پوشش رسانه‌ای مدیرعامل و همزمانی قیمت سهام: سیستم معادلات همزمان

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشیار حسابداری، دانشکده علوم اقتصادی و اداری، دانشگاه مازندران، بابلسر، ایران.

2 دانشجوی دکتری حسابداری، دانشکده علوم اقتصادی و اداری، دانشگاه مازندران، بابلسر، ایران.

چکیده

بخش مهمی از پژوهش‌های بازار سرمایه به قیمت سهام وآگاهی‌بخشی آن به ویژه درباره اطلاعات خاص شرکت‌ها مربوط می‌شود. بر همین اساس، مفهوم همزمانی قیمت سهام و عوامل موثر بر آن که بیانگر قسمتی از آگاهی‌بخشی قیمت سهام است، هدف پژوهش‌های زیادی قرار گرفته است. در تبیین این عوامل، پوشش رسانه‌ای مدیرعامل از جمله عواملی است که بر همزمانی قیمت سهام تاثیر دارد. به همین خاطر و از جهت اهمیت تاثیرگذاری این عامل که حاکی از چگونگی توجه سرمایه‌گذاران به اطلاعات خاص بنگاه‌های تجاری است، هدف پژوهش حاضر بررسی تاثیر پوشش رسانه‌ای مدیرعامل بر همزمانی قیمت سهام است. در همین راستا، اطلاعات مربوط به 146 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی سال‌های 1390 تا 1398 گردآوری شده و از طریق سیستم معادلات همزمان مورد آزمون قرار گرفته است. یافته‌های مبتنی بر روش گشتاورهای تعمیم یافته(GMM) نشان داد که پوشش رسانه‌ای مدیرعامل تاثیر منفی بر همزمانی قیمت سهام داشته است. همچنین نتایج نشان داد که طبق روش رگرسیون به ظاهر نامرتبط(SUR) یک رابطه متقابل بین پوشش رسانه‌ای مدیرعامل و همزمانی قیمت سهام وجود دارد. این یافته‌ها تأکید مجددی بر نقش اطلاعاتی پوشش رسانه‌ای مدیرعامل به عنوان یکی از منابع مخابره اطلاعات شرکتی به بازار وکاهش نقش عوامل غیرسیستماتیک در رفتار قیمتی سهام شرکت‌ها است.

کلیدواژه‌ها

عنوان مقاله [English]

CEO Media Exposure and Stock Price Synchronicity: Simultaneous Equations System

نویسندگان [English]

  • Hossein Fakhari 1
  • Mohsen Faghih 2
  • Karim Imani 2
1 Department of Accounting, Faculty of Economic and Administrative Sciences, university of mazandaran Babolsar, Iran.
2 Department of Accounting, Faculty of Economic and Administrative Sciences, Universityof Mazandaran, Babolsar, Iran.
چکیده [English]

 Introduction
An important part of capital market research is relating stock price and its informative, especially the firm-specific information. Accordingly, many studies have been directed on the concept of stock price synchronicity and the factors affecting it, which represent part of stock price informative. In explaining these factors, the CEO media exposure is one of the factors that affect the stock prices synchronicity.
 
 Research Questions or hypothesis
Therefore, and due to the importance of the impact of this factor, which indicates how investors pay attention to the specific information of businesses, the purpose of this study is to investigate the effect of CEO media coverage on stock price synchronization.
 
 Methods
In this regard, data of 146 firms of Tehran Stock Exchange during the years 2011 to 2019 was collected and tested with the simultaneous equations system.
 
 Results
Findings based on the Generalized Method of Moments (GMM) showed that the CEO media exposure has a negative effect on stock price synchronicity. Also, according to the seemingly unrelated regression (SUR), there is a relationship between CEO media exposure and stock price synchronicity.
 
 Discussion and Conclusion
The media as an important and accessible information tool of the society can play a prominent role in informing and informing the stakeholders. This is especially important in economies where transparency is low and information resources are scarce. Accordingly, the purpose of this study was to study the effect of CEO media exposure on stock price synchronicity. The findings show that the CEO's media exposure had a significant negative effect on stock price synchronicity. Therefore, disclosure of information through the media by managers causes stock prices to be more affected by firm-specific information than market information. Such a move by managers is actually considered a kind of signaling to the market. Because media exposure causes financial transparency and causes the business unit to take steps to provide reliable information, which causes the basis of investors' decision-making to change direction from market and industry news to firm-specific information, and it also has a negative impact on stock price synchronicity. Therefore, CEO media exposure can be considered as one of the tools that has informative content. It is suggested that investors consider the CEO's media coverage in addition to the fundamental and traditional factors of companies when making their decisions. Because this is important, especially in emerging and less developed markets such as Iran, where there are more barriers to correlation between company-specific information and stock prices. Also, it is suggested that due to the lack of financial analysts in the Iranian market, as well as excessive fluctuations in risk and return, investors should use the CEO's media coverage as an alternative to providing and disclosing incomplete information. The media coverage of the CEO can be considered as one of the examples and components of the law for the protection of the rights of micro-investors. It also supports the view that in emerging markets, politically connected firms have wider media coverage, given the complementary findings that reflect the negative impact of CEO coverage on stock price synchronization in higher influential companies.
 
Keywords: CEO Media Exposure, Generalized Method of Moments, Seemingly Unrelated Regression, Stock Price Synchronicity.
 
 

کلیدواژه‌ها [English]

  • CEO Media Exposure
  • Generalized Method of Moments
  • Seemingly Unrelated Regression
  • Stock Price Synchronicity

مراجع

 
الف. فارسی
افلاطونی، عباس و نعمتی، مرضیه. (1397). نقش کیفیت گزارشگری مالی و کیفیت افشا در افزایش اعتبار تجاری: رویکرد متغیر‌های ابزاری. بررسی‏‌های حسابداری و حسابرسی، 25(1)، 1-20.
امیری، میثم؛ حسینی، سید مجتبی؛ باباجانی، جعفر و سلیمی، محمدجواد. (1398). انتخاب سبد بهینه سهام و نقش تغییرات هم‌زمان بازار، صنعت و قیمت سهام. پیشرفت‌های حسابداری، 11(2)، 35-82.
باغومیان، رافیک؛ رجب دری، حسین و خانی ذلان، امیررضا. (1400). رابطه خوانایی گزارش‌های مالی و هم‌زمانی قیمت سهام با نقش تعدیل‌گر مالکیت نهادی و عدم تقارن اطلاعاتی. مطالعات تجربی حسابداری مالی، 18(71)، 86-57.
برزگری خانقاه، جمال؛ حجازی، رضوان و رضازاده، فرزانه. (1396). اثر پوشش رسانه‌ای بر تصمیم‌گیری سرمایه‌گذاران در بازار سهام. پژوهش‌های حسابداری مالی و حسابرسی، 9(33)، 107-124.
رضازاده، جواد و بکشلو، عاطفه. (1393). گزارشگری مالی متهورانه و آگاهی‌بخشی قیمت سهام. پژوهش‌های کاربردی در گزارشگری مالی، 3(2)، 7-22.
رضایی، ندا؛ پاکمرام، عسگر؛ عبدی، رسول و اقدم مزرعه، یعقوب. (1399). بررسی عوامل موثر بر هم‌زمانی بازده سهام. پیشرفت‌های حسابداری، 12(1)، 187-212.
فخاری، حسین؛ ملکیان، اسفندیار و جفایی رهنی، منیر. (1396). تبیین و رتبه‌بندی مؤلفه­ها شاخص‌های گزارشگری زیست محیطی، اجتماعی و راهبری شرکتی به روش تحلیل سلسله مراتبی در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار. فصلنامه حسابداری ارزشی و رفتاری،۲(۴)، ۱۵۳-۱۸۷.
فروغی، داریوش و قاسم‌زاد، پیمان. (1395). تأثیر قابلیت مقایسۀ صورت‌های مالی بر هم‌زمانی قیمت سهام. پژوهش‌های حسابداری مالی، 8(1)، 39-54.
کامیابی، یحیی و پرهیزگار، بتول. (1395). بررسی رابطۀ بین سرمایه­گذاران نهادی و هم‌زمانی قیمت سهام در شرکت‌های پذیرفته‌شده در بورس تهران. دانش سرمایه‌گذاری، 5(17)، 165-186.
لاری دشت بیاض، محمود؛ ابراهیمی، مجتبی و بالیده، فهیمه. (1396). بررسی رابطه افشا حسابداری، هم‌زمانی قیمت سهام و ریسک سقوط سهام در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران. ماهنامه پژوهش‌های مدیریت و حسابداری، 36، 119-137.
نورنژاد ونوش، مهدی. (1390). کیفیت اقلام تعهدی و هم‌زمانی قیمت سهام، حسین فخاری، پایان‌نامه کارشناسی ارشد حسابداری، دانشکده علوم اقتصادی واداری، دانشگاه مازندران.
همتی، هدی؛ سیرانی، محمد و محمدی، قانع. (1394). اثر کیفیت حسابرسی و ساختار مالکیت بر هم‌زمانی قیمت سهام در بورس اوراق بهادار تهران. دانش حسابرسی، 15(61)، 193-212.
 
ب. انگلیسی
Aflatooni, A. & Nemati, M. (2018). The role of financial reporting quality and disclosure quality in increasing commercial credit. Accounting & Auditing Review, 25(1), 1-20. (In Persian)
Ahmed, S. A., Neel, M. & Safdar, I. (2015). Evidence on the association between accounting comparability and stock price efficiency. 10th Annual Lone Star Accounting Research Conference, United States. University of Texas at Dallas. 
Alkebsee, R. H. & Habib, A. (2021). Media coverage and financial restatements: Evidence from China. Asian Review of Accounting, 29(4), 505-524.
Aman, H. (2013). An analysis of the impact of media coverage on stock price crashes and jumps: Evidence from Japan. Pacific-Basin Finance Journal, 24(C), 22-28.
Aman, H., & Moriyasu, H. (2017). Volatility and public information flows: Evidence from disclosure and media coverage in the Japanese Stock Market. International Review of Economics & Finance, 51(9), 660-676. 
Amiri, M., Hoseini, S., Babajani, J. & Salimi, M. (2019). The role of stock price synchronicity on portfolio optimization. The Journal of Accounting Advances, 11(2), 35-82. (In Persian)
Baghoomian, R., Rajabdorri, H. & Khani Zolan, A. (2021). Relationship between financial report readability and stock return synchronicity with the moderating role of institutional ownership and information asymmetry. Empirical Studies in Financial Accounting, 18(71), 57-86. (In Persian)
Bai, L., Yan, X. & Yu, G. (2019). Impact of CEO media appearance on corporate performance in social media. The North American Journal of Economics & Finance, 50(C), 100996.
Barber, B. M. & Odean, T. (2008). All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors. The Review of Financial Studies, 21(2), 785-818.
Barzegari Khanghah, J., Hejazi, R. & Rezazadeh, F. (2017). Influence the media to examine the investment decision in stock. The Financial Accounting & Auditing Research, 9(33), 107-124. (In Persian)
Bednar, M. K., Boiwie, S. & Prince, N. R. (2013). Burr under the saddle: How media coverage influences strategic change. Organization Science, 24(3), 910-925.
Bond, P., Edmanz, A. & Goldstein, I. (2012). The real effects of financial markets. Annual Review of Financial Economics, 4(4), 339-360.
Core, J, E., Guay, W. & Larcker, D. F. (2008). The power of the pen and executive compensation. Journal of Financial Economics, 88(1), 1-25.
Dyck, A. & Zingales, L. (2003). The Corporate Governance Role of The Media. NBER Working Paper.
Dyck, A., Morse, A. & Zingles, L. (2010). Who blows the whistle on corporate fraud?. The Journal of Finance, 65(6), 2213–2254.
Ebbes, P., Wedel. M. & Steerneman, B. (2005). Solving and testing for regress or-error (in) dependence when no instrumental variables are available: With new evidence for the effect of education on income. Quantitative Marketing & Economics, 3(4), 365–392.
Fakhari, H., Malekian, E. & Jafaei Rahni, M. (2018). Explaining and ranking of the components and indicators of environmental, social and corporate governance reporting by analytic hierarchy process in the companies listed in Stock Exchange. Journal of Value & Behavioral Accountings, 2(4),153-187. (In Persian)
Fallahzadeh Abarghouhei, A., Taftiyan, A. & Heirany, F. (2018). The investigation of the interaction relationship between voluntary disclosure of information with stock price synchronicity and crash risk with simultaneous equations system in the Tehran Stock Exchange. Quarterly Financial Accounting Journal, 9 (36), 53-75. (In Persian)
Fang, L. & Peress, J. (2009). Media coverage and the cross-section of stock returns. Journal of Finance, 64(5), 2023-2052.
Foroghi, D. & Ghasemzad, P. (2016). The effect of financial statements comparability on stock price synchronicity. Journal of Financial Accounting Research, 8(4), 39-54. (In Persian)
Gao, H.,  Wang, J., Wang, Y.,  Wu, C. &  Dong, X. (2020).  Media coverage and the cost of debt. Journal of Financial & Quantitative Analysis, 55 (2), 429-471.
Gatignon, H. (2014). Statistical analysis of management data. Springer Science+Business Media, LLC, New York, NY.
Gul, F, A., Kim, J. & Qiu, A.A. (2010). Ownership concentration, foreign shareholding audit quality and stock price synchronicity: Evidence from China. Journal of Financial Economics, 95(3), 425-442.
Hamilton, J, T. & Zeckhauser, R. (2004). Media coverage of CEO's: who? what? where? when? why?. Unpublished Working Paper, Stanford Institute of International Studies.
Hamilton, J, T. (2003). Media coverage of corporate social responsibility. The Joan Shorenstein Center on the Press, Politics & Public Policy working paper series. Cambridge, MA: Harvard University.
Hillert, A., Jacobs, H. & Mϋller, S. (2014). Media makes momentum. The Review of Financial Studies, 27(12), 3467–3501.
Huang, J., Roberts, H. & Tan, E. K. (2018). Media tone and CEO power. Available at SSRN 3220885.
Jin, L., & Myers, S. C. (2006). R2 round the world: New theory and new tests. Journal of Financial & Economics, 79(2), 257–292.
Joe, J. R., Louis, H. & Robinson, D. (2009). Managers’ and investors’ response to media exposure of board ineffectiveness. The Journal of Financial & Quantitative Analysis, 44(3), 579-605.
Johansson, J. & Olvebrink, J. (2013). External factors’ effect on CEO overconfidence in mergers and acquisitions: Board composition and monitoring. Business administration degree project master of science in business & economics.
Kamyabi, Y. & Parhizgar, B. (2016). The study of the relationship between institutional investors and stock price synchronicity in listed companies in Tehran Stock Exchange. Journal of Investment Knowledge, 5(17), 165-186. (In Persian)
Kim, J. B., Yu, Z. & Zhang, H. (2016). Can media exposure improve stock price efficiency in China and why?. China Journal of Accounting Research, 9(2), 83-114.
Leuz, C., Nanda, D. & Wysocki, P. D. (2003). Earnings management and investor protection: An international comparison. Journal of Finance & Economics, 69(3), 505–527.
Li, X., Qiao, P., & Zhao, L. (2019). CEO media exposure, political connection and Chinese firms? stock price synchronicity. International Review of Economics & Finance, 63(6), 61-75.
Liu, B. & Zhang, X. (2017). Investor financial literacy and stock price synchronicity: A cross-country study. Review of Contemporary Business Research, 6(2), 26-37.
Liu, B., Mcconnell, J. & Xu, W. (2016). The power of the pen reconsidered: The media, CEO human capital, and corporate governance. Available At SSRN: Https://Ssrn.Com/Abstract=2404199 Or Http://Dx.Doi.Org/10.2139/Ssrn.2404199.
 Loughran, T. & Mcdonald, B. (2011). When is a liability not a liability? textual analysis, dictionaries, and 10-Ks. The Journal of Finance, 66(1), 35-65.
Lu, X. (2017). Three essays on the role of external governance mechanisms in managerial real decisions. Doctoral dissertation, University of Southampton.
Merton, R, C. (1987). A simple model of capital market equilibrium with incomplete information. Journal of Finance, 42(3), 483-510.
Miller, G. S. (2006). The press as a watchdog for accounting fraud. Journal of Accounting Research, 44(5), 1001-1033.
Morck R., Yeung B. & Yu, W. (2000). The information content of stock markets: Why do emerging markets have synchronous stock price movements?. Journal of Finance & Economics, 58(1), 215-260.
Morse, A., Nanda, V. & Seru, A. (2011). Are incentive contracts rigged by powerful CEO's?. The Journal of Finance, 66(5), 1779-1821.
Najafi Moghadam, A. (2017). Synchronization of the stock price and the role of institutional investors in Tehran Stock Exchange. Journal of Investment Knowledge, 6(23), 71-84. (In Persian)
Nguyen, B. D. (2015). Is more news good news? media coverage of CEO's, firm value, and rent extraction. Quarterly Journal of Finance, 5(4), 1–38.
Paternoster, R., Brame, R., Mazerolle, P. & Piquero, A. (1998). Using the correct statistical test for the equality of regression coefficients. Criminology, 36(4): 859-866.
Peress, J. (2014). The media and diffusion of information in financial markets: Evidence from newspaper strikes. The Journal of Finance, 69(5), 2007-2043.
Pharoah, A. (2003). Corporate reputation: The boardroom challenge. Corporate Governance, 3(1), 46-51.
Piotroski, J. D. & Roulstone, B. T. (2004). The influence of analysts, institutional investors, and insiders on the incorporation of market, industry, and firm-specific information into stock prices. The Accounting Review, 79(4), 1119-1151.
Qiao, P. H., Fung, H. G. & Wei, W. (2018). Chinese firms’ crash risk and CEO media exposure. Applied Economics Letters, 25(14):1034-1037.
Rezaee, N., Pakmaram, A., Abdi, R., & Aghdam, Y. (2020). Investigating factors affecting stock returns concurrency. The Journal of Accounting Advances, 12(1), 187-212. (In Persian)
Rezazade, J., Bakeshloo, A. (2015). Aggressive reporting and stock price informativeness. Applied Research in Financial Reporting, 3(2), 7-22. (In Persian)
Wang, J. (2014). Is stock price synchronicity a measure of noise or stock price informativeness: Evidence from audit pricing model. Asian Journal of Finance & Accounting, 6(2), 87-102.
Watts, R, L. (2003). Conservatism in accounting part I: Explanations and implications. Accounting Horizons, 17, 207-221.
Zhang, B, Z. & Niu, S. J. (2015). Study on voluntary information disclosure and stock price synchronicity: Evidence from Chinese listed companies. In Proceedings of the 2015 International Conference on Management Science & Management Innovation.
Zhao, W., Yang, H., & Zhou, H. (2022). Linguistic specificity and stock price synchronicity. China Journal of Accounting Research, 100219.

فایل ها

سابقه مقاله

  • تاریخ دریافت: 29 دی 1400
  • تاریخ بازنگری: 22 اسفند 1400
  • تاریخ پذیرش: 22 اسفند 1400

هم رسانی

ارجاع به این مقاله

آمار