Relationship between Asset Revaluation and Stock Price Fluctuations and Analysis of Shareholder Behavior
Subject Areas :امیرعباس صاحبقرانی 1 , هادی سجلاتی 2
1 - گروه حسابداری،دانشکده علوم مالی،دانشگاه خوارزمی،تهران،ایران
2 - گروه حسابداری،دانشکده علوم مالی،دانشگاه خوارزمی،تهران،ایران
Keywords: Fair Value, Stock Price Fluctuations, Key words: Asset Revaluation, Shareholder Behavior,
Abstract :
Abstract Necessity of the research because one of the shortcomings of historical cost is the lack of reflection of the day value of assets in inflationary conditions, which will affect the capital market. And analysis of shareholder behavior. The statistical population is all companies listed on the Tehran Stock Exchange, taking into account the information close to the research time, in the period from 1395 to 1398. Data collection is used from Rahavard and Kadal sites. Final data analysis is also performed using Eviews10 software. The results show that there is a direct relationship between revaluation and fluctuations in the company's stock price and this relationship is positive so that in the capital market by performing the revaluation process, the risk of price impact as a price increase from the revaluation process. Be it officially or as a rumor or news item, in these cases it often has a psychological atmosphere and a positive effect. There is no significant relationship between revaluation and stock price fluctuations of companies with net losses and between revaluation and stock price fluctuations of companies with high trading volume. Due to the current increase in inflation in the country and the up-to-dateness of the issue of revaluation among capital market residents, various companies are working in this direction, which is an important issue. Also, the effect of revaluation on the price and the news through which it affects the stocks of companies, causes users, investors, creditors and shareholders to have different behaviors towards it.
اسدی، غلامحسین و فاطمه مرشدی، (۱۳۹۸)، "واکاوی تأثیر احساسات سرمایهگذاران بر خطر سقوط قیمت سهام در بورس اوراق بهادار تهران"، چشمانداز مدیریت مالی، شماره ۲۵، صص ۳۰-۹.
تقی نتاج، غلامحسن، محمدمهدی مؤمن زاده و محمدهادی مؤمن زاده، (۱۳۹۶)، "نگاهی به افزایش سرمایه از محل مازاد تجدید ارزیابی داراییها از منظر تحلیل بنیادی"، مطالعات حسابداری و حسابرسی، سال ششم، شماره ۲۳.
ذوالفقاری، سعید و سعید شیرزادی، (۱۳۹۷)، "تأثیر افزایش سرمایه از محل تجدید ارزیابی داراییها بر سودآوری عملیاتی شرکتها"، ماهنامه علمی - آموزشی تخصصی مدیریت تدبیر، ۲۹ (۳۰۷)، صص ۵۷-۶۳.
محمدرضایی، فخرالدین، ایمان خسرویان و احسان دولت زارعی، (۱۳۹۹)، "تجدید ارزیابی داراییها و مدیریت سود. دانش حسابداری مالی"، دوره ۷، شماره ۲ - شماره پیاپی ۲۵، صص ۳۱-۶۱.
منصوری، فردین، مسلم سعیدی گراغانی و ناهید اسدی دوبانی، (۱۳۹۶)، "بررسی تأثیر تجدید ارزیابی داراییها بر حقالزحمه حسابرسی"، دانش حسابداری. دانش حسابداری، دوره ۸، شماره ۴ - شماره پیاپی ۳۱، صص ۱۴۱ -۱۵۹.
Bae, J., Lee, J., & Kim, E. (2019), “Does Fixed Asset Revaluation Build Trust between Management and Investors?”, Sustainability, 11(13), PP. 3700.
Hassan, S.S.M. (2021), “Does Board of Directors Mitigate Stock Price Crash Risk? An Empirical Evidence from Egypt”, Scientific Journal for Financial and Commercial Studies and Research, Faculty of Commerce, Damietta University, 2(2)1, PP. 349-371.
Jeon, K. (2019), “Corporate Governance and Stock Price Crash Risk”, Academy of Accounting and Financial Studies Journal, 23(4), PP. 1-13.
Jebran, K., Chen, S., & Zhang, R. (2020), “Board Diversity and Stock Price Crash Risk”, Research in International Business and Finance, 51(1), PP. 101-122.
Jaggi, B., and Tsui, J. (2001), “Management Motivation and Market Assessment: Revaluation
of Fixed Assets”, Journal of International Financial Management and Accounting, Vol. 12, No. 2, PP. 160-187.
Zhai, Y.H. (2007), “Asset Revaluation and Future Firm Operating Performance: Evidence
from New Zealand”, Unpublished Thesis, Lincoln University.
Lopes, A.B., and Walker, M. (2012), “Asset Revaluation, Future Firm Performance and
Firm-Level Corporate Arrangement: New Evidence from Brazil”, the British
Accounting Review, Vol. 44, PP. 53-67.
Sharpe, I.G., and Walker R.G. (1975), “Asset Revaluations and Stock Market Prices”,
Journal of Accounting Research, Vol. 13, PP. 293-310.
Easton, P.D., Eddey, P.H.and Harris, T.S. (1993), “An Investigation of Revaluation of
Tangible Long-Lived Assets”, Journal of Accounting Research, Vol. 31, PP. 1-38
(supplement).
Paik, G. (2009), “The Value Relevance of Fixed Asset Revaluation Reserves in International
Accounting”, International Management Review, Vol. 5, No. 2, PP. 73-109.
Standish, P., and Ung, S. (1982), “Corporate Signalling, Asset Revaluations and Stock Prices
of British Company”, the Accounting Review, Vol. 62, PP. 701-715.
Su, S. (2005), “To Match or not to Match?”, British Account, Rev. 37, PP. 1–21.
Emanuel, D.M. (1989), “Asset Revaluations and Share Price Revisions”, Journal of Business
Finance and Accounting, Vol. 16, Issue 2, PP. 213-227.