Document Type : Research Paper
Authors
Abstract
The purpose of this research is to examine both the relationship between accounting conservatism and level of investment under the need or no need of financing conditions and the impact of ultimate ownership on this association. The statistical society of the present research contains 103 companies selecting from all companies listed in Tehran Stock Exchange using removal method over the time span of 2006-2010. Combined data method with fixed effect has been used in order to test the research hypothesis. The result depicts that the association between conservatism and investment is significantly negative when a firm do not need external financing. Nonetheless, this association is significantly positive in companies which need external financing. Furthermore, we find that the relationship between conservatism and investment in the companies whose ultimate ownerships controller is governmental or semi governmental firms is significantly negative. Thus, when the agency problem is enhancing, conservatism acts as a mechanism to decrease this problem and engenders reduction in investment cost
Keywords
تهرانی ، رضا و حصارزاده، رضا، ( 1388 )،" تاثیر جریان های نقدی آزاد و محدودیت در
تامین مالی بر بیش سرمایه گذاری و کم سرمایه گذاری"، مجله تحقیقات حسابداری ،
50- ش 3، پاییز ، ص 67
حساس یگانه، یحیی و شهریاری، علیرضا، ( 1379 )،"بررسی رابطه بین تمرکز مالکیت و
محافظه کاری در بورس اوراق بهادار تهران"، مجله پژوهش های حسابداری مالی، سال
77- دوم، ش 2، ص 94
عرب مازار یزدی، محمد و طالبیان،سید محمد،( 1387 )،"کیفیت گزارشگری مالی ،ریسک
اطلاعاتی و هزینه سرمایه"، فصلنامه مطالعات تجربی حسابداری مالی، ش 21 ، بهار،
ص 1
فروغی ، داریوش و صادقی، محسن،( 1389 )،"رابطه محافظه کاری و کارائی سرمایه گذاری
در شرکت های پذیرفته شده بورس اوراق بهادار"، فصلنامه مطالعات تجربی حسابداری
139- مال ی، پاییز، ش 27 ، ص 158
مدرس، احمد و حصارزاده، رضا، ( 1387 )، "کیفیت گزارشگری مالی و کارائی
85- سرمایه گذاری " ، فصلنامه بورس اوراق بهادار، ش 2، ص 116
Ahmed, S., Billings, B.K., Morton, R.M., Stanford-Harris, M. (2002),
“The Role of Accounting Conservatism in Mitigating Bondholder–
Shareholder Conflicts over Dividend Policy and in Reducing Debt
Costs”, The Accounting Review, Vol. 77, No. 4, pp. 867–890.
Ball, R., S. P. Kothari and A. Robin, (2000), “The Effect of
International Institutional Factors on Properties of Accounting
Earnings”, Journal of Accounting and Economics , Vol. 29, No. 1,
pp. 1–52.
Basu, S. (1997). “The Conservatism Principle and the Asymmetric
Timeliness of Earnings”, Journal of Accounting and Economics,
Vol. 24, No. 1, pp. 3-38.
Biddle, G. and G. Hilary, (2006), “Accounting Quality and Firm-Level
Capital Investment”, The Accounting Review, Vol. 81, No. 5, pp.
963-982.
Biddle, G. C.; Hilary, G. and Rodrig, S. Verdi. (2009). How does
financial reporting quality relate to investment efficiency? Journal
of Accounting and Economics, 48 (2/3): 112-131.
... 115
Bushman，R., J. Piotroski and A. Smith, (2011), “Capital Allocation
and Timely Accounting Recognition of Economic Losses”. Journal
of Business, Finance and Accounting, Vol. 38, No. 1/2, pp. 1-33.
Chen, R., Ghoul, S.E., Ghoulb, O. and Wang, H, (2014), “Do State and Foreing Ownership Affect Investment Efficiency? Evidence From Privatization”. Journal of Corporate Finance, In Press, Corrected Proof, Available online 18 September 2014.
Cheng, M. Dhaliwal, D. and Zhang, Y, (2013), “Does investment efficiency improve after the disclosure of material weaknesses in internal control over financial reporting? ”. Journal of Accounting and Economics, Volume 56, Issue 1, July 2013, pp. 1–18
Claessens, S., S. Djankov, J. Fan, L. H. P. Lang, (2002),
“Disentangling the Incentive and Entrenchment Effects of Large
Shareholdings”, Journal of Finance, Vol. 57, No.6, pp. 2741~2771.
Easley, D. andM. O’Hara, (2004), “Information and the Cost of
Capital”. Journal of Finance,Vol.59, No.4, pp. 1553–1583.
García Lara, J.M., B. García Osma and F. Penalva, (2011).
“Accounting Conservatism andFirm Investment Efficiency”.
Review of Accounting Studies. Forthcoming
Givoly, D., Hayn, C, (2000), “The Changing Time-Series Properties of Earnings, Cash Flowsand Accruals: Has Financial Accounting Become More Conservative?” Journal of Accounting and Economics, Vol. 29, No.3, pp. 287–320.
Gomariz, M. F. C., Ballesta, J. P. S, (2014), “Financial reporting
quality, debt maturity and investment efficiency” Journal of
Banking & Finance, Volume 40, March 2014, pp. 494–506
Jensen, M, (1986), “Agency Costs of Free Cash Flow, Corporate
Finance and Takeovers”. American Economic Review, Vol. 76, No. 2, pp. 323–329.
LaFond, R., Watts, R.L, (2008), “The Information Role of
Conservatism”, The Accounting Review, Vol.83, No.2, pp. 447–
478.
Lambert， R.， C. Leuz andR. E. Verrecchia, (2007), “Accounting
Information, Disclosure and the Cost of Capital”, Journal of
Accounting Research, Vol.45, No.2, pp. 385-420.
La Porta, R. , F. Lopez-de-Silanes, A. Shleifer, R. Vishny, (2002), “Investor Protection and Corporate Valuation”, Journal of Finance, Vol.57, No.3, pp.1147~1170.
Liu, Shaojia, Sun, Pei and Liu, Naiquan (2003), “The Principle of
Ultimate Ownership,Ownership Structure and Corporate
Performance”, Economic Research Journal, No.4, pp. 51-62(in
Chinese).
O’Hara, M., (2003), “Presidential Address: Liquidity and Price
Discovery”. Journal ofFinance, Vol.58, No.4, pp. 1335～1354.
116
Stulz, R. M. , (1990), “Managerial Discretion and Optimal Financing
Policies”. Journal of Financial Economics, Vol. 26, No. 1, pp. 3–
27.
Verdi, Rodrigo. s, (2006), "financial reporting quality and investment
efficiency", working paper, sloan school of management, MIT.
Watts, (2003), “Conservatism in Accounting Part: Explanations and
Implications”. Accounting Horizons, Vol.17, No.3, pp. 207-221.
Watts R. L.,J. L. Zimmerman, (1986), “Positive Accounting Theory”,
Englewood Cliffs，NJ.: Prentice Hall.
Xia, Lijun and Fang, Zhiqiang (2005), “Government Control,
Institutional Environment and Firm Value: Evidence from the
Chinese Securities Market”, Economic Research Journal, Vol. 40,
No. 5, pp. 40-51 (in Chinese).
Zhang, J., （ 2008), “The contracting benefits of accounting
conservatism to lenders and borrowers”. Journal of Accounting and
Economics, Vol. 45. No1., pp. 27-54
)