نقش حمایت از حقوق ذی‌نفعان در تعدیل تأثیر ریسک اطلاعات مالی بر هزینه سرمایه حقوق مالکانه

الموضوعات :

محمد حسنی ¹ , مریم جباروند بهروز ²

1 - گروه حسابداری، واحد تهران شمال، دانشگاه آزاد اسلامی، تهران، ایران.
2 - گروه حسابداری، واحد تهران شمال، دانشگاه آزاد اسلامی، تهران، ایران.

تاريخ الإرسال : 26 الثلاثاء , جمادى الأولى, 1444 تاريخ التأكيد : 14 الأربعاء , رمضان, 1444 تاريخ الإصدار : 29 الثلاثاء , شعبان, 1444

الکلمات المفتاحية: حمایت از حقوق ذی‌نفعان, ریسک اطلاعات مالی, هزینه سرمایه حقوق مالکانه,

ملخص المقالة :

هدف: در این مقاله تأثیر ریسک اطلاعاتی ناشی از تحریف گزارش سود بر هزینه سرمایه حقوق مالکانه و نیز نقش مکانیزم‌های حمایت از حقوق ذی‌نفعان بر این رابطه مورد واکاوی قرارگرفته است.روش‌شناسی پژوهش: هزینه سرمایه حقوق مالکانه مبتنی بر بازده مورد انتظار سهامداران طبق مدل قیمت‌گذاری دارایی‌های سرمایه‌ای ارزیابی‌شده است. حمایت از حقوق ذی‌نفعان طبق امتیاز شاخص ترکیبی معیارهای تفکیک وظایف مدیران، استقلال هیئت‌مدیره، حسابرسی داخلی، سهامداران با حق کنترل، سطح مالکیت عمده، تعدیلات سنواتی، به‌موقع بودن اطلاعات، قابل‌اتکا بودن اطلاعات، افشای هزینه حسابرسی، افشای پاداش هیئت‌مدیره بررسی‌شده است. رویه اختیاری مدیریت سود تعهدی به‌عنوان معیاری از ریسک اطلاعاتی طبق انحراف معیار قدر مطلق پسماندهای مدل اقلام تعهدی موردبررسی قرارگرفته است. جامعه آماری غربال‌شده پژوهش شامل تعداد 183 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران طی سال‌های 1390 تا 1399 است. فرضیه‌های پژوهش با استفاده از مدل‌های رگرسیون چند متغیره داده‌های ترکیبی با کنترل اثرات صنعت و سال آزمون شده‌اند.یافته‌ها: یافته‌ها حاکی از آن است که با افزایش ریسک اطلاعاتی، هزینه سرمایه حقوق مالکانه افزایش‌یافته است. همچنین بهبود شاخص حمایت از حقوق ذی‌نفعان ضمن کاهش هزینه سرمایه حقوق مالکانه، سبب تضعیف تأثیر ریسک اطلاعاتی بر هزینه سرمایه حقوق مالکانه شده است.اصالت / ارزش‌افزوده علمی: شواهد بیانگر آن است که اجرای رویه‌های راهبری در حمایت از حقوق ذی‌نفعان و زمینه‌سازی کاهش ریسک اطلاعات مالی ناشی از تحریف سود، نقش بااهمیتی در کاهش هزینه سرمایه‌دارند؛ ازاین‌رو، درک این موضوع می‌تواند نکته قابل‌ملاحظه‌ای در تعدیل انتظارات ذی‌نفعان باشد.

المصادر:

Abbasi, E., & Bazrafshan, M. (2017). The Relation of Earnings Quality, Voluntary Disclosure and Information Asymmetry with the Cost of Equity. Journal of Empirical Research in Accounting, 7(1), 41-60. [in Persian]

Albuquerue, R., & Wang, N. (2008). Agency conflicts, investment, and asset pricing. the Journal of Finance, 63(1), 1-40.

Ali, H., Amin, H. M., Mostafa, D., & Mohamed, E. K. (2022). Earnings management and investor protection during the COVID-19 pandemic: evidence from G-12 countries. Managerial Auditing Journal, 37(7), 775-797.

 Aliesfahani, Y., & Darabi, R. (2019). The Relationship between Corporate social Responsibility and Equity Costs, Considering the Protection of Investors. Quarterly Journal of Fiscal and Economic Policies, 7(26), 213-234.‏ [in Persian]

Arab Mazar Yazdi, M., & Talebian, M. (2008). Financial reporting quality, information risk and cost of capital. Empirical studies on financial accounting, 6(21), 1-30.‏ [in Persian]

 Asadi Nahari, N., Talebnia, G., Vakilifard, H. R., & Royayee, R. (2019). The moderating role of adopting International Financial Reporting Standards (IFRS) on the relationship between Earning Quality With equity costs (Empirical Evidence: Banks and Insurance firms and Investments firms in Tehran Stock Exchange). Journal of Management Accounting and Auditing Knowledge, 8(30), 15-26.‏‏ [in Persian]

Barth, M. E., Konchitchki, Y., & Landsman, W. R. (2013). Cost of capital and earnings transparency. Journal of Accounting and Economics, 55(2-3), 206-224.‏

Ben-Nasr, H., & Al-Dakheel, A. M. (2015). The impact of earnings quality on the cost of equity: Evidence from privatized firms. International Journal of Financial Research, 6(1), 68-78.‏

Bhattacharya, N., Ecker, F., Olsson, P. M., & Schipper, K. (2011). Direct and mediated associations among earnings quality, information asymmetry, and the cost of equity. The Accounting Review, 87(2), 449-482.‏

 Blue, G., Marfou, M., & Ghahremani, A. (2020). The Effect of Accounting Information Quality on the Companies' Cost of Equity, Considering the Role of Information Symmetry and Comparability of Financial Statements. Empirical Studies in Financial Accounting, 17(68), 33-65.‏ [in Persian]

 Boonlert-U-Thai, K., Meek, G. K., & Nabar, S. (2006). Earnings attributes and investor-protection: International evidence. The International Journal of Accounting, 41(4), 327-357.‏  

Breuer, W., Müller, T., Rosenbach, D., & Salzmann, A. (2018). Corporate social responsibility, investor protection, and cost of equity: A cross-country comparison. Journal of Banking & Finance, 96, 34-55.

Byun, H.Y., Kwak, S.K., & Hwang, L.S. (2008). The implied cost of equity capital and corporate governance practices.Asia-Pacific Journal of Financial Studies. 37(1), 139-184.

Cahan, S. F., Liu, G., & Sun, J. (2008). Investor protection, income smoothing, and earnings informativeness. Journal of International Accounting Research, 7(1), 1-24.

Chen, K. C., Chen, Z., & Wei, K. J. (2011). Agency costs of free cash flow and the effect of shareholder rights on the implied cost of equity capital. Journal of Financial and Quantitative analysis, 46(1), 171-207.‏

 Chen, K. C., Chen, Z., & Wei, K. J. (2009). Legal protection of investors, corporate governance, and the cost of equity capital. Journal of corporate finance, 15(3), 273-289.‏

 Cheng, C. A., Collins, D., & Huang, H. H. (2006). Shareholder rights, financial disclosure and the cost of equity capital. Review of Quantitative Finance and Accounting, 27, 175-204.

Chhabra, M., Ferris, S. P., & Sen, N. (2009). Investor protection effects on corporate liquidity and the cost of capital. Applied Economics Letters, 16(8), 819-826.

Christensen, H. B., Lee, E., Walker, M., & Zeng, C. (2015). Incentives or standards: What determines accounting quality changes around IFRS adoption?. European Accounting Review, 24(1), 31-61.

Cohen, D. A. (2008). Does information risk really matter? An analysis of the determinants and economic consequences of financial reporting quality. Asia-Pacific Journal of Accounting & Economics, 15(2), 69-90.

Dadashi, I., & Norouzi, M. (2020). Investigating the mediating effect of financial reporting readability on the relationship between earnings management and cost of capital. Journal of Accounting Knowledge, 11(1), 135-157.

Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. Accounting review, 193-225.‏  

Easley, D., & O'hara, M. (2004). Information and the cost of capital. The journal of finance, 59(4), 1553-1583.

Ebrahimi, S.K., Bahrami Nasab, A., & Baghian, J. (2013). The Effect of Audit Quality and Shareholder Rights on the likelihood of Fraudulent Financial Reporting. Journal of Audit Science, 17(69), 125-149. [in Persian]

Eckles, D. L., Halek, M., & Zhang, R. (2014). Information risk and the cost of capital. Journal of Risk and Insurance, 81(4), 861-882.

Eliwa, Y., Haslam, J., & Abraham, S. (2016). The association between earnings quality and the cost of equity capital: Evidence from the UK. International Review of Financial Analysis, 48, 125-139.‏

Enomoto, M., Kimura, F., & Yamaguchi, T. (2015). Accrual-based and real earnings management: An international comparison for investor protection. Journal of Contemporary Accounting & Economics, 11(3), 183-198.‏

Ezat, A. N. (2019). The impact of earnings quality on the association between readability and cost of capital: Evidence from Egypt. Journal of Accounting in Emerging Economies.‏ 9(3), 366-385.

 Fakhari, H., & Ghorchaei, A. (2016). " Accounting Information, the Cost of Capital and Excess Stock Returns: The Role of Earnings Quality. Accounting and Auditing Studies, 5(18), 16-31.‏ [in Persian]

Flores, E., Sampaio, J. O., Beiruth, A. X., & da Silva, A. F. (2020). Earnings Transparency, Cost of Debt and Cost of Equity: A Cross-Country Examination. International Business Research, 13(10), 115-129.‏

Francis, J. R., Khurana, I. K., & Pereira, R. (2005). Disclosure incentives and effects on cost of capital around the world. The accounting review, 80(4), 1125-1162.‏

Francis, J., LaFond, R., Olsson, P. M., & Schipper, K. (2004). Costs of equity and earnings attributes. The accounting review, 79(4), 967-1010.

Francis, J. R., & Wang, D. (2008). The joint effect of investor protection and Big 4 audits on earnings quality around the world. Contemporary accounting research, 25(1), 157-191.‏

Geiger, M. A., & North, D. S. (2013). Do Strong Shareholder Rights Mitigate Earnings Management?. Journal of Accounting, Ethics and Public Policy, 14(2).‏ 289-322.

 Gray, P., Koh, P. S., & Tong, Y. H. (2009). Accruals quality, information risk and cost of capital: Evidence from Australia. Journal of Business Finance & Accounting, 36(1‐2), 51-72.

Hassani, M., & Moradi, S. (2021). The Mediator role of Information Asymmetry in Imperfect Competition Market on the relation between Earnings Forecast Bias & Idiosyncratic Risk derived from Capital Assets Pricing Model. Advances in Finance and Investment, 1(1), 81-100.‏ [in Persian]

Himmelberg, C.P., Hubbard, R.G., & Love, I. (2002). Investor protection, ownership and the cost of capital. World Bank Policy Research. Working Paper. No 2834.

 Hong, P. K., Ma, T., & Zhang, G. (2019). Accruals quality and cost of capital: Evidence from the Chinese stock market. Journal of International Accounting Research, 18(1), 71-95.‏

 Hosseini, S. A., & Shafizadeh, B. (2019). Developing a Model for Protecting Investors' Rights with Emphasis on Accounting Constructs. The Iranian Accounting and Auditing Review, 26(2), 193-216.‏ [in Persian]

Houqe, M. N., Ahmed, K., & Van Zijl, T. (2017). Audit quality, earnings management, and cost of equity capital: evidence from India. International Journal of Auditing, 21(2), 177-189.

 Houqe, M. N., Easton, S., & van Zijl, T. (2014). Does mandatory IFRS adoption improve information quality in low investor protection countries?. Journal of International Accounting, Auditing and Taxation, 23(2), 87-97.‏

Houston, J. F., Lin, C., & Xie, W. (2018). Shareholder protection and the cost of capital. The Journal of Law and Economics, 61(4), 677-710.‏

Huang, H. H., Wang, W., & Zhou, J. (2013). Shareholder rights, insider ownership and earnings management. Abacus, 49(1), 46-73.‏

Imhof, M. J., Seavey, S. E., & Smith, D. B. (2017). Comparability and cost of equity capital. Accounting Horizons, 31(2), 125-138.‏

Jafarzadeh Asl, A., & Badavar Nahandi, Y. (2016). The effect of real and accrual earnings management as information risk criteria of audited financial statements on the cost of equity. Journal of Audit Science, 17(69), 81-107. [in Persian]

Jalili, S., & Masoumpur, Y. (2018). The effect of shareholders' rights and insider ownership on earnings management. Accounting and Auditing Research, 10(37), 163-180. [in Persian]

 Jiang, W., & Anandarajan, A. (2009). Shareholder rights, corporate governance and earnings quality: The influence of institutional investors. Managerial Auditing Journal, 24(8), 767-791.‏

Kentris Indarti, M.G., Puteri, I.T., & Sudarsi, S. (2019). Earning quality, information asymmetry & cost of equity capital in manufacturing companies. Advances in Economics, Business and Management Research. 86, 155-158.

Khodamipour, A., Ghasemi, G., & Shamsadini, K. (2022). The Role of economic policy uncertainty on the relationship between voluntary disclosure of information and information asymmetry. Advances in Finance and Investment, 3(6), 52-31. [in Persian]

Kim, D., & Qi, Y. (2010). Accruals quality, stock returns, and macroeconomic conditions. The Accounting Review, 85(3), 937-978.‏

 Kim, J. B., & Sohn, B. C. (2013). Real earnings management and cost of capital. Journal of Accounting and Public policy, 32(6), 518-543.‏

 Knipp, M., & Zimmermann, J. (2021). Does accounting quality impact the cost of capital? An empirical study on the German capital market. International Journal of Economics and Accounting, 10(1), 1-26.

 La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of financial economics, 58(1-2), 3-27.

Lestari, N., & Rahayu, U. (2019). Influence earnings quality and liquidity on cost of capital. Journal of Applied Managerial Accounting. 1(1), 62-69.

Leuz, C., Nanda, D., & Wysocki, P. (2003). Investor protection and earnings management: An international comparison. Journal of financial economics, 69(3), 505-527.

 Mafakhrenae, F., Jamali, J., & Saeedi, A. (2022). Developing a Conceptual Model to Supervise Stock Exchange Issuers: Adopting a Supportive Approach to Investors. Journal of Securities Exchange, 14(56), 347-371.‏ [in Persian]

 Mirzayee, S., Abdoli, M., & Koushki Jahromi, A. (2020). Financial Reporting L language Bad on Aggressive Financial Reporting Investor Protection. Empirical Studies in Financial Accounting, 17(65), 109-138.‏ [in Persian]

 Moradzadehfard, M., Adili, M., & Ebrahimian, S. J. (2012). Audit Quality, Earnings Quality and Cost of Equity Capital.‏ The Financial Accounting & Auditing Research, 4(14), 91-110. [in Persian]

Organisation for Economic Co-operation and Development. (2004). The OECD Principles of Corporate Governance. Head of Publications Service, OECD Publications Service.

Persakis, A., & Iatridis, G.E. (2015). Cost of capital, audit and earnings quality under financial crisis: A global empirical investigation. Journal of International Financial Markets, Institutions and Money. 38, 3-24.

 Persakis, A., & Iatridis, G. E. (2016). Audit quality, investor protection and earnings management during the financial crisis of 2008, An international perspective. Journal of International Financial Markets, Institutions and Money, 41, 73-101.‏

Persakis, A., & Iatridis, G. E. (2017). The joint effect of investor protection, IFRS and earnings quality on cost of capital: An international study. Journal of International Financial Markets, Institutions and Money, 46, 1-29.‏

Rezaei, F., & Weysihesar, S. (2013). The effect of information risk on the cost of debt and the adjusted cost of equity capital. Financial Knowledge of Securities Analysis, 6(1), 29-44. [in Persian]

Safarzadeh, M. H. (2013). The Effect of Shareholder Rights on Earnings Quality. Empirical Research in Accounting, 3(3), 147-172.‏ [in Persian]

 Shafizadeh, B., Hosseini, S. A., Rahmani, A., & Soltani, M. (2018). The role of financial reporting, transparency and corporate governance in Investors protection. Journal of Securities Exchange, 11(42), 74-95.‏ [in Persian]

Saghafi, A., & Blue, G. (2010). Cost of Equity and Earnings Features. Accounting & Auditing Research, 1(2), 4-29. [in Persian]

Saleem, S., & Usman, M. (2022). Impact of information risk and cost of equity: moderating role of investor attention. Asia-Pacific Journal of Business Administration, 14(4), 516-538.‏

Saleem, S., & Usman, M. (2021). Information risk and cost of equity: The role of stock price crash risk. The Journal of Asian Finance, Economics and Business, 8(1), 623-635.‏

Salloum, A. (2017). The relationship between earnings quality and cost of capital in the light of agency theory: A case study of Jordan. Journal of Advances in Social Science and Humanities, 3(4).

Semper, D. C., & Beltrán, J. M. T. (2014). Risk disclosure and cost of equity: The Spanish case. Contaduría y Administración, 59(4), 105-135.‏

 Shafizadeh, B., Hosseini, S. A., Rahmani, A., & Soltani, M. (2018). The role of financial reporting, transparency and corporate governance in Investors protection. Journal of Securities Exchange, 11(42), 74-95.‏ [in Persian]

Shekari, B., Hejazi, R., Talebnia, G.A., & Vakilifard, H. (2021). Effects of the Stock Exchange Competitive Level on Information Asymmetry and Cost of Capital. Empirical Research in Accounting, 11(4), 1-32. [in Persian]

Shleifer, A., & Wolfenzon, D. (2002). Investor protection and equity markets. Journal of financial economics, 66(1), 3-27.‏

 Small, K., Kwag, S. W., & Li, J. (2015). Do shareholder rights influence managerial propensity to engage in earnings management?. Journal of Economics and Finance, 39, 308-326.

 Taherinia, M. (2020). The Effect of Liquidity Risk on the Relationship between Information Quality and Cost of Capital. Applied Research in Financial Reporting, 9(1), 67-91.‏ [in Persian]

World Bank Group. (2016). Doing Business, Equal Opportunity for all, 14^th edition.