بررسی‏‌های حسابداری و حسابرسی

بررسی‏‌های حسابداری و حسابرسی

اثر حاکمیت شرکتی و رقابت بر مدیریت سود در بانک‌‌های ایران

نوع مقاله : مقاله علمی پژوهشی

نویسندگان
1 استاد، گروه حسابداری، دانشکدۀ حسابداری و علوم مالی، دانشکدگان مدیریت، دانشگاه تهران، تهران، ایران.
2 استادیار، گروه حسابداری، دانشکدۀ حسابداری و علوم مالی، دانشکدگان مدیریت، دانشگاه تهران، تهران، ایران.
3 دانشجوی کارشناسی ارشد، گروه حسابداری، دانشکدۀ حسابداری و علوم مالی، دانشکدگان مدیریت، دانشگاه تهران، تهران، ایران.
4 دانشجوی دکتری، گروه حسابداری، دانشکدۀ حسابداری و علوم مالی، دانشکدگان مدیریت، دانشگاه تهران، تهران، ایران.
چکیده
هدف: این مطالعه با هدف بررسی تأثیر هم‌زمان سازوکارهای حاکمیت شرکتی و ساختار رقابت بازار بر مدیریت سود در صنعت بانکداری ایران انجام شده است. پژوهش حاضر درصدد است تا با تمرکز بر بانک‌های فعال در بازار سرمایۀ ایران، نقش متغیرهای کلیدی حاکمیت شرکتی (شامل استقلال هیئت‌مدیره و مالکیت نهادی) و شاخص‌های رقابت بازار (شامل شاخص هرفیندال ـ هیرشمن و شاخص لرنر) را در تبیین رفتار مدیریت سود تحلیل کند. همچنین، این پژوهش در پی پُرکردن شکاف موجود در ادبیات، از طریق مطالعۀ هم‌زمان این دو بُعد در یک بازار نوظهور و تحت شرایط خاص نهادی ایران است.
روش: پژوهش حاضر از نوع توصیفی ـ تحلیلی و کمّی است و از رویکرد اقتصادسنجی داده‌های پانل برای دورۀ زمانی ۱۳۹۲ تا ۱۴۰۳ استفاده شده است. جامعۀ آماری شامل ۱۷ بانک فعال در بازار سرمایۀ ایران است. برای اندازه‌گیری مدیریت سود، از مدل جونز تعدیل‌شده استفاده شد. متغیرهای مستقل عبارت بودند از: استقلال هیئت‌مدیره، مالکیت نهادی، شاخص هرفیندال ـ هیرشمن و شاخص لرنر. متغیرهای کنترلی نیز رشد دارایی‌ها، رشد درآمد و بازده دارایی‌ها در نظر گرفته شدند. برای برآورد مدل، از روش حداقل مربعات تعمیم‌یافته (EGLS) و برای آزمون‌های تشخیصی، از آزمون‌های ریشۀ واحد، F لیمر و هاسمن استفاده شد.
یافته‌ها: یافته‌های تحقیق نشان داد که استقلال هیئت‌مدیره با مدیریت سود، رابطۀ منفی و کاملاً معناداری دارد؛ به‌طوری که افزایش استقلال هیئت‌مدیره، به کاهش دست‌کاری سود منجر می‌شود. همچنین، مالکیت نهادی نیز با مدیریت سود رابطۀ منفی و معناداری نشان داد که بیانگر نقش نظارتی مؤثر سهام‌داران نهادی در محدود کردن رفتارهای فرصت‌طلبانه مدیریت است. از جنبۀ رقابت بازار، شاخص تمرکز هرفیندال ـ هیرشمن که نشان‌دهندۀ انحصار بیشتر و رقابت کمتر است با مدیریت سود، رابطۀ مثبت و معناداری داشت؛ با این حال، شاخص لرنر فاقد معناداری آماری بود. از بین متغیرهای کنترلی، متغیر رشد شرکت رابطۀ مثبت و معنادار و متغیرهای بازده دارایی‌ها و نسبت دارایی‌های مشهود، رابطۀ منفی و معناداری با مدیریت سود نشان دادند.
نتیجه‌گیری: پژوهش حاضر نشان می‌دهد که رابطۀ بین حاکمیت شرکتی، ساختار رقابت و مدیریت سود در محیط بانکی ایران تا حد زیادی تحت تأثیر درجۀ انحصار بازار است. استقلال هیئت‌مدیره و حضور سرمایه‌گذاران نهادی، به‌طور مشترک، به‌عنوان سازوکارهای نظارتی مؤثر عمل می‌کنند و به کاهش مدیریت سود منجر می‌شوند. همچنین، نتایج حاکی از آن است که کاهش رقابت (افزایش تمرکز بازار) فضا را برای دست‌کاری سود مساعدتر می‌سازد. این یافته‌ها بر اهمیت توجه نهادهای قانون‌گذار به نقش هم‌زمان حاکمیت شرکتی و سیاست‌های ضد انحصار در افزایش شفافیت مالی تأکید دارند. پیشنهاد می‌شود که پژوهشگران در تحقیقات آتی با در نظر گرفتن متغیرهای تعدیلگر، مانند کیفیت حسابرسی یا ساختار مالکیت دولتی در برابر خصوصی و بررسی تفکیکی انواع مدیریت سود، درک عمیق‌تری از این تعاملات در محیط ایران ارائه دهند.
کلیدواژه‌ها
موضوعات

عنوان مقاله English

The Effect of Corporate Governance and Competition on Earnings Management in Iranian Banks

نویسندگان English

Gholamreza Karami 1
Salman Beik Boshrouyeh 2
Milad Asadollahi Ghohieh 3
Ali Mahmoudi 4
1 Prof., Department of Accounting, Faculty of Accounting and Financial Sciences, College of Management, University of Tehran, Tehran, Iran.
2 Assistant Prof., Department of Accounting, Faculty of Accounting and Financial Sciences, College of Management, University of Tehran, Tehran, Iran.
3 MSc. Student, Department of Accounting, Faculty of Accounting and Financial Sciences, College of Management, University of Tehran, Tehran, Iran.
4 PhD. Candidate, Department of Accounting, Faculty of Accounting and Financial Sciences, College of Management, University of Tehran, Tehran, Iran.
چکیده English

This study aims to investigate the simultaneous impact of corporate governance mechanisms and market competition structure on earnings management within the Iranian banking industry. Focusing on banks active in the Iranian capital market, the present research seeks to analyze the role of key corporate governance variables (including board independence and institutional ownership) and market competition indicators (including the Herfindahl-Hirschman Index and the Lerner Index) in explaining earnings management behavior. Furthermore, this study attempts to fill the existing gap in the literature by simultaneously examining these two dimensions in an emerging market and under the specific institutional conditions of Iran.
Methods
The present research is descriptive-analytical and quantitative, employing an econometric panel data approach for the period from 2013 to 2024. The statistical population consists of 17 banks active in the Iranian capital market. The Modified Jones Model was used to measure earnings management. The independent variables included board independence, institutional ownership, the Herfindahl-Hirschman Index, and the Lerner Index. The control variables included asset growth, revenue growth, and return on assets. The model was estimated using the Estimated Generalized Least Squares (EGLS) method, and diagnostic tests, including the unit root, F-Limer, and Hausman tests, were conducted.
Results
Research findings indicated that board independence has a highly significant negative relationship with earnings management, such that an increase in board independence leads to a decrease in earnings manipulation. Furthermore, institutional ownership also exhibited a significant negative relationship with earnings management, indicating the effective monitoring role of institutional shareholders in constraining management’s opportunistic behavior. From the market competition perspective, the Herfindahl-Hirschman concentration index (which reflects greater market concentration and lower competition) showed a significant positive relationship with earnings management, suggesting that banks operating in highly concentrated environments (with less competition) engage more extensively in earnings management. However, the Lerner index was not statistically significant. Among the control variables, firm growth demonstrated a significant positive relationship with earnings management, whereas return on assets (ROA) and the tangible assets ratio exhibited significant negative relationships with earnings management.
Conclusion
The present study demonstrates that the relationship between corporate governance, competition structure, and earnings management in the Iranian banking environment is largely influenced by monitoring mechanisms and the degree of market monopoly. Board independence and the presence of institutional investors jointly act as effective monitoring mechanisms and lead to a reduction in earnings management. Additionally, the results suggest that a decrease in competition (an increase in market concentration) creates a more favorable environment for earnings manipulation. These findings emphasize the importance for regulatory bodies to consider the simultaneous role of corporate governance and antitrust policies in enhancing financial transparency. It is recommended that future research provide a deeper understanding of these interactions in the Iranian context by considering moderating variables (such as audit quality or state versus private ownership structure) and separately investigating different types of earnings management.

کلیدواژه‌ها English

Iranian banks
Corporate governance
Panel data
Competition
earnings management
اسلام‌دوست، مهناز؛ رنجبرناوی، رستم و چناری، حسن (۱۴۰۰). تأثیر سازوکارهای برون‌‌سازمانی راهبری شرکتی بر خطر ریزش قیمت سهام با تأکید بر کیفیت گزارشگری مالی و تخصص حسابرس در صنعت. بررسی‌‌های حسابداری و حسابرسی، 28(2)، 226- 247.
دیدار، حمزه؛ منصورفر، غلامرضا و کفعمی، مهدی (1393). بررسی تأثیر سازوکارهای حاکمیت شرکتی بر شکاف مالیاتی در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران. بررسی‌‏‌های حسابداری و حسابرسی، 21(4)، 409- 430.
شجاعی، معصومه؛ نعیمی، راضیه؛ بختیاری، فاطمه؛ کرمی، آزاده و شریفی، محمدرضا (1400). بررسی نقش حاکمیت شرکتی بر کاهش مدیریت سود. کنفرانس ملی مدیریت و تجارت الکترونیک.
شمس‌الدینی، کاظم و نعمتی، میثم (1400). بررسی رابطۀ پایداری مالکیت نهادی با مدیریت سود با لحاظ اهرم مالی شرکت. دانش حسابداری، 12(4)، 155-177.
صفائی، محمد؛ محمودی درویشانی، بابک و عباسی، ابراهیم (1396). بررسی تأثیر حاکمیت شرکتی بر مدیریت سود و مدیریت مالیات در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران. دانش حسابداری و حسابرسی مدیریت، 6(23)، 131-143.
فخاری، حسین و یوسفعلی‌تبار، نصیبه (1389). بررسی رابطۀ بین سیاست تقسیم سود و حاکمیت شرکتی در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران. بررسی‌های حسابداری و حسابرسی، 17(62)، 69-84.
قائمی، محمدحسین و صابر، امیر (1395). تأثیر غیرخطی رقابت در بازار محصول بر کیفیت سود. دانش حسابداری، 7(27)، 35-62.
کاووسی کلاشمی، محمد و شالچی تبریزی، سیامک (1397). بررسی رابطه بین راهبردهای کسب‌وکار، رقابت بازار و مدیریت سود در صنعت مواد غذایی و آشامیدنی ایران. اقتصاد کشاورزی و توسعه، 26(104)، 215-238.
مرادزاده‌فرد، مهدی؛ ناظمی اردکانی، مهدی؛ غلامی، رضا و فرزانی، حجت‌الله (1388). بررسی رابطه بین مالکیت نهادی سهام و مدیریت سود در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران. بررسی‌‌های حسابداری و حسابرسی، 16(55)، 85-98.
مشایخ، شهناز و اسماعیلی، مریم (۱۳۸۵). بررسی رابطه بین کیفیت سود و برخی از جنبه‌های اصول راهبری در شرکت‌های پذیرفته‌شده در بورس تهران. بررسی‌های حسابداری و حسابرسی، 13(۴۵)، 25-44.
نیکومرام، هاشم و محمدزاده سالطه، حیدر (1389). رابطه بین حاکمیت شرکتی و مدیریت سود. مدیریت بهره‌وری (فراسوی مدیریت)، 4(15)، 187-209.
 
References
Abdou, H. A., Ellelly, N. N., Elamer, A. A., Hussainey, K. & Yazdifar, H. (2021). Corporate governance and earnings management nexus: Evidence from the UK and Egypt using neural networks. International Journal of Finance and Economics, 26(4), 6281–6311. https://doi.org/10.1002/ijfe.2120
Abed, S., Al-Attar, A. & Suwaidan, M. (2012). Corporate governance and earnings management: Jordanian evidence. International Business Research, 5(1), 216. https://doi.org/10.5539/ibr.v5n1p216
Abraham, S., Marston, C. & Jones, E. (2015). Disclosure by Indian companies following corporate governance reform. Journal of Applied Accounting Research, 16(1), 114–137. https://doi.org/10.1108/JAAR-05-2012-0042
Ali Shah, S. Z., Butt, S. A. & Hassan, A. (2009). Corporate governance and earnings management: An empirical evidence from Pakistani listed companies. European Journal of Scientific Research, 26(4), 624–638. https://ssrn.com/abstract=1732510
Ali, A., Klasa, S. & Yeung, E. (2014). Industry concentration and corporate disclosure policy. Journal of Accounting and Economics, 58(2/3), 240–264. https://doi.org/10.1016/j.jacceco.2014.08.004
Al-Jaifi, H. A. (2017). Ownership concentration, earnings management and stock market liquidity: Evidence from Malaysia. Corporate Governance: The International Journal of Business in Society, 17(3), 490–510. https://doi.org/10.1108/CG-06-2016-0139
Alkebsee, R. H., Tian, G., Garefalakis, A., Koutoupis, A. & Kyriakogkonas, P. (2022). Audit committee independence and financial expertise and earnings management: Evidence from China. International Journal of Business Governance and Ethics, 16(2), 176–194.
Al-Twaijry, A. A. (2007). Dividend policy and payout ratio: Evidence from the Kuala Lumpur stock exchange. The Journal of Risk Finance, 8(4), 349–363. https://doi.org/10.1108/15265940710777306
Al-Zaqeba, M. A. A., Ineizeh, N. I., Hussein, O. J. & Albawwat, A. H. (2022). The effect of corporate governance mechanisms on earnings management in Malaysian manufacturing companies. Asian Economic and Financial Review, 12(5), 354–367. https://doi.org/10.55493/5002.v12i5.4490
Andayani, W. & Daud, D. (2020). The effect of corporate governance structure on financial difficulties. Entrepreneurship and Sustainability Issues, 7(3), 1803. https://doi.org/10.9770/jesi.2020.7.3(24)
Boubaker, S., Dang, V. A. & Sassi, S. (2022). Competitive pressure and firm investment efficiency: Evidence from corporate employment decisions. European Financial Management, 28(1), 113–161. https://doi.org/10.1111/eufm.12335
Boubaker, S., Saffar, W. & Sassi, S. (2018). Product market competition and debt choice. Journal of Corporate Finance, 49, 204–224. https://doi.org/10.1016/j.jcorpfin.2018.01.007
Bzeouich, B., Lakhal, F. & Dammak, N. (2019). Earnings management and corporate investment efficiency: Does the board of directors matter? Journal of Financial Reporting and Accounting, 17(4), 650–670. https://doi.org/10.1108/JFRA-06-2018-0044
Cheng, P., Man, P. & Yi, C. H. (2013). The impact of product market competition on earnings quality. Accounting and Finance, 53(1), 137–162. https://doi.org/10.1111/j.1467-629X.2011.00457.x
Claessens, S., Djankov, S. & Lang, L. H. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1/2), 81–112. https://doi.org/10.1016/S0304-405X(00)00067-2
Connelly, B. L., Certo, S. T., Ireland, R. D. & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67.
Datta, S., Iskandar-Datta, M. & Singh, V. (2013). Product market power, industry structure, and corporate earnings management. Journal of Banking and Finance, 37(8), 3273–3285. https://doi.org/10.1016/j.jbankfin.2013.03.012
DeFond, M. L. & Park, C. W. (1999). The effect of competition on CEO turnover. Journal of Accounting and Economics, 27(1), 35–56. https://doi.org/10.1016/S0165-4101
Demirgüç-Kunt, A. & Martínez Pería, M. S. (2010). A framework for analyzing competition in the banking sector: An application to the case of Jordan. World Bank Policy Research Working Paper, 5499.
Diamond, D. W. & Verrecchia, R. E. (1991). Disclosure, liquidity, and the cost of capital. The Journal of Finance, 46(4), 1325–1359. https://doi.org/10.1111/j.1540-6261.1991.tb04620.x
Didar, H., Mansourfar, Gh. & Kafami, M. (2014). Investigating the effect of corporate governance mechanisms on the tax gap in companies listed on the Tehran Stock Exchange. Accounting and Auditing Reviews, 21(4), 409-430. doi: 10.22059/acctgrev.2014.52901 (in Persian)
El Diri, M., Lambrinoudakis, C. & Alhadab, M. (2020). Corporate governance and earnings management in concentrated markets. Journal of Business Research, 108, 291–306. https://doi.org/10.1016/j.jbusres.2019.11.013
Elamer, A. A., Ntim, C. G., Abdou, H. A., Zalata, A. M. & Elmagrhi, M. (2019). The impact of multilayer governance on bank risk disclosure in emerging markets: The case of Middle East and North Africa. Accounting Forum, 43(2), 246–281.
Elghuweel, M. I., Ntim, C. G., Opong, K. K. & Avison, L. (2017). Corporate governance, Islamic governance and earnings management in Oman: A new empirical insights from a behavioural theoretical framework. Journal of Accounting in Emerging Economies, 7(2), 190–224. https://doi.org/10.1108/JAEE-09-2015-0064
Elyasiani, E., Wen, Y. & Zhang, R. (2017). Institutional ownership and earning management by bank holding companies. Journal of Financial Research, 40(2), 147–178. https://doi.org/10.1111/jfir.12120
Eslamdoost, M., Ranjbar Navi, R. & Chenari, H. (2021). The impact of external corporate governance mechanisms on stock price crash risk emphasizing the quality of financial reporting and auditor industry specialization. Journal of Accounting and Auditing Review, 28(2), 226-247. doi: 10.22059/acctgrev.2021.308398.1008421 (in Persian)
Fakhari, H. & Yousefali Tabar, N. (2010). Investigating the relationship between dividend policy and corporate governance in listed companies in Tehran Stock Exchange. Accounting and Auditing Review, 17(62), 69-84. (in Persian)
Fama, E. F. & Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law and Economics, 26(2), 301–325.
Gentzkow, M. & Shapiro, J. M. (2008). Competition and truth in the market for news. Journal of Economic Perspectives, 22(2), 133–154. https://doi.org/10.1257/jep.22.2.133
Ghaemi, M. H. & Saber, E. (2016). The non-linear effect of product market competition on earnings quality. Accounting Knowledge, 7(27), 35–62. https://sid.ir/paper/163329/fa
(in Persian)
Ghaleb, B. A. A., Qaderi, S. A., Almashaqbeh, A. & Qasem, A. (2021). Corporate social responsibility, board gender diversity and real earnings management: The case of Jordan. Cogent Business and Management, 8(1), 1883222.
Giroud, X. & Mueller, H. M. (2011). Corporate governance, product market competition, and equity prices. The Journal of Finance, 66(2), 563–600. https://doi.org/10.1111/j.1540-6261.2010.01642.x
Grabiński, K. & Wójtowicz, P. (2022). The impact of catholic religion on earnings management: A case of Poland. Journal of International Financial Management and Accounting, 33(1), 18–56. https://doi.org/10.1111/jifm.12141
Hazarika, S., Karpoff, J. M. & Nahata, R. (2012). Internal corporate governance, CEO turnover, and earnings management. Journal of Financial Economics, 104(1), 44–69. https://doi.org/10.1016/j.jfineco.2011.10.011
Hermalin, B. & Weisbach, M. (2003). Boards of directors as an endogenously determined institution: A survey of the economic literature. Economic Policy Review, 9, 7–26. https://doi.org/10.3386/w8161
Hoberg, G. & Phillips, G. (2010). Product market synergies and competition in mergers and acquisitions: A text-based analysis. Review of Financial Studies, 23(10), 3773–3811. https://doi.org/10.1093/rfs/hhq053
Hunjra, A. I., Hanif, M., Mehmood, R. & Nguyen, L. V. (2021). Diversification, corporate governance, regulation and bank risk-taking. Journal of Financial Reporting and Accounting, 19(1), 92–108. https://doi.org/10.1108/JFRA-03-2020-0071
Hunjra, A. I., Mehmood, R. & Tayachi, T. (2020). How do corporate social responsibility and corporate governance affect stock price crash risk? Journal of Risk and Financial Management, 13(2), 30.
Hunjra, A. I., Muhammad, F. & Sebai, S. (2022). The impact of real earnings management on corporate credit risk. Journal of Financial Reporting and Accounting, 21(5), 1171-1187. https://doi.org/10.1108/JFRA-12-2021-0441
Hunjra, A. I., Naeem, H., Noor, A. & Saleem, A. (2016). Does corporate governance play role in firms performance? A comparative study of Pakistan, India and Bangladesh. International Journal of Economics and Empirical Research (IJEER), 4(9), 450–464. https://ssrn.com/abstract=3229746
Hunjra, A. I., Perveen, U., Li, L., Chani, M. I. & Mehmood, R. (2020). Impact of ownership concentration, institutional ownership and earnings management on stock market liquidity. Corporate Ownership and Control, 17(2), 77–87. https://doi.org/10.22495/cocv17i2art7
Huse, M., Hoskisson, R., Zattoni, A. & Viganò, R. (2011). New perspectives on board research: Changing the research agenda. Journal of Management and Governance, 15(1), 5–28. https://doi.org/10.1007/s10997-009-9122-9
Jensen, M. C. (1983). The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48(3), 831–880. https://doi.org/10.1111/j.1540-6261.1993.tb04022.x
Kao, L., Chiou, J. R. & Chen, A. (2004). The agency problems, firm performance and monitoring mechanisms: The evidence from collateralised shares in Taiwan. Corporate Governance, 12(3), 389–402. https://doi.org/10.1111/j.1467-8683.2004.00380.x
Kavoosi Kelashami, M. & Shalchi Tabrizi, S. (2018). Investigating the relationship between business strategies, market competition, and earnings management in the Iranian food and beverage industry. Agricultural Economics and Development, 26(104), 215–238. https://sid.ir/paper/24544/fa (in Persian)
Laksmana, I. & Yang, Y. W. (2014). Product market competition and earnings management: Evidence from discretionary accruals and real activity manipulation. Advances in Accounting, 30(2), 263–275. https://doi.org/10.1016/j.adiac.2014.09.003
Lemma, T. T., Negash, M. & Mlilo, M. (2013). Determinants of earnings management: Evidence from around the world. https://doi.org/10.2139/ssrn.2370926
Leuz, C., Nanda, D. & Wysocki, P. D. (2003). Earnings management and investor protection: An international comparison. Journal of Financial Economics, 69(3), 505–527. https://doi.org/10.1016/S0304-405X(03)00121-1
Lin, J. W. & Hwang, M. I. (2010). Audit quality, corporate governance, and earnings management: A meta-analysis. International Journal of Auditing, 14(1), 57–77. https://doi.org/10.1111/j.1099-1123.2009.00403.x
Liu, B., Lin, Y., Chan, K. C. & Fung, H. G. (2018). The dark side of rent-seeking: The impact of rent-seeking on earnings management. Journal of Business Research, 91, 94–107. https://doi.org/10.1016/j.jbusres.2018.05.037
Mangala, D. & Singla, N. (2021). Do corporate governance practices restrain earnings management in banking industry? Lessons from India. Journal of Financial Reporting and Accounting, 21(3), 526-552. https://doi.org/10.1108/JFRA-02-2021-0060
Markarian, G. & Santalo, J. (2014). Product market competition, information and earnings management. Journal of Business Finance and Accounting, 41(5/6), 572–599. https://doi.org/10.1111/jbfa.12064
Mashayekh, S. & Esmaeili, M. (2006). Investigating the relationship between earnings quality and some aspects of corporate governance in listed companies in Tehran Stock Exchange. Journal of Accounting and Auditing Review, 13(45), 25-44. (in Persian)
Meckling, W. H. & Jensen, M. C. (1976). Theory of the Firm. Managerial behavior, agency costs and ownership structure, 3(4), 305-360.
Moradzadeh Fard, M., Nazemi Ardakani, M., Gholami, R. & Farzani, H. (2009). Investigating the relationship between institutional ownership and earnings management in listed companies in Tehran Stock Exchange. Journal of Accounting and Auditing Review, 16(55), 85-98. (in Persian)
Nikoomaram, H. & Mohammadzadeh Salteh, H. (2010). The relationship between corporate governance and earnings management. Productivity Management, 4(15), 187–209. https://sid.ir/paper/182147/fa (in Persian)
Nurmansyah, A. (2022). The effect of competition on earnings management with accounting conservatism as mediator. International Journal of Research in Social Science and Humanities, 3(4), 26–32. https://doi.org/10.47505/IJRSS.2022.V3.4.3
Peasnell, K. V., Pope, P. F. & Young, S. (2005). Board monitoring and earnings management: Do outside directors influence abnormal accruals? Journal of Business Finance and Accounting, 32(7/8), 1311–1346. https://doi.org/10.1111/j.0306-686X.2005.00630.x
Pittroff, E. (2014). Whistle-blowing systems and legitimacy theory: A study of the motivation to implement whistle-blowing systems in German organizations. Journal of Business Ethics, 124(3), 399–412.
Saeed, M. B., Murtaza, Z. & Sohail, I. (2013). Corporate governance and firm performance: A study on moderating effects of firm size and leverage on the relationship between corporate governance and firm performance in banking sector of Pakistan. Jinnah Business Review, 1(2), 40–46. https://ssrn.com/abstract=2447819
Saenz Gonzalez, J. & García-Meca, E. (2014). Does corporate governance influence earnings management in Latin American markets? Journal of Business Ethics, 121(3), 419–440. https://doi.org/10.1007/s10551-013-1700-8
Safaei, M., Mahmoudi Darvishani, B. & Abbasi, A. (2017). Investigating the effect of corporate governance on earnings management and tax management in companies listed on the Tehran Stock Exchange. Management Accounting and Auditing Knowledge, 6(23), 131–143. https://sid.ir/paper/238116/fa (in Persian)
Saona, P., Muro, L. & Alvarado, M. (2020). How do the ownership structure and board of directors’ features impact earnings management? The Spanish case. Journal of International Financial Management and Accounting, 31(1), 98–133. https://doi.org/10.1111/jifm.12114
Shamseddini, K. & Nemati, M. (2021). Investigating the relationship between the stability of institutional ownership and earnings management considering the firm’s financial leverage. Accounting Knowledge, 12(4), 155–177. doi: 10.22103/jak.2021.17123.3421
(in Persian)
Shleifer, A. (2004). Does competition destroy ethical behavior? American Economic Review, 94(2), 414–418. https://doi.org/10.1257/0002828041301498
Shojaei, M., Naeimi, R., Bakhtiari, F., Karami, A. & Sharifi, M. R. (2021). The role of corporate governance on reducing earnings management. National Conference on Management and E-Commerce. https://sid.ir/paper/900887/fa (in Persian)
Wellalage, N. H. & Locke, S. (2013). Corporate governance, board diversity and firm financial performance: New evidence from Sri Lanka. International Journal of Business Governance and Ethics, 8(2), 116–136.
Xie, B., Davidson, W. N. & DaDalt, P. J. (2003). Earnings management and corporate governance: the role of the board and the audit committee. Journal of corporate finance, 9(3), 295-316.
Zamri, N., Rahman, R. A. & Isa, N. S. M. (2013). The impact of leverage on real earnings management. Procedia Economics and Finance, 7, 86-95.