رابطه کیفیت حسابرسی و واکنش تأخیری قیمت سهام با نقش تعدیلگر عدم تقارن اطلاعاتی
محورهای موضوعی : بازارها و نهادهای مالی
ذبیح الله خانی
1
,
حسین رجب دری
2
1 - استادیار ، گروه حسابداری ، واحد فسا ، دانشگاه آزاد اسلامی ، فسا، ایران.
2 - دکتری حسابداری و عضو باشگاه پژوهشگران جوان و نخبگان، واحد بندرعباس، دانشگاه آزاد اسلامی، بندرعباس، ایران
کلید واژه: کیفیت حسابرسی, عدم تقارن اطلاعاتی, واکنش تأخیری قیمت سهام,
چکیده مقاله :
هدف پژوهش حاضر، بررسی رابطه کیفیت حسابرسی و واکنش تأخیری قیمت سهام با نقش تعدیلگر عدم تقارن اطلاعاتی در شرکت های پذیرفته شده در بورس اوراق بهادار تهران است. این پژوهش در قالب دو فرضیه مورد بررسی قرار گرفت. تحلیل یافته های پژوهش نیز با ا ستفاده از ر وش حد اقل مربعات معمولی انجام شد. یافته ها نشان د اد که بین کیفیت حسابرسی و و اکنش تأخیری قیمت سها م رابطه منفی و معنا دا ری وجو د دارد. هم چنین، رابطه بین کیفیت حسابرسی و و اکنش تأخیری قیمت سهام با حضور متغیر عدم تقارن اطلاعاتی به گونه منفی تعدیل می شود و کاهش می یابد. یافته های پژوهش مؤ ید آ ن است که با توجه به اهمیت واکنش تأخیری قیمت سهام در کارایی بازار، لا ز م ا ست که به این مسئله و متغیر های مؤثر بر آ ن توجه بیشتر ی شو د.
The purp ose of this study wa s to investing ate the re lationship bet ween audit q uality and stoc k pric e de lay with modern ating to le of info rmation asymmetry in T S E. This rese arch was studies d in tw o hypotheses. The findings of the study showed that there I s a negative and sign ficant relations hip betwe en audit quali ties and stock price delay using the least-squares method. Also, the relation ship between audit quality and stock price delay with the mode rate role of the in formation sym metry variable is negatively corrected and reduced. Findings of the res ear ch indicate that due to the important nce of st ock price delay in mar k et effic iency, it is nec essary to p ay attention on to the is is ue a nd its effective va riables.
افلاطونی، عباس. (1393). بررسی رابطه عامل‌های ریسک تأخیری حسابداری غیر حسابداری قیمت سهام با نوسانات صرف ریسک سال آتی در بورس اوراق بهادار تهران. حسابداری مالی. 6 (23): 22- 42.
افلاطونی، عباس. (1395). بررسی تأثیر کیفیت گزارشگری مالی و متقارن نبودن اطلاعات بر واکنش تأخیری قیمت سهام. پیشرفت‌های حسابداری. 8 (1): 1-24.
بهارمقدم، مهدی و حسین جوکار. (1397). اثر تعدیل‌کنندگی کیفیت حسابرسی بر تمایلات سرمایه‌گذاران در قیمت‌گذاری سهام. مطالعات تجربی حسابداری مالی. 15 (57): 123-146.
بهبهانی‌نیا، پریساسادات و جواد معصومی. (1395). نقش کیفیت حسابرسی در کاهش عدم تقارن اطلاعاتی. دانش حسابداری مالی. 3 (4): 93- 106.
پورزمانی، زهرا و منا قمری. (1393). ارتباط بین کیفیت گزارشگری مالی و سرعت تعدیل قیمت سهام. پژوهش‌های حسابداری مالی و حسابرسی. 6 (121): 91 – 116.
عامری، حسین و یحیی کامیابی و اسفندیار ملکیان. (1400). بررسی تأثیر افشای داوطلبانه اطلاعات بر رابطه بین سیاست‌های مالیاتی متهورانه و عدم تقارن اطلاعاتی. دانش حسابداری. 12 (2): 49- 65.
مهربانی، حسین و رضا غلامی‌جمکرانی. (1396). بررسی تحلیلی پژوهش‌های انجام شده در زمینه حسابرسی در ایران. دانش حسابرسی. 17 (1): 217- 241.
Amihud, Y., and Mendelson, H. (1986). Asset pricing and the bid-Ask spread. Journal of Financial Economics. 17: 223-249.
Ball, R., Jayaraman, S., and Shivakumar, L. (2012). Audited financial reporting and voluntary disclosure as complements: A test of the confirmation hypothesis. Journal of Accounting and Economics. 53: 136–166.
Callen, J. L., Khan, M., and Hai Lu, H. (2013). Accounting quality, stock price delay, and future stock returns. Contemporary Accounting Research. 30: 269–295.
Callen, J., Suresh, G., and Lin, X. (2000). Large time and amall noise asymptotic results for mean reverting diffusion processes with applications. Economic Theory. 16: 401–419.
Chen, J., Dong, W., Li, S., and Zhang, Y. (2018). Perceived audit quality, state ownership, and stock price delay: evidence from China. Asia-Pacific Journal of Accounting & Economics. 25 (1-2): 253-275.
Chen, J.L., Lee, S.C., Lin, C. T., and Sun, P. (2018) Heterogeneity of institutional ownership and stock price delay. Available at SSRN: https://ssrn.com/abstract=3118118 or http://dx.doi.org/10.2139/ssrn.3118118.
Chordia, T., and Swaminathan, B. (2004). Incomplete information, trading costs and cross-autocorrelations in stock returns. Economic Notes. 33 (1): 145-181.
DeAngelo, L.E. (1981). Auditor size and audit quality. Journal of Accounting and Economics. 3: 183–199.
Easley, D., Hvidkjaer, S. and O’Hara, M. (2002). Is information risk a determinant of asset returns? The Journal of Finance. 57: 2185–2221.
Eom, C. (2015). Do foreign investors help the price discovery process? Evidence from Korea. Retrieved on 22 June 2015 from http.//ssrn.com/abstract=2553033.
Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance. 25: 383–423.
Francis, J. R., Pinnuck, M., and Watanabe, O. (2014). Auditor style and financial statement comparability. The Accounting Review. 89: 605–633.
Gordon, N., and Wu, Q. (2014). Informed trade, uninformed trade, and stock price delay. Retrieved on 22 June 2015 from http://ssrn.com/abstract=2209073.
Haeyoung R., and Soo-Joon, C. (2020). The role of accounting professionals and stock price delay. Journal of Industrial Disribution & Business. 11 (12): 39-45.
Hou, K., and Moskowitz, T. J. (2005). Market frictions, price delay, and the cross-section of expected returns. Review of Financial Studies. 18: 981–1020.
Jensen, M.C., and Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs, and capital structure. Journal of Financial Economics. 3: 305–360.
Jiang, F., and Kim, K. A. (2015). Corporate governance in China: A modern perspective. Journal of Corporate Finance. 32: 190–216.
Jones J. (1991). Earnings management during import relief investigations. Journal of Accounting Research. 29: 193-228.
Lambert, R., Leuz, C., and Verrecchia, R. E. (2007). Accounting information, disclosure, and the cost of capital. Journal of Accounting Research. 45: 385–420.
Merton, R. C. (1987). A simple model of capital market equilibrium with incomplete information. The Journal of Finance. 42: 483–510.
Pastor, L., Stambaugh, R., (2003). Liquidity risk and expected stock returns. Journal of Political Economy. 111: 642–685.
Penga, L., and Xiong, W. (2006). Investor attention, overconfidence and category learning. Journal of Financial Economics. 80: 563–602.
Piotroski, J. D., and Wong, T. J. (2012). Institutions and Information Environment of Chinese Listed Firms, Capitalizing China, 201–242. Chicago: University of Chicago Press.
Venkatesh, P. C., and Chiang, R. (1986). Information asymmetry and the dealer’s bid-ask spread: A case study of earnings and dividend announcements. The Journal of Finance. 41 (5): 1089-1102.
Verrecchia, R. E. (1980). The rapidity of price adjustments to information. Journal of Accounting and Economics. 2: 63–92.
_||_Aflatooni, A. (2014). Investigating the relationship between accounting and non-accounting stock price delay risk factors with future risk premium in Tehran Stock Exchange. Financial Accounting Journal. 6 (23): 22-42. (In Persian)
Aflatooni, A. (2016). Investigating the effect of financial reporting quality and information asymmetry on stock price delay. Accounting Advances. 8 (1): 1-22. (In Persian)
Ameri, H., Kamyabi, Y., and Malekian, E. (2021). Investigating the impact of information voluntary disclosure on the relationship between tax aggressiveness and information Asymmetry. Journal of Knowledge Accounting. 12 (2): 49-65. (In Persian)
Amihud, Y., and Mendelson, H. (1986). Asset pricing and the bid-Ask spread. Journal of Financial Economics. 17: 223-249.
Baharmoghaddam, M., and Jokar, H. (2018). The effect of moderating audit quality on investor sentiment in stock pricing. Empirical Studies in Financial Accounting. 15(57): 123-146. (In Persian)
Ball, R., Jayaraman, S., and Shivakumar, L. (2012). Audited financial reporting and voluntary disclosure as complements: A test of the confirmation hypothesis. Journal of Accounting and Economics. 53: 136–166.
Behbahaninia, P., and Masoumi, J. (2017). The role of auditing quality in information asymmetry reduction. Journal of Financial Accounting Knowledge. 3(4): 93-106. (In Persian)
Callen, J. L., Khan, M., and Hai Lu, H. (2013). Accounting quality, stock price delay, and future stock returns. Contemporary Accounting Research. 30: 269–295.
Callen, J., Suresh, G., and Lin, X. (2000). Large time and amall noise asymptotic results for mean reverting diffusion processes with applications. Economic Theory. 16: 401–419.
Chen, J., Dong, W., Li, S., and Zhang, Y. (2018). Perceived audit quality, state ownership, and stock price delay: evidence from China. Asia-Pacific Journal of Accounting & Economics. 25 (1-2): 253-275.
Chen, J.L., Lee, S.C., Lin, C. T., and Sun, P. (2018) Heterogeneity of institutional ownership and stock price delay. Available at SSRN: https://ssrn.com/abstract=3118118 or http://dx.doi.org/10.2139/ssrn.3118118.
Chordia, T., and Swaminathan, B. (2004). Incomplete information, trading costs and cross-autocorrelations in stock returns. Economic Notes. 33 (1): 145-181.
DeAngelo, L.E. (1981). Auditor size and audit quality. Journal of Accounting and Economics. 3: 183–199.
Easley, D., Hvidkjaer, S. and O’Hara, M. (2002). Is information risk a determinant of asset returns? The Journal of Finance. 57: 2185–2221.
Eom, C. (2015). Do foreign investors help the price discovery process? Evidence from Korea. Retrieved on 22 June 2015 from http.//ssrn.com/abstract=2553033.
Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance. 25: 383–423.
Francis, J. R., Pinnuck, M., and Watanabe, O. (2014). Auditor style and financial statement comparability. The Accounting Review. 89: 605–633.
Gordon, N., and Wu, Q. (2014). Informed trade, uninformed trade, and stock price delay. Retrieved on 22 June 2015 from http://ssrn.com/abstract=2209073.
Haeyoung R., and Soo-Joon, C. (2020). The role of accounting professionals and stock price delay. Journal of Industrial Disribution & Business. 11 (12): 39-45.
Hou, K., and Moskowitz, T. J. (2005). Market frictions, price delay, and the cross-section of expected returns. Review of Financial Studies. 18: 981–1020.
Jensen, M.C., and Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs, and capital structure. Journal of Financial Economics. 3: 305–360.
Jiang, F., and Kim, K. A. (2015). Corporate governance in China: A modern perspective. Journal of Corporate Finance. 32: 190–216.
Jones J. (1991). Earnings management during import relief investigations. Journal of Accounting Research. 29: 193-228.
Lambert, R., Leuz, C., and Verrecchia, R. E. (2007). Accounting information, disclosure, and the cost of capital. Journal of Accounting Research. 45: 385–420.
Mehrabani, H., and Gholami-Jamkarani, R. (2017). Analytical review of auditing research in Iran. Auditing knowledge. 17 (1): 217- 241. (In Persian)
Merton, R. C. (1987). A simple model of capital market equilibrium with incomplete information. The Journal of Finance. 42: 483–510.
Pastor, L., Stambaugh, R., (2003). Liquidity risk and expected stock returns. Journal of Political Economy. 111: 642–685.
Penga, L., and Xiong, W. (2006). Investor attention, overconfidence and category learning. Journal of Financial Economics. 80: 563–602.
Piotroski, J. D., and Wong, T. J. (2012). Institutions and Information Environment of Chinese Listed Firms, Capitalizing China, 201–242. Chicago: University of Chicago Press.
Pourzamani, Z., and Ghamari, M. (2014). Relationship between financial reporting quality and stock price adjustment speed. Financial Accounting and Auditing Research. 6 (121): 91 - 116. (In Persian)
Venkatesh, P. C., and Chiang, R. (1986). Information asymmetry and the dealer’s bid-ask spread: A case study of earnings and dividend announcements. The Journal of Finance. 41 (5): 1089-1102.
Verrecchia, R. E. (1980). The rapidity of price adjustments to information. Journal of Accounting and Economics. 2: 63–92.
