Document Type : Research Paper
Authors
Abstract
This study investigates whether dividend paying status is associated with the Quality of earnings. Four measures are defined as proxies for earnings Quality; discretionary accruals, standard deviation and absolute magnitude of the accruals errors, and value relevance.
To test the hypotheses, 450 year firms were selected from companies listed in Tehran Securities Exchange (TSE) during 2005 to 2011. We used a multiple linear regression model. Findings show that firms with dividend paying have (1) lower absolute values of discretionary accruals; (2) lower absolute magnitude of the errors associated with the mapping of accruals into cash flows; and (3) more value relevant earnings. But results is not significant for standard deviation of the accruals errors. Larger dividends strengthen the positive association between dividend paying status and earnings quality.
Keywords
علوی طبری، سیدحسین. مجتهدزاده، ویدا و سایر همکاران. ) 1388 (. " بررسی رابطه بین
- . کیفیت سود و سود تقسیمی" بررسیهای حسابداری و حسابرسی . شماره 55 ، ص 93 125
.0 تهرانی، رضا. ذاکری، حامد. ) 1388 (. " بررس رابطه بین کیفیت سود و سود تقسیمی در
شرکتهای پذیرفته شده در بورس اوراق بهادار تهران". فصلنامه بورس اوراق بهادار .سال
- . دوم،شماره 5 ،ص 39 55
.3 کردستانی، غلامرضا.قائمی، محمد حسین.حیدری، محمد.) 1389 ( ." بررس رابطه بین کیفیت
سود و پرداخت سود نقدی در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران".
پایان نامه کارشناسی ارشد دانشگاه بین المللی امام خمینی قزوین
.4 مرادزاده، مهدی. منطقی، خسرو .) 1383 (. " بررسی رابطه بین کیفیت سود و سود تقسیمی".
پایان نامه کارشناسی ارشد حسابداری.، دانشگاه آزاد اسلامی کرج، دانشکده علوم اقتصادی
.5 مدرس، احمد. بزرگ نیا، ابوالقاسم. کربلای محمدی، ژیلا.) 1385 ( ." بررس رابطه بین تغییرات
سود نقدی و کیفیت سود در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران" .پایان
نامه کارشناسی ارشد دانشگاه آزاد مشهد
6. Benartzi , S. , Michaely . R. , & Thaler , R. (1997) .Do Chanes in Dividends Signal the Future or the past? . the Journal of Finance . No . 52 . pp:1007-1043
7. Breeden, R . (2003). Restoring Trust. Report to the Hon. Jed S. Rakoff, The United States District for the Southern District of New York on corporate governance for the future of MCI. pp:127-129
8. Caskey. J., & Hanlon, M. (2005). Do Dividends Indicate honesty? The Relation Between Dividends and the Quality of Earings. Working Paper
9. Chen, S., Shevlin, T., & Tong, Y. H. (2007). Does the pricing of financial reporting uality change around dividend changes? . Journal of Accounting Research,45, 1–40
10. Cohen , D. (2008). Does information risk really matter? An analysis of the determinants and economic cones-quences of financial reporting quality. Asia-Pacific Journal of Accounting and Economics 15 (2): 69-90
11. Collins , D. , E. Maydew, and I. Weiss. )1997(.Changes in the value-relevance of earnings and book values over the post forty years. Journal of Accounting and Economics 14pp: 39-68.
12. DeAngelo, H. , DeAngelo, L. E. , & Skinner, D.J.(2004). Are dividends disappering? Dividend concentration and the concentration of earnings. Journal of Financial Economics,V72, PP:425-456
13. Dechow, P , and I. Dichev. (2002 ). The quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review 77: 35-59
14. Dechow. Weili Ge . and C. Schrand. (2004). Earnings Quality. Charlottesville, VA: Research Foundation of CFA Institute Monographp: 5
15. Easterbrook, F. (1984). Two agency-cost explanations of dividends. The American Economic Review , N.74: 650-659
رابطه بین وضعیت پرداخت سود سهام و کیفیت سود 143
16. Fama, E. , and K. French. (2001). Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economic 60:3-43
17. Francis, J. , and K. Schipper. )1999(. Have financial Statements lost their relevance?. Journal of Accounting Research 37pp: 319-353
18. Glassman, J. (2005). When numbers don’t add up. Kiplinger’s (August): 32.34
19. Grullon , G. , Michaely, R. , Benartzi, S. , & Thaler, R. H.(2005).Dividend changes do not signal changes in future profitability . Journal of Business, Vo.78pp:1659-1682
20. Grullon , G. , Michaely, R. ,& Swaminathan, B.(2002).Are dividend changes a sign of firm maturity? . Journal of Business .V75pp:387-424
21. Hanlon, M. , J. Myers, and T. Shevlin. (2007). Are dividends informative about future earnings? Working paper ,University of Washington
22. Healy, P. Hutton, and K. Palepu.(1999). Stock performance and intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research 16: 485–530
23. Healy, P. , and K. Palepu. (1988). Earnings information conveyed by dividend initiations and omissions. Journal of Financial Econmics 21:149-175
24. Jones , J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, N.29 : 193-228
25. Koch , A. , and A Sum. (2004). Dividend changes and the persistence of past earnings changes. The Journal of Finance 59: 2096-2116
26. Malkeil,B, (2003), The dividend bounce, Wall street journal(January 9):opinion
27. Miller, M. , and F. Modiglini. (1961). Dividend policy, growth and the valuation of shares. The Journal of Business 34: 411-433
28. Mikhail M, B. Walter, and R. Willis, (2003), Reactions to Dividend Changes Conditional on Earnings Quality, Journal of Accounting, Auditing and Finance; Vol. 18 (1): 121-151.
29. Nissim , D. , and A. Ziv.(2001). Dividend changes and future profitability. The Journal of Finance 56: 2111-2133
30. Skinner and Eugene Soltes. (2010).What do dividends tell us about earnings quality?. Rev account stud
31. Yen H. Tong and Bin Miao.(2011).Are Dividends Associated With The Quality Of Earnings?. Accounting Horizons, vol 25 NO.1 pp:183-205
- . کیفیت سود و سود تقسیمی" بررسیهای حسابداری و حسابرسی . شماره 55 ، ص 93 125
.0 تهرانی، رضا. ذاکری، حامد. ) 1388 (. " بررس رابطه بین کیفیت سود و سود تقسیمی در
شرکتهای پذیرفته شده در بورس اوراق بهادار تهران". فصلنامه بورس اوراق بهادار .سال
- . دوم،شماره 5 ،ص 39 55
.3 کردستانی، غلامرضا.قائمی، محمد حسین.حیدری، محمد.) 1389 ( ." بررس رابطه بین کیفیت
سود و پرداخت سود نقدی در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران".
پایان نامه کارشناسی ارشد دانشگاه بین المللی امام خمینی قزوین
.4 مرادزاده، مهدی. منطقی، خسرو .) 1383 (. " بررسی رابطه بین کیفیت سود و سود تقسیمی".
پایان نامه کارشناسی ارشد حسابداری.، دانشگاه آزاد اسلامی کرج، دانشکده علوم اقتصادی
.5 مدرس، احمد. بزرگ نیا، ابوالقاسم. کربلای محمدی، ژیلا.) 1385 ( ." بررس رابطه بین تغییرات
سود نقدی و کیفیت سود در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران" .پایان
نامه کارشناسی ارشد دانشگاه آزاد مشهد
6. Benartzi , S. , Michaely . R. , & Thaler , R. (1997) .Do Chanes in Dividends Signal the Future or the past? . the Journal of Finance . No . 52 . pp:1007-1043
7. Breeden, R . (2003). Restoring Trust. Report to the Hon. Jed S. Rakoff, The United States District for the Southern District of New York on corporate governance for the future of MCI. pp:127-129
8. Caskey. J., & Hanlon, M. (2005). Do Dividends Indicate honesty? The Relation Between Dividends and the Quality of Earings. Working Paper
9. Chen, S., Shevlin, T., & Tong, Y. H. (2007). Does the pricing of financial reporting uality change around dividend changes? . Journal of Accounting Research,45, 1–40
10. Cohen , D. (2008). Does information risk really matter? An analysis of the determinants and economic cones-quences of financial reporting quality. Asia-Pacific Journal of Accounting and Economics 15 (2): 69-90
11. Collins , D. , E. Maydew, and I. Weiss. )1997(.Changes in the value-relevance of earnings and book values over the post forty years. Journal of Accounting and Economics 14pp: 39-68.
12. DeAngelo, H. , DeAngelo, L. E. , & Skinner, D.J.(2004). Are dividends disappering? Dividend concentration and the concentration of earnings. Journal of Financial Economics,V72, PP:425-456
13. Dechow, P , and I. Dichev. (2002 ). The quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review 77: 35-59
14. Dechow. Weili Ge . and C. Schrand. (2004). Earnings Quality. Charlottesville, VA: Research Foundation of CFA Institute Monographp: 5
15. Easterbrook, F. (1984). Two agency-cost explanations of dividends. The American Economic Review , N.74: 650-659
رابطه بین وضعیت پرداخت سود سهام و کیفیت سود 143
16. Fama, E. , and K. French. (2001). Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economic 60:3-43
17. Francis, J. , and K. Schipper. )1999(. Have financial Statements lost their relevance?. Journal of Accounting Research 37pp: 319-353
18. Glassman, J. (2005). When numbers don’t add up. Kiplinger’s (August): 32.34
19. Grullon , G. , Michaely, R. , Benartzi, S. , & Thaler, R. H.(2005).Dividend changes do not signal changes in future profitability . Journal of Business, Vo.78pp:1659-1682
20. Grullon , G. , Michaely, R. ,& Swaminathan, B.(2002).Are dividend changes a sign of firm maturity? . Journal of Business .V75pp:387-424
21. Hanlon, M. , J. Myers, and T. Shevlin. (2007). Are dividends informative about future earnings? Working paper ,University of Washington
22. Healy, P. Hutton, and K. Palepu.(1999). Stock performance and intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research 16: 485–530
23. Healy, P. , and K. Palepu. (1988). Earnings information conveyed by dividend initiations and omissions. Journal of Financial Econmics 21:149-175
24. Jones , J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, N.29 : 193-228
25. Koch , A. , and A Sum. (2004). Dividend changes and the persistence of past earnings changes. The Journal of Finance 59: 2096-2116
26. Malkeil,B, (2003), The dividend bounce, Wall street journal(January 9):opinion
27. Miller, M. , and F. Modiglini. (1961). Dividend policy, growth and the valuation of shares. The Journal of Business 34: 411-433
28. Mikhail M, B. Walter, and R. Willis, (2003), Reactions to Dividend Changes Conditional on Earnings Quality, Journal of Accounting, Auditing and Finance; Vol. 18 (1): 121-151.
29. Nissim , D. , and A. Ziv.(2001). Dividend changes and future profitability. The Journal of Finance 56: 2111-2133
30. Skinner and Eugene Soltes. (2010).What do dividends tell us about earnings quality?. Rev account stud
31. Yen H. Tong and Bin Miao.(2011).Are Dividends Associated With The Quality Of Earnings?. Accounting Horizons, vol 25 NO.1 pp:183-205
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