افشای اطلاعات در بازار سرمایه، چالش‌ها و آسیب‌ها

محورهای موضوعی : بازارها و نهادهای مالی

رضا شمسی ¹ , رضا غلامی جمکرانی ²

1 - گروه حسابداری، واحد قم، دانشگاه آزاد اسلامی، قم، ایران.
2 - گروه حسابداری، واحد قم، دانشگاه آزاد اسلامی، قم، ایران.

تاریخ دریافت : 1401/09/10 تاریخ پذیرش : 1401/12/20 تاریخ انتشار : 1402/01/01

کلید واژه: بازار سرمایه, آسیب‌شناسی, مدل سه‌شاخگی, تحلیل تم, چارچوب افشا,

چکیده مقاله :

هدف: گزارشگری مالی، ارائه‌دهنده تصویر کلی از وضعیت، عملکرد و انعطاف‌پذیری شرکت‌ها به دنیای بیرونی است. هدف از این پژوهش، آسیب‌شناسی چارچوب افشای اجباری اطلاعات گزارشگری مالی در بازار سرمایه با استفاده از مدل سه‌شاخگی بوده است.روش‌شناسی پژوهش: پژوهش حاضر یک مطالعه با رویکرد کیفی و مبتنی بر روش تحلیل تم می‌باشد. تمرکز پژوهش بر دیدگاه‌های حسابرسان؛ مدیران مالی و سهام‌داران بازار سرمایه که همگی از استفاده‌کنندگان اصلی و برجسته گزارش‌های مالی هستند، بوده است. به این ترتیب که ابتدا با استفاده از بررسی چک لیست‌های کنترلی سازمان بورس و اوراق بهادار، چارچوب اولیه افشاء استخراج گردیده و سپس از طریق مصاحبه با 14 نفر از حسابرسان و کارشناسان سازمان بورس، داده‌های حاصل از مصاحبه با روش فوق بررسی شد.یافته‌ها: بر اساس یافته‌های پژوهش، در خصوص افشای اطلاعات در بازار سرمایه، آسیب‌هایی در ابعاد ساختاری، رفتاری و محیطی شناسایی گردید، از آسیب‌های اساسی شناسایی‌شده، بیشترین آن به بخش‌های حاکمیت شرکتی، کنترل‌های داخلی و افشای معاملات با اشخاص وابسته اختصاص داشته و همچنین در بخش‌های دیگر، آسیب‌هایی من‌جمله شکلی بودن دستورالعمل‌ها و عدم قابلیت اجرا آن دستورالعمل‌ها و کلی بودن و عدم توجه به جزئیات اجرایی به‌عنوان آسیب، شناسایی‌شده‌اند.اصالت / ارزش‌افزوده علمی: نتایج این پژوهش می‌تواند در بازنگری و اصلاح دستورالعمل‌ها و چارچوب افشای اطلاعات مؤثر باشد و همچنین کیفیت افشا را بهبود بخشیده و اطلاعات حاصل از گزارشگری مالی، اتکای بیشتری یافته و در نهایت بتواند نظر ذی‌نفعان و استفاده‌کنندگان اطلاعات را به نحو بهتری جلب نماید.

چکیده انگلیسی:

Purpose: Reporting to the outside world provides an overview of a company's financial position, performance, and flexibility. The purpose was to use a three-branch model to conduct a pathology of the framework of mandatory information disclosure in the capital market.Methodology: The present research was a qualitative study that employed themes analysis. The study concentrated on auditors, financial managers, and shareholders, who are the primary and most important users of financial statements. First, the initial disclosure framework was extracted using the Securities and Exchange Organization's control checklists. The data was then analyzed using themes analysis after interviews were conducted with 14 auditors and experts from the Securities and Exchange Organization.Findings: Based on the research findings, regarding the disclosure of information in the capital market, structural, behavioral and environmental damages were identified. The instructions are sometimes formal and not applicable, or are presented in general and lack executive details.Originality / Value: The results of this research can be effective in reviewing and modifying the guidelines and framework of information disclosure, as well as improve the quality of disclosure and make information more reliable, and finally be able to attract the attention of stakeholders and users of information.

منابع و مأخذ:

Boyatzis, R. E. (1998). Transforming qualitative information: Thematic analysis and code development. sage.

Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative research in psychology, 3(2), 77-101.

‌Delavari, R. (2011). Pathology of organizational training in the public sector based on the three-pronged model, The first conference on the pathology of organizational training, Tehran. [In Persian]

Esfandiari, A., Nekoueimoghadam, M., Mohammadi, Z., Norouzi, S., Amiresmaili, M. (2012). Pathology of Human Resources by Applying three Dimensional Model. Pathology of human resources in the headquarters of Kerman University of Medical Sciences using the three-pronged model - 2009. Toloo-e-Behdasht. 10 (3 and 3-4), 1-12.  [In Persian]

Fakhari, H., & Fallah Mohammadi, N. (2009). Investigating the Impact of Information Disclosure on Liquidity of Companies Listed in Tehran Stock Exchange. Accounting and Auditing Research, 1(4), 148-163. [In Persian]

Foroughi, D., Mirshams Shahshahani, M., Pourhassan S. (2008). Managers' Attitudes Towards Disclosure of Social Accounting Information: Companies Listed on the Stock Exchange (2007). Accounting and Auditing Reviews, 15 (52). 55-70 [In Persian]

Fosu, S., Danso, A., Ahmad, W., & Coffie, W. (2016). Information asymmetry, leverage and firm value: Do crisis and growth matter? International Review of Financial Analysis, 46, 140–150.

Fotouhi Khankahdani, M., Taftiyan, A., Nazmi Ardakani, M. (2021). Evaluating the impact of the categories of the Forward-Looking information disclosure pattern. Financial Accounting Knowledge, 8(28), 65-92. [In Persian]

Ghasemi, G., Khodamipour, A., & Shamsadini, K. (2022). The role of economic policy uncertainty in the relationship between voluntary disclosure of information and information asymmetry. Advances in Finance and Investment, 3(6), 52-31. [In Persian]

Guba, E. G., & Lincoln, Y. S. (1989). Fourth generation evaluation. Sage.

Hadadi, H., Mashhour AlHosseini, S. M. R., & mohammadi, S. (2022). Pathology of information disclosure framework in the Iranian capital market. Entrepreneurship Knowledge, 2(2), 17-40. [In Persian]

Hassan, O. A. G., Romilly, P., Giorgioni, G., & Power, D. (2009). The value relevance of disclosure: Evidence from the emerging capital market of Egypt. The International Journal of Accounting, 44(1), 79–102.

Hesari, J., & Saeidi, H. (2021). Investigating The Relationship between XBRL Voluntary Disclosure and Stock Market Valuation and The Role of Corporate Governance of listed companies in Tehran Stock Exchange (TSE). Advances in Finance and Investment, 1(1), 37-54. [In Persian]

Iatridis, G. (2008). Accounting disclosure and firms’ financial attributes: Evidence from the UK stock market. International Review of Financial Analysis, 17(2), 219–241.

Khajovi, S., & Alizadeh Talatape, V,. (2013). Investigating the Impacts of Voluntary Disclosure Level on the Information Asymmetry of the Companies Listed in Tehran Stock Exchange. Empirical Studies in Financial Accounting, 11(42), 89-114.. [In Persian]

‌Kvale, S. (1996). Inter views. An introduction to qualitative research interviewing, 2006.‏

Lang, M. H., & Lundholm, R. J. (2000). Voluntary Disclosure and Equity Offerings: Reducing Information Asymmetry or Hyping the Stock?. Contemporary Accounting Research, 17(4), 623–662.

Leuz, C., & Verrecchia, R. E. (2000). The Economic Consequences of Increased Disclosure. Journal of Accounting Research, 38, 91–124.

Mehradi, R., Badavarnahandi, Y., Zeinali, M., & Baradaran hassanzadeh, R. (2021). Impact of Conservatism in Risk Disclosure on the Information Content of Accounting Information and Stock Return Synchronicity. Financial Accounting Research, 13(2), 33-56. [In Persian]

Moradi, M., & Bordbar, R. (2021). Development of a Comprehensive Information Disclosure Framework in Credit Institutions through Meta-synthesis Method. Empirical Research in Accounting, 11(2), 183-216. [In Persian]

Mousavi Shiri, SM., Karimi Riabi, A. (2010). The relationship between non-financial characteristics of companies and the disclosure of information via the Internet in listed companies. Proceedings of the 9th Iranian National Accounting Conference. [In Persian]

Namazi, M., Rajabdoory, H., & Roostameymandi, A. (2017). Investigation of the Frequency and Content Analysis of The Articles Relating to Accounting Professional Ethics in Iran. Journal of Accounting Advances, 9(1), 192-226. [In Persian]

Owusu-Ansah, S. (1998). The impact of corporate attribites on the extent of mandatory disclosure and reporting by listed companies in Zimbabwe. The International Journal of Accounting, 33(5), 605–631.  

Patton, M. Q. (1990). Qualitative Evaluation and Research Methods. SAGE Publications, inc.

Rezapour Nasrabad, R. (2016). Validity and reliability criteria in qualitative research. Qualitative Research in Health Sciences, 6(4), 493-499. https://sid.ir/paper/215481/fa. [In Persian]

Sarmad, Z; Bazargan, A; Hejazi, E.(2009). Research method in Behavioral Science, Tehran: Agah Publication. [In Persian]

Securities and Exchange Organization. (2007). Corporate Governance Regulations. Tehran: Publications of Tehran Stock Exchange and Securities Organization. [In Persian]

Sotudeh, R. (2021). Evaluate the performance of the Iranian capital market with an emphasis on the perspective of financial accountability, operational accountability and learning and growth. Advances in Finance and Investment, 2(2), 86-116. [In Persian]

Valipour, H., Talibnia, GE., & Ahmadi, R. (2014). Examining the Impact of Voluntary Disclosure Level on Value Relevance of Accounting Information of Firms Listed in Tehran Stock Exchange (TSE). Management Accounting, 7(No. 2 (Serial 21)), 71-81. [In Persian]