Document Type : Research Paper
Authors
Abstract
One of the consequences of political economy is the government's influence on economic units. Companies that have a good relationship with government; pay less tax, have a greater market share, receive additional bank loans, In comparison with the other companies use the government concessions and in the process of public offering, Government help them. Thus political patronage may lead to creation of additional value and growth opportunities for these companies. In our country, the government has a widespread presence in economic activities and its influence on the financial and operating policies of most industries in Tehran Stock Exchange is regulated. Therefore, in this research we investigation the relationship of political costs with growth opportunities using structural equation modeling approach. The research population consisted of 68 companies for the period of 2003 to 2012. Our finding indicates that the relationship between political costs and growth opportunities is positive and significant.
Keywords
ابراهیمی کردلر علی و شهریاری علیرضا ( 1388 )، بررسی رابطه هزینه سیاسی و
محافظه کار ی (فرضی ه سیاسی ) د ر بور س اورا ق بهادار تهران ، مجله بررسی های
.3-16:(57) حسابداری و حسابرسی، 16
خواجوی شکراله و حسینی سید حسین ( 1389 )، بررسی رابطه حمایت سیاسی دولت و
ساختار سرمایه شرکت های پذیرفته شد ه د ر بور س اورا ق بهادا ر تهران ، مجله
.67-84 :(1) پیشرفت های حسابداری، 2
سینایی حسنعلی، سلگی، محمد و محمدی، کامران ( 1390 )، تأثیر فرصت های رشد بر رابطه
بین ساختار سرمایه، سود تقسیمی و ساختار مالکیت با ارزش شرکت، مجله
.87 -102 :(4) پژوهش های حسابداری مالی، 3
محمودآبادی حمید و نجفی زهرا ( 1392 )، نقش شفافیت اطلاعات در تبیین رابطه بین
حمایت سیاسی دولتی و عملکرد شرکت ها ی پذیرفته شد ه د ر بورس اورا ق بهادار
.57-71 :(18) تهران ، فصلنامه علمیپژوهشی حسابداری مدیریت، 6
مرادزاده فرد، مهدی و دیگران ( 1392 )، عدم اطمینان اطلاعاتی، عدم تقارن اطلاعاتی و
125-145:(39) فرصتهای رشد، فصلنامه مطالعات تجربی حسابداری مالی، 11
مرادی جواد و رحمانیان احمد( 1392 )، بدهیهای بلندمدت و بیشسرمایه گذاری در وجه
نقد و مخارج سرمایهای از دیدگاه تئوری نمایندگی، فصلنامه مطالعات تجربی
125-150:(40) حسابداری مالی، 11
نیکومرام هاشم، بنی مهد بهمن، رهنمای رودپشتی فریدون و کیائی علی ( 1392 ) دیدگاه
.31-43 :(18) اقتصاد سیاسی و مدیریت سود، مجله حسابداری مدیریت، 6
یحیی زاده فر محمود، شمس، شهاب الدین و پاکدین امیری مجتبی ( 1392 )، بررسی تأثیر
فرصت های رشد در ارزش گذاری جریان نقدی آزاد، مجله بررسی های حسابداری و
.113-132 :(1) حسابرسی، 20
Abeysekera, I. (2003) Political Economy of Accounting in Intellectual
Capital Reporting, University of Wollongong, Research Online.
Adam, T. and V.K. Goyal. (2008) The Investment Opportunity Set and Its Proxy Variables, Journal of Financial Research, 31(1): 41–63.
Bliss M. A. and Gul F. A. (2012) Political Connection and Leverage: Some Malaysian Evidence, 36(8): 2344–2350.
156
Boubakri, N., Cosset, J. C., and W. Saffar. (2008). Political Connections of Newly Privatized Firms, Journal of Corporate Finance, 14: 654-673.
Boubakri, N., Omrane, G. D. M., and Walid, S. (2012). Political Connections and the Cost of Equity Capital, Journal of Corporate Finance, 18(2): 541-559.
Chen D., Jieying, L., Shangkun, L., and Guojun W. (2011). Macroeconomic Control, Political Costs and Earnings Management: Evidence from Chinese Listed Real Estate Companies, Journal of Accounting Research, 4: 91–106.
Correia, M. M. (2012) Political Connections, SEC Enforcement and Accounting Quality, Rock Center for Corporate Governance at Stanford University, Working Paper.
Godfrey, J. M., and Jones, K. L. (1999). Political Cost Influence on Income Smoothing Via Extraordinary Item Classification, Journal of Accounting and Finance, 39: 229–254.
Grace, M. F., and Leverty, J. T. (2010) Political Cost Incentives for Managing the Property-Liability Insurer Loss Reserve. Journal of Accounting Research, 48: 21–49.
Hung, M., Wong, T. J., and T. Zhang (2012). Political Considerations in the Decision of Chinese SOEs to List in Hong Kong, Journal of Accounting and Economics, 53: 435-449.
Kern, B. B., and Morris, M. H. (1991)Taxes and Firm Size: The Effect of Tax Legislation during the 1980s. The Journal of the American Taxation Association, 80–96.
Kline, R. (2005). Principle and Practice of Structural Equation Modeling. New York: Guildford Press.
Leuz, C. and Oberholzer-Gee, F. (2006)Political Relationships, Global Financing and Corporate Transparency: Evidence from Indonesia. Journal of Financial Economics, 81(2): 411-439.
Lopez I. F. and Vecente, C. (2010). Do Leverage, Dividend Payout, and Ownership Concentration Influence Firms’ Value Creation? Emerging Markets Finance and Trade, 46(3): 80–94.
Menozi, A., Urtiagea, M. U., and Vannoni, D. (2010). Board Compositions and Performance in State-Owned Enterprises, Journal of Collegio Carlo Alberto, 185: 2-27.
Mohammed, N. F., Ahmed, K., and X. D. Ji (2011) Accounting Conservatism, Corporate Governance and Government political support: Evidence from Malaysia, American Accounting Association Annual Meeting, Denver, Colorado.
Nelly Sari, R. and Anugerah, R. (2011) The Effect of Corporate Transparency on Firm Performance: Empirical Evidence from Indonesian Listed Companies, Journal of Modern Accounting and Auditing, 7(8): 773-783.
بررسی تجربی رابطه بین فرضیه هزینه های سیاسی... 157
Niessen S. R. (2012) Political Connectedness and Firm Performance: Evidence from Germany, CFR-Working Paper.
Raykov, T. and Marcoulides, G. (2000) A First Course in Structural Equation Modeling. Mahwah, N. J.: Lawrence Erlbaum Associates.
Salleh, F., and Dunmore, P. V. (2009) Government political support, Corporate Governance and Financial Reporting Quality: Evidence from Companies in Malaysia, Annual Meeting and Conference on Teaching and Learning in Accounting, New York.
Shleif, A. and Vishny, R. W. (1994) Politicians and Firms, the Quarterly Journal of Economics, 109: 995-1025.
Song, Y., Lina, W., and Zi, Y. (2011). Impacts of Political
Connections on Earnings Quality of Chinese Private Listed
Companies, Journal of Advances in Education and Management
Communications in Computer and Information Science, 211: 85-
92.
Watts, R. L., and Zimmerman, J. L. (1986) Positive Accounting Theory. New Jersey: Prentice-Hall, Inc.
Yeh, Y., Shu, P., and Chiu, Sh. (2013) Political connections, corporate governance and preferential bank loans, Pacific-Basin Finance Journal, 2: 1079–1101.
Zmijewski, M., and Hagerman, R. (1981) An Income Strategy Approach to the Positive Theory of Accounting Standard Setting Choice. Journal of Accounting and Economics, 8:129–149
محافظه کار ی (فرضی ه سیاسی ) د ر بور س اورا ق بهادار تهران ، مجله بررسی های
.3-16:(57) حسابداری و حسابرسی، 16
خواجوی شکراله و حسینی سید حسین ( 1389 )، بررسی رابطه حمایت سیاسی دولت و
ساختار سرمایه شرکت های پذیرفته شد ه د ر بور س اورا ق بهادا ر تهران ، مجله
.67-84 :(1) پیشرفت های حسابداری، 2
سینایی حسنعلی، سلگی، محمد و محمدی، کامران ( 1390 )، تأثیر فرصت های رشد بر رابطه
بین ساختار سرمایه، سود تقسیمی و ساختار مالکیت با ارزش شرکت، مجله
.87 -102 :(4) پژوهش های حسابداری مالی، 3
محمودآبادی حمید و نجفی زهرا ( 1392 )، نقش شفافیت اطلاعات در تبیین رابطه بین
حمایت سیاسی دولتی و عملکرد شرکت ها ی پذیرفته شد ه د ر بورس اورا ق بهادار
.57-71 :(18) تهران ، فصلنامه علمیپژوهشی حسابداری مدیریت، 6
مرادزاده فرد، مهدی و دیگران ( 1392 )، عدم اطمینان اطلاعاتی، عدم تقارن اطلاعاتی و
125-145:(39) فرصتهای رشد، فصلنامه مطالعات تجربی حسابداری مالی، 11
مرادی جواد و رحمانیان احمد( 1392 )، بدهیهای بلندمدت و بیشسرمایه گذاری در وجه
نقد و مخارج سرمایهای از دیدگاه تئوری نمایندگی، فصلنامه مطالعات تجربی
125-150:(40) حسابداری مالی، 11
نیکومرام هاشم، بنی مهد بهمن، رهنمای رودپشتی فریدون و کیائی علی ( 1392 ) دیدگاه
.31-43 :(18) اقتصاد سیاسی و مدیریت سود، مجله حسابداری مدیریت، 6
یحیی زاده فر محمود، شمس، شهاب الدین و پاکدین امیری مجتبی ( 1392 )، بررسی تأثیر
فرصت های رشد در ارزش گذاری جریان نقدی آزاد، مجله بررسی های حسابداری و
.113-132 :(1) حسابرسی، 20
Abeysekera, I. (2003) Political Economy of Accounting in Intellectual
Capital Reporting, University of Wollongong, Research Online.
Adam, T. and V.K. Goyal. (2008) The Investment Opportunity Set and Its Proxy Variables, Journal of Financial Research, 31(1): 41–63.
Bliss M. A. and Gul F. A. (2012) Political Connection and Leverage: Some Malaysian Evidence, 36(8): 2344–2350.
156
Boubakri, N., Cosset, J. C., and W. Saffar. (2008). Political Connections of Newly Privatized Firms, Journal of Corporate Finance, 14: 654-673.
Boubakri, N., Omrane, G. D. M., and Walid, S. (2012). Political Connections and the Cost of Equity Capital, Journal of Corporate Finance, 18(2): 541-559.
Chen D., Jieying, L., Shangkun, L., and Guojun W. (2011). Macroeconomic Control, Political Costs and Earnings Management: Evidence from Chinese Listed Real Estate Companies, Journal of Accounting Research, 4: 91–106.
Correia, M. M. (2012) Political Connections, SEC Enforcement and Accounting Quality, Rock Center for Corporate Governance at Stanford University, Working Paper.
Godfrey, J. M., and Jones, K. L. (1999). Political Cost Influence on Income Smoothing Via Extraordinary Item Classification, Journal of Accounting and Finance, 39: 229–254.
Grace, M. F., and Leverty, J. T. (2010) Political Cost Incentives for Managing the Property-Liability Insurer Loss Reserve. Journal of Accounting Research, 48: 21–49.
Hung, M., Wong, T. J., and T. Zhang (2012). Political Considerations in the Decision of Chinese SOEs to List in Hong Kong, Journal of Accounting and Economics, 53: 435-449.
Kern, B. B., and Morris, M. H. (1991)Taxes and Firm Size: The Effect of Tax Legislation during the 1980s. The Journal of the American Taxation Association, 80–96.
Kline, R. (2005). Principle and Practice of Structural Equation Modeling. New York: Guildford Press.
Leuz, C. and Oberholzer-Gee, F. (2006)Political Relationships, Global Financing and Corporate Transparency: Evidence from Indonesia. Journal of Financial Economics, 81(2): 411-439.
Lopez I. F. and Vecente, C. (2010). Do Leverage, Dividend Payout, and Ownership Concentration Influence Firms’ Value Creation? Emerging Markets Finance and Trade, 46(3): 80–94.
Menozi, A., Urtiagea, M. U., and Vannoni, D. (2010). Board Compositions and Performance in State-Owned Enterprises, Journal of Collegio Carlo Alberto, 185: 2-27.
Mohammed, N. F., Ahmed, K., and X. D. Ji (2011) Accounting Conservatism, Corporate Governance and Government political support: Evidence from Malaysia, American Accounting Association Annual Meeting, Denver, Colorado.
Nelly Sari, R. and Anugerah, R. (2011) The Effect of Corporate Transparency on Firm Performance: Empirical Evidence from Indonesian Listed Companies, Journal of Modern Accounting and Auditing, 7(8): 773-783.
بررسی تجربی رابطه بین فرضیه هزینه های سیاسی... 157
Niessen S. R. (2012) Political Connectedness and Firm Performance: Evidence from Germany, CFR-Working Paper.
Raykov, T. and Marcoulides, G. (2000) A First Course in Structural Equation Modeling. Mahwah, N. J.: Lawrence Erlbaum Associates.
Salleh, F., and Dunmore, P. V. (2009) Government political support, Corporate Governance and Financial Reporting Quality: Evidence from Companies in Malaysia, Annual Meeting and Conference on Teaching and Learning in Accounting, New York.
Shleif, A. and Vishny, R. W. (1994) Politicians and Firms, the Quarterly Journal of Economics, 109: 995-1025.
Song, Y., Lina, W., and Zi, Y. (2011). Impacts of Political
Connections on Earnings Quality of Chinese Private Listed
Companies, Journal of Advances in Education and Management
Communications in Computer and Information Science, 211: 85-
92.
Watts, R. L., and Zimmerman, J. L. (1986) Positive Accounting Theory. New Jersey: Prentice-Hall, Inc.
Yeh, Y., Shu, P., and Chiu, Sh. (2013) Political connections, corporate governance and preferential bank loans, Pacific-Basin Finance Journal, 2: 1079–1101.
Zmijewski, M., and Hagerman, R. (1981) An Income Strategy Approach to the Positive Theory of Accounting Standard Setting Choice. Journal of Accounting and Economics, 8:129–149
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