تأثیر توانایی مدیریت بر رابطه بین دانش مالی مدیرعامل و ریسک غیرسیستماتیک
محورهای موضوعی : مدیریت مالی بنگاه‌های اقتصادی
مجید مرادی
1
,
مرجان قربانی
2
,
وحید اسکو
3
1 - گروه حسابداری، واحد ساوه، دانشگاه آزاد اسلامی، ساوه، ایران.
2 - گروه حسابداری، مؤسسه آموزش عالی ناصر خسرو، ساوه، ایران.
3 - گروه حسابداری، دانشکده علوم انسانی و علوم ورزشی، دانشگاه گنبد کاووس، گنبد کاووس، ایران.
کلید واژه: توانایی مدیریتی, دانش مالی مدیرعامل, ریسک غیرسیستماتیک,
چکیده مقاله :
هدف: پژوهش حاضر با موضوع اثر توانایی مدیریت بر ارتباط بین دانش مالی مدیرعامل و ریسک غیرسیستماتیک در بازار سرمایه ایران صورت پذیرفته است.
روش‌شناسی پژوهش: روش پژوهش از جنبه اجرا توصیفی پیمایشی از نوع پس‌رویدادی و از جنبه هدف کاربردی است. جامعه آماری پژوهش، شامل تمامی شرکت‌های بورس اوراق بهادار تهران در طی سال‌های بین 1392 تا 1400 می‌باشد. تعداد 114 شرکت به‌عنوان نمونه از طریق روش حذف سیستماتیک، جهت بررسی و آزمون فرضیه‌ها انتخاب شد. جهت اجرای این پژوهش منبع اطلاعاتی به دو گروه تقسیم می‌شوند: گروه اول مربوط به ادبیات و پیشینه پژوهش آن می‌شود که از کتابخانه‌ها، مجله‌های داخلی و خارجی و پایگاه‌های اطلاعاتی، مقاله‌ها و پایان‌نامه‌ها استفاده می‌شود؛ گروه دوم منبع مربوط به گردآوری داده‌ها است که به سایت و سامانه جامع اطلاعاتی سازمان بورس و اوراق بهادار تهران و نرم‌افزار اطلاعات مالی ره‌آورد نوین تهیه و جمع‌آوری می‌شود. برای انجام تجزیه‌وتحلیل داده‌ها از نرم‌افزار ایویوز استفاده می‌شود.
یافته‌ها: نتایج پژوهش نشان داد دانش مالی مدیرعامل بر ریسک غیرسیستماتیک تأثیر منفی و معناداری دارد؛ اما دانش مالی مدیرعامل بر ریسک غیرسیستماتیک، با درنظرگرفتن اثر تعدیل‌کننده توانایی مدیریت تأثیر ندارد.
اصالت / ارزش‌افزوده علمی: پذیرش این اصل که سهامداران یا همان مالکان واقعی شرکت‌ها به دنبال کسب درآمد و افزایش سرمایه خویش هستند، مدیران واحدهای تجاری را وا می‌دارد تا برنامه‌ای را طراحی نمایند که از ریسک اجتناب ورزند تا بازدهی موردنظر سرمایه‌گذاران حاصل شود. از جمله ریسک‌های پیش رو می‌تواند تغییرات در سیستم شرکت‌ها و روند کارکرد آن‌ها باشد که با استفاده از ویژگی توانایی مدیران به‌عنوان یکی از مهم‌ترین ویژگی‌های فردی هر شخص و از سوی دیگر دانش مالی مدیرعامل توأم با یکدیگر می‌تواند منجر به اخذ تصمیمات و رفتار صحیح ایشان در سازمان و کنترل سازنده ریسک غیرسیستماتیک باشد که در نهایت بازدهی بالا و مورد قبول سهامداران را در پی خواهد داشت.
Objective: This research investigates the impact of managerial ability on the relationship between CEO financial literacy and idiosyncratic risk in the Iranian capital market.
Research Methodology: The research methodology is descriptive-survey and ex post facto in terms of implementation, and applied in terms of purpose. The statistical population comprises all companies listed on the Tehran Stock Exchange from 2013 to 2021. A sample of 114 companies was selected through systematic elimination for hypothesis testing. Data sources are divided into two categories: The first group pertains to literature review, utilizing libraries, domestic and foreign journals, databases, articles, and theses. The second group relates to data collection, sourced from the comprehensive information system of the Tehran Stock Exchange and Securities Organization and the Rahavard Novin financial information software. Data analysis was performed using EViews software.
Findings: The results indicate that CEO financial literacy has a significant negative effect on idiosyncratic risk. However, CEO financial literacy does not impact idiosyncratic risk when considering the moderating effect of managerial ability.
Originality/Scientific Value-Added: Accepting the principle that shareholders, as the true owners of companies, seek income generation and capital appreciation, compels business managers to design strategies that mitigate risk to achieve investors' desired returns. Among potential risks are changes in corporate systems and operational processes. The interplay between managerial ability, as one of the most crucial individual characteristics, and CEO financial literacy can lead to sound decision-making and behavior within the organization, constructively controlling idiosyncratic risk. This ultimately results in high returns that meet shareholder expectations.
Amri-Asrami, M., Jalali, F., & KazemiHaji, F. (2023). The Effect of CEO's Power and Financial Knowledge on the Relation between Enterprise Risk and the Firm’s Performance. Judgment and Decision Making in Accounting and Auditing, 2(7), 67-86. [In Persian]
Bamber, L. S., Jiang, J., & Wang, I. Y. (2010). What’s my style? The influence of top managers on voluntary corporate financial disclosure. The accounting review, 85(4), 1131-1162.
Ben Ahmed, F., & Jarboui, A. (2022). CEO overconfidence and forecast accuracy moderated by CEOs' accounting-based attributes. Journal of Management Development, 41(3), 163-182.
Chen, M. H., Chen, C. C., & Jiang, Y. (2022). Risk reduction effect of hospitality philanthropic giving: Theoretical framework and empirical evidence. International Journal of Hospitality Management, 103, 103224.
Chen, X., Liu, C., Liu, Z., & Huang, Y. (2023). Corporate Financial Portfolio and Distress Risk: Forewarned is Forearmed. Emerging Markets Finance and Trade, 59(6), 1852-1864.
Chen, Y., Podolski, E. J., & Veeraraghavan, M. (2015). Does managerial ability facilitate corporate innovative success? Journal of empirical finance, 34, 313-326.
Custódio, C., & Metzger, D. (2014). Financial expert CEOs: CEO׳ s work experience and firm׳ s financial policies. Journal of financial economics, 114(1), 125-154.
Damodaran, A. (2015). Applied Corporate Finance. WILEY.
Demerjian, P. R., Lev, B., Lewis, M. F., & McVay, S. E. (2013). Managerial ability and earnings quality. The accounting review, 88(2), 463-498.
Fakhari, H., & Oskou, V. (2018). Fraud in the Financial Statement: the Need for a Paradigm Shift to Forensic Accounting. Accounting and Auditing Studies, 7(26), 45-60. [In Persian]
Farahabadi, M., & Heydarpour, F. (2022). The Impact of Environmental Orientation on Financial Performance with Emphasis on the Effects of Supplier Green Management and Communication Capital. Judgment and Decision Making in Accounting and Auditing, 1(1), 67-90. [In Persian]
Foroghi, D., & Moazeni, N. (2018). The Effect of CEO Overconfidence On Firm Value. Financial Accounting Knowledge, 4(4), 65-84. [In Persian]
Ghadamyari, M. R., & Naghshbandi, N. (2020). Investigating the impact of experience and financial knowledge of the CEO and board members on the quality of disclosure and company performance. Quarterly journal of contemporary researches in management and accounting sciences, 2(5), 22-33. [In Persian]
Ghanizadeh, B., Dastgir, M., & Soroushyar, A. (2021). The Effect of CEO's financial knowledge on Audit Quality: Considering the Moderating Effect of Managerial Ability CEO's financial knowledge. Journal of Accounting Advances, 13(1), 299-334. [In Persian]
Gholipur Khanegah, M., Eyvazloo, R., Mahmoodzade, S., & Rameshg, M. (2017). Idiosyncratic Risk and Market Friction in Investment Process. Journal of Investment Knowledge, 6(22), 13-28. [In Persian]
Gounopoulos, D., & Pham, H. (2018). Financial expert CEOs and earnings management around initial public offerings. The International Journal of Accounting, 53(2), 102-117.
Gounopoulos, D., Loukopoulos, G., & Loukopoulos, P. (2021). CEO education and the ability to raise capital. Corporate Governance: An International Review, 29(1), 67-99.
Gustavson, D. E., Miyake, A., Hewitt, J. K., & Friedman, N. P. (2014). Genetic relations among procrastination, impulsivity, and goal-management ability: Implications for the evolutionary origin of procrastination. Psychological science, 25(6), 1178-1188.
Hejazi, R., Fasihi, S., & Karamshahi, B. (2017). Investigating the Effect of Management Ability on Dividend Policy Companies listed in Tehran Stock. Empirical Studies in Financial Accounting, 14(54), 73-94. [In Persian]
Jiang, F., Zhu, B., & Huang, J. (2013). CEO's financial experience and earnings management. Journal of Multinational Financial Management, 23(3), 134-145.
Matsunaga, S. R., Wang, S., & Yeung, P. E. (2013). Does appointing a former CFO as CEO influence a firm’s accounting policies? Available at SSRN 2206523.
Memari, H., Mirbargkar, S. M., & Vatanparast, M. R. (2023). Investigating the effect of macroeconomic factors on cash holding in Tehran stock exchange. Journal of Advances in Finance and Investment, 4(3), 77-112. [In Persian]
Mollazadeh, M., Lari Dasht Bayaz, M., & Saei, M. J. (2016). The impact of CEO's financial knowledge on earnings management. Financial Accounting and Auditing Research, 8(30), 37-60. [In Persian]
Momtazian, A., & Kazemnejad, M. (2016). Managerial Abilities and Performance Measures. Empirical Research in Accounting, 6(2), 65-88. [In Persian]
Moradi, M., Malekian, E., & Barzegar, G. (2022). Investigating the weak managers' ethical behaviours on stock price crash risk and the financial reporting quality. International Journal of Nonlinear Analysis and Applications, 13(2), 535-547.
Oradi, J., Asiaei, K., & Rezaee, Z. (2020). CEO financial background and internal control weaknesses. Corporate Governance: An International Review, 28(2), 119-140.
Oskou, V., & Fakhari, H. (2022). The Profitability Anomaly and The Sticky Investor Sentiment. Accounting and Auditing Research, 113-140. [In Persian]
Pishbin, S. A. M., & Sari, M. A. (2022). Impact of stock price crash risk on the CEO's future power. Journal of Advances in Finance and Investment, 3(6), 79-100. [In Persian]
Saedi, R., & Rezaein, V. (2019). The Effect of the Manager’s Excessive Self-Confidence on Stock Returns and Unsystematic Stock Risk Given the Dual Role of Managing Director: Evidence from Tehran Stock Exchange. Financial Research Journal, 21(1), 79-100. [In Persian]
Sharpe, W. (1964). A theory of market equilibrium under the condition of risk. Journal of Finance, 19, 425-442.
Shojaei, M., Abdolbaghi Ataabadi, A., & Shirvani, A. (2021). Investigating the effect of non-systematic fluctuations on mispricing: Evidence of Companies Listed in Tehran Stock Exchange. Financial Accounting Research, 12(4), 79-100. [In Persian]
Simamora, A. J. (2021). Firms performance, risk taking and managerial ability. International Journal of Productivity and Performance Management, 72(3), 789-808.
Taheri Abed, R., Alinezhad Sarokolaei, M., & Faghani Makerani, K. (2019). Impact of Reputation and Chief Executive Officer’s Job Security on Financial Reporting Transparency. Journal of Accounting Knowledge, 9(4), 185-215. [In Persian]
Talebnia, G., Ahmadi, M., & Bayat, M. (2015). The Relationship between Accruals Quality and Non-systematic Risk. Financial Accounting Research, 7(2), 52-33. [In Persian]
Vagfi, S. H., & Rajabi, A. (2021). The Effect of Management Abilities on Research and Development Expenses of Corporates with an Emphasis the Role of Market Competitive Threats. Studies of ethics and behavior in accounting and auditing, 1(2), 111-132. [In Persian]
Veltri, S., D'Orio, G., & Bonanno, G. (2016). Measuring Managerial Ability Using a Two‐stage SFA‐DEA Approach. Knowledge and Process Management, 23(4), 247-258.
Yari, H., & Baghomian, R. (2021). Managerial Ability and Risk-taking Behavior of a Company. Empirical Studies in Financial Accounting, 18(72), 109-137. [In Persian]
