نوع مقاله : مقاله پژوهشی

نویسندگان

• زهرا حیدری سورشجانی ¹
• داریوش فروغی ²
• علیرضا رهروی دستجردی ³

¹ دانشجوی دکتری گروه حسابداری، دانشکده علوم اداری و اقتصاد، دانشگاه اصفهان، اصفهان، ایران

² استاد گروه حسابداری دانشکده مدیریت و حسابداری دانشگاه اصفهان،اصفهان، ایران

³ استادیار، گروه حسابدار ،ی دانشکده علوم اداری و اقتصاد، دانشگاه اصفهان، اصفهان، ایران

چکیده

باور و انتظارات سرمایه‌گذاران، زمینه‌ساز اتخاذ تصمیم‌ها و شکل‌دهنده رفتار آنان است. دارایی‌ها منبع مهم تصمیم‌های فعلی و آتی شرکت‌ها است که نقش‌حیاتی بر باور سرمایه‌گذاران دارد. دارایی‌های‌ حسابداری عدم‌اطمینان در مورد ارزش ذاتی سهم را برطرف می‌کند و برانتظارات افراد از شرکت تاثیر می‌گذارد. همچنین آگاهی‌بخشی دارایی‌های حسابداری از ویژگی‌های سود متمایز است. لذا ممکن ‌است کیفیت سود بر رابطه آگاهی‌بخشی دارایی‌ها و باورهای سرمایه‌گذاران تاثیرگذار نباشد. پژوهش حاضر به بررسی رابطه آگاهی‌بخشی دارایی‌های حسابداری و باورهای سرمایه‌گذاران، با تاکید بر اثرات کیفیت سود حسابداری می‌پردازد. در این راستا نمونه‌ای مشتمل بر 249 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران، طی دوره زمانی 1392-1401 انتخاب و آزمون شده‌است. مدل پژوهش نیز از طریق داده‌های پنل با کنترل اثرات سال و صنعت به روش حداقل مربعات معمولی با خطای استاندارد مقاوم (خوشه‌بندی خطاها در سطح شرکت) برآورد شده است. به علاوه برای محاسبه آگاهی‌بخشی دارایی‌ها از رگرسیون غلتان ده ساله وقفه خالص دارایی‌های عملیاتی شرکت بر روی سود شرکت استفاده گردید. نتایج نشان داد، آگاهی‌بخشی‌ دارایی‌ها در سطح کل و اختیاری بر باورهای سرمایه‌گذاران تاثیر مثبت دارد. اما آگاهی‌بخشی‌ دارایی‌ها در سطح عوامل ‌ذاتی بر باورهای سرمایه‌گذاران تاثیر ندارد. همچنین، کیفیت‌ سود پایین خللی در ارتباط بین آگاهی‌بخشی ‌دارایی‌ها در سطح کل و عوامل اختیاری با باورهای سرمایه‌گذاران ایجاد نمی‌کند. این یافته‌ها می‌تواند به استفاده‌کنندگان صورت‌های مالی به خصوص سرمایه‌گذاران و سهامداران کمک نماید تا در حین برآورد ارزش ذاتی سهم در جهت تصمیم سرمایه‌گذاری، به آگاهی‌بخشی دارایی‌های حسابداری نیز توجه زیادی نمایند.

کلیدواژه‌ها

• آگاهی‌بخشی دارایی‌های حسابداری
• باورهای سرمایه‌گذاران
• کیفیت سود
• عوامل ذاتی و اختیاری شرکت

موضوعات

• بورس اوراق بهادار
• شاخص سودآوری

عنوان مقاله [English]

Accounting Asset Informativeness Based on Intrinsic and Optional Factors and Investors' Beliefs: Investigating the Effects of Accounting Earnings Quality

نویسندگان [English]

• Zahra Heidary Sureshjani ¹
• Darioush Foroughi ²
• Alireza Rohravi Dastjardi ³

¹ PhD student in Accounting, Department of Accounting, Faculty of Administrative Sciences and Economics, University of Isfahan, Isfahan.Iran

² Professor, Department of Accounting, Faculty of Administrative Sciences and Economics, University of Isfahan , Isfahan, Iran

³ Assistant Professor, Department of Accounting, Faculty of Administrative Sciences and Economics, University of Isfahan , Isfahan, Iran

چکیده [English]

Assets are crucial for companies' current and future decisions, significantly influencing investors' perceptions. This study investigates the relationship between accounting asset informativeness and investors' beliefs, with a focus on the impact of accounting earnings quality. A sample of 249 companies listed on the Tehran Stock Exchange between 2013 and 2023 was selected for analysis. The results indicate that increased asset informativeness positively influences investors' beliefs at both the aggregate and discretionary levels. However, asset informativeness related to inherent factors does not impact investors' beliefs. Furthermore, low earnings quality does not weaken the relationship between asset informativeness at the aggregate level and discretionary factors with investors' beliefs.

Introduction

Investors' beliefs and expectations play a crucial role in their decision-making process and behavior. Assets are a key factor in a company's present and future decisions, significantly influencing investors' confidence. Accounting assets help reduce uncertainty about a share's true value and shape people's expectations of the company. In other words, they contain valuable information, reflecting high accounting asset informativeness. Notably, accounting asset informativeness is distinct from earnings indicators. As a result, low earnings quality does not affect investors' beliefs due to the presence of accounting asset informativeness. Therefore, earnings quality may not influence the correlation between accounting asset informativeness and investors' beliefs. Based on this, the research aims to explore the connection between accounting asset informativeness and investors' beliefs, with a focus on the influence of accounting earnings quality. The researchers propose two hypotheses: Accounting asset informativeness positively impacts investors' beliefs, and earnings quality does not moderate the influence of accounting asset informativeness on investors' beliefs.

Methodology

This study focuses on applied research. Accounting asset informativeness is the independent variable, calculated using the explanatory power of the regression of a company's net operating assets on its operating earnings. A 10-year rolling regression was conducted separately for each company. Investors' beliefs were the dependent variable, and the earnings quality served as the moderating variable. Earnings quality was determined based on four criteria: earnings stability, earnings smoothing, accruals quality, and the relationship between earnings and value. The study included a sample of 249 companies listed on the Tehran Stock Exchange, spanning from 2013 to 2023.

Results

The information provided by accounting assets has a positive impact on investors' beliefs at both the aggregate and discretionary levels. However, this information does not affect investors' beliefs when it comes to intrinsic factors. Additionally, low earnings quality does not weaken the relationship between accounting asset information at the aggregate level and discretionary factors with investors' beliefs.

Discussion

According to neoclassical investment theory, changes in a company's market value reflect investors' assessments of its intrinsic value based on available information. Therefore, the informativeness of a company's accounting assets can affect its stock performance. When a company's capital stock is inaccurately measured by its accounting assets, changes in market value will have a greater impact than changes in accounting assets. On the other hand, when accounting assets are measured with less error, they provide more accurate information about the company's resources. Investors use this information to estimate the market value of a company's stock and form expectations about its intrinsic value. If accounting asset informativeness is strong, investors rely on asset information to analyze the intrinsic value of the stock. It seems that even if the quality of earnings is weak, it does not significantly impact investors' decision-making. Therefore, low earnings quality cannot disrupt the relationship between accounting asset informativeness and shareholders' expectations.

Conclusion

Based on the findings, investors and financial statement users should consider asset informativeness when determining the true value of a share. It is important to note that financial statement information is not limited to profit and loss but also includes the measurement of assets on the balance sheet.
Creditors should not focus solely on profit and loss in their debt agreement; they should also consider the company's assets as a result of its current and future decisions. It is recommended that standard setters use asset informativeness to evaluate the effects of policy changes and balance sheet asset measurement changes to improve the implementation of accounting standards.
Analysts should consider asset informativeness as a fundamental factor during analysis, especially when earnings quality is low. Additionally, company managers and planners should specify the purpose of obtaining operational assets and the capacity of those assets during financial reporting to attract the attention of investors and creditors.
 

کلیدواژه‌ها [English]

•  Accounting asset informativeness
• Investors' beliefs
• Earnings quality
• Intrinsic and optional company factors