طراحی مدل عوامل بنیادین ناهمسانی اطلاعاتی در بستر نظریه نمایندگی

نوع مقاله : علمی - پژوهشی

نویسنده

گروه مدیریت، دانشکده مدیریت، اقتصاد و حسابداری، دانشگاه پیام نور، تهران، ایران.

چکیده

هدف: این پژوهش، ارائه‌ی مدلی جامع و کل‌نگر برای شناسایی و تحلیل عوامل بنیادین ناهم‌سانی اطلاعاتی در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران، با رویکرد تلفیقی کمّی–کیفی در چارچوب نظریه نمایندگی است. نابرابری اطلاعات میان مدیران و سهامداران، تحت تأثیر ساختار مالکیت، انگیزه‌های فردی و فضای نهادی وفرهنگی، می‌تواند موجب افزایش هزینه‌های نمایندگی و کاهش شفافیت شود. این مطالعه با تلفیق منسجم یافته‌های پیشین، تصویری کل‌نگر از ریشه‌های این پدیده ارائه می‌دهد.

روش: این پژوهش کاربردی با رویکرد تلفیقی کمی- کیفی و روش پیمایشی انجام شد؛ ابتدا بر مبنای چارچوب نظریه نمایندگی و اطلاعات نامتقارن، با مرور نظام‌مند ادبیات و تحلیل محتوای ساختاریافته متون و مقررات گزارشگری مالی، و نیز با انجام مصاحبه‌های نیمه‌ساخت‌یافته با خبرگان حسابداری و گزارشگری مالی، متغیرهای بنیادین ناهم‌سانی اطلاعاتی شناسایی و پرسشنامه‌ای بر مبنای آن‌ها تدوین و پس از تأیید روایی صوری و محتوایی توسط جمعی از اساتید و کارشناسان، آماده شد. جامعة آماری تحقیق شامل اعضای هیئت علمی و اساتید اقتصاد، مدیریت مالی ،حسابداری و آمار دانشگاه‌های تهران ، کارشناسان بورس اوراق بهادار و نهادهای مالی و حسابرسی مستقر در استان تهران و مدیران مالی و حسابداری شرکت‌های بورس اوراق بهادار تهران بودند که روش نمونه‌گیری گروهی به ‌عنوان نمونه انتخاب شدند. در مجموع تعداد 168 نفر به پرسشنامه‌‌ها به‌صورت کامل پاسخ دادند که در تحلیل داده‌‌های پژوهشی مورد استفاده قرار گرفت داده‌های جمع‌آوری‌شده ابتدا از طریق شاخص‌های توصیفی و استنباطی و ضریب آلفای کرونباخ برای سنجش ویژگی‌های اولیه و قابلیت اعتماد داده‌ها ارزیابی شد و سپس با تحلیل عاملی اکتشافی، متغیرها به عوامل محدود و بنیادین ناهم‌سانی اطلاعاتی تقلیل یافتند. این فرایند تحلیلی، بستری مستحکم و منسجم برای طراحی مدل نهایی عوامل بنیادین ناهم‌سانی اطلاعاتی فراهم آورد.

یافته‌ها: در مدل ارائه شده 4 عامل که 90.306 درصد از واریانس کل متغیرها را تبیین کردند و 40 متغیر با تعیین بارعاملی بصورت رتبه‌بندی شده بعنوان عوامل موثر بر عدم تقارن اطلاعاتی شرکت‌های بورسی شناسایی شد. عوامل سازمانی و ساختاری با مجموع بارعاملی 7.49 و تبیین 28.14 درصد از تبیین واریانس، عوامل قانونی و حقوقی با مجموع بارعاملی7.37و تبیین22.746درصد از واریانس‌کل، عوامل اقتصادی،مالی‌و ساختار بازار با مجموع بارعاملی7.05و تبیین20.38 درصد از واریانس‌کل، عوامل مدیریتی با مجموع بارعاملی62.6و تبیین19.04درصد ار واریانس کل، به ترتیب مهمترین عوامل موثر بر عدم تقارن داخلی در شرکت‌های بورسی تعیین شدند. این چهار عامل 306/90 درصد از واریانس کل متغیرها را تبیین کردند.

نتیجه گیری: نتایج نشان می‌دهد که برای کاهش معنادار سطح عدم تقارن اطلاعاتی، تنها تمرکز بر ابزارهای سنتی نظیر بهبود گزارشگری مالی کافی نیست. بلکه ضروری است سیاست‌گذاران و مدیران شرکت‌ها، مجموعه‌ای هماهنگ از اقدامات در حوزه‌های متنوعی همچون تقویت کنترل‌های داخلی، بهبود ساختار هیئت‌مدیره، ارتقاء شفافیت قوانین افشا، بهبود شرایط رقابتی بازار، اصلاح نظام پاداش و ترویج فرهنگ شفافیت را در دستور کار قرار دهند. نتایج این پژوهش می‌تواند برای سازمان بورس و اوراق بهادار، نهادهای ناظر مالی، حسابرسان مستقل، و همچنین مدیران ارشد شرکت‌ها به‌عنوان نقشه‌ای جامع از عوامل مؤثر بر عدم تقارن اطلاعاتی ایفای نقش کند و مبنایی برای تدوین سیاست‌ها و مداخلات اثربخش در جهت بهبود محیط اطلاعاتی بازار سرمایه فراهم آورد. همچنین، پیشنهاد می‌شود پژوهش‌های آتی با بهره‌گیری از رویکردهای مقایسه‌ای و مدل‌سازی ساختاری، روابط علّی میان عوامل شناسایی‌شده را بررسی کنند تا بستر سیاست‌گذاری مبتنی بر شواهد علمی بیش از پیش تقویت شود.

کلیدواژه‌ها

عنوان مقاله [English]

Designing a Model of Fundamental Factors of Information Asymmetry within the Framework of Agency Theory

نویسنده [English]

  • nabi omidi
Department of Management, Faculty of Management, Economics and Accounting: Payam Noor University, Tehran, Iran.
چکیده [English]

Abstract

Objective: This study presents a comprehensive and holistic model for identifying and analyzing the fundamental factors of information asymmetry in companies listed on the Tehran Stock Exchange, using a mixed quantitative–qualitative approach within the framework of agency theory. Information inequality between managers and shareholders(shaped by ownership structure, individual incentives, and institutional and cultural contexts)can increase agency costs and reduce transparency. By systematically integrating previous findings, this research provides a holistic view of the roots of this phenomenon.

Methods: This applied research employed a mixed-method (quantitative–qualitative) approach using a survey methodology. Initially, based on the theoretical framework of Agency Theory and Asymmetric Information, fundamental variables of information asymmetry were identified through a systematic literature review and structured content analysis of financial reporting texts and regulations, as well as semi-structured interviews with experts in accounting and financial reporting. A questionnaire was then developed accordingly, and its face and content validity were confirmed by a panel of professors and practitioners.The statistical population comprised university faculty members and professors of economics, financial management, accounting, and statistics from universities in Tehran, as well as experts from the Tehran Stock Exchange, financial and auditing institutions operating in Tehran Province, and financial and accounting managers of companies listed on the Tehran Stock Exchange. Group sampling was adopted, and ultimately, 168 respondents completed the questionnaires in full, providing the data for analysis.The collected data were first evaluated through descriptive and inferential statistics and Cronbach’s alpha coefficient to assess preliminary characteristics and reliability. Subsequently, exploratory factor analysis was conducted to reduce the variables to a limited set of core and fundamental dimensions of information asymmetry. This analytical process provided a robust and coherent foundation for designing the final model of fundamental factors underlying information asymmetry.

Conclusion: The proposed model identified four key factors explaining 90.306% of the total variance among variables. A total of 40 variables were identified and ranked based on their factor loadings as influential components of information asymmetry in listed companies. The four extracted factors were as follows:Organizational and Structural Factors – with a cumulative factor loading of 7.49, explaining 28.14% of the total variance.Legal and Regulatory Factors – with a cumulative factor loading of 7.37, explaining 22.746% of the variance.Economic, Financial, and Market Structure Factors – with a cumulative factor loading of 7.05, accounting for 20.38% of the variance.Managerial Factors – with a cumulative factor loading of 6.62, explaining 19.04% of the variance. Together, these four factors accounted for 90.306% of the total variance in the data.



Results: The findings indicate that a meaningful reduction in information asymmetry cannot be achieved solely through traditional tools such as improving financial reporting. Instead, a coordinated set of interventions is needed across diverse domains, including strengthening internal controls, improving board structure, enhancing disclosure regulations, promoting competitive market conditions, reforming compensation systems, and fostering a culture of transparency.The results of this study can serve as a comprehensive roadmap for the Securities and Exchange Organization, financial regulatory institutions, independent auditors, and senior corporate managers, providing an evidence-based foundation for developing effective policies and interventions to improve the informational environment of the capital market. Furthermore, future research is recommended to explore causal relationships among the identified factors through comparative approaches and structural modeling, thereby reinforcing evidence-based policymaking.

کلیدواژه‌ها [English]

  • Model Design
  • Information Asymmetry
  • Transparency
  • Agency Theory

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