اثر سوگیری رفتاری سرمایه‌گذاران بر بازده عرضه اولیه عمومی: نقش تعدیلگر کیفیت حسابرسی و رشد شرکت

نوع مقاله : مقاله پژوهشی

نویسندگان

1 کارشناس ارشد حسابداری، دانشگاه بین المللی امام خمینی (ره)، قزوین، ایران.

2 استادیار، گروه حسابداری، دانشگاه بین المللی امام خمینی (ره)، قزوین، ایران.

چکیده

پژوهش حاضر در پی پاسخ به این پرسش است که آیا بین سوگیری رفتاری سرمایه‌گذاران و بازده عرضه اولیه در کوتاه‌مدت رابطه وجود دارد یا خیر و در ادامه آیا این رابطه تحت تأثیر کیفیت حسابرسی (اندازه مؤسسه حسابرسی) و رشد شرکت تعدیل می‌شود یا خیر. در این پژوهش از داده‌های 172 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی سال‌های 1399- 1388 استفاده شده است. برای اندازه‌گیری علاقه به بخت‌آزمایی سرمایه‌گذاران از طریق معیار چولگی مورد انتظار آنان و همچنین بازده تجمعی کوتاه‌مدت، در طی 10 روز کاری پس از عرضه محاسبه شده است. آزمون تحلیل داده‌ها بر اساس تحلیل داده‌های مقطعی انجام گرفت. نتایج حاصل از پژوهش بیانگر اثر مثبت چولگی مورد انتظار سرمایه‌گذاران بر بازده عرضه اولیه در کوتاه‌مدت است وکیفیت حسابرسی بیشتر (اندازه مؤسسه حسابرسی)، میزان اثر مذکور را تقلیل می‌دهد. همچنین شدت این اثر در شرکت‌هایی که فرصت‌های رشد کمتری نسبت به میانگین دارند کمتر از شرکت‌هایی است که فرصت‌های رشد بیشتری نسبت به میانگین دارند.

کلیدواژه‌ها

عنوان مقاله [English]

The Effect of Investors' Behavioral Bias on IPO Return: Moderator Role of Audit Quality and Firm Growth

نویسندگان [English]

  • Hamed Sadeqi 1
  • Abbas Ali Daryaei 2
1 Master of Accounting, Imam Khomeini International University, Qazvin, Iran.
2 Assistant Prof, Department of Accounting, Imam Khomeini International University, Qazvin, Iran .
چکیده [English]

The present study seeks to answer the question of whether there is a relationship between investor behavioral bias and short-term returns of initial public offering (IPO) or not and whether this relationship is affected by audit quality (audit size) and the firm growths of be moderated or not? In this research, the data of 172 companies listed on the Tehran Stock Exchange (TSE) during the years 2008-2021 have been used. To measure investors' interest in lottery through the expected skewness criterion as well as short-term cumulative return, it is calculated within 10 working days after the offer. Regression test was performed based on cross-sectional regression. The results of the study indicate that the direct relationship between the investors’ preference for skewness and short-term returns of IPO and higher audit quality (audit size), reduces the amount of the effect. Also, the intensity of this effect is less in companies that have less growth options than the average than companies that have more growth options than the average.

کلیدواژه‌ها [English]

  • IPO Returns
  • Behavioral Bias
  • Skewness
  • Audit Quality
  • Firm Growth

مراجع

  1. Abdoh Tabrizi, H., & Demory, D. (2003). Identifying The Factors Affecting the Long-term Return of Initial Public Offerings on The Tehran Stock Exchange. University of Tehran: Financial Research, 5 (15), 50-23. (In Persian)
  2. Allen, F., & Faulhaber, G. R. (1989). Signalling by Underpricing in The IPO Market. Journal of Financial Economics, 23(2), 303-323.
  3. Asgari, M., Haji Hasan Memar, E., & Matin Motlagh, M. (2015). Investigating The Effect of Investors' Emotional Tendencies on Free Cash Flow, Optional Accruals and Stock Returns in Companies Listed on The Tehran Stock Exchange in 2009-2013. International Conference on Modern Research`s in Management, Economics and Accounting 2015. (In Persian)
  4. Babajani Mohammadi, S., Mortazavi, S., Maharati, Y., Tehrani, R. (2017). Identifying the main Biases of Investors in The Capital Market of Iran: A Meta-Analysis Study. Iranian Journal of Management Sciences, 12(46), 61-80. (In Persian)
  5. Bagherzadeh, S. (2011). The Initial Public Offerings Underpricing and Its Determinants in Tehran Stock Exchange. Human Sciences Modares, 15(1), 77-107. (In Persian)
  6. Baharmoghaddam, M., Jokar, H., shamsaldini, K., & Hamza Nejad, S. (2020). Audit Quality Moderating Effects on The Relation Between Accounting Information Quality and Investment Efficiency. Empirical Research in Accounting, 9(4), 271-298. (In Persian)
  7. Battalio, R. H., & Mendenhall, R. R. (2005). Earnings Expectations, Investor Trade Size, and Anomalous Returns Around Earnings Announcements. Journal of Financial Economics, 77(2), 289-319.
  8. Boone, J. P., Khurana, I. K., & Raman, K. K. (2010). Do the Big 4 and The Second-Tier Firms Provide Audits of Similar Quality? Journal of Accounting and Public Policy, 29(4), 330-352.
  9. Bushman, R. M., and Smith, A. J. (2001). Financial Accounting Information and Corporate Governance. Journal of Accounting and Economics, 32(1), 237-333.
  10. Chi, J. D., and Gupta, M. (2009). Overvaluation and Earnings Management. Journal of Banking and Finance, 33(9), 1652-1663.
  11. Cornell, B., Landsman, W. R., and Stubben, S. (2017). Accounting Information, Investor Sentiment, and Market Pricing. Journal of Law, Finance, and Accounting (JLFA), Forthcoming, 2(2), 325-345.
  12. Daryaei, A.A., Ya. Fattahi, R. Hasani, & H. Sadeqi. (2020). Value of Cash and Accounting Conservatism: The Role of Audit Quality and Firm Growth. Cogent Economics & Finance, 8(1), 1-23.
  13. Davidson, R. A., & Neu, D. (1993). A Note on The Association Between Audit Firm Size and Audit Quality. Contemporary Accounting Research, 9(2), 479-488.
  14. DeAngelo, L. E. (1981). Auditor Size and Audit Quality. Journal of Accounting and Economics, 3(3), 183-199.
  15. Deltas, G., & Doogar, R. (2003). Product and Cost differentiation by Large Audit Firms. In 2005 ASSA Conference-Expanding the Frontiers of Economics-Oligopoly Markets and Antitrust, Philadelphia. Economic, 77(2), 289–319.
  16. Green, T. C., & Hwang, B. H. (2012). Initial Public Offerings as Lotteries: Skewness Preference and First-Day Returns. Management Science, 58(2), 432-444.
  17. Gul, F. A., Kim, J. B., & 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.
  18. Haydarpoor, F., Tariverdi, Y., & Mehrabi, M. (2013). The Effect of Investors' Emotional Behaviors on Stock Returns. Financial Knowledge of Securities Analysis, 6(17). 1-13. (In Persian)
  19. Hejazi, R., Salehi, M., & Haghbin, Z. (2010). A Study of The Anomalies of Initial Public Offerings on The Tehran Stock Exchange. International Review of Accounting, Banking and Finance, 2(3), 46-60. (In Persian)
  20. Hirshleifer, D. (2020). Behavioral biases of analysts and investors. NBER Reporter, (2), 6-9.
  21. Ianniello, G., & Galloppo, G. (2015). Stock Market Reaction to Auditor Opinions–Italian Evidence. Managerial Auditing Journal, 30(6/7), 610-632.
  22. Ittonen, K. (2012). Market Reactions to Qualified Audit Reports: Research Approaches. Accounting Research Journal. 25(1), 8-24.
  23. Kahneman, D., & Tversky, A. (1992). Advances in Prospect Theory, Cumulative Representation of Uncertainty. Journal of Risk and Uncertantity, 5(4), 297-323.
  24. Karami, G., & Hasani, A. (2017). Reviewing The Effect of Investors’ Behavioral Bias on IPO Return and The Roll of Earning Quality in Reducing this Effect. Financial Research Journal, 19(4), 595-614. (In Persian)
  25. Khajavi, S., Alifaal, A. (2016). The Role of Information Release on Skewness Relation and Future Stock Return. Financial Research Journal, 18(1), 129-148. (In Persian)
  26. Kim, T., & Ha, A. (2010). Investor Sentiment and Market Anomalies. In 23rd Australasian Finance and Banking Conference.
  27. Linck, J. S., Netter, J., & Shu, T. (2010). Can Earnings Management Ease Financial Constraints? Evidence from Earnings Management Prior to Investment. SSRN eLibrary.
  28. Loughran, T., & Ritter, J. R. (1995). The New Issues Puzzle. The Journal of Finance. 50(1), 23-51.
  29. Miller, E. M. (1977). Risk, Uncertainty, and Divergence of Opinion. The Journal of Finance. 32(4), 1151-1168.
  30. Mohammadzadeh Salteh, H. (2016). The Effect of Investment Opportunities, Growth and Capital Productivity on Firm Performance of Listed Companies in Tehran Stock Exchange. The Journal of Productivity Management, 10(1(36)), 141-162. (In Persian)
  31. Nikbakht, M., Hossein Pour, A., & Eslami Mofidabadi, H. (2017). The Effect of Investors Sentiment and Accounting Information on Stock Price. Empirical Research in Accounting, 6(4), 219-255. (In Persian)
  32. Nirav, M., Prashant, J., & Kant, D., K. (2018). Behavioural Bias in IPO Market. International Journal of Multidisciplinary, 03(09), 427–433.
  33. Osoolian, M., Bazchi, M. (2019). Behavioral Bias, Abnormal Volume, and Abnormal Return. Journal of Asset Management and Financing, 7(4), 81-96. (In Persian)
  34. Osoolian, M., & Safari, M. (2015). Investor Trading Activity: Behavioral Aspect and Empirical Results. Journal of Financial Management Perspective, 5 (11), 27-52. (In Persian)
  35. Ruud, J. S. (1993). Underwriter price support and the IPO underpricing puzzle. Journal of Financial Economics, 34(2), 135-151.
  36. Samadi, A., Sohrabi, R., & Moin Khazaiy, M. (2013). Identification of Behavioral Biases Affecting the Decisions of Individual Investors Dealing the Shares in Hamadan Stock Exchange. Journal of Industrial Strategic Management (Pajouheshgar), 9(28), 85-100. (In Persian)
  37. Dehghan Banaraki, S., Amini sabegh, Z., Sadeh, E. (2020). The role of emotional management in price fluctuations of Tehran Securities and Exchnage Organization. Journal of Business Management, 12(45), 53-73. (In Persian)
  38. Sinaiee, H., & Rezaeian, A. (2009). Investigating the Impact of Company Features on Capital Structure (Financial Leverage). Research Journal of Macroeconomics, 5(19), 123-143. (In Persian)
  39. Sinaiee, H., Solgi, M., Mohamadi, K. (2012). The Effect of Growth Opportunities on Relationship between Capital Structure, Dividend and Ownership Structure with Firm Value. Journal of Financial Accounting Research, 3(4), 87-102. (In Persian)
  40. Swirsky, S. (2004). Implications of Market Share Changes on the Market's Pricing of Earnings.
  41. Welch, I. (1989). Seasoned Offerings, Imitation Costs, and The Underpricing of Initial Public Offerings. The Journal of Finance, 44(2), 421-449.
  42. Zahedi Tehrani, P., & Delshad, A. (2016). A Study on The Effect of Audit Quality on Improvement of Stock Turnover Ratio or Mid-term Financial Information Quality of Listed Companies on Tehran Stock Exchange, Journal of Financial Management Perspective, 6(15), 111-131. (In Persian)
  43. Zhang, Y. (2006). Individual Skewness and The Cross-Section of Average Stock Returns. Working paper, Yale University, New Haven, CT.
  44. Zhu, B., &Niu, F. (2016). Investor Sentiment, Accounting Information and Stock Price: Evidence from China. Pacific-Basin Finance Journal, 38, 125-134.

 

چشم انداز مدیریت مالی
دوره 11، شماره 35
آذر 1400
صفحه 39-65

فایل ها

هم رسانی

ارجاع به این مقاله

آمار