Investigating the effect of financial leverage and information asymmetry on the investment behavior of companies listed on the Tehran Stock Exchange.
Subject Areas : Financial Economicsعلی نعمتی 1 , sara hasani 2 , mohammadjavad dodange 3
1 - دانشجوی دک.
2 - Master of Accounting
3 - Master of Accounting
Keywords: Information Asymmetry, Investment, Financial Leverage,
Abstract :
Investment is one of the most important factors that plays a significant role in the company's performance. Companies try to make the best investment decisions, but the deviation from investment efficiency towards over- or under-investment leads to a decrease in the return on investment and ultimately to a decrease in the company's performance. Therefore, the purpose of this study is to investigate the effect of financial leverage and information asymmetry on the investment behavior of companies listed in the Tehran Stock Exchange during the period of 2013-2020. In order to achieve the objectives of the research, information related to 105 companies were analyzed using panel regression and using Eviews software. The findings of this research show that there is a negative and significant relationship between information asymmetry and the level of company's investments, while there is a positive and significant relationship between financial leverage and the level of Shukart's investments.
اکبری، محسن، قلیزاده، محمد حسن، فرخنده، مهسا. (1396). بررسی نقش تعدیل گر درصد مدیران غیرموظف بر رابطه بین فرصت‌های سرمایه‌گذاری و عملکرد مالی. پژوهش حسابداری، دوره 7، شماره 1، ص ص 88-103.
اورادی، جواد، لاری دشت بیاض، محمود، سالاری فورگ، زینب. (1395). بررسی رابطه بین ویژگی‌های کمیته حسابرسی و عملکرد شرکت. دانش حسابداری مالی، دوره 3، 4، 131-151.
ایزدی نیا، ناصر، عبداللهی، پریسا. (1396). تأثیر محافظه‌کاری و حاکمیت شرکتی بر رابطه بین سطح اهرم مالی و عملکرد مالی شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران. بررسی‌های حسابداری، دوره 5، شماره 17، ص ص 1-24.
حیدری، حمید، خوشنود، (1398). تأثیر حاکمیت شرکتی و ساختار مالکیت بر کارایی سرمایه‌گذاری شرکت‌های خانوادگی پذیرفته‌شده در بورس اوراق بهادار اقتصاد مالی، شماره 11، ص ص ۲۳۰-۲۲۳
رحیمیان، نظام الدین، بابایی، فاطمه، جهانگیری، حسین. (1395). بررسی رابطه بین معیارهای ارزیابی عملکرد و ارزش شرکت. پژوهشهای کاربردی در گزارشگری مالی، دوره 5، شماره 1، ص ص 51-72.
رسفیجانی, سعید, دهقان, عبدالمجید. (1400). تاثیر حاکمیت شرکتی بر عملکرد مالی با توجه به نقش میانجی پایداری شرکت (مورد مطالعه: بانک های خصوصی کشور). اقتصادمالی, 12(47), 188-209.
رضائی، شاهده، محمدزاده، امیر. (1397). بررسی تأثیر حاکمیت شرکتی بر عملکرد مالی و بحران مالی در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران. فصلنامه مدیریت توسعه و تحول، شماره 32، ص ص 81-88.
زارعی، حسین (1394). بررسی نقش کیفیت گزارشگری مالی و سررسید بدهی بر بهبود کارایی سرمایه‌گذاری، پایان‌نامه كارشناسي ارشد رشته حسابداری، دانشکده علوم اقتصادی، وزارت علوم، تحقیقات و فناوری.
صفرزاده، محمدحسین، کریمداد، علیرضا. (1399). بررسی عوامل مؤثر بر شجاعت اخلاقی حسابرسان داخلی. دانش حسابداری مالی، دوره 7، شماره 1، ص ص 133-155.
صفری گرایلی، مهدی، رعنایی، فاطمه (1396). بررسی ارتباط بین کیفیت گزارشگری مالی با کارایی سرمایه‌گذاری و تأثیر ساختار سررسید بدهی‌ها بر این رابطه، مدیریت دارایی و تأمین مالی، شماره 16 صص 83-98
مسعودی، مهدی و بخشی نژاد، محمود و ظفری، سبحان (1397). بررسی تأثیر محافظه‌کاری مشروط بر کارایی سرمایه‌گذاری در شرکت‌های بورس اوراق بهادار تهران، اولین کنفرانس ملی توسعه پایدار در علوم ومهندسی و فرهنگ ایرانی، تهران.
مشایخی، بیتا، حسن زاده، شادی، امینی، یاسین، منتی، وحید. (1395). تأثیر کیفیت حسابرسی داخلی بر حق‌الزحمه حسابرسی مستقل. پژوهشهای حسابداری مالی وحسابرسی، دوره 8، شماره (2)، ص ص 41-56.
مهرانی, ساسان, نوروزی, سونا. (1394). بررسی اثر حاکمیت شرکتی بر ارتباط بین ارزش شرکت و مدیریت سود.. دانش حسابداری مالی, 2(3), 105-122.
نیکخواه آزاد، علی، قناد، حمیدرضا. (1377). «عوامل عدم توسعه و روش‌های ارتقاء حسابرسی داخلی در ایران»، فصلنامه بررسی‌های حسابداری و حسابرسی، دانشکده مدیریت دانشگاه تهران، شماره 22.
Abbott, L.J., Parker, S. and Peters, G. (2004), “Audit committee characteristics and restatements”, Auditing: A Journal of Practice and Theory, Vol. 23 No. 1, pp. 69-87.
Abu-Azza. W. (2012). “Perceived effectiveness of the internal audit function in Libya”, MSc Thesis, University of Southern Queensland, Australia
Ahmed Haji, A., &MohdGhazali, N. A. (2013). A longitudinal examination of intellectual capitaldisclosures and corporate governance attributes in Malaysia. Asian Review of Accounting, 21(1), 27-52.
Al-Gamrh, B., Ku Ismail, K.N.I., Ahsan, T. and Alquhaif, A. (2020), "Investment opportunities, corporate governance quality, and firm performance in the UAE", Journal of Accounting in Emerging Economies, Vol. 10 No. 2, pp. 261-276
Al-Gamrh, B., Ku Ismail, K.N.I., Ahsan, T. and Alquhaif, A. (2020), "Investment opportunities, corporate governance quality, and firm performance in the UAE", Journal of Accounting in Emerging Economies, Vol. 10 No. 2, pp. 261-276.
Ali, S., Liu, B. and Su, J.J. (2018), “Does corporate governance quality affect default risk? The role of growth opportunities and stock liquidity”, International Review of Economics and Finance, Vol. 58, pp. 422-448
Al-Jaifi, H., Al-rassas, H. and Al-Qadasi, A. (2017), “Corporate governance strength and stock market liquidity in Malaysia”, International Journal of Managerial Finance, Vol. 13 No. 5, pp. 592-610
Al-Musalli, M. A. K., & Ismail, K. N. I. K. (2012).Corporate governance, bank specific characteristics, banking industry characteristics, and intellectual capital (IC) performance of banks in Arab Gulf Cooperation Council (GCC) countries. Asian Academy of Management Journal of Accounting and Finance, 8(1), 115-135.
Alqadasi, A., & Abidin, S. (2018). The Effectiveness Of Internal Corporate Governance And Audit Quality: The Role Of Ownership Concentration – Malaysian Evidence. Corporate Governance: The International Journal Of Business In Society, 18(2), 233–253.
Al-Shetwi, M., Ramadili, S., Chowdury, T., & Sori, Z. (2011). Impact Of Internal Audit Function (Iaf) On Financial Reporting Quality (Frq): Evidence From Saudi Arabia. African Journal Of Business Management, 5(27), 11189–11198.
Baker, G.P. (1993), “Growth, corporate policies, and the investment opportunity set”, Journal of Accounting and Economics, Vol. 16 Nos 1–3, pp. 161-165.
Bebchuk, L. A., & Weisbach, M. S. (2010). The state of corporate governance research. Review of Financial Studies, 23(3), 939–961 00304.
Biddle, G. and Hilary, G. (2009). Accounting quality and firm-level capital investment. The Accounting Review,81: 963-982.
Black, B.S., Jang, H. and Kim, W. (2006), “Does corporate governance predict firm’s market values? Evidence from Korea”, Journal of Law, Economics and Organization, Vol. 22 No. 2, pp. 366-413.
Boynton, W., Johnson, R., & Kell, W. (2006). Modern Auditing: Assurance Services And The Integrity Of Financial Reporting (8th Ed.). John Wiley & Sons. Inc.
Buallay, A. and Hamdan, A. (2019), "The relationship between corporate governance and intellectual capital: The moderating role of firm size", International Journal of Law and Management, Vol. 61 No. 2, pp. 384-401
Buallay, A., Hamdan, A., & Zureigat, Q. (2017). Corporate Governance and Firm Performance: Evidence from Saudi Arabia. Australasian Accounting, Business and Finance Journal, 11(1), 78-98.
Chen, T. (2015), “Institutions, board structure, and corporate performance: evidence from Chinese firms”, Journal of Corporate Finance, Vol. 32, pp. 217-237
Cho, M.K., Lee, H.Y. and Park, H.Y. (2015), “Characteristics of statutory internal auditors and operating efficiency”, Managerial Auditing Journal, Vol. 30 Nos 4/5, pp. 456-481
Claessens, S. and Yurtoglu, B.B. (2013), “Corporate governance in emerging markets: a survey”, Emerging Markets Review, Vol. 15, pp. 1-33.
Dittmar, A. and Mahrt-Smith, J. (2007), “Corporate governance and the value of cash holdings”, Journal of Financial Economics, Vol. 83 No. 3, pp. 599-634.
Dzikrullah, Achmad Dzulfikar, Iman Harymawan & Melinda Cahyaning Ratri., (2020), Internal Audit Functions And Audit Outcomes: Evidence From Indonesia Cogent Business & Management 7: 1750331 Ttps://Doi.Org/10.1080/23311975.2020.1750331
Dzikrullah, Achmad Dzulfikar, Iman Harymawan & Melinda Cahyaning Ratri., (2020), Internal Audit Functions And Audit Outcomes: Evidence From Indonesia Cogent Business & Management 7: 1750331 Ttps://Doi.Org/10.1080/23311975.2020.1750331
Dzingai, I. and Fakoya, M. (2017), “Effect of corporate governance structure on the financial performance of Johannesburg stock Exchange (JSE)-Listed mining firms”, Sustainability, Vol. 9 No. 6, p. 867.
Farkas, M., Hirsch, R., & Kokina, J. (2019). Internal Auditor Communications: An Experimental Investigation Of Managerial Perceptions. Managerial Auditing Journal., 34(4), 458–481.
Faruqi, F., Ahsan, T., Mirza, S.S. and Rao, Z.-u.-R. (2019), “Corporate governance, cash flows, and bank performance: developed and developing countries”, Multinational Finance Journal, Vol. 23 Nos 1-2, pp. 1-36.
Grossman, S. J., & Hart, O. D. (1986). The costs and benefits of ownership: A theory of vertical and lateral integration. Journal of Political Economy, 94(4), 691–719 10259
Guillet, B.D. and Mattilla, A.S. (2010), “A descriptive examination of corporate governance in the hospitality industry”, International Journal of Hospitality Management, Vol. 29 No. 4, pp. 677-684.
Healy, P.M., Palepu, k.G, (2001). Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. J. Account. Econo. 31, 405–440.
Hsu, S-W. Lin, W-P. Chen, J-W. Huang, CEO Duality, Information Costs, and Firm Performance, North American Journal of Economics & Finance (2019),doi: https://doi.org/10.1016/j.najef.2019.101011
Hsu, S-W. Lin, W-P. Chen, J-W. Huang, CEO Duality, Information Costs, and Firm Performance, North American Journal of Economics & Finance (2019),doi: https://doi.org/10.1016/j.najef.2019.101011
Hussain, N., Rigoni, U. and Orij, R.P. (2018), “Corporate governance and sustainability performance: analysis of triple bottom line performance”, Journal of Business Ethics, Vol. 149 No. 2, pp. 411-432.
Hutchinson, M. and Gul, F. (2006), “The effects of executive share options and investment opportunities on firms’ accounting performance: some Australian evidence”, The British Accounting Review, Vol. 38 No. 3, pp. 277-297
Jarrar, S.T. (2016), The effect of corporate governance in Palestine on the effciency of internal audit: Empirical evidence. International Journal of Economics and Finance, 8(5), 124-137
Jensen, M. and Meckling, W.H. (1976), “Theory of the firm: managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, Vol. 3 No. 4, pp. 305-360.
Jiang, L. Messier, W.F. Jr. and Wood, D.A. (2019), “The association between internal audit operationsrelated services and firm operating performance”, Auditing: A Journal of Practice and Theory, forthcoming.
Klapper, L. F., & Love, I. (2004).Corporate governance, investor protection, and performance in emerging markets. Journal of corporate Finance, 10(5), 703-728.
Lacayo, R., & Ripley, A. (2002). Cynthia Cooper, Coleen Rowley, And Sherron Watkins. Time Magazine. Http:// Aolsvc.Timeforkids.Kol.Aol.Com/Time/Subscriber/Perso Noftheyear/2002/Poyintro.Html.
Lai, S.M. and Liu, C.L. (2018), “Management characteristics and corporate investment efficiency”, AsiaPacific Journal of Accounting and Economics, Vol. 25 No. 3/4, pp. 295-312.
Lin, S., Pizzini, M., Vargus, M. and Bardhan, I.R. (2011), “The role of the internal audit function in the disclosure of material weaknesses”, The Accounting Review, Vol. 86 No. 1, pp. 287-323.
Mohanty, P. (2004), “Institutional investors and corporate governance in India”, [online] SSRN: http://ssrn.com/abstract=353820.
Myers S, Majluf N (1984). Corporate financing and investment decisions when firms have information that investor do not have. J Financ Econ, 13:187–221.
