بررسی فعالیت‌های مدیریت سود واقعی پیش از صدور سهام و تأثیر آن بر بازدهی سهام در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی (کاربردی)

نویسنده

عضو هیئت‌علمی گروه حسابداری، دانشگاه فنی و حرفه‌ای، تهران، ایران

10.48301/kssa.2022.362368.2292

چکیده

مدیریت سود مبتنی بر اقلام تعهدی پژوهش‌های زیادی را در ادبیات حسابداری به خود اختصاص داده است، با این‌حال به مدیریت سود مبتنی بر فعالیت‌های واقعی و آثار آن کمتر پرداخته شده است. بنابراین هدف از این پژوهش بررسی فعالیت‌های مدیریت سود واقعی قبل از صدور سهام و همچنین تأثیر آن بر بازده سهام شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران است. در این پژوهش رابطه بین متغیرها در فاصله زمانی سال‌های 1394-1399 به‌طور سالانه برای 106 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران که از طریق روش غربالگری (حذف سامانمند) انتخاب شده و به‌طور مستمر طی سال‌های مذکور فعال بوده‌اند، بررسی شد. روش آزمون فرضیه‌ها، مدل رگرسیون چند متغیره در مجموعه داده‌های ترکیبی است. در سطح اطمینان 95 درصد، فرضیه اول پژوهش مبنی بر اینکه در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران مدیریت سود واقعی قبل از صدور سهام وجود دارد، تأیید نمی‌گردد. در ارتباط با فرضیه اصلی دوم مبنی بر اینکه در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران مدیریت سود واقعی بر بازدهی سهام تأثیرگذار است، تأیید می‌شود.

کلیدواژه‌ها

موضوعات

عنوان مقاله [English]

Investigating Real Earnings Management Activities and its Impact on Stock Returns Prior to Share Issuance in Companies Listed on Tehran Stock Exchange

نویسنده [English]

  • Zahra Khorramdel Masouleh
Faculty Member, Department of Accounting, Technical and Vocational University (TVU), Tehran, Iran
چکیده [English]

Much research has been conducted on earnings management based on accruals in the field of accounting but earnings management based on real activities and its effects have received less interest. Therefore, the purpose of this research was to investigate the real earnings management activities prior to share issuance and also their impact on the stock returns of companies admitted to the Tehran Stock Exchange. In this research, the relationship between the variables in the period of 2015-2020 was examined annually for 106 companies accepted in the Tehran Stock Exchange which were selected through the screening method (systematic elimination) and continuously active during the mentioned years. The hypothesis testing method used was the multivariate regression model in the composite data set. At the confidence level of 95%, the first hypothesis of the research (existence of real earnings management prior to share issuance in the companies accepted in the Tehran Stock Exchange) was not confirmed. The second main hypothesis (real earnings management has an effect on stock returns in companies listed on the Tehran Stock Exchange) was confirmed.

کلیدواژه‌ها [English]

  • Earnings management based on real activities
  • Stock issuance
  • Stock returns
  • Operating cycle
  • Altman score

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فصلنامه علمی کارافن
دوره 20، ویژه نامه
علوم انسانی
شهریور 1402
صفحه 585-614

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  • تاریخ دریافت: 04 مهر 1401
  • تاریخ بازنگری: 22 آبان 1401
  • تاریخ پذیرش: 22 آذر 1401

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