نوع مقاله : پژوهشی
نویسندگان
دانشگاه فردوسی مشهد
چکیده
معاملات با اشخاص وابسته پدیده‌ای است که افزون بر اینکه رسوایی‌های اخیر مالی را بدان نسبت می‌دهند؛ می‌تواند موجب از دست رفتن ثروت سهامداران شود و مدیران به جهت سرپوش گذاشتن بر روی این انتقال ثروت، به مدیریت سود اقدام کنند. بنابراین هدف اصلی این پژوهش بررسی رابطه معامله با اشخاص وابسته و مدیریت سود در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران است. برای نیل به این هدف، افزون بر بررسی ارتباط مدیریت سود و معامله با اشخاص وابسته در کل شرکت‌ها، این رابطه برای گروه شرکت‌های دارای رفتار مدیریت سود کارا و فرصت‌طلبانه نیز آزمون شده است. به‌منظور آزمون فرضیه‌های پژوهش از اطلاعات مالیِ 164 شرکت در بازۀ زمانی 1386 تا 1394 استفاده شده و تجزیه‌وتحلیل اطلاعات با استفاده از الگوی رگرسیون چندمتغیره و داده‌های ترکیبی صورت پذیرفته است. نتایج حاکی از وجود ارتباط مثبت و معنادار بین مدیریت سود و معاملات با اشخاص وابسته است. افزون براین، رابطه منفی و معناداری میان معاملات با اشخاص وابسته و مدیریت سود فرصت‌طلبانه یافت شد که نشان از کارا بودن معاملات با اشخاص وابسته دارد. همچنین یافته‌ها، وجود رابطۀ مثبت و معنادار بین معاملات با اشخاص وابسته و مدیریت سود کارا را تأیید نمود که مؤید کارایی معاملات با اشخاص وابسته در بورس اوراق بهادار تهران است.
کلیدواژه‌ها
[1] Aljifri, K. (2007). Measurement and Motivations of Earnings Management: A Critical Perspective. Journal of Accounting, Business & Management, 14(1), 75-95.
[2] Audit Organization, Technical Committee. (2015). Principles and rules of accounting and auditing: accounting standards (standards 12), Tehran, Audit Organization Publishers. (in Persian)
[3] Babajani, J., Tahriri, A. (2013). Market Information about Firms’ Fundamentals and Earnings Management: Evidence from Companies Listed on the Tehran Stock Exchange (TSE). The Iranian Accounting and Auditing Review, 20 (1): 19-34. (in Persian)
[4] Chen, J. J., Cheng, P., & Xiao, X. (2011). Related party transactions as a source of earnings management. Applied Financial Economics, 21(3), 165-181.
[5] Cheung, Y. L., Qi, Y., Rau, P. R., & Stouraitis, A. (2009). Buy high, sell low: How listed firms price asset transfers in related party transactions. Journal of Banking & Finance, 33(5), 914-924.
[6] Darabi, R., Davodkhani, M. (2015). The impact of related party transactions on the value of the company. The Financial Accounting and Auditing Researches, 7(28), 131-152. (in Persian)
[7] Djankov, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2008). The law and economics of self-dealing. Journal of Financial Economics, 88(3), 430-465.
[8] El-Helaly, M., & El-Helaly, M. (2016). Related party transactions and accounting quality in Greece. International Journal of Accounting & Information Management, 24(4), 375-390.
[9] Gopalan, R., & Jayaraman, S. (2012). Private control benefits and earnings management: evidence from insider controlled firms. Journal of Accounting Research, 50(1), 117-157.
[10] Gordon, E. A., & Henry, E. (2005). Related party transactions and earnings management. Available at SSRN eLibrary.
[11] Gordon, E. A., Henry, E., Louwers, T. J., & Reed, B. J. (2007). Auditing related party transactions: A literature overview and research synthesis. Accounting Horizons, 21(1), 81-102.
[12] Habib, A., Muhammadi, A. H., & Jiang, H. (2017). Political connections and related party transactions: Evidence from Indonesia. The International Journal of Accounting, 52(1), 45-63.
[13] 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.
[14] Jian, M., & Wong, T. J. (2010). Propping through related party transactions. Review of Accounting Studies, 15(1), 70-105.
[15] Johnson, S., Porta, R. L., Lopez-de-Silanes, F., & Schleifer, A. (2000). Tunneling. American Economic Review, 90(2), 22–27.
[16] Kamyabi, Y., Bouzhmehrani, E., Mohammadi, P. (2017). The Study of the Relationship between Related-party Transactions and the Control-ownership Wedge of the Ultimate Controlling Shareholder. Journal of Financial Management Strategy, 4(4), 45-65. (in Persian)
[17] Kang, M., Lee, H. Y., Lee, M. G., & Park, J. C. (2014). The association between related-party transactions and control–ownership wedge: Evidence from Korea. Pacific-Basin Finance Journal, 29, 272-296.
[18] Khanna, T., & Palepu, K. (2000). Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. The Journal of Finance, 55(2),867–891.
[19] Khodami Pour, A., Amini, M., Houshmand Zaferanieh, R. A. (2012). The effect of the disclosure requirements for related party transactions on earnings management. Journal of Accounting reasearch, 2 (6): 65-83. (in Persian)
[20] Khomami Abadi, M. (2013). The relation between related party transactions and earnings management.Published Master Thesis in Accounting, Azad University. (in Persian)
[21] Kim, J. H., Woo, Y. S., (2008). The effect of transcations to the related-party on the earnings management and the earnings response coefficient. Korean Accounting Review, 33(3), 25-59.
[22] Kohlbeck, M. J., & Mayhew, B. W. (2004). Agency costs, contracting, and related party transactions. Contracting, and Related Party Transactions (December 31, 2004).
[23] Kordestani, Gh. R., & Tatli, R. (2014). Identification the Efficient and Opportunistic Earnings Management Approaches in the Earnings Quality Levels. Journal of The Accounting and Auditing Review, 21(3), 293–312. (in Persian)
[24] Kuan, L., Tower, G., Rusmin, R., & Van der Zahn, J. W. M. (2010). related party transactions and earnings management. Journal Akuntansi & Auditing Indonesia, 14(2), 93–115.
[25] La Porta, R., Lopez-De-Silanes, F., Shleifer, A. and Vishny, R. (1998). law and finance. Journal of Political Economy. 106, 1113-1155.
[26] Lei, A. C., & Song, F. M. (2011). Connected transactions and firm value: Evidence from China-affiliated companies. Pacific-Basin Finance Journal, 19(5), 470-490.
[27] Li, F. & Abeysekera, I. & Ma, S. (2011). Earnings Management and the Effect of Earnings Quality in Relation to Stress Level and Bankruptcy Level of Chinese Listed Firms. Corporate Ownership and Control, 9 (1): 366-391.
[28] Lo, A. W., Wong, R. M., & Firth, M. (2010). Can corporate governance deter management from manipulating earnings? Evidence from related-party sales transactions in China. Journal of Corporate Finance, 16(2), 225-235.
[29] Lopez de Silanes, F., Johnson, S., La Porta, R., & Shleifer, A. (2000). Tunneling. In American Economic Review Papers and Proceedings, 90(2), 22-27
[30] Lotfalipour, M. R., Galdipour, S., Arian, O. (2017). The Impact of Related-Party Transactions on the Value Relevance of Earnings in Determining the Stock Market Value of Companies Listed in Tehran Stock Exchange. Quarterly Monetary & Financial Economics, 12(23), 19-44. (in Persian)
[31] Ming, J.(2003). Earning management and tunneling through related party transactions: Evidence from Chinese Corporate Group. A Thesis Submitted to the Hong Kong University for the degree of Doctor of Philosophy.
[32] Ryngaert, M., & Thomas, S. (2012). Not all related party transactions (RPTs) are the same: Ex ante versus ex post RPTs. Journal of Accounting Research, 50(3), 845-882.
[33] Sarlak, N., Akbari, M. (2013).Relationship between related party transactions and earnings management. The Iranian Accounting and Auditing Review, 20 (4): 77-92. (in Persian)
[34] Sheri, S., Hamidi, E. (2012). Identifying Motives of Related Party Transactions. Journal of Empirical Reasearch in Accounting, 2 (6): 49-64. (in Persian)
[35] Siregar, S. V., & Utama, S. (2008). Type of earnings management and the effect of ownership structure, firm size, and corporate-governance practices: Evidence from Indonesia. The international journal of accounting, 43(1), 1-27.
[36] Subramanyam, K. R. (1996). The pricing of discretionary accruals. Journal of accounting and economics, 22(1), 249-281.
[37] Ullah, H., & Shah, A. (2015). Related Party Transactions and Corporate Governance Mechanisms: Evidence from Firms Listed on the Karachi Stock Exchange.
[38] Vaez, S. A., Anvari, E., Banafi, M. (2017). The effect of ownership structure on the relationship between related party transactions and investment efficiency. Quarterly Financial Accounting Journal, 8(31), 101-132. (in Persian)
[39] Wang, J., & Yuan, H. (2012). The impact of related party sales by listed Chinese firms on earnings informativeness and earnings forecasts. International Journal of Business, 17(3), 258–275.
[40] Williamson, O. E., (1975). Markets and Hierarchies: Analysis and Antitrust Implications: A Study in the Economics of Internal Organization. New York, NY, The Free Press.
)
ارسال نظر در مورد این مقاله