نقش قابلیت مقایسه صورت‌های مالی و متنوع‌سازی محصول در کارایی تخصیص سرمایه داخلی

نوع مقاله : علمی - پژوهشی

نویسنده

دانشیار گروه حسابداری دانشگاه لرستان

چکیده

چکیده
هدف: قابلیت مقایسه صورت‌های مالی را می‌توان به عنوان یکی از ابعاد راهبری شرکتی در نظر گرفت زیرا کاهش ارزش ناشی از متنوع‌سازی را در شرکت کاهش می‌دهد. افزون بر این، نتایج تجربی نشان می‌دهد که قابلیت مقایسه صورت‌های مالی می‌تواند مزایای بهتری را برای شرکت‌هایی که با مشکلات نمایندگی شدیدتری مواجه هستند، فراهم کند. در نتیجه، قابلیت مقایسه صورت‌های مالی می‌تواند مشکلات نمایندگی را برای شرکت‌های چندبخشی که ریشه ناکارآمدی سرمایه داخلی است، کاهش دهد و کاهش ارزش‌های آتی را کنترل کند. مدیران معمولا تمایل دارند که منابع و سرمایه داخلی را بر مبنای سودآوری بخش‌های مختلف، تخصیص دهند. با این حال، تنوع در ارائه محصول منجر به تغییر روند تسهیم سرمایه داخلی می‌گردد. در این مقاله، هدف بررسی نقش قابلیت مقایسه صورت‌های مالی و متنوع‌سازی محصول در کارایی تخصیص سرمایه داخلی است.
روش: پژوهش حاضر بر اساس هدف، از نوع توصیفی و بر اساس ماهیت و روش از نوع همبستگی است. با توجه به اینکه این پژوهش می‌تواند در فرآیند تصمیم‌گیری سرمایه‌گذاران مورد استفاده قرار گیرد، نوع پژوهش کاربردی محسوب می-شود. در این پژوهش برای گردآوری داده‌ها و اطلاعات، ابتدا از روش کتابخانه‌ای استفاده شده است. در روش کتابخانه-ای، مبانی نظری پژوهش، از کتب و مجلات تخصصی فارسی و لاتین گردآوری می‌شود. سپس، برای گردآوری داده-های پژوهش حاضر از لوح‌های فشرده آرشیو تصویری و آماری سازمان بورس اوراق بهادار تهران، سایت رسمی شرکت بورس اوراق بهادار تهران و دیگر پایگاه‌های اینترنتی مرتبط، استفاده شده است. در این پژوهش به منظور بررسی و تحلیل فرضیات، داده‌های مربوط به 120 شرکت پذیرفته شده در بورس اوراق بهادار تهران برای دوره زمانی 1395 تا 1402 استخراج و از مدل رگرسیونی داده‌های ترکیبی به روش اثرات ثابت برای آزمون فرضیه‌های تحقیق استفاده شده است.
یافته‌ها: نتایج تحقیق حاکی از آن است که قابلیت مقایسه صورت‌های مالی منجر به افزایش کارایی تخصیص سرمایه داخلی می‌شود. همچنین، نتایج حاصل از فرضیه دوم تحقیق بیانگر ارتباط معنادار بین تنوع محصول و کارایی تخصیص سرمایه داخلی است. نتایج فرضیه سوم نشان‌دهنده تاثیر معنادار قابلیت مقایسه صورت‌های مالی بر ارتباط بین تنوع محصول و کارایی تخصیص سرمایه داخلی است. همچنین، نتایج حاصل از فرضیه چهارم تحقیق بیانگر ارتباط معنادار بین عدم تقارن اطلاعاتی و کارایی تخصیص سرمایه داخلی است. در نهایت، نتایج فرضیه پنجم نشان‌دهنده اثر تعاملی عدم تقارن اطلاعاتی، قابلیت مقایسه صورت‌های مالی و تنوع محصول بر کارایی تخصیص سرمایه داخلی است.
نتیجه‌گیری: قابلیت مقایسه صورت‌های مالی به واسطه پردازش و مخابره اطلاعات درون‌سازمانی، چارچوب‌های کیفی اطلاعات حسابداری را برای فعالان بازار سرمایه فراهم می‌سازد. بنابراین، این راهبرد امکان ارزیابی موفقیت پروژه‌های سرمایه‌گذاری را ممکن می-سازد. به عبارتی، قابلیت مقایسه، با افزایش دقت اطلاعات در دسترس، امکان تسهیم کارآمد سرمایه داخلی بر مبنای محصول را افزایش می‌دهد و تمایل مدیران برای به خظر انداختن منافع سهامداران را کاهش می‌دهد.

کلیدواژه‌ها

عنوان مقاله [English]

The Role of Financial Statement Comparability and Product Diversification in the Internal Capital Allocation Efficiency

نویسنده [English]

  • Mohsen rashidi
Associate professor of accounting, Lorestan University
چکیده [English]

Objective: Comparability of financial statements can be considered as one of the dimensions of corporate governance because it reduces the value reduction caused by diversification in the company. In addition, empirical results show that comparability of financial statements can provide better benefits for companies that face more severe agency problems. As a result, comparability of financial statements can reduce agency problems for multi-sector companies, which are the root of internal capital inefficiency and control the decline in future values. Managers usually tend to allocate internal resources and capital based on the unit profitability. However, diversity in product offerings leads to changes in the internal capital allocation process. The aim of this paper is to examine the role of financial statement comparability and product diversification in the internal capital allocation efficiency.
Method: The purpose of this study is descriptive and based on the nature and method of correlation. Considering that this research can be used in the decision making process of investors, the type of applied research is considered. In this research, library method has been used to collect data and information. Then, for collecting the research data, compact discs, visual and statistical archives of the Tehran Stock Exchange, the official website of Tehran Stock Exchange and other related online databases have been used. In this study, in order to examine and analyze the hypotheses, data related to 120 companies listed on the Tehran Stock Exchange for the period 2016 to 2023 were extracted and a panel data regression model with fixed effects was used to test the research hypotheses.
Findings: The results of the study indicate that the comparability of financial statements leads to an increase in the internal capital allocation efficiency. Also, the results of the second hypothesis of the study indicate a significant relationship between product diversity and the internal capital allocation efficiency. The results of the third hypothesis indicate a significant effect of financial statement comparability on the relationship between product diversity and the internal capital allocation efficiency. Also, the results of the fourth hypothesis of the research indicate a significant relationship between information asymmetry and internal capital allocation efficiency. Finally, the results of the fifth hypothesis indicate an interactive effect of information asymmetry, financial statement comparability, and product diversity on internal capital allocation efficiency.
Conclusion: The financial statements comparability through the processing and communication of intra-organizational information provides qualitative frameworks of accounting information for capital market practitioners. Therefore, this strategy makes it possible to evaluate the success of investment projects. In other words, comparability, by increasing the accuracy of available information, increases the possibility of efficient internal capital allocation based on output and reduces the managers’ willingness to decrease the shareholders’ interest.
Keywords: Financial statement comparability, product diversification, internal capital allocation efficiency, information asymmetry

کلیدواژه‌ها [English]

  • Financial statement comparability
  • product diversification
  • internal capital allocation efficiency
  • information asymmetry

مراجع

  1. Aggarwal, R., Samwick, A. (2003). Why Do Managers Diversify Their Firms? Agency Reconsidered.” Journal of Finance 58, 71–118.
  2. Amiri, R., Ashtab, A., & Heydari, M. (2024). Exploring the Link between Financial Reporting Models and Earnings Characteristics among Tehran Stock Exchange Listed Companies. Financial Research Journal, 26(2), 355-374. (In Persian)
  3. Basu Debarati, Adhikari Arnab. (2023). Using profits to re-estimate efficiency of internal capital markets, IIMB Management Review, 35(3), 215-228.
  4. Bens, D.A., Monahan, S.J. (2004). “Disclosure Quality and the Excess Value of Diversification.” Journal of Accounting and Economics 42 (4), 691–730.
  5. Berger, P.G., Ofek, E. (1995). “Diversification’s Effect on Firm Value.” Journal of Financial Economics 37 (1), 39–65.
  6. Boubaker, S., R. Manita & W. Rouatbi, W. (2021). Large shareholders, control contestability and firm productive efficiency. Annals of Operations Research 296: 591-614.
  7. Brochet, F., Jagolinzer, A.J., Riedl, E.J. (2013). “Mandatory IFRS Adoption and Financial Statement Comparability.” Contemporary Accounting Research 30 (4), 1373–1400.
  8. Buchuk, D., Larrain, B., Prem, M., & UrzuaInfante, F. (2020). How do internal capital markets work? Evidence from the greatrecession. Review of Finance, 24(4), 847–889.
  9. Bushman, R., Smith, A. (2001). “Financial Accounting Information and Corporate Governance.” Journal of Accounting and Economics 31, 237–333.
  10. Callen, J. L., Segal, D., Hope, O.K. (2010). The pricing of conservative accounting and the measurement of conservatism at the firm-year level. Review of Accounting Studies, 15, 145–178.
  11. Campa, J.M., Kedia, S. (2002). “Explaining the Diversification Discount.” The Journal of Finance 57 (4), 1731–1762.
  12. Carson, J. M., Eastman, E. M., Eckles, D. L., & Frederick, J. D. (2022). Are Internal Capital Markets Ex Post Efficient? North American Actuarial Journal, 27(4), 630–655.
  13. Chen, C.W., Collins, D.W., Kravet, T., Mergenthaler, R.D. (2014). “Financial Statement Comparability and the Efficiency of Acquisition Decisions.” Working paper, University of Iowa.
  14. Cheng J-C, Wu R-S. (2018). Internal capital market efficiency and the diversification discount: The role of financial statement comparability. J Bus Fin Acc. 45: 572–603.
  15. Choi, J.H., Choi, S., Myers, L.A., Ziebart, D. (2014). “Financial Statement Comparability and the Ability of Current Stock Returns to Reflect the Information in Future Earnings.” Working paper, Lancaster University.
  16. Datta, S., D’Mello, R., Iskandar-Datta, M. (2009). “Executive Compensation and Internal Capital Market Efficiency.” Journal of Financial Intermediation 18, 242–258.
  17. De Franco, G, Kothari, S.P., Verdi, R.S. (2011). “The Benefits of Financial Statement Comparability.” Journal of Accounting Research 49 (4), 895–931.
  18. DeFond, M., Hu, X., Hung, M., Li, S. (2011). “The Impact of Mandatory IFRS Adoption on Foreign Mutual Fund Ownership: The Role of Comparability.” Journal of Accounting and Economics 51 (3), 240–258.
  19. Ebrahimi, M., Safdarian, L., Fouladi, M. and Farhadi, M. (2021). The role of financial Reporting Quality on the Tendency of Transient Institutional Investors in Adopting Value and Momentum Trading Strategies. Financial Management Perspective, 11(36), 9-33. (In Persian)
  20. Fang, X., Li, Y., Xin, B., Zhang, W. (2016). “Financial Statement Comparability and Debt Contracting: Evidence from the Syndicated Loan Market.” Accounting Horizons 30 (2), 277–303.
  21. Fathi, S. and Esmaeilian, P. (2023). 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. Financial Management Perspective, 13(42), 117-144. (In Persian)
  22. Financial Accounting Standards Board (FASB). (2010). Statement of Financial Accounting Concepts No. 8: Conceptual Framework for Financial Reporting.
  23. Glaser, M., Muller, S. (2010). “Is The Diversification Discount Caused by the Book Value Bias of Debt?” Journal of Banking and Finance 34 (10), 2307–2317.
  24. Graham, J., Lemmon, M., Wolf, J. (2002). “Does Corporate Diversification Destroy Value?” Journal of Finance 57, 695–720.
  25. Hadlock, C.J., Ryngaert, M., Thomas, S. (2001). “Corporate Structure and Equity Offerings: Are There Benefits to Diversification?” The Journal of Business 74 (4), 613–635.
  26. Healy, P.A., Palepu, K.G. (2001). “Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature.” Journal of Accounting and Economics 31, 405–440.
  27. Hoechle, D., Schmid, M., Walter, I., Yermack, D. (2012). “How Much of the Diversification Discount Can Be Explained by Poor Corporate Governance?” Journal of Financial Economics 103 (1), 41– 60.
  28. Holod, D. (2012). “Agency and Internal Capital Market Inefficiency: Evidence from Banking Organizations.” Financial Management 41 (1), 35–53.
  29. Hope, O.K., Kang, T., Zang, Y. (2007). “Bonding to the Improved Disclosure Environment in the U.S.: Firms’ Listing Choices and Their Capital Market Consequences.” Journal of Contemporary Accounting and Economics 3 (1), 1–33.
  30. Horton, J., Serafeim, G., Serafeim, I. (2013). “Does Mandatory IFRS Adoption Improve the Information Environment?” Contemporary Accounting Research 30 (1), 388–423.
  31. Hsu, C., Novoselov, K.E., Wang, R. (2017). Does Accounting Conservatism Mitigate the Shortcomings of CEO Overconfidence? The Accounting Review, 92(6), 77-101.
  32. Ismael Hasan, B., Heydari, M. and Didar, H. (2024). Real Earnings Smoothing and Labor Investment Efficiency: The Role of Information Asymmetry. Financial Research Journal, 26(4), 734-757. (In Persian)
  33. Jensen, M. (1986). “Agency Costs of Free Cash flow, Corporate Finance and Takeovers.” American Economic Review 76, 323–329.
  34. Kaplan, S. N., and L. Zingales. (1997). Do investment–cash flow sensitivities provide useful measures of financing constraints? Quarterly Journal of Economics, 112 (1): 169–215.
  35. Karami Taleghani, Faramarz; Vatanparast, Mohammad Reza; Rezazadeh, Javad and Azadi, Keyhan. (2023). Investigating the efficiency internal capital markets of business groups in allocating resources and performance; the effect of ownership-control wedge and product Market competition. Advances in Finance and Investment, 2(4), 115-154. (In Persian)
  36. Kim, S., Kraft, P., Ryan, S.G. (2013). “Financial Statement Comparability and Credit Risk.” Review of Accounting Studies 18, 783–823.
  37. Kuppuswamy, V., Villalonga, B. (2016). “Does Diversification Create Value in the Presence of External Financing Constraints? Evidence from the 2007–2009 Financial Crisis.” Management Science 62(4), 905–923.
  38. Laeven, L., Levine, R. (2007). “Is There a Diversification Discount in Financial Conglomerates?” Journal of Financial Economics 85 (2), 331–367.
  39. Lamont, O. (1997). “Cash Flow and Investment: Evidence from Internal Capital Markets.” Journal of Finance 52, 83–109.
  40. Lamont, O., Polk, C. (2002). “Does Diversification Destroy Value? Evidence from Industry Shocks.” Journal of Financial Economics 63, 51–77.
  41. Lang, L., Stulz, R. (1994). “Tobin's q, Corporate Diversification, and Firm Performance.” Journal of Political Economy 102, 1248–1291.
  42. Matsusaka, J.G., Nanda, V. (2002). “Internal Capital Markets and Corporate Refocusing.” Journal of Financial Intermediation 11 (2), 176–211.
  43. Nichols, A. and Zimmerman, S. (2008), Measuring Trends in Income Variability, Urban Institute, Washington, DC.
  44. Poczter, S. (2018). Business groups in emerging markets: A survey and analysis. Emerging Markets Finance and Trade 54(5): 1150–1182.
  45. Porkavosh, T., & Mehrabanpour, M. (2024). The Impact of Firm Characteristics on the Relationship between Working Capital Financing and Financial Performance. Financial Research Journal, 26(3), 476-508. (In Persian)
  46. Rajan, R.G., Servaes, H., Zingales, L. (2000). “The Cost of Diversity: The Diversification Discount and Inefficient Investment.” Journal of Finance 55, 35–80.
  47. Rashidi, M. (2020). The Impact of Operational Diversification and Investment Opportunities on the Relationship between Cost of Capital and CEO Change. Financial Research Journal, 22(3), 428-450. (In Persian)
  48. Scharfstein, D.S., Stein, J.C. (2000). “The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient Investment.” The Journal of Finance 55 (6), 2537–2564.
  49. Shane, P., Smith, D.B., Zhang, S. (2014). “Financial Statement Comparability and Valuation of Seasoned Equity Offerings.” Working paper, College of William & Mary.
  50. Soderstrom, N.S., Sun, K.J. (2007). “IFRS Adoption and Accounting Quality: A Review.” European Accounting Review 16 (4), 675–702.
  51. Stulz, R. (1990). “Managerial Discretion and Optimal Financial Policies.” Journal of Financial Economics 26, 3–27.
  52. Tan, H., Wang, S., Welker, M. (2011). “Analyst Following and Forecast Accuracy after Mandated IFRS Adoptions.” Journal of Accounting Research 49 (5), 1307–1357.
  53. Welker, M. (1995), “Disclosure policy, information asymmetry, and liquidity in equity markets”, Contemporary Accounting Research, 11(2). 801-827.
  54. Wulf, J. (2002). “Internal Capital Markets and Firm-Level Compensation Incentives for Division Managers.” Journal of Labor Economics 20 (2), 219–262.
چشم انداز مدیریت مالی
دوره 14، شماره 48
1403
صفحه 79-99

فایل ها

هم رسانی

ارجاع به این مقاله

آمار