خوانایی صورتهای مالی و حساسیت سرمایه گذاران به استفاده از اطلاعات حسابداری

نوع مقاله : علمی - پژوهشی

نویسندگان

دانشگاه فردوسی مشهد

چکیده

در دهه اخیر، خوانایی متن اطلاعات مالی توجه بسیاری از ناظران بازارهای مالی را به خود جلب نموده است. با این حال، تا کنون پژوهش­های تجربی اندکی به بررسی پیامدهای خوانایی متن اطلاعات مالی پرداخته­اند. هدف از اجرای این پژوهش، بررسی ارتباط خوانایی صورتهای مالی و حساسیت سرمایه گذاران به استفاده از اطلاعات حسابداری می باشد. به لحاظ نظری انتظار می­رود، با افزایش خوانایی صورتهای مالی، حساسیت سرمایه­گذاران به استفاده از اطلاعات حسابداری (غیرحسابداری) بیشتر (کمتر) شود. در این پژوهش برای اندازه گیری خوانایی، از شاخص فاگ و برای اندازه گیری حساسیت سرمایه گذران به استفاده از اطلاعات حسابداری، از ضریب واکنش سود استفاده می شود. در مجموع، یافته­های تجربی پژوهش حاکی از وجود رابطه معنادار و معکوس بین خوانایی صورتهای مالی و حساسیت سرمایه گذاران به استفاده از اطلاعات حسابداری می­باشد. همچنین، حساسیت یاد شده برای شرکتهایی که سرمایه گذاران غیرعمده و غیرحرفه ای بیشتری دارند، بالاتر است.

کلیدواژه‌ها

عنوان مقاله [English]

Readability of Financial Statements and the Sensitivity of Investors to Use of Accounting Information

نویسندگان [English]

  • Abutaleb Bagheri Azghandi
  • Reza Hesarzadeh
  • Mohammad Reza Abbaszadeh
Ferdowsi University of Mashhad
چکیده [English]

In recent years, studying the quality of accounting and financial texts and it’s relation to others financial and non-financial proxies has became one of the new important matters in academic and profession literature. The purpose of this research is to investigate the relation between readability of financial statement (readability) and the sensitivity of investors to use of accounting information in Tehran Stock Exchange. The results show a significant relation between readability and the sensitivity of investors to use of accounting information. Furthermore, this sensitivity is higher for companies which have more non-professional and non-major investors.

کلیدواژه‌ها [English]

  • Decision
  • Readability
  • Transparency
  • Investors

مراجع

  1. نوروش، ایرج، مهرانی، ساسان، کرمی، غلامرضا و محمد مرادی، (1389) ، مروری جامع برحسابداری مالی (ویراست 2)، تهران، انتشارات نگاه دانش.
  2. ستایش، محمدحسین،کاظم نژاد، مصطفی و مهدی ذوالفقاری، (1390) ، بررسی تاثیر کیفیت افشاء برنقد شوندگی و هزینه سرمایه سهام شرکت های پذیرفته شده در بورس اوراق بهادار تهران، مجله پژوهش های حسابداری مالی، (9): 55-74.
  3. علی نژاد، مهدی و مریم بحرینی، (1392) ، تاثیر سرمایه گذاران نهادی و تمرکزمالکیت بر فرصت های سرمایه گذاری در شرکت های پذیرفته شده در بورس اوراق بهادار تهران، فصلنامه علمی پژوهشی حسابداری مالی، 5(19): 91-109.
  4. Anderson, M. (1988). A comparative analysis of information search and evaluation behavior of professional and non-professional financial analysts. Accounting, Organization and Society 13 (5):431-460.
  5. Ali, A., S. Klasa, and O. Li. (2008). Institutional stake holdings and better-informed traders at earnings announcements. Journal of Accounting & Economics 46 (1): 47-61.
  6. Alter, A. L., and D. M. Oppenheimer. (2009). Uniting the tribes of fluency to form a meta cognitive nation. Personality and Social Psychology Review 13 (3): 219-235.
  7. Birnberg, J. G., and M. D. Shields. (1984). The role of attention and memory in accounting decisions.Accounting, Organizations and Society 9 (3): 365-382.
  8. Bushee, B.J, (1998) , “ The Influence of Institutional Investors on Myopic R & D Investment Behavior “, Accounting Review.
  9. Bartov, E., S. Radhakrishnan, and I. Krinsky. (2000). Investor sophistication and patterns in stock returns after earnings announcements. The Accounting Review 75 (1): 43-63.
  10. Barber, B., and T. Odean. (2000).Trading is hazardous to your wealth: The common stock investment performance of individual investors. Journal of Finance 55 (2): 773-806.
  11. Biddle, G. C., G. Hilary, and R. S. Verdi. How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economic 48 (2-3): 112-131.
  12. Bloomfield, R. J. (2002). The “incomplete revelation hypothesis” and financial reporting. Accounting Horizons 16 (3): 233-243.
  13. Bushee and T. Goodman. (2007). Which institutional investor’s trade based on private information about earnings and returns? Journal of Accounting Research 45 (2): 289-321.
  14. Brennan, N., and D. Merkl-Davies. (2013). Accounting narratives and impression management. In The Routledge Companion to Accounting Communication, edited by L. Jack, J. Davison, and R. Craig.: Routledge.
  15. Casey, C. 1980. Variation in accounting information load: The effect on loan officers’ predictions of bankruptcy. The Accounting Review 55 (1): 36-49
  16. Elliott, W. B. (2006). Are investors influenced by pro forma emphasis and reconciliations in earnings announcements? The Accounting Review 81 (1): 113-133.
  17. Hodge, F. D., J. J. Kennedy, and L. A. Maines. (2004). Does search-facilitating technology improve the transparency of financial reporting? The Accounting Review 79 (3): 687-703.
  18. Ke, B., and K. Petroni. (2004). How informed are actively trading institutional investors? Evidence from their trading behavior before a break in a string of consecutive earnings increases.Journal of Accounting Research 42 (5): 895-927.
  19. Lawrence, A. (2013). Individual investors and financial disclosure. Journal of Accounting and Economics 56 (1): 130-147.
  20. Li, F. (2008).Annual report readability, current earnings, and earnings persistence. Journal of Accounting & Economics 45 (2-3): 221-247.
  21. Li, F. (2010). Textual analysis of corporate disclosures: a survey of the literature. Journal of Accounting Literature 29: 143-165.
  22. Lehavy, R., Li,F.,Merkley,K., (2011).The effect of annual report readability on analyst following and the properties of their earnings forecasts .Account.Rev.86, 1087–1115.
  23. Loughran, T., AND B. McDonald. “Measuring Readability in Financial Disclosures.” Journal of Finance 69(2014):1643–71.
  24. Libby, R., and S.Emett.2014. Earning presentation effects on manager reporting choices and investor decisions.Accounting and Business Research 44 (4): 410-438
  25. Lo, K., Ramos, F., and R. Rogo. Earning Management and Annual report Readability. Journal of accounting and Economics 63 (2017):1-25.
  26. Malhotra, N. 1982. Information load and consumer decision making. The journalof Consumer Research 8 (4): 419-30.
  27. Maines, L. A., and L. S. McDaniel. (2000). Effects of comprehensive-income characteristics on nonprofessional investors’ judgments: the role of financial-statement presentation format. The Accounting Review 75 (2): 179-207.
  28. Miller, B. (2010). The effects of reporting complexity on small and large investor trading. The Accounting Review 85 (6): 2107-2143.
  29. Novemsky, N., R. Dhar, N. Schwarz, and I. Simonson. (2007). Preference fluency in choice. Journal of Marketing Research 44 (3): 347-356.
  30. Russo, J. E., and K. Carlson. (2002). Individual decision-making. In Handbook of Marketing,edited by B. Weitz, and R. Wensley. Thousand Oaks, California: Sage Publishing.
  31. Rennekamp, K.. 2012. Processing fluency and investors’ reactions to disclosure readability. Journal of Accounting Research 50 (5): 1319-1354.
  32. Simon, H. (1957). A behavioral model of rational choice. In Models of man, Social and rational: Math ematical essays on rational human behavior in a social setting. New York: Wiley.
  33. Simnett, R. (1996). The effect of information selection, information processing and task complexity on predictive accuracy of auditors. Accounting , Organization and Society 21 (7):699-719
  34. Securities and Exchange Commission. 1998. A plain English handbook: How to create clear SEC disclosure. SEC Office of Investor Education and Assistance. http://www.sec.gov/pdf/handbook.pdf.
  35. Scott, W.R., (2003), Financial Accounting Theory, Third Edition, Toronto, They Measure. Working paper, Graz University
  36. Scott Asay, H., Brooke Elliot, W., and M. Rennekamp. (2016). Disclosure Readability and the Sensitivity of Investors’ Valuation Judgments to Outside Information. Accounting Review 90 (1): 1-51
  37. Taylor, D. (2010). Retail investors and the adjustment of stock prices to earnings information. Working Paper, University of Pennsylvania.
  38. Tan, H. T., E. Wang, and B. Zhou. (2014). When the use of positive language backfires: the joint effect of language sentiment, readability, and investor sophistication on earningsjudgments.Journal of Accounting Research 52 (1):273-302.
  39. You, H.,and X. Zhang. (2009).Financial reporting complexity and investor under reaction to 10-K information.Review of Accounting Studies 14 (4): 559-586.
  40. YENG- JUNG LEE. (2012). The Effect of Quarterly Report Readability on Information Efficiency of Stock Prices. Contemporary Accounting Research 29 (4): 1137-1170.

فایل ها

هم رسانی

ارجاع به این مقاله

آمار