Shareholder behavior, suppression of managers' opportunistic behavior and capital market efficiency based on Baron and Kenny's regression method

Subject Areas : Journal of Investment Knowledge

Asieh ahmadi niyasani ¹ , sina Kheradyar ² , Mojtaba Maleki Choubari ³

1 - Department of Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran
2 - Department of Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran
3 - Department of Accounting, Lahijan Branch, Islamic Azad University, Lahijan, Iran

Received: 2023-02-28 Accepted : 2023-04-15 Published : 2024-09-22

Keywords: Suppression of managers' opportunistic behavior, shareholders' loyalty, capital market efficiency,

Abstract :

The purpose of this research is to investigate the mediating role of suppressing managers' opportunistic behavior in the relationship between shareholders' loyalty and capital market efficiency. the time scope of the research is the years 2015 to 2021.In this research, 143 companies have been considered as a statistical sample of the systematic elimination method Findings In the first hypothesis of the research, it indicates a significant relationship between the loyalty of the shareholders and the efficiency of the capital market, so it can be said that if the loyal shareholders behave analytically and logically, we can witness the efficiency of the capital market. In the second hypothesis of the research, this result We found that the loyalty of the shareholders leads to the suppression of the opportunistic behavior of the managers. It is possible that the owners can reduce the opportunistic behavior of the managers by establishing the conditions that certain accounting methods are used for certain purposes. We found that suppressing managers' opportunistic behavior can lead to capital market efficiency. In this way, the managers will not use available and private information for their personal interests and will consider the interests of all owners and will move the market towards efficiency. in the main hypothesis of the research, which is the goal of the research, we came to the conclusion that the suppression of the opportunistic behavior of managers is a mediator. It has a relative clause.

References:

• الستی، وحید؛ جهانشاد، آزیتا؛ پورزمانی، زهرا (1401). مقایسه رفتار سهامداران کوتاه­مدت و بلندمدت تحت تاثیر ابهام اطلاعاتی و ارتباط ارزشی سود. فصلنامه علمی پژوهشی دانش حسابداری و حسابرسی مدیریت، دوره11، شماره2 (پیاپی 42)، تابستان، ص­ص 315-329


• داداشی، ایمان؛ آزادیان، یوسف؛ تقی­پوریان، یوسف. (1400). فاکتورهای موثر بر استرس مالی سرمایه­گذاران حقیقی بورس اوراق بهادار و پیامدهای ناشی از آن: تکنیک فراترکیب. مهندسی مالی و مدیریت اوراق بهادار، شماره 47، تابستان. صص 112-136


• رضایی، فرزین؛ خدابنده، آذر. (1397). مدیریت تاثیر اطلاعات در گزارشگری مالی شرکت­ها. رویکردهای پژوهشی نوین در مدیریت و حسابداری، شماره8، ص­ص 14-1.


• سجادی، سید حسین؛ فرازمند، حسن؛ جعفرپور، میثم. (1391). تاثیر سهامداران عمده و تغییرات سود بر فرآیند هموارسازی سود در شرکت­های بورسی. بورس اوراق بهادار، شماره 20، صص 84-65.


• صادقی،سمانه؛ بنی­طالبی دهکردی، بهار (1401). ارائه الگوی حسابداری پایداری از منظر تئوری­های اثباتی و هنجاری، نشریه علمی حسابداری مدیریت، دوره 15، شماره 2 (پیاپی 53). ص­ص 10-18


• علی­پور، قاسم؛ فتیده، مهدی. (1395). ارزیابی تاثیر حاکمیت شرکتی بر مدیریت سود در شرکت­های پذیرفته شده در بورس اوراق بهادار تهران. دومین کنفرانس بین­المللی حسابداری، مدیریت و نوآوری در کسب و کار، رشت، دانشگاه لوتران کالیفرنیا، شهرداری رشت.


• نونهال نهر، علی­اکبر؛ کاظمی نوجه ده، معصومه. (1394). بررسی تاثیر قدرت سهامداران بر مدیریت سود با تاکید بر نقش کیفیت حسابرسی در شرکت­های پذیرفته شده در بورس اوراق بهادار تهران. پژوهش حسابداری شماره1، دوره 5، 148-129


• نیکومرام، هاشم؛ بنی­مهد، بهمن. (1390). تئوری حسابداری (مقدمه­ای بر تئوری­های توصیفی). آثار نفیس.


• Atiqa Rehman, Halit Gonenc, Niels Hermes (2023).Corporate social performance of family firms and shareholder protection: An international analysis. Journal of Family Business Strategy, https://doi.org/10.1016/j.jfbs.2022.100550


• Abdul Hamid, Masdiah, Wei Kiong Ting, Irene, Long Kweh,Qian. (2016). The Relationship between Corporate Governance and Expropriation of Minority Shareholders interests. Procedia Economic and Finance, 35, 99-106.


• Bradley, E. L. , Gregory, W. M. &Wayne, B. T. (2013). The influence of Strong Shareholders on Earning Management, 1-40.


• Bai Xue a , Noel O’Sullivan (2023). The determinants of audit fees in the alternative investment
  market (Aim) in the UK: Evidence on the impact of risk, corporate governance and auditor size. Journal of International Accounting, Auditing and Taxation 50 (2023) 100523


• Chung, Tuck Siong, Low, Angie. (2015). the Impact of Investor Impatience and Environmental Turbulence on Myopic Marketing Management and Stock Performance. International Journal of Research in Marketing, S0167-8116(15)30038-0


• Dechow, M. P., R.G. Sloan, and A.P. Sweeney, “Causes and Consequences of EarningsManipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC,” Contemporar Accounting Research, 13 (Spring 1996), pp. 1-36


• Geiger, M. A. , & North, D. S. (2013). Do strong shareholders mitigate earning management Journal of Accounting, Ethics & Public Policy, 14 (2) , 289-322.


• Gong , X., Zhu, R., (2019) Cognitive abilities, non-cognitive skills, and gambling behaviors ,journal of Econmic Behavior and Organization 165: 51-59


• Kim, Jeong Ho (2017), The Study On The Effect And Determinants Of Small – And Medium-Sized Entities Conducting Tax Avoidance, The Journal of Applied Business Research, Volume 33, Number 2, pp375-389.


• Leung, S., & Parker, L., & Courtis, J. (2015)." Impression management through minimal narrative disclosure in annual reports." The British Accounting Review. Vol. 47. Pp. 275-289.


• Ray, S., Fritzon, K., (2020) Overview of the Impact of Psychopathy and Other Problematic Personality Constructs in the Workplace , Corporate Psychopathy 12(1) 199-253


• Scott,William Robert (2011). Financial Accounting Theory Sheri, Sauber. (2004). The Role of Fundamental Accounting Information in Stock Return Prediction, Phd. Thesis of Allameh Tabataee University (in Persian).


• Ming Zhang, Aiqun Wang, Shuya Zhou (2023). Effect of analysts' earnings pressure on environmental information disclosure of firms: Can corporate governance alleviate the earnings obsession? Borsa _Istanbul Review 23-2 (2023) 495–515