تاثیر هزینه مالکانه رقابت بررابطه بین ناپایداری فروش و جریان های نقدی و قابلیت مقایسه صورتهای مالی

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشیار گروه حسابداری دانشگاه شهید چمران اهواز

2 *استادیارگروه حسابداری دانشگاه آزاد اسلامی واحد هشترود

چکیده

هرچه قدر قابلیت مقایسه صورتهای مالی بیشتر باشد، عدم تقارن اطلاعاتی کمترو بازار سرمایه از کارایی بیشتری برخوردار است که سبب تخصیص بهینه منابع می گردد. بر این اساس هدف این پژوهش بررسی تاثیر ریسک مبتنی بر نوسان فروش و جریان های نقدی بر قابلیت مقایسه صورت های مالی با تاکید بر هزینه های مالکانه رقابت در شرکت های پذیرفته شده در بورس اوراق بهادار تهران است. برای آزمون فرضیات پژوهش از داده های126 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی سال های 1389 تا 1396که به روش حذف سیستماتیک انتخاب شده اند، رگرسیون چند متغیره و مدل داده-های ترکیبی استفاده شده است. نتایج پژوهش نشان می دهد نوسان فروش تاثیر منفی معنی داری بر قابلیت مقایسه صورت-های مالی دارد و این تاثیر با دخالت هزینه مالکانه رقابت(مخارج تحقیق و توسعه)، تشدید می شود ولی نوسان جریان نقدی و نوسان رشد فروش و اثر تعاملی آنها با هزینه مالکانه رقابت(مخارج تحقیق و توسعه)، تاثیر معنی داری بر قابلیت مقایسه صورت های مالی ندارند.

کلیدواژه‌ها

عنوان مقاله [English]

The effect of Competition Proprietary Costs on relationship between sales and cash flow Instability and Financial Statement Comparability

نویسندگان [English]

  • Seyed ali Vaez 1
  • Rahim Bonabi Ghadim 2
1 Associate Prof in Accounting. Faculty of Economic and Social Sciences, Shahid Chamran University, Ahvaz, Iran
2 Asistance Prof in Accounting, Department of accounting, Hashtrood Branch, Islamic Azad University, Hashtrood, Iran
چکیده [English]

  The more comparable of financial statements, the lower the information asymmetry and so capital market is more efficient, which results in the optimal allocation of resources. The purpose of this study was to investigate the effect of Proprietary Costs of Competition on relationship between sales and cash flow Instability and Financial Statement Comparability in the companies Accepted in Tehran Stock Exchange. To test research hypothesis, the data of 126 companies accepted in Tehran Stock Exchange during the years 2009-2017 and multivariate regression has been used. The results show that sales fluctuation has a significant negative effect on the Financial Statement Comparability, and this effect is aggravated by the involvement of the Proprietary Costs of Competition (R & D expenditures). However, the cash flow fluctuations and sales growth fluctuations and their interactive effect With Proprietary Costs of Competition (R & D expenditures) have no significant effect on Financial Statement Comparability.
1- Introduction
One of the information channels about the status of companies is information about the financial statement comparability. The more comparable financial statements, the lower the information asymmetry and so capital market is more efficient, which results in the optimal allocation of resources. The purpose of this study was to investigate the effect of proprietary costs of competition on relationship between sales and cash flow instability and financial statement comparability in the companies accepted in Tehran Stock Exchange.
  2- Hypothesis
The proprietary costs of disclosing information is a cost that the organization will incur due to the disclosure of its confidential information and its potential use by its competitors. Increasing the competition proprietary costs leads to a reduction in the voluntary disclosure of information, information management and earning manipulation, which reduces the comparability of information. Competition will reduce the earnings and cash flows fluctuation and reduce the need for smoothing the profits.  On the other hand, given the fact that the market punishes companies that have not achieved the expected performance, company managers with more competition and lower proprietary costs are more likely to smooth cash flows and fluctuate their profits. Ultimately, any earning management and smoothing, on the one hand, will reduce the fluctuations in the company's performance in the form of profits and cash flows (low risk showing the results of the company's activities), and, on the other hand, reduce the information quality and the ability to compare financial statements. In this regard, the assumptions are as follows:
  H1: The sales fluctuation affects the financial statements comparability.
H2: The sales growth fluctuation affects the financial statements comparability.
H3: The cash flows fluctuation affects the financial statements comparability.
H4: The competition proprietary costs moderate the effect of sales fluctuation on financial statements comparability.
H5: The competition proprietary costs moderate the effect of sales growth fluctuations on financial statements comparability.
H6: The competition proprietary costs moderate the effect of cash flow fluctuations on financial statements comparability.
  3- Methods
 To test research hypothesis, the data of 126 companies accepted in Tehran Stock Exchange during the years 2009-2017 was extracted and multivariate regression was used.
  4- Results
 The results show that sales fluctuation has a significant negative effect on the financial statement comparability, and this effect is aggravated by the involvement of the proprietary costs of competition (R & D expenditures). However, the cash flow fluctuations and sales growth fluctuations and their interactive effect with proprietary costs of competition (R & D expenditures) have no significant effect on Financial Statement Comparability.
  5- Discussion and Conclusion
The sales instability relative to the sales growth and cash flows instability is more of a use by ordinary shareholders and investors in determining the information quality and thus determining the value of the company. In addition, the proprietary costs of competition in form of disclosing more information, due to more fluctuations in current period performance than future periods, reduces the quality and comparability of information more and more.
 

 
 

کلیدواژه‌ها [English]

  • Sales Fluctuation
  • Cash flow Fluctuations
  • Financial Statement Comparability
  • Proprietary Costs of Competition

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  • تاریخ دریافت: 19 اردیبهشت 1398
  • تاریخ بازنگری: 11 آذر 1398
  • تاریخ پذیرش: 23 آذر 1398

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