Kamarudin, K. A. (2006), The Impact of Cash Flows and Earnings on Dividend: Evidence from South East Asia countries. UPENA, 8, 133-160.
Kothari, S. P., Leoneb, A. J., & Wasley, Ch. E. (2005), Performance Matched Discretionary Accrual Measures. Journal of Accounting and Economics, 39(1), 163-197.
Tucker, J. W., & Zarowin, P. A. (2006), Does Income Smoothing Improve Earnings Informativeness?. The Accounting Review, 81(1), 251-270.
_||_Agnes Cheng, C. S., Johnston, J., & Shuo, L. (2014), Higher ERC or Higher Future ERC from Income Smoothing?–The Role of Information Environment. 2014 Canadian Academic Accounting Association (CAAA) Annual Conference.
Agnes Cheng, C. S., & Shuo, L. (2014), Does Income Smoothing Improve. China Accounting and Finance Rrview, 16(2), 128-147.
Ansari, A., Ansari, A., & Khajavi, H. (2011), Survey of Relationship between Income Smoothing and Stock Price and Financial Ratios. Financial Accounting Researches, 2, 33-50, (In Persian).
Badri, A. (1999), Identifying Effective Factors on Profit Smoothing. Phd Thesis, Tehran: Tehran Univercity, (In Persian).
Badri, B., & Qahraman, M. A. (2012), Income Smoothing and Cost of Equity: Evidence From Tehran Stock Exchange. Empirical Studies in Financial Accounting Quarterly, 35, 23-47, (In Persian).
Chen, H., Tang, Q., Jiang, Y., & Lin, Z. (2010), The Role of International Financial Reporting Standards in Accounting Quality: Evidence from the European Union. Journal of International Financial Management & Accounting, 21(3), 220-278.
Damoori, D., Damoori, D., Arefmanesh, Z., & Abasi Muselo, K. H. (2011), nvestigating the relation between income smoothing, earnings quality and firm value. Financial Accounting Researches, 1, 39-54, (In Persian).
Huanga, P., Zhang, Y., Deis, D. R., Moffittd, J. S. (2009), Do Artificial Income Smoothing and Real Income. Journal of Banking & Finance, 2, 224-233.
Izadinia N., Rasaiian A., & Rezaei- Rajaei, A. (2012), The Relationship of Dividend Smoothing with Corporate Governance Tools and Stock Liquidity. The Journal of Planning and Budgeting. 17(3), 53-77, (In Persian).
Kamarudin, K. A. (2006), The Impact of Cash Flows and Earnings on Dividend: Evidence from South East Asia countries. UPENA, 8, 133-160.
Kothari, S. P., Leoneb, A. J., & Wasley, Ch. E. (2005), Performance Matched Discretionary Accrual Measures. Journal of Accounting and Economics, 39(1), 163-197.
Tucker, J. W., & Zarowin, P. A. (2006), Does Income Smoothing Improve Earnings Informativeness?. The Accounting Review, 81(1), 251-270.