بررسی تأثیر حاشیه‌ای رقابت بازار محصول بر عملکرد در سطوح مختلف مدیریت سود در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران

نوع مقاله : علمی - پژوهشی

نویسندگان

1 دانشیار، گروه مدیریت، دانشگاه اصفهان، اصفهان، ایران

2 کارشناس ارشد، گروه مدیریت، دانشگاه اصفهان، اصفهان، ایران

چکیده

رقابت بنگاه‌ها را در دستیابی به عملکرد مؤثر با مشکل مواجه می‌کند و مدیران برای آنکه بتوانند خود را اثبات کنند سعی می‌کنند با مدیریت سود، عملکرد را مثبت جلوه دهند. بر این اساس هدف پژوهش حاضر بررسی تأثیر حاشیه‌ای (تأثیری که هم تأثیر متقابل و هم تأثیر ساده را در برگیرد) رقابت بر عملکرد در سطوح مختلف مدیریت سود می‌پردازد. در این پژوهش ‌از شاخص‌های عملکرد (نرخ بازده دارایی‌ها، نرخ بازده فروش، نرخ بازده حقوق صاحبان سهام)، رقابت بازار محصول و مدیریت سود به‌عنوان متغیرهای پژوهش استفاده‌شده است. نمونه آماری پژوهش،94 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران (در شش صنعت) در بازده زمانی 1394 تا 1400 است. جهت آزمون فرضیه‌های پژوهش از رگرسیون با داده‌های ترکیبی استفاده شده است. یافته‌های پژوهش نشان می‌دهد، رقابت تأثیر معنادار بر سه شاخص اندازه‌گیری عملکرد دارد و این تأثیر با توجه به سطوح مختلف مدیریت سود تغییر می‌کند به‌نحوی‌که با افزایش مدیریت سود، سطح رقابت تأثیر فزاینده‌تری بر عملکرد دارد و با کاهش آن این تأثیر کمتر می‌شود. نتایج نشان داد هر سه شاخص اندازه‌گیری عملکرد با رقابت (عدم تمرکز) رابطه مثبت دارند و همچنین هرچه مدیریت سود واحد تجاری افزایش یابد رقابت بالاتر عملکرد بهتری را موجب می‌شود.

کلیدواژه‌ها


عنوان مقاله [English]

Investigating the Marginal Impact of Product Market Competition on Performance by Changing at Different Levels of Earning Management in Companies Listed on the Tehran Stock Exchange

نویسندگان [English]

  • Saeed Fathi 1
  • Parisa Esmaeilian 2
1 Associate Prof., Department of Management, University of Isfahan, Isfahan, Iran
2 M.A., Department of Management, University of Isfahan, Isfahan, Iran.
چکیده [English]

The competitive environment makes it difficult for firms to achieve effective performance. To be able to prove themselves, managers try to make performance positive by earning management. Based on this, the aim of the current research is to investigate the marginal effect (which includes both simple and Interaction) of competition on performance at different levels of earning management. In this research, variables of performance (asset return rate, sales return rate and equity return rate), product market competition and profit management have been used as indicators research. A statistical sample of 94 companies listed on the Tehran Stock Exchange between 2013 and 2019 was used for this research. Regression with panel data was used to test research hypotheses. The findings of the research show that competition has a significant effect on the three performance measurement indicators and the impact varies depending on the level of earning management. In such a way that with the increase in earning management, the level of competition has an increasing effect on performance, and with its decrease, this effect decreases. The results showed that the degree of competition has a rising impact on performance as earning management increases and a decreasing impact as earning management decreases. Also, the higher the earning management of the business unit, the higher the competition, which will lead to better performance.

کلیدواژه‌ها [English]

  • Earnings management
  • Accrual items
  • Product market competition
  • Financial performance
1.Akbari, M. Farkhondeh, M. & Ayagh, Z. (2019). Investigating the Effect of Product Market Competition on Financial Performance by Moderating Role of Information Disclosure Quality: The Companies Listed in Tehran Stock Exchange. Journal of Asset Management and Financing, 7(1), 29-44. )In Persian(
2.Alimov, A. (2011). Product Market Competition, Corporate Governance, and Corporate Cash Policy. Asian Finance Association International Conferenc.
3.Bagnoli, M., & Watts, S. G. (2000). The effect of relative performance evaluation on earnings management: a game-theoretic approach. Journal of Accounting and Public Policy, 19(4-5), 377-397.
4.Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of management, 17(1), 99-120.
5.Beneish, M. D., Press, E., & Vargus, M. E. (2012). Insider trading and earnings management in distressed firms. Contemporary Accounting Research, 29(1), 191-220.
6.Bradshaw, M. T., Richardson, S. A., & Sloan, R. G. (2001). Do analysts and auditors use information in accruals? Journal of Accounting research, 39(1), 45-74.
7.Caves, R. E., & Bailey, S. D. (1992). Industrial efficiency in six nations. MIT Press.
8.Charles, C., von Meyerinck, F., & Schmid, M. (2018). Peer pressure in corporate earnings management. Available at SSRN 3975224.
9.Choua, J., Ng, L., Sibilkov, V., & Wang, Q. (2011). Product market competition and corporate governance. Review of Development Finance, 1(2), 114-130.
10.Christensen, J. (2007). Accounting theory: An information content perspective. Chuokeizai-Sha.
11.Datta, S., Iskandar-Datta, M., & Singh, V. (2013). Product market power, industry structure, and corporate earnings management. Journal of Banking & Finance, 37(8), 3273-3285.
12.Debnath, P. (2017). Assaying the impact of firm's growth and performance on earnings management: An empirical observation of Indian economy. International Journal, 30.
13.Dechow, P. M., Hutton, A. P., & Sloan, R. G. (1999). An empirical assessment of the residual income valuation model. Journal of accounting and economics, 26(1-3), 1-34.
14.Dechow, P. M., Richardson, S. A., & Tuna, I. (2003). Why are earnings kinky? An examination of the earnings management explanation. Review of Accounting Studies, 8, 355-384.
15.Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2012). Where do firms manage earnings? Review of Accounting Studies, 17, 649-687.
16.Ebrahimi Kordlor, A. Zakeri, H. (2009). Earnings management using asset sales. Accounting and Auditing Research, 1(3), 123-135. (In Persian)
17.Eiler, L. A., Filzen, J. J., Jackson, M., & Tama-Sweet, I. (2021). Real earnings management and the properties of analysts' forecasts. Advances in accounting, 55, 100566.
18.Fosu, S. (2013). Capital structure, product market competition and firm performance: Evidence from South Africa. The quarterly review of economics and finance, 53(2), 140-151.
19.Georgesko-Roegen, N. (1976). Chamberlain’s New Economics and the Production Unitv in Kuenne, R. (ed.) Monopolistic Competition Theory. Studies on Impact,Wiley, New York.
20.Gill, A. S., & Biger, N. (2013). The impact of corporate governance on working capital management efficiency of American manufacturing firms. Managerial Finance, 39(2), 116-132.
21.Giroud, X., & Mueller, H. M. (2011). Corporate governance, product market competition, and equity prices. the Journal of Finance, 66(2), 563-600.
22.Gong, F., & Liu, H. (2012). Inside trading, public disclosure and imperfect competition. International Review of Economics & Finance, 24, 200-223.
23.Green, A., & Mayes, D. (1991). Technical inefficiency in manufacturing industries. The Economic Journal, 101(406), 523-538.
24.Guney, Y., Li, L., & Fairchild, R. (2011). The relationship between product market competition and capital structure in Chinese listed firms. International Review of Financial Analysis, 20(1), 41-51.
25.Hart, O. D. (1983). The market mechanism as an incentive scheme. The Bell Journal of Economics, 366-382.
26.Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting horizons, 13(4), 365-383.
27.Himmelberg, C. P., Hubbard, R. G., & Palia, D. (1999). Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of financial economics, 53(3), 353-384.
28.Holmstrom, B. (1982). Managerial incentives-a dynamic perspective. Essays in Economics and Management in Honor of Lars Wahlbeck, 210-235.
29.Hunt, A., Moyer, S., & Shevlin, T. (2000). Earnings volatility, earnings management, and equity value. Unpublished working paper. University of Washington.
30.Jaccard, J., & Turrisi, R. (2003). Interaction effects in multiple regression. Sage.
31.Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting research, 29(2), 193-228.
32.Karuna, C., Subramanyam, K., & Tian, F. (2012). Industry Product Market Competition and Earnings Management. American Accounting Association Financial Accounting and Reporting Section Mid-Year Conference., 713, 1–53. In.
33.King, M. R., & Santor, E. (2008). Family values: Ownership structure, performance and capital structure of Canadian firms. Journal of Banking & Finance, 32(11), 2423-2432.
34.Kordestani, G. Aldebs, A. & Saber, A. (2018). High Growth Sale, Leading in Industry and the Impacts of Product Market Competition on the Corporate Investment. Financial Management Perspective, 8(22), 29-49. (In Persian)
35.Kordestani, G. R., & Mohammadi, M. R. (2016). A study of the relationship between product market competition and earnings management. Procedia Economics and Finance, 36, 266-273. (In Persian)
36.kordestani, r. (2022). The effect of capital market pressure peer companies performance and earnings management:  Judgment and Decision Making in Accounting and Auditing, 1(3), 71-99. (In Persian)
37.Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of accounting and economics, 39(1), 163-197.
38.Li, Y., Li, X., Xiang, E., & Djajadikerta, H. G. (2020). Financial distress, internal control, and earnings management: Evidence from China. Journal of Contemporary Accounting & Economics, 16(3), 100210.
39.Liu, C., Li, Q., & Lin, Y.-E. (2023). Corporate transparency and firm value: Does market competition play an external governance role? Journal of Contemporary Accounting & Economics, 19(1), 100334.
40.Marciukaityte, D., & Park, J. C. (2009). Market competition and earnings management. Available at SSRN 1361905.
41.Margaritis, D., & Psillaki, M. (2010). Capital structure, equity ownership and firm performance. Journal of Banking & Finance, 34(3), 621-632.
42.Markarian, G., & Santalo, J. (2014). Product market competition, information and earnings management. Journal of Business Finance & Accounting, 41(5-6), 572-599.
43.Mashayekhi, B. Mehrani, S. Mehrani, K.& Karami. Gh. (2006). the role of discretionary accruals in earnings management of listed companies in Tehran stock exchange (tse). Accounting and Auditing Review,  12(4), 61-74. (In Persian)
44.Mashayekhi, B.& Azimi, A.(2016). Influence Of Manager's Abilities On The Relation Between Real Earning Management And Future Firm Performance. Accounting and Auditing Review, 23(2), 253-267. (In Persian)
45.Mishkin, F. S. (1983). Introduction to" A Rational Expectations Approach to Macroeconometrics: Testing Policy Ineffectiveness and Efficient-Markets Models". In A Rational Expectations Approach to Macroeconometrics: Testing Policy Ineffectiveness and Efficient-Markets Models. University of Chicago Press, (pp. 1-6)
46.Mookherjee, D. (1984). Optimal incentive schemes with many agents. The Review of Economic Studies, 51(3), 433-446.
47.Moradi, M., Ghozat, H., Soukhakian, I., & Hosseinzadeh, S. (2021). Investigation of the Role of Competitors’ Performance in Earning Management. Financial Accounting Research, 12(4), 1-18. (In Persian)
48.Nalebuff, B. J., & Stiglitz, J. E. (1983). Prizes and incentives: towards a general theory of compensation and competition. The Bell Journal of Economics, 21-43.
49.Namazi, M. Ebrahimi, S. (2012). Investigating the Relationship between Product Market’s Competitive Structure and Stock Return of the Listed Companies on the Tehran Stock Exchange. Financial Accounting Knowledge, 2(3), 9-27. (In Persian)
50.Nickell, S. J. (1996). Competition and corporate performance. Journal of political economy, 104(4), 724-746.
51.Rezaei, F. & Azem, H. (2012). The influence of competitive environment and business strategies on the relationship between firms' financial leverage and performance. Management Accounting, 5(12), 101-115. (In Persian)
52.Sahmani asl, M. Mostafavi,E.(2012). Investigating the value relationship between the cash flows and accruals of the company and industry with stock returns. Journal of Financial Management Perspective, 2(5), 107-124.(In Persian)
53.Schipper, K. (1989). Earnings management. Accounting horizons, 3(4), 91.
54.Schmidt, K. M. (1997). Managerial incentives and product market competition. The Review of Economic Studies, 64(2), 191-213.
55.Shleifer, A. (2004). Does competition destroy ethical behavior? American economic review, 94(2), 414-418.
56.Skinner, D. J., & Sloan, R. G. (2002). Earnings surprises, growth expectations, and stock returns or don't let an earnings torpedo sink your portfolio. Review of Accounting Studies, 7(2-3), 289-312.
57.Sloan, R. G. (1996). Do stock prices fully reflect information in accruals and cash flows about future earnings? Accounting review, 289-315.
58.Tian, Y., Courteau, L., & Kao, J. L. (2011). The Impact of Earnings Management on the Performance of Earnings-Based Valuation Models. CAAA Annual Conference.
59.Vadiee Noghbi, M. & Saei, M. (2019). The Relationship between Firm-Specific Discretionary Accruals and Stock Future Abnormal Returns. Accounting and Auditing Review, 26(1), 151-168. (In Persian)
60.Vickers, J. (1994). Concepts of competition: an inaugural lecture delivered before the University of Oxford on 2 November 1993. Clarendon Press New York.
61.Wooldridge, S. C., Garvin, M. J., & Miller, J. B. (2001). Effects of accounting and budgeting on capital allocation for infrastructure projects. Journal of management in Engineering, 17(2), 86-94.
62.Wu, J. (2012). Technological collaboration in product innovation: The role of market competition and sectoral technological intensity. Research Policy, 41(2), 489-496.
63.Xue, S., & Tinaikar, S. (2009). Product market competition and earnings management: some international evidence. Available at SSRN 1466319.