Document Type : Research Paper
Authors
Abstract
The purpose of this research is to examine the relationship between the
corporate governance characteristics and accounting restatements due to
rapid growth of restatements in the world as well as the Iranian capital
market. Researchers believe that restatement is a sign of low quality of
financial reporting by the companies. For doing so, similar to prior studies
and by consideration of the Iranian context a set of different corporate
governance characteristics including power of CEO, CEO changes, block
holders, largest shareholder, auditor type, auditor industry specialization,
auditor changes, and finally capital structure are considered. In addition, to
control the possible effects of other factors, which could potentially affect
firms'''' restatement decisions, 10 new variables were added to the model.
These control variables include return on assets, sales growth, operating cash
flow, liquidity ratio, prior year performance, equity financing, debt
financing, firm size, year, and industry type. The final research sample
includes 999 observations of the Tehran Stock Exchange (TSE) listed
companies for the period 2004-2009. The results indicate that CEO changes,
auditor changes, auditor industry specialization, auditor size and largest
shareholder as well as some financial characteristics such as operating cash
flows ratio, liquidity ratio, and firm size are associated with the restatements
of the accounting income. Therefore, the findings support the hypothesis that
corporate governance mechanisms can improve the quality of financial
reporting.
Keywords
آقایی، محمد علی. چالاکی، پری. 1388 . "بررسی رابطه بین ویژگی های حاکمیت
شرکتی و مدیریت سو د در شرکتهای پذیرفته شد ه در بورس اوراق بهادار تهران"،
.77- تحقیقات حسابداری، ش. 4، ص. 54
ابراهیمی کردلر، علی؛ سیدی، سید عزیز.( 1387 ). "نقش حسابرسان مستقل در کاهش اقلام
.16- تعهدی اختیاری" ، بررسی های حسابداری و حسابرسی، دوره 54 ، ش 54 ، ص 3
اعتمادی، حسین. محمدی، امیر. و ناظمی اردکانی، مهدی.( 1388 ). "بررسی رابطه میان
تخصص صنعت حسابرس و کیفیت سود در شرکتهای پذیرفته شده در بورس اوراق
.32- بهادار تهران" پژوهش های حسابداری مالی، ش. 1و 2، ص. 17
بولو، قاسم؛ مهام، کیهان. و گودرزی، اسماعیل. ( 1389 ). "تغییر حسابرس مستقل و شفافیت
اطلاعاتی شرکتها ی پذیرفته شد ه د ر بور س اورا ق بهادا ر تهران" ، مجله دانش
.135- حسابداری، شماره 1، ص 111
پورحیدری، امید؛ همتی، داود.( 1383 ). "بررسی اثر قراردادهای بدهی، هزینه های سیاسی،
طرح های پاداش، و مالکیت بر مدیریت سود در شرکتهای پذیرفته شده در بورس
.63- اوراق بهادار تهران"، بررسی های حسابداری و حسابرسی، ش 36 ، ص 47
حساس یگانه، یحیی؛ یزدانیان، نرگس. 1387 . "تاثیر حاکمیت شرکتی بر کاهش مدیریت
.171- سود"، مطالعات حسابداری، ش. 17 ، ص. 151
سازمان بورس و اوراق بهادار، سیستم جامع اطلاع رسانی ناشران(شبکه کدال) به نشانی
.www.codal.ir : اینترنتی
سازمان بورس و اوراق بهادار، مدیریت پژوهش، توسعه و مطالعات اسلامی به نشانی
.www.rdis.ir : اینترنتی
ثقفی، علی؛ بهارمقدم، مهدی.( 1387 ). "محرک های موثر بر مدیریت سود"، مجله توسعه
.125- و سرمایه، سال اول، ش 2، ص 103
.1311/02/ قانون تجارت ایران، مصوب 13
Abdullah, S.N; Mohamad Yusof, N.Z.; and Mohamad Nor, M.N.(2010). "Financial restatements and corporate governance among Malaysian listed companies", Managerial Auditing Journal, Vol.25, No.6, pp.526-552.
Agrawal, A. and Chandha, S. (2005). “Corporate governance and accounting scandals”, SSRN Working Papers Series.
100 فصلنامه مطالعات تجربی حسابداری مالی سال 12 شماره 46 تابستان 1394
Agrawal, A; Cooper, T.(2008). "Corporate governance consequences of accounting scandals: evidence from top management, CFO and auditor turnover", SSRN Working Papers Series.
Ahmed, K; Goodwin, J.(2007). "An empirical investigation of earnings restatements by Australian firms", Accounting and Finance 47, pp1–22.
Akhigbe, A.; Kudla, R.J.; and Madura, J.(2005). "Why are some corporate earnings restatements more damaging?", Applied Financial Economics15, pp.327–336.
Al-Abbas, M.A. (2009), "Corporate governance and earnings management: An empirical study of the Saudi market", The Journal of American Academy of Business, Vol. 15 No.1, pp.301-310.
Anderson, K.L. and Yohn, T.L.(2003). "The effect of 10-K restatements on firm value, information asymmetries, and investors’ reliance on earnings", SSRN Working Papers Series, Pgs.30.
Baber, W.R. Kang, S. and Liang, L.(2006). "Strong boards, external governance and accounting restatement", SSRN Working Papers Series.
Baber, W.R.; Gore, A.K; Rich, K.T; and Zhang, J.X.(2010). "An empirical investigation of accounting restatements and governance in the municipal context", SSRN Working Papers Series, Pgs.50.
Bagherpour, M; Monroe, G.S; and Shailer, G.(2009). "Auditor switching in an increasingly competitive audit market", SSRN Working Papers Series, Pgs31.
Balsam, S; Krishnan, J; and Yang, J.S.(2003). "Auditor industry
specialization and earnings quality ", SSRN Working Papers Series,
Pgs.46.
Bloomfield, D. and Shackman, J.(2008). "Non-audit service fees, auditor characteristics and earnings restatements", Managerial Auditing Journal Vol.23, No.2, pp.125-141.
Carcello, J.V; Negal, T.L; Palmrose, Z. and Scholz, S.(2009). "CEO involvement in selecting board member, audit committee effectiveness, and restatements", SSRN Working Papers Series, Pgs54.
Chen, G. Firth, M. Gao, D.N. and Rui.(2006). "Ownership structure, corporate governance, and fraud: Evidence from China", Journal of Corporate Finance12, pp. 424–448.
Dechow, P.M; Sloan, R.G; and Sweeney,A.(1996). "Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC, Contemporary Accounting Research 13, pp. 1-36.
تاثیر مکانیزم های حاکمیت شرکتی بر تجدید ارائههای حسابداری 101
Donaldson, L.; Davis, J.H.(1991). "Stewardship theory or agency theory: CEO governance and shareholder returns", Australian Journal of Management, 16,1, pp49-64.
Efendi, J; Srivastava, A; and Swanson, E.P.(2004). "Why do corporate managers misstate financial statements? The role of option compensation, corporate governance, and other factors", SSRN Working Papers Series, Pgs37.
Fan, J.P.H and Wong, T.J.(2002). "Corporate ownership structure and the informativeness of accounting earnings in East Asia", Journal of Accounting and Economics, Vol. 33, pp. 401-425.
Firth, M. Fung, P.M.Y. and Rui, O.M. (2007). "Ownership, two-tier board structure, and the informativeness of earnings: Evidence from China", Journal of Accounting and Public Policy 29, pp. 463-496.
Gul, F.A.; Fung, S.Y.; and Jaggi, B.(2009). "Earnings quality: Some evidence on the role of auditor tenure and auditors’industry expertise", Journal of Accounting and Economics47, pp.265–287.
Heninger, W.G; Kim, Y; and Nabar, S. (2009). "Earnings misstatements, restatements, and corporate governance", Journal of Forensic & Investigative Accounting, Vol. 1, Iss. 2, pgs. 35.
Iqbal, A. Strong, N.(2010), "The effect of corporate governance on
earnings management around UK rights", International Journal of
Managerial Finance, Vol. 6. No. 3. Pp. 168-189.
John, K and Senbet, L.W.(1998), "Corporate governance and board effectiveness", Journal of Banking and Finance, Vol. 22, pp.371-403.
Larcker, D.F., Richardson, S.A. and Yuna, I.(2007). "Corporate
governance, accounting outcomes, and organizational performance " , working paper, SSRN Working Papers Series.
Liguo, L.(2003). "An Empirical Research on the Relationship between Corporate Governance and the Quality of Accounting Information", Accounting Research02.
Liu, Y.(2006). "Does institutional investor composition influence managerial myopia? The case of accounting restatements", Ph.D, University of Oregon.
Myers, J.N; Myers, L.A; and Palmrose, Z.(2003). "Mandatory auditor rotation: Evidence from restatements ", SSRN Working Papers Series, pgs,41.
Pergola, T.M.(2006). "Management entrenchment, corporate governance, and earnings quality", Ph.D Dissertation from Nova Southeastern University.
Plumlee, M. and Yohn, T.L.(2010). "An analysis of the underlying causes attributed to restatements", Accounting Horizons, Vol.24, No.1, pp.41-64.
102 فصلنامه مطالعات تجربی حسابداری مالی سال 12 شماره 46 تابستان 1394
Saleh, N.M; Iskandar, T.M; Rahmat, M.M.(2005). "Earnings management and board characteristics: evidence from Malaysia", Jurnal Pengurusan 24, pp. 77-103.
Xia, W.(2006). "Accounting restatement: A comparison between China and USA", Journal of Modern Accounting and Auditing, Vol.2, No.10, pp.10-15.
Zhong, K; Gribbin, D.W; and Zheng, X.(2007). "The effect of monitoring by outside blockholders on earnings management",
شرکتی و مدیریت سو د در شرکتهای پذیرفته شد ه در بورس اوراق بهادار تهران"،
.77- تحقیقات حسابداری، ش. 4، ص. 54
ابراهیمی کردلر، علی؛ سیدی، سید عزیز.( 1387 ). "نقش حسابرسان مستقل در کاهش اقلام
.16- تعهدی اختیاری" ، بررسی های حسابداری و حسابرسی، دوره 54 ، ش 54 ، ص 3
اعتمادی، حسین. محمدی، امیر. و ناظمی اردکانی، مهدی.( 1388 ). "بررسی رابطه میان
تخصص صنعت حسابرس و کیفیت سود در شرکتهای پذیرفته شده در بورس اوراق
.32- بهادار تهران" پژوهش های حسابداری مالی، ش. 1و 2، ص. 17
بولو، قاسم؛ مهام، کیهان. و گودرزی، اسماعیل. ( 1389 ). "تغییر حسابرس مستقل و شفافیت
اطلاعاتی شرکتها ی پذیرفته شد ه د ر بور س اورا ق بهادا ر تهران" ، مجله دانش
.135- حسابداری، شماره 1، ص 111
پورحیدری، امید؛ همتی، داود.( 1383 ). "بررسی اثر قراردادهای بدهی، هزینه های سیاسی،
طرح های پاداش، و مالکیت بر مدیریت سود در شرکتهای پذیرفته شده در بورس
.63- اوراق بهادار تهران"، بررسی های حسابداری و حسابرسی، ش 36 ، ص 47
حساس یگانه، یحیی؛ یزدانیان، نرگس. 1387 . "تاثیر حاکمیت شرکتی بر کاهش مدیریت
.171- سود"، مطالعات حسابداری، ش. 17 ، ص. 151
سازمان بورس و اوراق بهادار، سیستم جامع اطلاع رسانی ناشران(شبکه کدال) به نشانی
.www.codal.ir : اینترنتی
سازمان بورس و اوراق بهادار، مدیریت پژوهش، توسعه و مطالعات اسلامی به نشانی
.www.rdis.ir : اینترنتی
ثقفی، علی؛ بهارمقدم، مهدی.( 1387 ). "محرک های موثر بر مدیریت سود"، مجله توسعه
.125- و سرمایه، سال اول، ش 2، ص 103
.1311/02/ قانون تجارت ایران، مصوب 13
Abdullah, S.N; Mohamad Yusof, N.Z.; and Mohamad Nor, M.N.(2010). "Financial restatements and corporate governance among Malaysian listed companies", Managerial Auditing Journal, Vol.25, No.6, pp.526-552.
Agrawal, A. and Chandha, S. (2005). “Corporate governance and accounting scandals”, SSRN Working Papers Series.
100 فصلنامه مطالعات تجربی حسابداری مالی سال 12 شماره 46 تابستان 1394
Agrawal, A; Cooper, T.(2008). "Corporate governance consequences of accounting scandals: evidence from top management, CFO and auditor turnover", SSRN Working Papers Series.
Ahmed, K; Goodwin, J.(2007). "An empirical investigation of earnings restatements by Australian firms", Accounting and Finance 47, pp1–22.
Akhigbe, A.; Kudla, R.J.; and Madura, J.(2005). "Why are some corporate earnings restatements more damaging?", Applied Financial Economics15, pp.327–336.
Al-Abbas, M.A. (2009), "Corporate governance and earnings management: An empirical study of the Saudi market", The Journal of American Academy of Business, Vol. 15 No.1, pp.301-310.
Anderson, K.L. and Yohn, T.L.(2003). "The effect of 10-K restatements on firm value, information asymmetries, and investors’ reliance on earnings", SSRN Working Papers Series, Pgs.30.
Baber, W.R. Kang, S. and Liang, L.(2006). "Strong boards, external governance and accounting restatement", SSRN Working Papers Series.
Baber, W.R.; Gore, A.K; Rich, K.T; and Zhang, J.X.(2010). "An empirical investigation of accounting restatements and governance in the municipal context", SSRN Working Papers Series, Pgs.50.
Bagherpour, M; Monroe, G.S; and Shailer, G.(2009). "Auditor switching in an increasingly competitive audit market", SSRN Working Papers Series, Pgs31.
Balsam, S; Krishnan, J; and Yang, J.S.(2003). "Auditor industry
specialization and earnings quality ", SSRN Working Papers Series,
Pgs.46.
Bloomfield, D. and Shackman, J.(2008). "Non-audit service fees, auditor characteristics and earnings restatements", Managerial Auditing Journal Vol.23, No.2, pp.125-141.
Carcello, J.V; Negal, T.L; Palmrose, Z. and Scholz, S.(2009). "CEO involvement in selecting board member, audit committee effectiveness, and restatements", SSRN Working Papers Series, Pgs54.
Chen, G. Firth, M. Gao, D.N. and Rui.(2006). "Ownership structure, corporate governance, and fraud: Evidence from China", Journal of Corporate Finance12, pp. 424–448.
Dechow, P.M; Sloan, R.G; and Sweeney,A.(1996). "Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC, Contemporary Accounting Research 13, pp. 1-36.
تاثیر مکانیزم های حاکمیت شرکتی بر تجدید ارائههای حسابداری 101
Donaldson, L.; Davis, J.H.(1991). "Stewardship theory or agency theory: CEO governance and shareholder returns", Australian Journal of Management, 16,1, pp49-64.
Efendi, J; Srivastava, A; and Swanson, E.P.(2004). "Why do corporate managers misstate financial statements? The role of option compensation, corporate governance, and other factors", SSRN Working Papers Series, Pgs37.
Fan, J.P.H and Wong, T.J.(2002). "Corporate ownership structure and the informativeness of accounting earnings in East Asia", Journal of Accounting and Economics, Vol. 33, pp. 401-425.
Firth, M. Fung, P.M.Y. and Rui, O.M. (2007). "Ownership, two-tier board structure, and the informativeness of earnings: Evidence from China", Journal of Accounting and Public Policy 29, pp. 463-496.
Gul, F.A.; Fung, S.Y.; and Jaggi, B.(2009). "Earnings quality: Some evidence on the role of auditor tenure and auditors’industry expertise", Journal of Accounting and Economics47, pp.265–287.
Heninger, W.G; Kim, Y; and Nabar, S. (2009). "Earnings misstatements, restatements, and corporate governance", Journal of Forensic & Investigative Accounting, Vol. 1, Iss. 2, pgs. 35.
Iqbal, A. Strong, N.(2010), "The effect of corporate governance on
earnings management around UK rights", International Journal of
Managerial Finance, Vol. 6. No. 3. Pp. 168-189.
John, K and Senbet, L.W.(1998), "Corporate governance and board effectiveness", Journal of Banking and Finance, Vol. 22, pp.371-403.
Larcker, D.F., Richardson, S.A. and Yuna, I.(2007). "Corporate
governance, accounting outcomes, and organizational performance " , working paper, SSRN Working Papers Series.
Liguo, L.(2003). "An Empirical Research on the Relationship between Corporate Governance and the Quality of Accounting Information", Accounting Research02.
Liu, Y.(2006). "Does institutional investor composition influence managerial myopia? The case of accounting restatements", Ph.D, University of Oregon.
Myers, J.N; Myers, L.A; and Palmrose, Z.(2003). "Mandatory auditor rotation: Evidence from restatements ", SSRN Working Papers Series, pgs,41.
Pergola, T.M.(2006). "Management entrenchment, corporate governance, and earnings quality", Ph.D Dissertation from Nova Southeastern University.
Plumlee, M. and Yohn, T.L.(2010). "An analysis of the underlying causes attributed to restatements", Accounting Horizons, Vol.24, No.1, pp.41-64.
102 فصلنامه مطالعات تجربی حسابداری مالی سال 12 شماره 46 تابستان 1394
Saleh, N.M; Iskandar, T.M; Rahmat, M.M.(2005). "Earnings management and board characteristics: evidence from Malaysia", Jurnal Pengurusan 24, pp. 77-103.
Xia, W.(2006). "Accounting restatement: A comparison between China and USA", Journal of Modern Accounting and Auditing, Vol.2, No.10, pp.10-15.
Zhong, K; Gribbin, D.W; and Zheng, X.(2007). "The effect of monitoring by outside blockholders on earnings management",
)