نقش حمایت از حقوق ذی‌نفعان در تعدیل تأثیر ریسک اطلاعات مالی بر هزینه سرمایه حقوق مالکانه

محورهای موضوعی : مدیریت مالی بنگاه‌های اقتصادی

محمد حسنی ¹ (گروه حسابداری، واحد تهران شمال، دانشگاه آزاد اسلامی، تهران، ایران.)
مریم جباروند بهروز ² (گروه حسابداری، واحد تهران شمال، دانشگاه آزاد اسلامی، تهران، ایران.)

تاریخ دریافت : 1401/09/29 تاریخ پذیرش : 1402/01/16 تاریخ انتشار : 1402/01/01

کلید واژه: حمایت از حقوق ذی‌نفعان, ریسک اطلاعات مالی, هزینه سرمایه حقوق مالکانه,

چکیده مقاله :

هدف: در این مقاله تأثیر ریسک اطلاعاتی ناشی از تحریف گزارش سود بر هزینه سرمایه حقوق مالکانه و نیز نقش مکانیزم‌های حمایت از حقوق ذی‌نفعان بر این رابطه مورد واکاوی قرارگرفته است.روش‌شناسی پژوهش: هزینه سرمایه حقوق مالکانه مبتنی بر بازده مورد انتظار سهامداران طبق مدل قیمت‌گذاری دارایی‌های سرمایه‌ای ارزیابی‌شده است. حمایت از حقوق ذی‌نفعان طبق امتیاز شاخص ترکیبی معیارهای تفکیک وظایف مدیران، استقلال هیئت‌مدیره، حسابرسی داخلی، سهامداران با حق کنترل، سطح مالکیت عمده، تعدیلات سنواتی، به‌موقع بودن اطلاعات، قابل‌اتکا بودن اطلاعات، افشای هزینه حسابرسی، افشای پاداش هیئت‌مدیره بررسی‌شده است. رویه اختیاری مدیریت سود تعهدی به‌عنوان معیاری از ریسک اطلاعاتی طبق انحراف معیار قدر مطلق پسماندهای مدل اقلام تعهدی موردبررسی قرارگرفته است. جامعه آماری غربال‌شده پژوهش شامل تعداد 183 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران طی سال‌های 1390 تا 1399 است. فرضیه‌های پژوهش با استفاده از مدل‌های رگرسیون چند متغیره داده‌های ترکیبی با کنترل اثرات صنعت و سال آزمون شده‌اند.یافته‌ها: یافته‌ها حاکی از آن است که با افزایش ریسک اطلاعاتی، هزینه سرمایه حقوق مالکانه افزایش‌یافته است. همچنین بهبود شاخص حمایت از حقوق ذی‌نفعان ضمن کاهش هزینه سرمایه حقوق مالکانه، سبب تضعیف تأثیر ریسک اطلاعاتی بر هزینه سرمایه حقوق مالکانه شده است.اصالت / ارزش‌افزوده علمی: شواهد بیانگر آن است که اجرای رویه‌های راهبری در حمایت از حقوق ذی‌نفعان و زمینه‌سازی کاهش ریسک اطلاعات مالی ناشی از تحریف سود، نقش بااهمیتی در کاهش هزینه سرمایه‌دارند؛ ازاین‌رو، درک این موضوع می‌تواند نکته قابل‌ملاحظه‌ای در تعدیل انتظارات ذی‌نفعان باشد.

چکیده انگلیسی:

Purpose: This paper assessed the impact of financial information risk derived from earnings misstatement on cost of equity capital, as well as the role of stakeholder’s rights protection criterion.Methodology: The cost of equity capital is measured based on stockholders’ expected rate of return which extracted from capital asset pricing model. Also, stakeholder’s protection is assessed through various criteria such as separation of chairman’s duty, board independence, existence of internal auditor, shareholder with vote right, ownership concentration, audit adjustment, timeliness & reliability of information, disclosure of audit fee and managerial compensation. Accrual earnings management is considered as a proxy of financial information risk which is measured based on the standard deviation of residuals absolute values extracted from accrual model. Research population includes 183 firms listed in Tehran Securities & Exchange over the period 2012 to 2021. Research hypotheses analyzed through multivariate regression models using panel data by controlling industry-year effects.Findings: Findings documented that high level of financial information risk caused to increase the cost of equity capital. Also, high level of stakeholder’s protection index led to decrease the cost of equity capital; In addition, stakeholder’s protection indices weaken the impact of financial information risk on cost of equity capital.Originality/Value: The evidences showed that the implementation of governance procedures in protecting stakeholders’ rights and reducing financial information risk caused by earnings misstatement, play an important role in reducing the cost of equity capital; so, understanding this issue can be a significant point in adjusting stakeholders' expectations.

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