The Relationship between Management Accounting Techniques and Tools and Corporate Stock Returns with Emphasis on the Moderating Role of Corporate Governance

Subject Areas : Corporate governance

Azizeh Sadeghi Alvar olia ¹ , javad pourghaffar ² , Akbar Valizadeh Oghani ³

1 - MSc, Department of Accounting, Siraj Institute of Higher Education, Tabriz, Iran
2 - Department of Accounting, Tabriz Branch, Islamic Azad University, Tabriz, Iran
3 - Department of Industrial Management, Sarab Branch, Islamic Azad University, Sarab, Iran

Received: 2024-11-19 Accepted : 2025-07-09 Published : 2025-10-07

Keywords: Management Accounting Techniques and Tools, Company stock return, Corporate governance,

Abstract :

Objective: In today's competitive environment, the synergy of management accounting techniques and tools with effective corporate governance mechanisms plays a decisive role in transparency, shareholder trust, and improving the financial performance of companies. In this regard, the aim of the present study, relying on agency theory and signaling theory, is to examine the moderating role of the corporate governance system on the relationship between the use of management accounting techniques and tools and companies' stock returns; because according to these theories, strengthening corporate governance mechanisms not only reduces conflicts of interest but also strengthens the impact of these techniques on stock returns by sending positive management signals to the market.

Method: The present study has five hypotheses. The statistical population of this study includes companies listed on the Tehran Stock Exchange, which were studied on a sample of 101 companies during the years 2019 to 2024 using a systematic exclusion method. Data were collected in a library manner from financial statements and the Kodal website and analyzed with the Eviews software.

Findings: The results showed that CEO stability and ownership concentration have a moderating effect on the relationship between management accounting techniques and tools and stock returns; but the financial knowledge of the board of directors does not play such a role.

Conclusion: Accordingly, the findings of this study can be exploited by capital market policymakers to review or improve supervisory and regulatory approaches and can open a new horizon for investors in determining investment strategies.

References:

بختیاری، امیرمحمد؛ جلالی، محدثه بیگم؛ براتی، سعید؛ میرعرب رضی، شیما. (1403). بررسی تاثیر مالکیت بلوکی و نهادی بر سیاست های نگهداری وجه نقد در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران. پژوهش های حسابداری و راهبری شرکتی، 9(3)،123-139.
جهانگیرنیا، حسین؛ رهنمای رودپشتی، فریدون؛ وکیلی فرد، حمیدرضا. (1396). تاثیر کیفیت افشای رویه های حسابداری انتقادی بر عدم تقارن اطلاعاتی. مجله حسابداری مدیریت، 10(33)، 1-12.
راعی، رضا؛ محمدی، شاپور؛ عجم، علیرضا. (1401). توسعه الگوی عوامل مؤثر بر بازده سهام. مدیریت دارایی و تأمین مالی، 10(3)، 119-142.
رحمانیان کوشککی، عبدالرسول؛ کر، رابعه. (1402). رابطه بین عملکرد پایداری شرکت و سیاست تقسیم سود با توجه به نقش حاکمیت شرکتی و مالکیت نهادی .¬پژوهشهای کاربردی در گزارشگری¬مالی، (1)12، 41-68.
سبزعلی پور، فرشاد؛ صیادی سومار، علی؛ شاه محمدی، شیما؛ فضلعلی، زینب. (1402). بررسی نقش ابعاد جهت گیري استراتژیک در میزان اثربخشی تکنیک هاي حسابداري مدیریت بر پایداري شرکت¬ها. حسابداري مدیریت، 16(57)، 92-109.
سپاسی، سحر؛ انواری رستمی، علی¬اصغر؛ صیادی سومار، علی. (1394). تاثیر توانایی مدیریت بر تجدید ارائه صورتهای مالی با تاکید بر انگیزه¬های فرصت طلبانه. فصلنامه دانش حسابداری مالی، 2(4)، 110-89.
سحری، محمدرضا؛ پورزمانی، زهرا. (1401). تبیین الگوی ویژگی های حاکمیت شرکتی با محوریت حسابداری مدیریت استراتژیک و حسابداری مدیریت. پژوهش هاي حسابداري مالی و حسابرسی، 14(55)، 121-144.
سیرانی محمد؛ قاسم¬نژاد فاطمه. (1401)، تاثیرمولفه های حاکمیت شرکتی بر سود آوری شرکت، پژوهش های حسابداری و راهبری شرکتی، 1(1)، 62-43
صفرزاده، محمدحسین؛ طاوسی، ساجده. (1396). رابطه بین حاکمیت شرکتی و معامله با اشخاص وابسته. مطالعات تجربی حسابداری مالی، 14(53)، 143-172.
عباسی استمال، محمدرضا؛ عباسپور، اکبر. (1402). تاثیر عوامل نظام راهبری شرکتی بر مخارج تحقیق و توسعه واحد تجاری با تاکید بر شرایط تحریم اقتصادی. پژوهش های حسابداری و راهبری شرکتی، 3(2)، 127-142.
قنبری، جواد؛ نیکبخت، محمدرضا؛ لطفی، رسول (1403). تاثیر تخصص مالی هیئت مدیره بر رابطه بین اندازه کمیته حسابرسی و کیفیت گزارشگری مالی. پژوهش های حسابداری و راهبری شرکتی، 3(9)، 43–25.
محمدآزادی، زهرا؛ محمدی، اسفندیار. (1394). مالکیت نهادی، تمرکز مالکیت و حق الزحمه حسابرسی. دانش حسابرسی، 15(60)، 165-176.
محمدی، محمد؛ ولیخانی، ماشاالله؛ شاه¬صاحبی، سید¬علی. (1398). بررسی تأثیر دوره تصدی مدیرعامل بر ارتباط میان توانایی مدیریت و شفافیت در شرکتها. ماهنامه پژوهش های مدیریت و حسابداری، 53، 42–70.
مشایخی، بیتا؛ فرهادي، سوران. (1392). تاثیر اندازه شرکت بر رابطه بین کیفیت افشا و هزینه حقوق صاحبان سهام شرکت ها. حسابداري مدیریت، 6(4)، 101-115.
نقابی، هوشمند. اسلامی، زهرا؛ مفیدآبادی، حسین؛ آقاسی، محمد. (1401). رابطه بازدهی سهام و نوسانات بازده با نقد شوندگی بازار سهام شرکتهای بورسی در دوره شیوع بیماری ویروس¬کرونا. پژوهش¬هاي حسابداري مالی و حسابرسی، 14(4)، 191-220.
نيك بخت، محمدرضا؛ سیدی، سیدعزیز؛ هاشم الحسيني، روزبه (1389). بررسی تاثیر ویژگي هاي هيات مديره بر عملكرد شركت. پيشرفت هاي حسابداري، 2(1)، 251-270.
Abbasi, M., & Abbaspour, A. (2023). The effect of corporate governance factors on research and development expenditures of a business unit with emphasis on economic sanctions conditions. Accounting and Corporate Governance Research, 3(2), 127-142. (In Persian)
Bakhtiari, A., Jalali, M., Barati, S., & Arab Razi, SH. (2025). Investigating the effect of block and institutional ownership on cash holding policies in companies listed on the Tehran Stock Exchange. Accounting and Corporate Governance Research, 9(3), 123-139. (In Persian)
Chang, P. Y., Srinidhi, B., & Chen, H. (2022). Board financial expertise and the quality of financial reporting. Accounting and Finance, 62(3), 3251-3281.
Choi, H., Kim, J.H., Suh, J., & Yu, S. (2023). Ownership concentration and financial policy of China's listed firms. China Economic Review, 79, 101973.
Fama, E. F., & French, K. R. (2021). The Cross‐Section of Expected Stock Returns. Journal of Finance, 76(4), 2187-2229.
Fernández, J., Pombo, C., & Quiñones, E. (2023). CEO tenure and firm value: Empirical evidence. International Review of Financial Analysis, 86, 102560.
Ghanbari, J., Nikbakht, M. R., Lotfi, R. (2025). The effect of board financial specialization on the relationship between the size of the audit committee and the quality of financial reporting. Accounting and Corporate Governance Research, 3(9), 43-25. (In Persian)
Gonçalves, T., & Gaio, C. (2020). The role of management accounting systems in global value strategies. Journal of Business Research, 124, 603-609.
Hooshmand Naqabi, Z., Eslami Mofid Abadi, H., & Aghasi, M. (2023). The Relationship Between Stock Returns and Return Fluctuations with the Liquidity of the Stock Market of Companies Listed on the Tehran Stock Exchange During the Outbreak of the Corona Virus. The Financial Accounting and Auditing Researches, 14(56), 191-220. (In Persian)
Imjai, N., Aujirapongpan, S., &Mahadi, N. (2023). The interplay of digital and management accounting competency to competitive performance in the open innovation era: A case of Thai micropreneurs. Journal of Open Innovation: Technology, Market, and Complexity, 9, 100167.
Jahangirnia, H., Rahnamay Roodposhti, F., & Vakilifard, H. (2017). The quality of critical accounting procedures effect on information asymmetry. Management accounting, 10(33), 1-12. (In Persian)
Jejeniwa, T. O., & Mhlongo, N. Z. (2024). The role of ethical practices in accunting: a reiew of corporate governance and compliance trends. Finance & Accounting Research Journal, 6(4), 707-720.
Kim, Y., Park, M. S., & Wier, B. (2022). Management entrenchment and the effectiveness of corporate governance mechanisms. Journal of Management Accounting Research.
Lin, W., Li, Y., & Chen, Z. (2022). Top management team stability and stock price crash risk. Journal of Financial Markets, 65, 101827.
Marques, M., Ferreira, A., & Stentoft, J. (2022). Assessing the Effects of Innovative Management Accounting Tools on Company Performance and Sustainability: Evidence from US Manufacturing Firms. Sustainability, 14(9), 5585.
Mashayekhi, B., & Farhadi, S. (2014). The Effect of Company Size on the Relationship Between Disclosure Quality and Cost of Equity of Companies. Management Accounting, 6(4), 101-115. (In Persian)
Mohammad Azadi, Z., & Mohammadi, E. (2016). Institutional Ownership, Ownership Concentration and Audit Fees. Auditing Knowledge, 15(60), 165-176. (In Persian)
Mohammadi, M., Valikhani, M., & Shahsahibi, A. (2019). Investigating the Effect of CEO Tenure on the Relationship Between Management Ability and Transparency in Companies. Monthly Journal of Management and Accounting Research, (60), 43-44. (In Persian)
Neghabi, A., Eslami, Z., Mofidabadi, H., & Aghasi, M. (2022). The relationship between stock returns and return fluctuations with stock market liquidity of listed companies during the coronavirus outbreak, Financial Accounting and Auditing Research, 14(4), 191-220. (In Persian)
Nguyen, H. A., & Le, Q. L. (2022). The impact of board characteristics and ownership structure on earnings management: Evidence from a frontier market. Cogent Business & Management, 10(1), 1-19.
Nikbakht, M., Aziz, S., & Hashem, R. (2011). Investigating the effect of board characteristics on company performance. Accounting Advances, 2(1), 251-270. (In Persian)
OECD. (2023). G20/OECD Principles of Corporate Governance (2023 Edition). Paris: OECD Publishing.
Pradana, J. G., & Maryono, M. (2022). Pengaruh Profitabilitas, Likuiditas, Solvabilitas, Dan Rasio Nilai Pasar Terhadap Return Saham Pada Perusahaan Pertambangan Di Bei Tahun 2016 - 2020. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 5(2), 1026–1036.
Raei, R., Mohammadi, S., & Ajam, A. (2022). Developing a model of factors affecting stock returns. Asset Management and Financing, 10(3).119-142. (In Persian)
Rahmanian, A., & Korr, R. (2023). The relationship between corporate sustainability performance and dividend policy with respect to the role of corporate governance and institutional ownership. Applied Research in Financial Reporting, (1)12, 41-68. (In Persian)
Sabzalipour, F., Sayadisoumar, A., Shamohamadi, S., & Fazlali, Z. (2023). Investigating the role of strategic orientation dimensions in the effectiveness of management accounting techniques on corporate sustainability. Management Accounting, 16(57), 92-109. (In Persian)
Safarzadeh, M., & Taosi, S. (2022). The relationship between corporate governance and related party transactions. Empirical Studies in Financial Accounting, 14(53), 143-172. (In Persian)
Sahari, M., & Pourzamani, Z. (2022). Explaining the pattern of corporate governance characteristics with a focus on strategic management accounting and management accounting. Financial Accounting and Auditing Research, 14(55), 121-144. (In Persian)
Sepasi, S., Anvarirostami, A., & Sayadisomar, A. (2016). The effect of management ability on financial statement restatement with emphasis on opportunistic incentives. Quarterly Journal of Financial Accounting Knowledge, 2(4), 110-89. (In Persian)
Sirani, M., & Ghasemnejad, F. (2022). The effect of corporate governance components on company profitability. Accounting and Corporate Governance Research, 1(1), 62-43. (In Persian)
Tang H. W., & Chen. A, (2020). How Market Power and Industry Competition Influence the Effect of Corporate Governance on Earning Management?. The Quarterly Review of Economics and Finance. 75.
Yang, X., Zhang, Y., & Kim, H. (2023). Corporate governance and earnings management: Evidence from Vietnamese listed firms. International Review of Economics and Finance, 89, 400-419.