Document Type : Research Paper
Authors
1 Master of Accounting, Shahid Bahonar University, Kerman
2 Professor of Accounting Shahid Bahonar University, Kerman
Abstract
The purpose of this study is investigation of the type and information content of accounting adjustments of Firms Listed in the Tehran Stock Exchange (TSE). In this regard, in order to measure the information content of accounting adjustments, the mean cumulative abnormal returns before and after the information has been released. The data used, has been extracted from firms listed in the Tehran Stock Exchange (TSE) in the period 1380-1389. A paired comparison test is used for testing of hypotheses and data analyses. The results of the present study showed that there accountings adjustments have been information content to capital markets and the market shows negative reaction to the accounting adjustments. Also, results showed that the Iran capital market shows a negative reaction to accounting adjustment of errors kinds accounting, income and costs transfers; So that the difference in average abnormal returns for these adjustments were %3/41, %3/44 and %4/52. In addition, the results showed that the cumulative abnormal returns before and after the publication of information on the accounting adjustment of type positive accounting errors, there is not a significant correlation, Therefore, we cannot determine that the market reacts to such adjustments or not. In other words, the capital market show not is interpreting reaction to accounting adjustments of positive accounting errors.
Keywords
نظریهها ی نوی ن .« اطلاعاتی سود متعاقب تجدید ارائه صورت های مالی.1- حسابدار ی، سال اول، شماره اول، پاییز، ص: 22رابطه کیفیت اطلاعات حسابداری، تاخیر » .( حساس یگانه، یحیی و امیدی، الهام. ( 1393فصلنام ه مطالعات تجرب ی حسابدار ی مال ی، .« واکنش قیمت و بازدهی آتی سهام
.58- سال یازدهم، شماره 42 ، تابستان، ص: 31 بررسی مقایسهای سود گزارش شده با سود تجدید ارائه » .( دولت آبادی، مهدیه. ( 1390
پایا ن نامه کارشناس ی .« شده شرکت های پذیرفته شده در بورس اوراق بهادار تهران ارشد حسابدار . ی دانشگاه شهید باهنر کرمان. دانشکده مدیریت و اقتصاد.
رابطه تعدیلات سنواتی صورت های مالی با قیمت سهام، « .( سجادی، سید حسین. ( 1383
فصلنامه .« اندازه و عمر شرکت های پذیرفته شده در بورس اوراق بهادار تهران .63- بررسیها ی اقتصاد ی، دوره 1، شماره 1، تابستان، ص: 87
رابطه بین ویژگیهای خاص شرکت ها و » .( سجادی، سید حسین و قربانی، رامین. ( 1390پژو هشها ی تجرب ی حسابدار ی مال ی، سال اول، شماره .« تعدیلات سنواتی آنها
.62- دوم، زمستان، ص: 75
تاثیر ارائه مجدد صورت های مالی » .( شریعت پناهی، سید مجید و کاظمی، حسین. ( 1389
فصلنامه مطالعات تجرب ی حسابدار ی مال ی .« بر محتوای اطلاعاتی سود.1- (مطالعات حسابدار ی ساب ق)، شماره 26 ، تابستان، ص: 28
آزمون تجربی اهمیت » .( کردستانی، غلامرضا؛ آزاد، عبداله و کاظمی، محبوبه. ( 1389.62- تحقیقات حسابدار ی، شماره 8، ص 79 .« تعدیلات سنواتی در بازار سرمایه
Anderson, K. and Yohn, T. (2002). “The Effect of 10-K Restatements on Firm Value, Information Asymmetries, and Investors’ Reliance on Earnings.” Working paper, Georgetown University.
Bishop M. L and E. A. Eccher. (2000). “Do Markets Remember Accounting Changes? An Examination of Subsequent Years”. Avilable at URL: http://www.ssrn.com.
50 فصلنامه مطالعات تجربی حسابداری مالی سال 11 شماره 45 بهار 1394
Gertsen, F. H. M., C. B. M. Van Riel & G. Bernes. (2006). “Avoiding Reputation Damage in Financial Restatements”. Long Range Planning, Vol. 39. PP. 429-456.
Hennes, K.M., Leone, A. J, and Miller, B. P. (2008). “The Importance of Distinguishing Errors from Irregularities Restatement Research: The Case of Restatements and CEO/CFO Turnover”. Accounting Review, Vol. 83, No. 6, PP: 1-44.
Hribar, P. and Jenkins, N. T. (2004). “The Effect of Accounting Restatements on Earnings Revisions and the Estimated Cost of Capital”. Review of Accounting Studies. Vol. 9, pp: 337–356.
Kravet, T. and Shevlin, T. (2010). “Accounting restatements and information risk”. Review Accounting Study, Vol. 15, pp: 264–294.
Lin J.W Hwang M.I and Li J.F. (2004). A Neural Fuzzy System Approach to Assessing the Risk of Earnings Restatements. Issues in Information Systems. Vol. 7. No.1: 201- 207.
Nabar, S.; Kim, Y. and Heninger, W. G. (2006). “Earnngs Misstatements, Restatement and Corporate Governance”. Journal of Forensic & Investigative Accounting, Vol. 1, Issue. 2, pp: 1-35.
Owers, J. E ; Lin, C. M and Rogers, R. C. (2002). “The Informational
Content and Valuation Ramifications of Earnings Restatements”.
International Business & Economics Research Juornal, Vol. 1,
N. 5, PP: 71-88.
Palmrose, Z.V and Scholz, S. (2004). “The circumstances and large consequences of non-GAAP reporting: Evidence from restatements”. Contemporary Accounting Research, Vol. 21(1), pp: 139-180.
Palmrose, Z-V.; Richardson, V. J and Scholz, S. (2004).
“Determinants of Market Reactions to Restatement
Announcements”. Journal of Accounting and Economics, Vol.
37, pp: 59–90.
Richardson, S. (2002). “Predicting Earnings Management: The Case of Earnings Restatements”. University of Pennsylvania, the Wharton School.
Richardson S; Tuna I and Wu, M. (2002). “Predicting earnings management: The case of earnings restatements”. Working paper. University of Pennsylvania and Hong Kong University of Science and Technology. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=338681.
Wilson, W. M. (2008). “An Empirical Analysis of the Decline in the Information Content of Earnings Following Restatements”. The Accounting Review, Vol. 83, No. 2
)