قابلیت مقایسه‌ی صورت‌های مالی و نگهداشت وجه نقد با تأکید بر جنبه‌های درون‌سازمانی شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشیار گروه آموزشی حسابداری تهران شرق

2 گروه آموزشی حسابداری

چکیده

هدف این پژوهش مطالعه‌ تأثیر قابلیت مقایسه‌ صورت‌های مالی با نگهداشت وجوه نقد در شرکت‌های پذیرفته شده در بورس و اوراق بهادار تهران است. اطلاعات مورد نیاز برای این پژوهش از صورت‌های مالی 110 شرکت در دوره‌ زمانی 1395-1390 گردآوری شده است. برای آزمون فرضیه‌ها از رگرسیون چند متغیره با داده‌های تابلویی استفاده شده است. در راستای هدف پژوهش برای محاسبه متغیر قابلیت مقایسه از مدل دی‌فرانکو و همکاران (2011) و برای محاسبه‌ نگهداشت وجوه نقد از مدل اوزکان و اوزکان (2004) استفاده شد. یافته‌های حاصل از پژوهش بیان‌گر این است که قابلیت مقایسه‌ صورت‌های مالی بر نگهداشت وجوه نقد تأثیر معکوس و معنی‌داری دارد. هم‌چنین از بین متغیرهای تعدیل‌گر در این پژوهش، کیفیت گزارش‌گری مالی نقش تعدیل کننده‌ای در تأثیرگذاری قابلیت مقایسه‌ی صورت‌های مالی بر نگهداشت وجه نقد دارد. ارتباط منفی بین قابلیت مقایسه‌ی صورت‌های مالی و نگهداشت وجه از طریق نظریه‌ی نمایندگی قابل توجیه است. نظریه‌ی نمایندگی بیان می‌کند مدیران فرصت‌طلب وجوه نقد را صرف سرمایه‌گذاری در پروژه‌های با ارزش فعلی خالص منفی می‌کنند.

کلیدواژه‌ها

عنوان مقاله [English]

Financial statement comparability and corporate cash holdings

نویسندگان [English]

  • Zohreh Hajiha 1
  • Hassan Chenari 2
1
2 South Tehran Branch, Islamic Azad University
چکیده [English]

  In this paper, we investigate the effects of financial statement comparability on the corporate cash holdings of Tehran Stock Exchange firms. Required data for the study were collected from the financial statements of 110 firms in the 1390-1395 years. To examine the hypothesis, we used multivariate regression with panel data. For calculation of comparability of the model variable, we referred to Di Franco et al. (2011). The results revealed that there is negative and significant relationship between financial statement comparability and corporate cash holding. In addition, among the moderating variables in this research, financial reporting quality has a moderating role in influencing the Financial statement comparability with cash holdings. The negative relationship between the ability to compare financial statements and remuneration through the theory of representation is justifiable. Representative theory states that opportunistic managers spend on investing in projects with a net negative net worth
1- Introduction
In this paper, we investigate the effects of financial statement comparability on the corporate cash holdings of Tehran Stock Exchange firms. We further examine whether financing constraints, financial reporting quality, and firm-level corporate governance mediate this association. Financial statement comparability describes the degree of similarity in accounting choices among two or more firms and reflects “the relationship between two or more pieces of information” (Financial Accounting Standards Board (FASB) [1980]). It also reflects the quality of the information that enables users to identify similarities and differences in the financial performance of two firms (Francis et al., 2014).
  2- Hypothesis
In order to achieve the objectives of this research, the following hypothesis are developed: 
H1: Financial statement comparability has an effect on corporate cash holdings.
H2: Financing constraints mediate the effect of financial statement comparability on corporate cash holdings.
H3: Financial reporting quality mediates the effect of financial statement comparability on corporate cash holdings.
H4: Corporate governance, as proxies by institutional ownership, mediates the effect of financial statement comparability on corporate cash holdings.
  3- Methods 
Required data for the study were collected from the financial statements of 110 firms in the 1390-1395 years. To examine the hypothesis, we used multivariate regression with panel data. For calculation of comparability of the model variable we referred to Di Franco et al. (2011). For assessment of the cash holdings, we used the model by Ozkan and Ozkan (2002).
  4- Results
The results revealed that there is a negative and significant relationship between financial statement comparability and corporate cash holding. In addition, among the moderating variables in this research, financial reporting quality has a moderating role in influencing the Financial statement comparability with cash holdings.
  5- Discussion and Conclusion
The negative relationship between the ability to compare financial statements and remuneration through the theory of representation is justifiable. Representative theory states that opportunistic managers spend on investing in projects with a net negative net worth.



 

کلیدواژه‌ها [English]

  • Financial Statement Comparability
  • Financial Reporting Quality
  • Cash Holdings

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  • تاریخ دریافت: 28 تیر 1397
  • تاریخ بازنگری: 21 خرداد 1398
  • تاریخ پذیرش: 05 مرداد 1398

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