نوع مقاله : مقاله پژوهشی

نویسندگان

• ایمان زارع ¹
• خدیجه ربیعی ¹
• پریسا نوبخت ²

¹ استادیار گروه حسابداری، دانشگاه پیام نور، تهران، ایران

² کارشناس ارشد حسابداری

چکیده

بدهی داخلی مدیر اجرایی تأخیر در تعدیل قیمت را کاهش می‌دهد که پیامد آن کارایی قیمت سهام خواهد بود. با توجه به نقش مهم نقدشوندگی سهام بر کارایی قیمت، هدف پژوهش حاضر بررسی نقش نقدشوندگی سهام بر رابطه بین بدهی داخلی مدیر اجرایی و کارایی قیمت سهام است. قلمرو مکانی تحقیق شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران و قلمرو زمانی سال های بین 1397 تا 1403 بوده است. گردآوری اطلاعات در بخش ادبیات پژوهش از روش کتابخانه‌ای و در بخش داده‌های پژوهش با مراجعه به داده‌های صورت‌های مالی و یادداشت‌های توضیحی شرکت‌های نمونه صورت گرفت. بر اساس روش حذف سیستماتیک 147 شرکت به عنوان نمونه آماری انتخاب و به منظور توصیف و تلخیص داده‌ها از آمارتوصیفی و استنباطی بهره گرفته شده و به منظور تحلیل داده ها ابتدا پیش آزمون‌های ناهمسانی واریانس، آزمون F لیمر، آزمون هاسمن و آزمون جارک – برا و آزمون رگرسیون چند متغیره برای تایید و رد فرضیه های تحقیق استفاده گردیده است. نتایج نشان داد بدهی داخلی مدیر اجرایی بر تاخیر قیمت سهام ‌به‌عنوان شاخص کلیدی کارایی قیمت سهام تاثیر منفی و معناداری دارد؛ به علاوه نقدشوندگی سهام بر تقویت رابطه بین بدهی داخلی مدیر اجرایی و کارایی قیمت سهام نقش تعدیل‌گری دارد. نتایج پژوهش درک چگونگی شکل‌گیری انگیزه‌های مدیریتی توسط بدهی داخلی را برای سیاست‌گذاران علاقه‌مند به افزایش کارایی قیمت سهام عمیق‌تر می‌کند که ضمن بهبود تولید اطلاعات، عدم تقارن اطلاعاتی در بازار را کاهش می‌دهد و در نهایت بر کارایی بازار سرمایه موثر خواهد بود.

کلیدواژه‌ها

• کارایی
• قیمت سهام
• بدهی داخلی مدیر اجرایی
• نقدشوندگی سهام
• بازار سرمایه

موضوعات

• بورس اوراق بهادار

عنوان مقاله [English]

The Role of Stock Liquidity on the Relationship Between Executive Internal Debt and Stock Price Efficiency

نویسندگان [English]

• iman zare ¹
• Khadijeh Rabiee ¹
• Parisa Nobakht ²

¹ Assistant Professor of Accounting, Payame Noor University, Tehran, Iran.

² MSc of accounting

چکیده [English]

The Role of Stock Liquidity on the Relationship Between Executive Internal Debt and Stock Price Efficiency





1. INTRODUCTIO

Stock prices are efficient when information about a stock is released quickly and the information affects stock prices at the same speed. One of the factors affecting the efficiency of stock prices and capital markets is managerial incentives, which significantly affect the investment decisions of companies. In this way, CEOs with higher internal assets (such as company stocks or stock options) are more likely to adopt conservative corporate policies with lower risk, because their personal interests are aligned with the sustainability of the company. This approach leads to greater transparency in information disclosure, which improves the flow of information to the market and increases the efficiency of stock prices. Pensions with defined benefits and deferred compensation are known in financial economics as “internal debt”. Therefore, CEO internal debt is important because it accounts for a significant portion of CEO compensation. (Huang et al, 2022) On the other hand, greater stock liquidity reduces asymmetric information in the market and leads to improved information production. Stock liquidity can increase stock price efficiency by encouraging and stimulating market participants to obtain confidential information about the company (Baharmoghaddam et al., 2015). By paying bonuses, CEOs find more motivation for high performance and more effort to shape the information environment of companies in order to improve stock liquidity. The present study is the first domestic study that examines the relationship between executive internal debt and stock price efficiency by considering the moderating role of stock liquidity on this relationship.



2. MATERIALS AND METHOD

The present study is in the field of positive research and is of the applied type in terms of classification based on the purpose, in terms of nature it is considered as descriptive research and in terms of method it is considered as correlational research. To collect data and information, the library method was used for research literature and in the research data section, reference was made to financial statements, explanatory notes and the monthly magazine of the Stock Exchange. Descriptive and inferential statistics were used to describe and summarize the collected data. In order to analyze the data, first, pre-tests of variance heterogeneity, F-limer test, Hausman test and then to confirm and reject the research hypothesis, multivariate regression test was used using Eviews software. The statistical population of the research includes companies listed on the Tehran Stock Exchange in the period between 1397 and 1403, and based on the systematic exclusion method, 147 companies were selected as the statistical sample of the research to test the statistical hypothesis. Following the research of Huang et al, 2022), the first and second hypotheses of the research are estimated as follows: Hypothesis 1: Internal debt of the executive director affects stock price efficiency. Hypothesis 2: Stock liquidity has a moderating role on the relationship between internal debt of the executive director and stock price efficiency.

3.RESULTS AND DISCUSSI

For the first hypothesis of the research, the probability of the t-statistic for the constant coefficient and the coefficients of the variables of internal debt of the executive director, company size, return on assets, market value to book value of shares, research and development expenses, operating cash flow, dividends paid, capital expenditures, financial recession and advertising on stock price efficiency is less than 5%; therefore, the above relationship is statistically significant. The variable of internal debt of the executive director is negative and significant on stock price efficiency. For the second hypothesis of the research, the probability of the t-statistic for the constant coefficient and internal debt of the executive director, stock liquidity, stock liquidity in interaction with internal debt of the executive director, company size, return on assets, market value to book value of shares, research and development expenses, operating cash flow, dividends paid, capital expenditures, financial recession and advertising on stock price efficiency is less than 5%; therefore, the above relationship is statistically significant. The variables of internal debt of the executive director and stock liquidity in the interaction with internal debt of the executive director on stock price efficiency are equal to (-0.00081 and 0.00011) and are significant, respectively. The absolute value of the coefficient of the stock liquidity variable in the interaction with internal debt of the executive director on stock price efficiency is less than the internal debt of the executive director on stock price efficiency, therefore, the coefficient of the stock liquidity variable has a moderating role on the relationship between the internal debt of the executive director on stock price efficiency.



4. CONCLUSION

The findings of the study in relation to the first hypothesis showed that the internal debt of the CEO has a significant and inverse effect on the efficiency of stock prices. In this regard, it can be argued that CEOs with internal debt, by focusing on a more conservative capital allocation strategy, due to the reduction of executive pensions, are less likely to engage in excessive risk-taking and debtor expropriation and pay more attention to the quality of reporting and reducing the costs of financial misreporting. In fact, CEOs with more internal debt should pay more attention to the company's risk and the costs of financial misreporting that arise in the long run. This can improve the quality of reporting and increase investment efficiency and accurate stock pricing, because high-quality financial reporting can improve investment efficiency and accurate stock pricing by preventing undervaluation and overvaluation. The findings of the second hypothesis also showed that stock liquidity has a moderating role on the relationship between internal executive debt and stock price efficiency, which indicates the intensity of the significant and inverse effect of internal executive debt on stock price efficiency in the light of stock liquidity. In relation to the second hypothesis, it is argued that greater stock liquidity reduces asymmetric information in the market and leads to improved information production. Since investors and financial analysts have more information about companies with higher stock liquidity, their stock prices become more efficient. According to the results of the first hypothesis, it is recommended that companies, with the help of managerial incentives, reform and improve their financial system so that they can quickly provide their financial information to stakeholders. These reforms in the managerial dimension can include improving the pension determination system; deferred benefits and bonuses for managers; It is also recommended that the board of directors of companies increase the preparations for improving price efficiency and reduce the cost of capital by regulating internal debts. According to the results of the second hypothesis, it is suggested to increase derivatives because the development of futures and options to increase liquidity will moderate the negative relationship between managerial debt and price efficiency. It is also recommended to amend the disclosure regulations by requiring the disclosure of details of managers' debt in quarterly reports, along with liquidity indicators, to the Stock Exchange Organization and the Audit Organization as legislative authorities in the field of financial reporting.

کلیدواژه‌ها [English]

• Efficiency
• stock price
• internal debt of the executive
• stock liquidity
• capital market