بررسی رابطه بین بازده غیرعادی اولین اعلان سود و آخرین اعلان سود با میانجی‌گری رقابت بازار محصول

نوع مقاله : مقاله پژوهشی (نظری)

نویسندگان

1 دانشیار گروه حسابداری، دانشگاه پیام نور، ایران

2 عضو هیئت علمی، گروه حسابداری، دانشگاه فنی و حرفه ای، تهران، ایران.

3 دانش آموخته کارشناسی ارشد، گروه حسابداری، دانشگاه آزاد اسلامی واحد مشهد، مشهد، ایران.

10.48301/kssa.2023.340435.2107

چکیده

پژوهش حاضر به دنبال تعیین تأثیر رقابت بازار و جایگزینی محصول بر ارتباط بین بازده غیرعادی اولین اعلان سود و آخرین اعلان سود (به‌عنوان مبنایی از محتوای اطلاعاتی اعلان سود) است. روش پژوهش، از نوع کاربردی و روش‌ آماری به‌کاررفته شامل الگوی رگرسیون چندمتغیره است. برای آزمون فرضیه‌های پژوهش، داده‌های مالی نمونه آماری شامل 112 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران از سال‌های 1393 تا 1399 جمع‌آوری گردیده است. نتایج آزمون فرضیه‌ها نشان می‌دهد که بین بازده غیرعادی اولین اعلان سود و بازده غیرعادی آخرین اعلان سود رابطه معناداری وجود ندارد و رقابت بازار محصول، جایگزینی محصول، تفاوت جهت بازده غیرعادی اولین و بازده غیرعادی آخرین اعلان سود و گزارش زیان نتوانسته‌اند رابطه بین بازده غیرعادی اولین اعلان سود و بازده غیرعادی آخرین اعلان سود را تحت تأثیر قرار دهند. به‌نظر می‌رسد تأخیر در اعلان سودها و الگوپذیری از آخرین پیش­بینی سود می­تواند ازجمله دلایل رد فرضیه­های پژوهش باشد. همچنین می­توان کارایی نداشتن بازار بورس اوراق بهادار تهران را دلیلی بر نبود محتوای اطلاعاتی اعلان سودها دانست و بازده­های غیرعادی ناشی از سایر عوامل باشد. به عبارتی، تأثیرپذیر نبودن بازده‌های غیرعادی می­تواند بیانگر این باشد که رقابت بازار محصول کارایی نظارتی لازم را نداشته و بازار بورس ایران به سمت انحصار یا انحصار چندجانبه تمایل دارد. 

کلیدواژه‌ها

موضوعات

عنوان مقاله [English]

Investigating the Relationship between the Abnormal Returns of the First Earnings Announcement and the Last Earnings Announcement with the Mediation of Product Market Competition

نویسندگان [English]

  • Seid Mahmoud Mosavi Shiri 1
  • Ehsan Ghadrdan 2
  • Farzaneh Rahmani 3
  • Maryam Lalehmazhin 2
1 Associate Prof. of Accounting Payame Noor University, Iran
2 Faculty Member, Department of Accounting, Technical and Vocational University (TVU), Tehran, Iran.
3 M. Sc, Department of Accounting, Islamic Azad University Mashhad Branch , Mashhad, Iran.
چکیده [English]

The current research sought to determine the impact of market competition and product substitution on the relationship between the abnormal return of the first earnings announcement and the last earnings announcement (as a basis of the information content of the earnings announcement). The research method was applied and the statistical method used included the multivariate regression model. To test the hypotheses of the research, the financial data of a statistical sample including 112 companies admitted to the Tehran Stock Exchange from 2013 to 2016 were collected. The results of the hypothesis test showed that there was no significant relationship between the abnormal return of the first profit announcement and the abnormal return of the last profit announcement; in addition, the product market competition, product substitution, the difference in the direction of the abnormal return of the first and the abnormal return of the last profit announcement, and the loss report could not explain the relationship between the abnormal return of the first profit announcement and the impact of the abnormal return of the last profit announcement. It appears that the delay in the announcement of profits and imitation of the latest profit forecast could be reasons for rejecting the research hypotheses. In addition, the inefficiency of the Tehran Stock Exchange market could be considered a reason for the lack of information content in the announcement of profits, and the abnormal returns were caused by other factors. In other words, the lack of effectiveness of abnormal returns can indicate that the competition of the product market does not have the necessary regulatory efficiency and the Iranian stock market tends towards monopoly or multilateral monopoly.

کلیدواژه‌ها [English]

  • Earnings announcement
  • Abnormal returns
  • Product market competition
  • Product replacement

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فصلنامه علمی کارافن
دوره 20، ویژه نامه
علوم انسانی
شهریور 1402
صفحه 715-737

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  • تاریخ دریافت: 29 خرداد 1401
  • تاریخ بازنگری: 03 آذر 1401
  • تاریخ پذیرش: 20 دی 1401

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