Taghizadeh Khanqah, V., Zeynali, M. (2015). The role of financial reporting quality in mitigating the constraining effect of dividend on firms' investment. Journal of Accounting and Auditing Review, 22(2), 161-182. doi: 10.22059/acctgrev.2015.54968
Vahid Taghizadeh Khanqah; Mahdi Zeynali. "The role of financial reporting quality in mitigating the constraining effect of dividend on firms' investment". Journal of Accounting and Auditing Review, 22, 2, 2015, 161-182. doi: 10.22059/acctgrev.2015.54968
Taghizadeh Khanqah, V., Zeynali, M. (2015). 'The role of financial reporting quality in mitigating the constraining effect of dividend on firms' investment', Journal of Accounting and Auditing Review, 22(2), pp. 161-182. doi: 10.22059/acctgrev.2015.54968
Taghizadeh Khanqah, V., Zeynali, M. The role of financial reporting quality in mitigating the constraining effect of dividend on firms' investment. Journal of Accounting and Auditing Review, 2015; 22(2): 161-182. doi: 10.22059/acctgrev.2015.54968
1Ph.D. Student, Department of Accounting, Tabriz Branch, Islamic Azad University, Tabriz, Iran
2Assistant Prof., Department of Accounting, Tabriz Branch, Islamic Azad University, Tabriz, Iran
Abstract
The current study aims to examine the role of financial reporting quality in mitigating the constraining effect of dividend on firms' investment of listed companies in Tehran Stock Exchange in their life cycle stages. In this regard, 110 firms were selected as the research sample for the period of 2006-2011. The panel data model is used to test the hypothesis. The results show that higher quality financial reporting mitigated the constraining (negative) effect of dividends on firms' investment. Companies were divided into growth, maturity and decline stages with Park and Chen (2006) model and the results show that higher quality financial reporting mitigated the constraining (negative) effect of dividends on firms' investment in maturity stage. However, no effect was observed on relationship between dividend and firms' investment in growth and decline stage.
نقش کیفیت گزارشگری مالی در کاهش اثرهای محدودکنندۀ تقسیم سود بر سرمایه‌گذاری شرکت‌ها در مراحل چرخۀ عمر
Authors [Persian]
وحید تقی زاده خانقاه1; مهدی زینالی2
1دانشجوی دکتری حسابداری، واحد تبریز، دانشگاه آزاد اسلامی، تبریز، ایران
2استادیار گروه حسابداری، واحد تبریز، دانشگاه آزاد اسلامی، تبریز، ایران
Abstract [Persian]
هدف پژوهش حاضر، بررسی نقش کیفیت گزارشگری مالی در کاهش اثرهای محدودکنندۀ تقسیم سود بر سرمایه‌گذاری شرکت‌های پذیرفتهشده در بورس اوراق بهادار تهران در مراحل چرخۀ عمر است. در این راستا 110 شرکت با روش نمونه‌گیری حذفی برای دورۀ مالی 1391- 1385 انتخاب شد. فرضیه‌های پژوهش بهکمک الگوی داده‌های ترکیبی آزمون شد. نتایج پژوهش نشان داد کیفیت بالای گزارشگری مالی، اثرهای محدودکنندۀ (منفی) تقسیم سود بر سرمایه‌گذاری شرکت‌ها را کاهش می‌دهد. همچنین به پیروی از الگوی پارک و چن (2006)، شرکت‌های نمونه به مراحل رشد، بلوغ و افول دستهبندی شدند. بر اساس یافته‌های پژوهش، کیفیت بالای گزارشگری مالی، اثرهای محدودکنندۀ تقسیم سود بر سرمایه‌گذاری شرکت‌های حاضر در مرحلۀ بلوغ را کاهش می‌دهد؛ در حالیکه بر ارتباط بین تقسیم سود و سرمایه‌گذاری شرکت‌های حاضر در مرحلۀ رشد و افول تأثیری نمیگذارد.
Keywords [Persian]
تصمیمهای سرمایه‌گذاری، تقسیم سود، کیفیت گزارشگری مالی، مراحل چرخۀ عمر
References
Alavi, S.H., Mojtehedzadeh, V., Soleimani Amiri, G. & Amoli, Y. (2009). The relationship of earnings quality and dividend: Listed companies in TSE. The Iranian Accounting and Auditing Review, 16(3): 93-106. (in Persian)
Anthony, J.H. & Ramesh, K. (1992). Association between accounting performance measures and stock prices: A test of the life cycle hypothesis. Journal of Accounting and Economics, 15(2-3): 203-227.
Badavar Nahandi, Y. & Taghizadeh Khanqah, V. (2012). The relationship between audit quality and investment efficiency. Journal of The Iranian Accounting and Auditing Review, 20 (2): 19-42. (in Persian)
Bharath, T., Sunder, J. & Sunder, S. (2008). Accounting quality and debt contracting. The Accounting Review, 83 (1): 1–28.
Biddle, G., Hilary, G. & Verdi, R. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48 (2-3): 112–131.
Brav, A., Graham, J. R., Harvey, C. R. & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics, 77 (3): 483–527.
Bushman, R. & Smith, A. (2001). Financial accounting information and corporate governance. Journal of Accounting and Economics, 32 (1-3): 237–333.
Chen, F., Hope, O.K., Li, Q. & Wang, X. (2011). Financial reporting quality and investment efficiency of private firms in emerging markets. The Accounting Review, 86 (4): 1255–1288.
Daniel, N.D., Denis, D.J. & Naveen, L. (2010). Sources of financial flexibility: Evidence from cash flow shortfalls. Working paper, Purdue University.
Das, S. & Pandit, SH. (2010). Audit quality, life-cycle stage and the investment efficiency of the firm, available in: www.ssrn.com.
Dechow, P. & Dichev, I. (2002). The quality of accruals and earnings: the role of accrual estimation errors. The Accounting Review, 77 (Supplement): 35-59.
Francis, J., LaFond, R., Olsson, P. & Schipper, K. (2004). Cost of equity and earnings attributes. The Accounting Review, 79 (4): 967–1010.
Healy, P.M. & Palepu, K.G. (2001). A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1): 405–440.
Heidarpour, F. & Zaree Rafie, S. (2013). Effect of dividend and growth opportunities on relationship between the financial reporting quality and the stock returns volatility. The Financial Accounting and Auditing Researches, 6 (22): 213-247. (in Persian)
Jensen, M. (1986). The agency cost of free-cash flow, corporate finance and takeovers. American Economic Review, 76 (2): 323–329.
Jones, S. & Sharma, R. (2001). The association between the investment opportunity set and corporate financing and dividend decisions: some Australian evidence. Managerial Finance, 27 (3): 48-64.
Karami, GH. & Omrani, H. (2009). Effect of life cycle and conservatism on firm value. The Iranian Accounting and Auditing Review, 17 (59): 79-96. (in Persian)
Kothari, S. P., Leone, A. J. & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39 (1): 163–197.
Lee, S.W. (2015). Dividend policy and investment decisions of Korean banks. Review of European Studies, 7 (3): 245-252.
Leland, H.E. & Pyle, D.H. (1977). Information asymmetries, financial structure, and financial intermediation. The Journal of Finance, 32 (2): 371–387.
Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. The American Economic Review, 46 (2): 97–113.
Mahdavi, GH. & Rezaei, GH. (2012). Effects of financial reporting quality on dividend policy. The Iranian Accounting and Auditing Review, 5 (17): 1-32.(in Persian)
McNichols, M. & Stubben, S. (2008). Does earnings management affect firm's investment decisions? The Accounting Review, 83 (6): 1571-1603.
Miller, M.H. & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. Journal of Business, 34 (4): 411–433.
Myers, S. & Majluf, N. (1984). Corporate investment and financing policies when firms have information that investors do not have. Journal of Financial Economics, 13 (2): 187–222.
Park, Y. & Chen, K. (2006). The effect of accounting conservatism and life-cycle stages on firm valuation. Journal of Applied Business Research, 22 (3): 75-92.
Ramalingegowda, S., Wang, CH. & Yu, Y. (2013). The Role of financial reporting quality in mitigating the constraining effect of dividend policy on investment decisions. The Accounting Review, 88 (3): 1007–1039.
Smith, C. W. & Watts, R. L. (1992). The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics, 32 (3): 263–292.
Top