آزمون تأثیر عوامل حاکمیت شرکتی بر رتبه اعتباری در قالب مدل امتیاز بازار نوظهور (مورد مطالعه: بورس اوراق بهادار تهران)
محورهای موضوعی : دانش مالی تحلیل اوراق بهادارحسین وظیفه‌دوست 1 , میثم احمدوند 2 , محمد جواد ساده وند 3
1 - دانشیار و عضو هیئت علمی دانشگاه آزاد اسلامی، واحد علوم و تحقیقات تهران
2 - دانشجوی دکترای مدیریت مالی دانشگاه علامه طباطبائی(ره)
3 - دانشجوی دکترای مدیریت مالی دانشگاه آزاد اسلامی، واحد علوم و تحقیقات تهران
کلید واژه: رتبهبندی اعتباری, مدل امتیاز بازار نوظهور, حاکمیت شرکتی, حقوق سهامداران, بورس اوراق بهادار تهران,
چکیده مقاله :
هدف از نگارش مقاله پیش رو، بررسی رابطه عوامل حاکمیت شرکتی و رتبه اعتباری شرکتهای پذیرفتهشده در بورس اوراق بهادار تهران است. در این تحقیق ابتدا با استفاده از مدل امتیاز بازار نوظهور، رتبه اعتباری شرکتهای مورد بررسی محاسبه گردید. در مرحله بعد، عوامل حاکمیت شرکتی در چهار طبقه شامل حقوق سهامداران و ذینفعان، هیئت مدیره و کمیته‌های آن، حسابرسی، و افشاء عمومی و شفاف‌سازی جای گرفت. از هر یک از این طبقات، یک شاخص معرف و از مجموع آن‌ها یک شاخص ترکیبی ساخته شد. سپس رابطه بین این شاخص‌ها و رتبه اعتباری مورد بررسی قرار گرفت. یافته‌های تحقیق نشان می‌دهد که از بین عوامل حاکمیت شرکتی، صرفاً عوامل مرتبط با حقوق سهامداران و ذینفعان رابطه مثبت و معنی‌داری با رتبه اعتباری دارد. اما در ترکیب عوامل مزبور با سایر عوامل که در مجموع ساختار حاکمیتی شرکت را تشکیل می‌دهند، شواهدی پیرامون تأثیرگذاری بر رتبه اعتباری شرکتهای پذیرفته شده در بورس اوراق بهادار تهران مشاهده نشد.
This study reviews the impact of corporate governance indicators on credit ratings in a sample of firms listed on Tehran stock exchange. Regarding the absence of international credit rating agencies in Iran’s financial market, this paper firstly calculated credit ratings of selected firms using the emerging market score (EMS) model. The next step was dividing corporate governance indicators into four categories: shareholders’ and stakeholders’ rights, board of directors and its committees, auditing, and transparency and public disclosure. Based on each of these categories, a representative index, and by aggregating four representative indexes, a composite corporate governance index was built. Then, the relationship between these indexes and credit ratings was examined.Results suggest that only governance indicators related to shareholders’ and stakeholders’ rightsare significantly positively correlated with credit ratings. However, combining these indicators with other governance indicators (that is, indicators related to board of directors and its committees, auditing, and transparency and public disclosure), did not have any significant influence on credit ratings of Tehran stock exchange listed firms.
* احمدوند، میثم (1388)، ”بررسی رابطه عوامل حاکمیت شرکتی با ارزش، عملکرد و بازده سهام شرکتهای پذیرفتهشده در بورس اوراق بهادار تهران“، پایاننامه کارشناسی ارشد، دانشگاه شهید بهشتی.
* جعفری، سیده محبوبه و میثم احمدوند (1394)، رتبهبندی اعتباری شرکتهای پذیرفتهشده در بورس اوراق بهادار تهران با استفاده از رویکرد امتیاز بازار نوظهور، پژوهشنامه اقتصاد و کسب و کار، سال ششم، شماره 10.
* حساس یگانه، یحیی (1384)، ”مبانی نظری حاکمیت شرکتی“،ماهنامه حسابدار، شماره 168.
* علینژاد ساروکلائی، مهدی، بحرینی، مریم و آرزو طاهری (1394)، ”تأثیر سایر سازوکارهای حاکمیت شرکتی بر رابطه بین سرمایهگذاران نهادی و مدیریت موجودی کالا“،فصلنامه علمی –پژوهشی مدیریت دارایی وتأمین مالی، سال سوم، شماره اول، صص: 75-90.
* Abed, S., Al-attar, A., and Suwaidan, M, (2012), “Corporate Governance and Earnings Management: Jordanian Evidence”. International Business Research, Vol.5, No.1, pp:216-225.
* Adams, M., Burton, B., and Hardwick, P, (2003),“The Determinants of Credit Ratings in the United Kingdom Insurance Industry”.Journal of Business Finance & Accounting, Vol.30, No.4, pp.:539-572.
* Afza, T., and Nazir, M. S, (2014), “Audit Quality and Firm Value: a Case of Pakistan”. Research Journal of Applied Sciences, Engineering and Technology, Vol.7, No.9, pp:1803-1810.
* Ajinkya, B., Bhojraj, S., and Sengupta, P, (2003), “The Governance Role of Institutional Investors and Outsider Directors on the Properties of Management Earning Forecasts”.Working Paper, 14th Annual Conf. FEA.
* Altman, E. I., and Hotchkiss, E, (2005), “Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt”.3rd edition, John Wiley and Sons, New York.
* Ammann, M., Oesch, D., and Schmid, M. M, (2010), “Corporate Governance and Firm Value: International Evidence”. Available at: http://ssrn.com/abstract=1692222.
* Ammari, A., Kadria, M., and Ellouze, A, (2014), “Board Structure and Firm Performance: Evidence from French Firms Listed in SBF 120”. International Journal of Economics and Financial Issues, Vol.4, No.3, pp:580-590.
* Anas, E. P, (2015) “The Impact of Ownership Concentration, Structure, and Corporate Governance to the Firm’s Performance and Credit Rating: Indonesian Case Study”. Research Paper, Universitas Indonesia, Faculty of Economics and Business,
* Available at: http://ssrn.com/abstract=2636271.
* Arbatli, E., and Escolano, J, (2012) “Fiscal Transparency, Fiscal Performance and
* Credit Ratings”. IMF Working Paper WP/12/156, (Washington: International Monetary Fund).
* Ashbaugh-Skaife, H., Collins, D., and LaFond, R, (2006) “The Effects of Corporate Governance on Firms’ Credit Ratings”.Journal of Accounting and Economics, Vol.42, No.1, pp:203-243.
* Bhojraj, S., and Sengupta, P, (2003) “Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and Outside Directors”.The Journal of Business, Vol.76, No.3, pp:455-476.
* Bouzouita, R., and Young, A, (1998) “A Probit Analysis of Best Ratings”. Journal of Insurance Issues, Vol.21, No.1, pp:23-34.
* Bradley, M., Chen, D., Dallas, G., and Snyderwine, E, (2008), “The Effects of Corporate Governance Attributes on Credit Ratings and Bond Yields”. SSRN, 1327070.
* Bruno, V., and Claessens, S, (2010), “Corporate Governance and Regulation: Can There Be Too Much of a Good Thing? ”. Journal of Financial Intermediation, Vol.19, pp:461-482.
* Chen, Y, (2014), “Does Credit Rating Matter in Audit Fee Determination? a Comprehensive Analysis”. Ph.D. Thesis, Syracus University, Department of Accounting.
* Choy, E., Gray, S., and Ragunathan, V, (2006), “Effect of Credit Rating
* Changes on Australian Stock Returns”.Accounting and Finance, Vol.46, No.5, pp:755-769.
* Creighton, A., Gower, L., and Anthony, J. R, (2007) “The Impact of Rating Changes in Australian Financial Markets”. Pacific-Basin Finance Journal, Vol.15, No.1, pp:1-17.
* Damasceno, D. L., Artes, R., and Minardi, A. M. C. F, (2008), “Estimating Credit Rating of Brazilian Companies Using Accounting Ratios”.Journal of Management, Vol.43, No.4, pp:344-355.
* European Securities and Markets Authority (ESMA), (2013), “Credit Rating Agencies”, Annual Report.
* Fan, C, (2014), “Corporate Governance, Credit Rating and Business Cycles”. Ph.D. Thesis, The University of Delaware.
* Funcke, N, (2013), “The Role of Credit Ratings in the Auditor's Going Concern Opinion Decision”. Working Paper, Maastricht University.
* (26)Gaganis, C., Pasiouras, F., Spathis, C., and Zopounidis, C, (2007), “A Comparison of Nearest Neighbours, Discriminant and Logit Models for Auditing Decisions”. Intelligent Systems in Accounting, Finance & Management, Vol.15, No.1, pp:23-40.
* Geiszler, M, (2014) “The Effect of Accrual Quality, Real Activities Earnings Management and Corporate Governance on Credit Ratings”.Ph.D. Thesis, Kent State University Graduate School of Management.
* Gomes, M. T, (2014), “The Impact of Corporate Governance on the Cost of Debt: Evidence from Portuguese Listed Companies”.Master Thesis, the University of Porto, Faculty of Economics.
* )29) Gompers, P., Ishii, L., and Metrick, A, (2003), “Corporate Governance and EquityPrices”.Quarterly Journal of Economics, Vol.118, No.1,pp:107-155.
* (30) Gracia, B., Ivanova, A., Cabezón, E., and Shields, J, (2011), “Opening Up toHigher Sovereign Credit Ratings: The Practical Benefits of Fiscal Transparency”. IMF Working Paper, forthcoming, (Washington: International Monetary Fund).
* (31) Gray, S., Mirkovic, A., and Ragunathan, V, (2006) “The Determinants of Credit Ratings: Australian Evidence”.Australian Journal of Management, Vol.31, No.2, pp:333-354.
* (32) Gul, F. A., and Goodwin, J, (2010), “Short-Term Debt Maturity Structures, Credit Ratings, and the Pricing of Audit Services”. Accounting Review, Vol.85, No.3, pp:877-909.
* (33) Hameed, Farhan, (2005), “Fiscal Transparency and Economic Outcomes”. IMF Working Paper 05/225, (Washington: International Monetary Fund).
* (34) Healy, P., and Wahlen, J, (1999) “A Review of the Earnings Management Literature and its Implications for Standard Setting”.Accounting Horizons, Vol.17, pp:365-383.
* (35) Jameson, M., Prevost, A., and Puthenpurackal, J, (2014), “Controlling Shareholders, Board Structure, and Firm Performance: Evidence from India”.Journal of Corporate Finance,vol.27, pp:1-20.
* (36) Javaid, F., and Saboor, A, (2015), “Impact of Corporate Governance Index on Firm Performance: Evidence from Pakistani Manufacturing Sector”.Journal of Public Administration and Governance, Vol.5, No.2,pp:1-21.
* (37) Jorion, P., Liu, Z., and Shi, C, (2005) “Informational Effects of Regulation FD: Evidence from Rating Agencies”, Journal of Financial Economics, Vol.76, No.2, pp:309-330.
* (38) Kemper, K., and Rao, R, (2013), “Do Credit Ratings Really Affect Capital Structure?”.Financial Review, Vol.48, No.4, pp:573–595.
* (39) Kim, D. Y., and Kim, J. Y, (2014) “Effects of Corporate Social Responsibility and Governance on Its Credit Ratings”. The ScientificWorld Journal, Vol.2014, pp:1-6.
* (40) Kisgen, D, (2006), “Capital Ratings and Capital Structure”. The Journal of Finance, Vol.61, pp:1035–1072.
* (41) Klock, M. S., Mansi, S. A., and Maxwell, W. F, (2005), “Does Corporate Governance Matter to Bondholders?”.Journal of Financial and Quantitative Analysis, Vol.40, No.4, pp:693-719.
* (42) Lennox, C. S., and Pittman, J. A, (2011), “Voluntary Audits versus Mandatory Audits”.Accounting Review, Vol.86, No.5, pp:1655-1678.
* (43) Man, C. K, (2013), “Corporate Governance and Earnings Management: a Survey of Literature”.The Journal of Applied Business Research, Vol.29, No.2,pp:391-418.
* (44) Mansi, S. A., Maxwell, W. F., and Miller, D. P, (2004), “Does Auditor Quality andTenure Matter to Investors?Evidence from the Bond Market”.Journal of Accounting
* Research, Vol.42, No.4, pp:755-793.
* (45) Martinez, A. L., and Moraes, A. D. J, (2014), “Association between Independent Auditor Fees and Firm Value: a Study of Brazilian Public Companies”. Journal of Modern Accounting and Auditing, Vol.10, No.4, pp:442-450.
* (46) Matousek, R., and Stewart, C, (2009), “A Note on Ratings of International Banks”. Journal of Financial Regulation and Compliance, Vol.17, No.2, pp:146-155.
* (47) Murcia, F, C, S., Fernando, D, M., Suliani, R., and José, A, B, (2014), “The Determinants of Credit Rating: Brazilian Evidence”.Retrievedfromhttp://www.anpad.org.br/bar.
* (48) Ojulari, O, (2012), “Corporate Governance: the Relationship between Audit Committees and Firm Values”. Working Paper, Kwara State University, the Department of Management Sciences.
* (49) McConnell, J., and Serves, H, (1990), “Additional Evidence on Equity Ownership and Corporate Value”. Journal of Financial Economics, Vol.27, pp:595-612.
* (50) Papaikonomou, V. L, (2010) “Credit Rating Agencies and Global Financial Crisis: Need for A Paradigm Shift in Financial Market Regulation”, Studies in Economics and Finance, Vol.27, No.2, pp:161-174.
* (51) Postnova, A, (2012), “Does Corporate Governance Reduce Credit Risk?” Master Thesis, Hanken School of Economics.
* (52) Pourali, M, R., and Arasteh, F, (2013), “A Theoretical Study of Relationship between Liquidity, Corporate Governance, and Firm Value”.International Research Journal of Applied and Basic Sciences, Vol.4, No.4, pp:943-946.
* (53) Sengupta, P, (1998), “Corporate Disclosure Quality and the Cost of Debt”. The Accounting Review, Vol.73, No.4, pp:459-474.
* (54) Standard & Poor’s Ratings Services, (2011), “Guide to Credit Rating Essentials: What Are Credit Ratings and How Do They Work?”.Retrieved from http://img.en25.com/Web/StandardandPoors/SP_CreditRatingsGuide.pdf.
* (55) Strickett, M., and Hay, D, (2015), “The Going Concern Opinion and the Adverse Credit Rating: an Analysis of their Relationship”. Research Paper, University of Auckland, Available at: http://ssrn.com/abstract=2635960.
* (56) Switzer, L. N., and Sahut, J. M, (2015), “Bank Credit Risk and Corporate Governance”. Working Report, Concordia University, School of Business.
* (57) Tariq, Y, B., and Abbas, Z, (2013), “Compliance and Multidimensional Firm Performance: Evaluating the Efficacy of Rule-based Code of Corporate Governance”. Economic Modelling, Vol.35, pp:565-575.
* (58) Wang, C. J., and Lin, J. R, (2010), “Corporate Governance and Risk of Default”. International Review of Accounting, Banking and Finance, Vol.2, No.3, pp:1-27
