نقش کیفیت گزارشگری مالی در کاهش اثرهای محدودکنندۀ تقسیم سود بر سرمایه‌گذاری شرکت‌ها در مراحل چرخۀ عمر

نوع مقاله: مقاله علمی پژوهشی

نویسندگان

1 دانشجوی دکتری حسابداری، واحد تبریز، دانشگاه آزاد اسلامی، تبریز، ایران

2 استادیار گروه حسابداری، واحد تبریز، دانشگاه آزاد اسلامی، تبریز، ایران

چکیده

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. 

کلیدواژه‌ها


عنوان مقاله [English]

The role of financial reporting quality in mitigating the constraining effect of dividend on firms' investment

نویسندگان [English]

  • Vahid Taghizadeh Khanqah 1
  • Mahdi Zeynali 2
1 Ph.D. Student, Department of Accounting, Tabriz Branch, Islamic Azad University, Tabriz, Iran
2 Assistant Prof., Department of Accounting, Tabriz Branch, Islamic Azad University, Tabriz, Iran
چکیده [English]

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.

کلیدواژه‌ها [English]

  • dividend
  • Financial reporting quality
  • investment decisions
  • life cycle stages
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