Corporate Governance and Financial Reporting Quality: The Moderating Role of Financial Misconduct
Subject Areas :
1 - Master's Graduate in Accounting, Seraj Institute of Higher Education, Tabriz, Iran
Abstract :
In companies where financial misconduct is prevalent, financial data often lack sufficient accuracy and transparency, leading to reduced stakeholder trust. Moreover, such misconduct weakens corporate governance mechanisms in monitoring and control. The present study aims to examine the impact of financial misconduct on the relationship between corporate governance and financial reporting quality. This research is applied in terms of its objective and belongs to the categories of descriptive-correlational and causal-comparative studies. To achieve the research objectives and test the statistical hypotheses, a five-year period from 2018 to 2022 was examined across 133 companies listed on the Tehran Stock Exchange. Data collection and analysis were conducted using EViews software and the multiple regression method. The research findings revealed a significant negative relationship between institutional ownership and financial reporting quality. Similarly, an inverse and significant relationship was observed between board independence and financial reporting quality. Financial restatements, as an indicator of financial misconduct, had a significant negative impact on the relationship between institutional ownership and financial reporting quality. However, the impact of financial restatements on the relationship between board independence and financial reporting quality was not significant.
References:
ا يلی کي،ا رغ یهب نشوا و ی، دمحم ، ( 1401 ) اپ . ی رادی لامی رگشرازگ و تکرش ی لامی ک شدقن :هنابلقتم يف ديت راکوزادس ادهی ردبهار ی تکردش ی . شدناد
رادباسح ی، 13 (2 ، ) صص 83-94 .
86
تاعلاطم یدربهار رد بسک و راک هرود 2، هرامش 3 : 90-64
ناجاباب ی، ئولرگنک هدازرابج ؛لضفلاوبا ی، عسي ؛د رحب ی ، لاث کاپ و لامج رگسع ،مارم ، ( 1400 ) دم لماوع رثا . یریت ریكس ک رب هاگنب يفيت رگشرازگ ی لامی
لماعت شقن اب ی مکاح يت تکرش ی . راداهب قاروا سروب همانلصف ، 13 ( 56 ،) صص 75-110 .
عس مساج ي ،د غي ؛ثا راوز ی اضر یی ، مظاک و ربکا ی، حوت يد ( . 1403 ثأت .) ير مکاح يت تکرش ی، کيفيت سرباسح ی رادباسح و ی مومع شخب ی لادم دركلمع رب ی
ور اب ی درك هكبش اهی بصع ی .)قارع :هعلاطم دروم( رادباسح ی هجدوب و ریزی مومع شخب ی، 5(1)ص . ص 25-64 .
کلااچ ی، رپی؛ غي ،رو رقاب و دازرف ی، ( .هواک 1397 سررب .) ی ب هطبار ين اشفا ی تخا يرای مکاح يت تکرش ی لام دركلمع و ی تکرش رد ادهی ذپ ی هدتفر رد هددش
.نارهت راداهب قاروا سروب شهوژپ اهی برجت ی رادباسح ی، 8( 29 ، ) صص 39-60 .
گتسد ي ،ر ناسحا ،وجرهم و نسحم ، ( 1391 سررب .) ی غت رثا يي تار دهعت ملاقا ءازجا ی لمع يتای روآدوس رب ی تکرش .اده قحت ي تادق رادبادسح ی دسرباسح و ی،
15 (4،) صص 4-21 .
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دهم ،درف هداز دارم ی دع و یلی، بتجم ،ی ( 1390 سررب .) ی ب هطبار ين كلام يت داهن ی امرس دركلمع و ماهس یه ركف ی تکرش رد اهی ذپ ی هتفر سرودب رد هدش
.نارهت راداهب قاروا پي تفرش اهی رادباسح ی .3(2،) صص 141-162 .
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19 ( 74 ،) صص 77-106 .
ودهم ی، سحملاغ ين اضر و یی ، اضرملاغ ، ( 1392 سررب .) ی ک تارثا يفيت رگشرازگ ی لامی س ردب ي تدسا دسقت يم دودس ، شهوژدپ ادهی رادبادسح ی لادم ی و
سرباسح ی5( 17 ،) صص 1-32 .
لوی هداز رلای ناجی، نسح و مظعا ی، هف ي هم ، ( 1402 دم شخرچ .) یر دسرباسح ی دلخاد ی؛ کيف ديت رگدشرازگ ی لادم ی دسر نادمز و ي گدی لقتدسم سربادسح ،
سررب ی اهی رادباسح ی سرباسح و ی، 30 (1،) صص 191-208 .
Adebayo, A.A. (2017). Institutional Ownership: A Driver of Accounting Conservatism and Reporting
Quality. International journal of innovative research and development, 6(6), pp. 136-147.
Affan, M.W., Rosidi & Purwanti, L. (2017). The Effect of Ownership Structure on the Quality of
Financial Reporting Of Manufacturing Companies Listed In the IDX during the Period of 2013-2015.
Imperial journal of interdisciplinary research, 3.
Aifuwa, H.O & Embele, K. (2019). Board Characteristics and Financial Reporting. Journal of
Accounting and Financial Management, 5(1), pp. 30-44.
Alves, S. (2014). The Effect of Board Independence on the Earnings Quality: Evidence from
Portuguese Listed Companies. The Australasian Accounting Business and Finance Journal, 8(3), pp.
23-44.
Amiram, D., Bozanic, Z., Cox, J. D., Dupont, Q., Karpoff, J. M & Sloan, R. G. (2017). Financial
reporting fraud and other forms of misconduct: A multidisciplinary review of the literature. Review of
Accounting Studies, 23(3), pp. 732-783.
Amiram, D., Huang, S & Rajgopal, S. (2020). Does financial reporting misconduct pay off even when
discovered?. Review of Accounting Studies, 25(3), pp. 811-854.
Arnaboldi, F., Casu, B., Gallo, A., Kalotychou, E & Sarkisyan, A. (2021). Gender diversity and bank
misconduct. Journal of Corporate Finance, 71(1), pp. 1-61.
Becht, M., Bolton, P & Röell, A. (2002). Corporate Governance and Control. Handbook of the
Economics of Finance. 1, pp. 1-109.
Bravo, F & Reguera-Alvarado, N. (2017). Do independent director’s characteristics influence financial
reporting quality?. Spanish Journal of Finance and Accounting, 47(1), pp. 25–43.
Brody, R. G., Melendy, S. R & Perri, F. S. (2012). Commentary from the American accounting
association's 2011 annual meeting panel on emerging issues in fraud research. Account Horiz, 26(3),
pp. 513-531.
Callen, J. L., Livnat, J & Segal, D. (2005). Accounting restatements. Journal of Investing, 15(3), pp.
57–68.
64
90
:
3
هرامش
،
2
هرود
راک
و
بسک
رد
یدربهار
تاعلاطم
Chen, F., Chen, S & Wei, K. C. J. (2021). Financial Reporting Quality and Investment Efficiency:
Evidence from Emerging Markets. Journal of Corporate Finance, 67, pp. 101899.
Claessens, S. (2003). Corporate Governance and Development. The World Bank Research Observer,
21(1), pp. 91-122.
Dechow, P. M., Ge, W & Schrand, C. (2010). Understanding earnings quality: A review of the proxies,
their determinants and their consequences. Journal of Accounting and Economics, 50(2-3), pp. 344
401.
Devarajar, M., Shahradin, M. S., Pitchay, A. A., Haron, H & Ganesan, Y. (2022). Corporate
governance and fraudulent financial reporting among Malaysian public listed companies. International
Journal of Law Government and Communication, 7(29), pp. 81-95.
Edwards, J. S & Nibler, M. (2000). Corporate Governance in Germany: The Role of Banks and
Ownership Concentration. Economic Policy, 15(31), pp. 238-267.
Egan, M., Matvos, G & Seru, A. (2016). The Market for Financial Adviser Misconduct. Journal of
Political Economy, 127(1), pp. 233 - 295.
Feizizadeh, A. (2014). SEBI and Corporate Governance. TIJ's Research Journal of Economics &
Business Studies - RJEBS, 3.
Habib, A & Jang, H. (2015). Corporate governance and financial reporting quality in China: A survey
of recent evidence. Journal of International Accounting, Auditing and Taxation, 24, pp. 29-45.
Hammersley, J. S. (2011). A review of model of auditor judgment in fraud-related planning tasks.
Auditing: A Journal of Practice and Theory, 30(4), pp. 101-128.
Han, S. (2004). Ownership Structure and Quality of Financial Reporting. Korea University Business
School.
Hasanan, S., Mohd Razali, M. H & Mohamed Hussain, A. R. (2020). The effect of corporate and
governance and firm-specific characteristics on the incidence of financial restatement. Journal of
Financial Crime. 28(1). pp. 244-267.
Hasanan, S., Rahman, R. A ., & Mahenthiran, S. (2013). Management motive, weak governance,
earnings management, and fraudulent financial reporting: Malaysian evidence. Journal of International
Accounting Research, 12(1), pp. 1-27.
Healy, P. M & Wahlen, J. M. (1999). A Review of the Earnings Management Literature and Its
Implications for Standard Setting. Accounting Horizons, 13(4), pp. 365–383.
Jiraporn, P., Chintrakarn, P., Tong, S & Treepongkaruna, S. (2017). Does board independence
substitute for external audit quality? Evidence from an exogenous regulatory shock. Australian Journal
of Management, 43(1), pp. 27 - 41.
Kaawaase, T. K., Nairuba, C., Akankunda, B & Bananuka, J. (2021). Corporate governance, internal
audit quality and financial reporting quality of financial institutions. Asian Journal of Accounting
Research. 6(3), pp. 348-366.
Khatib, S. F. A & Nour, A. (2021). The impact of corporate on firm performance during the COVID
19 pandemic: evidence form Malaysia. Journal of Asian Finance, Economics and Business, 8(2), pp.
0943-0952.
Klimczak, K., Sison, A., Prats, M. A & Torres, M. B. (2021). How to deter financial misconduct if
crime pays?. Journal of Business Ethics, 179, pp. 205-222.
Lawal, R & Yahaya, O. A. (2024). The impact of corporate governance in intergrated reporting.
Management Decision, 61(1), pp. 370-392.
Ma, Z & Chang, Y. (2015). Correlation Analysis of Board Characteristics and Financial Restatement in
Real Estate Listed Companies, pp. 977-986.
Madhani, P. M. (2014). Corporate Governance: Compliance or Competitive Advantage?. Vision
Research-A National Research Journal (ISSN 2250-2025), 4(1), pp. 96-104.
87
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90
:
3
هرامش
،
2
هرود
راک
و
بسک
رد
یدربهار
تاعلاطم
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ا يلی کي،ا رغ یهب نشوا و ی، دمحم ، ( 1401 ) اپ . ی رادی لامی رگشرازگ و تکرش ی لامی ک شدقن :هنابلقتم يف ديت راکوزادس ادهی ردبهار ی تکردش ی . شدناد
رادباسح ی، 13 (2 ، ) صص 83-94 .
86
تاعلاطم یدربهار رد بسک و راک هرود 2، هرامش 3 : 90-64
ناجاباب ی، ئولرگنک هدازرابج ؛لضفلاوبا ی، عسي ؛د رحب ی ، لاث کاپ و لامج رگسع ،مارم ، ( 1400 ) دم لماوع رثا . یریت ریكس ک رب هاگنب يفيت رگشرازگ ی لامی
لماعت شقن اب ی مکاح يت تکرش ی . راداهب قاروا سروب همانلصف ، 13 ( 56 ،) صص 75-110 .
عس مساج ي ،د غي ؛ثا راوز ی اضر یی ، مظاک و ربکا ی، حوت يد ( . 1403 ثأت .) ير مکاح يت تکرش ی، کيفيت سرباسح ی رادباسح و ی مومع شخب ی لادم دركلمع رب ی
ور اب ی درك هكبش اهی بصع ی .)قارع :هعلاطم دروم( رادباسح ی هجدوب و ریزی مومع شخب ی، 5(1)ص . ص 25-64 .
کلااچ ی، رپی؛ غي ،رو رقاب و دازرف ی، ( .هواک 1397 سررب .) ی ب هطبار ين اشفا ی تخا يرای مکاح يت تکرش ی لام دركلمع و ی تکرش رد ادهی ذپ ی هدتفر رد هددش
.نارهت راداهب قاروا سروب شهوژپ اهی برجت ی رادباسح ی، 8( 29 ، ) صص 39-60 .
گتسد ي ،ر ناسحا ،وجرهم و نسحم ، ( 1391 سررب .) ی غت رثا يي تار دهعت ملاقا ءازجا ی لمع يتای روآدوس رب ی تکرش .اده قحت ي تادق رادبادسح ی دسرباسح و ی،
15 (4،) صص 4-21 .
فراع دق ؛هرهز ،شنم یرینا نارآ ی، سحدمحم ين دق و یرینا نارآ ی، هرهز ، ( 1399 لام نارحب .) ی دجت و ید تروص هئارا ادهی لادم ی دهاودش : ی قاروا سرودب زا
.نارهت راداهب یلام یرادباسح یبرجت تاعلاطم ، 17 ( 67 ،) صص 203-227 .
دهم ،درف هداز دارم ی دع و یلی، بتجم ،ی ( 1390 سررب .) ی ب هطبار ين كلام يت داهن ی امرس دركلمع و ماهس یه ركف ی تکرش رد اهی ذپ ی هتفر سرودب رد هدش
.نارهت راداهب قاروا پي تفرش اهی رادباسح ی .3(2،) صص 141-162 .
وسوم ی شيری، سح و ناسحا ،نادردق ؛دومحم ينی، تاداسلارجاه ، ( 1398 لخاد ناسرباسح شخرچ شقن .) ی ک رب يفيت رگشرازگ ی لام ،ی دسرباسح شناد ی،
19 ( 74 ،) صص 77-106 .
ودهم ی، سحملاغ ين اضر و یی ، اضرملاغ ، ( 1392 سررب .) ی ک تارثا يفيت رگشرازگ ی لامی س ردب ي تدسا دسقت يم دودس ، شهوژدپ ادهی رادبادسح ی لادم ی و
سرباسح ی5( 17 ،) صص 1-32 .
لوی هداز رلای ناجی، نسح و مظعا ی، هف ي هم ، ( 1402 دم شخرچ .) یر دسرباسح ی دلخاد ی؛ کيف ديت رگدشرازگ ی لادم ی دسر نادمز و ي گدی لقتدسم سربادسح ،
سررب ی اهی رادباسح ی سرباسح و ی، 30 (1،) صص 191-208 .
Adebayo, A.A. (2017). Institutional Ownership: A Driver of Accounting Conservatism and Reporting
Quality. International journal of innovative research and development, 6(6), pp. 136-147.
Affan, M.W., Rosidi & Purwanti, L. (2017). The Effect of Ownership Structure on the Quality of
Financial Reporting Of Manufacturing Companies Listed In the IDX during the Period of 2013-2015.
Imperial journal of interdisciplinary research, 3.
Aifuwa, H.O & Embele, K. (2019). Board Characteristics and Financial Reporting. Journal of
Accounting and Financial Management, 5(1), pp. 30-44.
Alves, S. (2014). The Effect of Board Independence on the Earnings Quality: Evidence from
Portuguese Listed Companies. The Australasian Accounting Business and Finance Journal, 8(3), pp.
23-44.
Amiram, D., Bozanic, Z., Cox, J. D., Dupont, Q., Karpoff, J. M & Sloan, R. G. (2017). Financial
reporting fraud and other forms of misconduct: A multidisciplinary review of the literature. Review of
Accounting Studies, 23(3), pp. 732-783.
Amiram, D., Huang, S & Rajgopal, S. (2020). Does financial reporting misconduct pay off even when
discovered?. Review of Accounting Studies, 25(3), pp. 811-854.
Arnaboldi, F., Casu, B., Gallo, A., Kalotychou, E & Sarkisyan, A. (2021). Gender diversity and bank
misconduct. Journal of Corporate Finance, 71(1), pp. 1-61.
Becht, M., Bolton, P & Röell, A. (2002). Corporate Governance and Control. Handbook of the
Economics of Finance. 1, pp. 1-109.
Bravo, F & Reguera-Alvarado, N. (2017). Do independent director’s characteristics influence financial
reporting quality?. Spanish Journal of Finance and Accounting, 47(1), pp. 25–43.
Brody, R. G., Melendy, S. R & Perri, F. S. (2012). Commentary from the American accounting
association's 2011 annual meeting panel on emerging issues in fraud research. Account Horiz, 26(3),
pp. 513-531.
Callen, J. L., Livnat, J & Segal, D. (2005). Accounting restatements. Journal of Investing, 15(3), pp.
57–68.
64
90
:
3
هرامش
،
2
هرود
راک
و
بسک
رد
یدربهار
تاعلاطم
Chen, F., Chen, S & Wei, K. C. J. (2021). Financial Reporting Quality and Investment Efficiency:
Evidence from Emerging Markets. Journal of Corporate Finance, 67, pp. 101899.
Claessens, S. (2003). Corporate Governance and Development. The World Bank Research Observer,
21(1), pp. 91-122.
Dechow, P. M., Ge, W & Schrand, C. (2010). Understanding earnings quality: A review of the proxies,
their determinants and their consequences. Journal of Accounting and Economics, 50(2-3), pp. 344
401.
Devarajar, M., Shahradin, M. S., Pitchay, A. A., Haron, H & Ganesan, Y. (2022). Corporate
governance and fraudulent financial reporting among Malaysian public listed companies. International
Journal of Law Government and Communication, 7(29), pp. 81-95.
Edwards, J. S & Nibler, M. (2000). Corporate Governance in Germany: The Role of Banks and
Ownership Concentration. Economic Policy, 15(31), pp. 238-267.
Egan, M., Matvos, G & Seru, A. (2016). The Market for Financial Adviser Misconduct. Journal of
Political Economy, 127(1), pp. 233 - 295.
Feizizadeh, A. (2014). SEBI and Corporate Governance. TIJ's Research Journal of Economics &
Business Studies - RJEBS, 3.
Habib, A & Jang, H. (2015). Corporate governance and financial reporting quality in China: A survey
of recent evidence. Journal of International Accounting, Auditing and Taxation, 24, pp. 29-45.
Hammersley, J. S. (2011). A review of model of auditor judgment in fraud-related planning tasks.
Auditing: A Journal of Practice and Theory, 30(4), pp. 101-128.
Han, S. (2004). Ownership Structure and Quality of Financial Reporting. Korea University Business
School.
Hasanan, S., Mohd Razali, M. H & Mohamed Hussain, A. R. (2020). The effect of corporate and
governance and firm-specific characteristics on the incidence of financial restatement. Journal of
Financial Crime. 28(1). pp. 244-267.
Hasanan, S., Rahman, R. A ., & Mahenthiran, S. (2013). Management motive, weak governance,
earnings management, and fraudulent financial reporting: Malaysian evidence. Journal of International
Accounting Research, 12(1), pp. 1-27.
Healy, P. M & Wahlen, J. M. (1999). A Review of the Earnings Management Literature and Its
Implications for Standard Setting. Accounting Horizons, 13(4), pp. 365–383.
Jiraporn, P., Chintrakarn, P., Tong, S & Treepongkaruna, S. (2017). Does board independence
substitute for external audit quality? Evidence from an exogenous regulatory shock. Australian Journal
of Management, 43(1), pp. 27 - 41.
Kaawaase, T. K., Nairuba, C., Akankunda, B & Bananuka, J. (2021). Corporate governance, internal
audit quality and financial reporting quality of financial institutions. Asian Journal of Accounting
Research. 6(3), pp. 348-366.
Khatib, S. F. A & Nour, A. (2021). The impact of corporate on firm performance during the COVID
19 pandemic: evidence form Malaysia. Journal of Asian Finance, Economics and Business, 8(2), pp.
0943-0952.
Klimczak, K., Sison, A., Prats, M. A & Torres, M. B. (2021). How to deter financial misconduct if
crime pays?. Journal of Business Ethics, 179, pp. 205-222.
Lawal, R & Yahaya, O. A. (2024). The impact of corporate governance in intergrated reporting.
Management Decision, 61(1), pp. 370-392.
Ma, Z & Chang, Y. (2015). Correlation Analysis of Board Characteristics and Financial Restatement in
Real Estate Listed Companies, pp. 977-986.
Madhani, P. M. (2014). Corporate Governance: Compliance or Competitive Advantage?. Vision
Research-A National Research Journal (ISSN 2250-2025), 4(1), pp. 96-104.
87
64
90
:
3
هرامش
،
2
هرود
راک
و
بسک
رد
یدربهار
تاعلاطم
Madhani, P. M. (2007). Corporate Governance: Journey from Compliance to Competitive Advantage.
Enhancing Enterprise Competitiveness (Strategy, Operations and Finance), RK Jain, P. Gupta, U.
Dhar, eds, Pp. 19-33.
Mc Nichols, M & Stubben, S. (2008). Does earnings management affect firms' investment decisions?.
The Accounting Review, 83(6), pp. 1571-1603.
Parsons, C., Sulaeman, J & Titman, S. (2018). The Geography of Financial Misconduct: The
Geography of Financial Misconduct. Journal of Finance, 73(5), pp. 2087-2137.
Porter, C & Sherwood, M. (2023). The effect of increases in board independence on financial reporting
quality. Accounting Research Journal, 36(2/3), pp. 109-128.
Pyzoha, J. S. (2015). Why do restatements decrease in a clawback environment? An investigation into
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