تاثیر جریان‌های نقد آزاد بر ریسک سقوط قیمت سهام با تاکید بر نقش تعدیلی مدیریت سود در شرکت‌های عضو بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی

نویسندگان

1 استادیار، گروه حسابداری، دانشگاه علامه طباطبایی، تهران، ایران

2 کارشناسی ارشد حسابداری، دانشگاه علامه طباطبایی، تهران، ایران.

چکیده

با توسعه بازار سرمایه در ایران، توجه به عواملی که به نحوی بر تصمیم­‌گیری فعالین بازار موثر است، از اهمیت ویژه‌ای برخوردار است و طی سال‌های اخیر، مساله ریسک سقوط قیمت سهام به­عنوان یکی از ریسک‌­های تاثیرگذار بر شرکت‌­ها، مورد توجه ذی‌نفعان و محققین قرار گرفته است. در پژوهش حاضر، تاثیر جریان‌های نقد آزاد بر ریسک سقوط قیمت سهام با تاکید بر نقش تعدیلی هموارسازی سود، بررسی شده است. برای این منظور با انتخاب 161 شرکت پذیرفته‌­شده در بورس اوراق بهادار تهران طی سال‌های 1394 تا 1400 این مساله مورد بررسی قرار گرفت. آزمون فرضیات پژوهش نیز ازطریق رگرسیون خطی چند متغیره بوده و داده‌­ها از نوع ترکیبی می­باشند. در این مطالعه برای تجزیه و تحلیل داده­‌ها از نرم‌افزار ایویوز10 بهره گرفته­‌شده­‌است. نتایج پژوهش حاکی از آن است که جریان­های نقد آزاد به طور مثبت و معناداری بر ریسک سقوط سهام شرکت­ها موثر بوده و همچنین، هموارسازی سود این ارتباط را به‌طور منفی و معناداری تعدیل می­کند

کلیدواژه‌ها

عنوان مقاله [English]

The Effect of Free Cash Flows on Stock Crash Risk with Focused on the Role of Earnings Smoothing

نویسندگان [English]

  • Mandana Taheri 1
  • Nafiseh Hadadi 2
1 Assistant Professor, Department of Accounting, University of Allameh Tabataba’i, Tehran, Iran
2 MSc. in Accounting, University of Allameh Tabataba’i, Tehran, Iran.
چکیده [English]

With the expansion of the capital market in Iran, it is important to pay attention to the factors that have an effect on the decision-making of market participants and during recent years, stock price crash risk as in affective risks on companies been noted by shareholders and researchers. In this research, the effect of free cash flows on stock crash risk with focused on the role of earnings smoothing was investigated. In internal research, there have been many kinds of research emphasizing the relationship between earnings smoothing and stock price crash risk, but the relationship between cash flows and stock price crash risk is missing in internal research. Also, the moderating role of earnings management on this relationship has not been explained in the Iranian capital market so far. Therefore, based on the research literature in this field, it seems that the issue of the relationship between free cash flows and the stock price crash risk and the explanation of this relationship in the Iranian capital market is significant. The sample includes 161 companies listed on the Tehran Stock Exchange during the years 1394 to 1399. To quantify stock price crash risk, two criteria of negative stock skewness and up-down volatility were used. The results indicate that free cash flows have a positive and significant effect on stock price crash risk and earning smoothing also moderates this relationship negatively and significantly.

کلیدواژه‌ها [English]

  • Free Cash Flow
  • Stock Price Crash Risk
  • Earning Smoothing
  • Company Size
  • Financial Leverage
  • Return on Assets

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چشم انداز مدیریت مالی
دوره 12، شماره 40
دی 1401
صفحه 29-48

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