Document Type : Research Paper
Authors
Abstract
Today companies try to say that they are a good investment choice and Attempt to improve firm value by disclosure of information. In this study relationship between ownership by different types of institutional investors - including Dedicated, Quasi-Indexing and Transient institutions - and disclosure quality, is examined. For this purpose data from 103 companies listed in Tehran Stock Exchange for period of 2007 to 2012 was analyzed using the logistic regression model. Companies’ score for disclosure, issued by Security and Exchange Organization, is used to measure the disclosure quality. Results show that quality of disclosure is different for companies owned by different types of institutions. Results show that there is direct and significant relationship between ownership by dedicated institutions and quality of disclosure, and ownership by Transient institutions and quality of disclosure are in an indirect significant relationship. Also there were no significant relationship between Quasi-indexing institutions and quality of disclosure
اعتمادی، حسین، امیرخانی، کوروش و محبت رضایی( 1390 ). محتوای ارزشی افشای
اجباری: شواهدی از شرکت های پذیرفته شده در بورس اوراق بهادار تهران. فصلنامه
.252-235 : بورس اوراق بهادار، 13
باباجانی، جعفر؛ تحریری، آرش؛ ثقفی، علی و احمد بدری ( 1393 ). رابطه بین عدم تقارن
.26-1 .(2) اطلاعاتی و مدیریت سود. پیشرفت های حسابداری، 6
بت شکن، محمد هاشم و مهسا رهبری خرازی( 1387 ). حاکمیت شرکتی: میزان رعایت
حقوق سهامداران در شرکت های پذیرفته شده در بورس اوراق بهادار تهران، مطالعات
.21 -1 : حسابدار . ی 22
بولو، قاسم. مهدی ابراهیمی میمند ( 1390 ). رابطه ساختار مالکیت با کیفیت افشا در بورس
.69-55 : اوراق بهادار تهران. حسابداری مالی، 12
دیدار، حمزه؛ منصورفر، غلامرضا و هیوا خجسته( 1390 ). اثر خصوصیات شرکتی بر سطح
افشای شرکت های پذیرفته شده در بورس اوراق بهادار تهران. مطالعات تجربی
.168 -141 : حسابداری مالی، 32
ستایش، محمد حسین و مصطفی کاظم نژاد( 1391 ). شناسایی و تبیین عوامل موثر بر کیفیت
افشای اطلاعات شرکت های پذیرفته شده در بورس اوراق بهادار تهران. پیشرفت های
.79-49 :62/ حسابداری، 3
سجادی، سید حسین، تاکر، رضا و علی محمودی( 1390 ). رابطه سرمایه گذاران نهادی با
.137 -115 : کیفیت سود. مطالعات تجربی حسابداری مالی، 29
کاشانی پور، محمد؛ کریمی، حسن و ولی الله کریمی( 1393 ). بررسی ارتباط بین ساختار
: هیات مدیره و مالکیت شرکت با افشای اختیاری. پژوهش های تجربی حسابداری. 14
.186 -167
مرادزاده فرد، مهدی و مینا ابوحمزه( 1390 ). اثر کیفیت افشای شرکتی بر نقدشوندگی سهام
در شرکت های پذیرفته شده در بورس اوراق بهادار تهران. مطالعات تجربی حسابداری
.102-73 : مالی، 32
مهدوی پور، علی، موسوی شیری، محمود و علی رضا کریمی ریابی( 1389 ). قدرت عوامل
موثر بر افشای اطلاعات مالی از طریق اینترنت در وب سایت شرکت های پذیرفته شده
.160-142 : در بورس اوراق بهادار تهران. تحقیقات حسابداری، 5
72 فصلنامه مطالعات تجربی حسابداری مالی سال 12 شماره 48 زمستان 1394
Adelopo, Ismail. (2011). Voluntary disclosure practices amongst listed companies in Nigeria. Advances in Accounting, incorporating Advances in International Accounting, 27: 338–345.
Amer Alhazaimeh, Ravindran Palaniappan, Mahmoud Almsafir, (2014). The Impact of Corporate Governance and Ownership Structure on Voluntary Disclosure in Annual Reports among Listed Jordanian Companies. Procedia- Social and Behavioral Sciences, 129: 341 – 348
Attig, Najah, Sean Cleary, Sadok El Ghoul, Omrane Guedhami. (2012). Institutional investment horizon and investment–cash flow sensitivity. Journal of Banking & Finance, 36: 1164–1180.
Ball, R., & Shivakumar, L. (2005). Earnings quality in U.K. private
firms: Comparative loss recognition timeliness. Journal of
Accounting and Economics, 39: 83–128.
Ball, R., Robin, A., & Sadka, G. (2008). Is financial reporting shaped
by equity markets or by debt market? An international study of
timeliness and conservatism. Review of Accounting Studies, 13:
168–205.
Bartov, E, S. Radhakrishnan, and I. Krinsky. (2000). Investor
sophistication and patterns in stock returns after earnings
announcements. The Accounting Review, 75(1): 43-63.
Bhojraj, S., Sengupta, P. (2003). Effects of corporate governance on bond ratings and yields. Journal of Business, 76: 455–475.
Botosan, C. A. (1997). Disclosure Level and the cost of equity capital. The Accounting Review, 72(3): 323-349.
Bushee, B. J., and C.F. Noe. (2000). Corporate Disclosure Practices,
Institutional Investors, and Stock Return Volatility. Journal of
Accounting Research, 38: 171–202.
Bushee, B., (1998). The influence of institutional investors on myopic
R&D investment behavior. The Accounting Review, 13: 305–333.
Bushee, B., (2001). Do institutional investors prefer near-term earning over long-run value? Contemporary Accounting Research, 18: 207–246.
Callahan, C. M; Martin Stuebs. (2010). A Theoretical and Empirical Investigation of the Impact of Labor Flexibility on risk and the cost of equity capital. Journal of Applied Business Research, 26, 5; ABI/INFORM. P: 45.
Chau, G. K., & Gray, S. J. (2002). Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore. The
International Journal of Accounting, 37(2): 247–265.
Chen, C. J. P., & Jaggi, B. (2000). Association between independent non-executive directors, family control and financial disclosures in
Hong Kong. Journal of Accounting and Public Policy, 19(4–5):
285–310.
رابطه بین نوع مالکیت نهادی و کیفیت افشا در بورس اوراق بهادار تهران 73
Chen, X., Harford, J., Li, K., (2007). Monitoring: which institutions matter? Journal of Financial Economics, 86: 279–305.
Cheng, Eugene C.M. and Courtenay, Stephen M. (2006). Board composition, regulatory regime and voluntary disclosure. The International Journal of Accounting, 41: 262–289.
Chi, W., liu, C., Wang, T., (2007). What affects accounting conservatism: A corporate governance perspective. National Taiwan University, Working paper.
Dechow, P. M., R. G. Sloan, and Sweeney. A. P., (1996). Causes and consequences of earnings manipulations. Contemporary Accounting Research, 13: 1-35.
Efendi, J., Srivastava and Swanson, (2004), Why do Corporate
Managers Misstate Financial Statements? The Role of Option
Compensation, Corporate Governance and Other Factors, Working
Paper, Texas A&M University, College Station.
El-Gazzar, S., (1998). Pre disclosure information and institutional ownership: across- sectional examination of market revaluations during earnings announcement periods. The Accounting Review,
119–130.
Elyasiani, E., Jia, J., (2010). Distribution of institutional ownership
corporate firm performance. Journal of Banking and Finance, 34:
606–620.
Eng, L. and Mak, Y. (2003), Corporate Governance and Voluntary Disclosure. Journal of Accounting and Public Policy, 22: 325-345.
Forker, J., (1992), Corporate Governance and Disclosure Quality.
Accounting and Business Research, 22(1): 111–124.
Froot, K, D. Scharfstein, and J. Stein. (1992). Herd on the street:Information inefficiencies in a market with short term speculation. Journal of Finance, 47: 1461‐1484.
Gaspar, J., Massa, M., Matos, P., (2005). Shareholder investment horizons and the market for corporate control. Journal of Financial Economics, 76: 135–165.
Gul, F. A., & Leung, S. (2004). Board leadership, outside directors’ expertise and voluntary corporate disclosures. Journal of Accounting and Public Policy, 23: 351–379.
Hartzell, J., Starks, L., (2003). Institutional investors and executive
compensation. Journal of Finance, 58: 2351–2374.
Hidalgo, Ruth L. Emma Garcıa-Meca,. Isabel Martı´nez. (2011). Corporate Governance and Intellectual Capital Disclosure. Journal of Business Ethics, 100:483–495.
Ho, S. and K. Wong., (2001), A Study of the Relationship Between
Corporate Governance Structures and the Extent of Voluntary
Disclosure, Journal of International Accounting, Auditing &
Taxation: 10, 139–156.
74 فصلنامه مطالعات تجربی حسابداری مالی سال 12 شماره 48 زمستان 1394
Jensen, M. C. (1986) Agency costs of free cash flows, corporate finance and takeovers. American Economic Review: 76(2): 323-329.
Jensen, M. C. and Meckling, W. H. (1976). Theory of the firm, managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3: 305-360.
Jiambalvo, J., S. Rajgopal, and M. Venkatachalam. (2002). Institutional ownership and the extent to which stock prices reflect future earnings. Contemporary Accounting Research, 19(1): 117‐145.
Jiang, Haiyan, Ahsan Habib, Baiding Hu. (2011). Ownership concentration, voluntary disclosures and information asymmetry in New Zealand. The British Accounting Review, 43: 39–53.
Karamanou, I., Vafeas, N., (2005). The association between boards, audit committees, and management earnings forecasts: an empirical analysis. Journal of Accounting Research, 43: 453–486.
Lang, M. and Lundholm, R. (1993). Cross-sectional determinants of
analyst rating of corporate disclosures. Journal of Accounting
Research, 31: 246-271.
Lin, Y. M., You, S. J. & Huang, M. S., (2012), Information Asymmetry and Liquidity Risk. International Review of Business Research Papers, 8: 112-131.
Lin, Z. J., & Wang, L. (2001). Financial disclosure and accounting
harmonization: Cases of three listed companies in China.
Managerial Auditing Journal, 16(5): 263–273.
Lobo, G.J. and Zhou, J. (2001). Disclosure quality and earnings management. Paper presented at the 2001 Asia-Pacific Journal of Accounting and Economics Symposium in Hong Kong.
Lundholm, R., and P. Myers, (2002).Bringing the future forward: the effect of disclosure on the returns-earnings relation. Journal of
Accounting Research, 40: 809–839.
Meek, G., Roberts, C. and Gray. S. (1995). Factor influencing Voluntary annual report Disclosure by US, UK & continental European Multinationals. Journal of International Business Studies, 26 (3): 555-572.
Nagar, V., Nanda, D. and Wysocki, P. (2003). Discretionary Disclosure and stock-based incentives. Journal of Accounting and Economics, 34: 283-309.
Raffournier, B. (1995). The Determinants of Voluntary Disclosure by Swiss Listed Companies. European Accounting Review, 4 (2): 261-280.
Samaha. Kh, Khlif, H, Hussainey, Kh. (2015). Taxation The impact of board and audit committee characteristics on voluntary
رابطه بین نوع مالکیت نهادی و کیفیت افشا در بورس اوراق بهادار تهران 75
disclosure: A meta-analysis. Journal of International Accounting, Auditing and Taxation, 24: 13–28
Schleifer, A. and Vishny, R.W. (1986). Large shareholders and corporate control. Journal of Political Economy, 95: 461-488.
Smith, M., & Taffler, R. (1992). Readability and understandability:
Different measures of the textual complexity of accounting
narrative. Accounting, Auditing and Accountability Journal, 5(4):
84–98.
Wang, H., Bi, J., Wheeler, D., Wang, J. N., Cao, D., Lu, G. F. (2004).
Environmental performance rating and disclosure: China’s green
watch program. Journal of Environmental Management, 71: 123–
133.
Watts, R., Zimmerman, J. L. (1986). Positive Accounting Theory
(Englewood Cliffs, NJ: Prentice-Hall).
منابع
اعتمادی، حسین، امیرخانی، کوروش و محبت رضایی( 1390 ). محتوای ارزشی افشای
اجباری: شواهدی از شرکت های پذیرفته شده در بورس اوراق بهادار تهران. فصلنامه
.252-235 : بورس اوراق بهادار، 13
باباجانی، جعفر؛ تحریری، آرش؛ ثقفی، علی و احمد بدری ( 1393 ). رابطه بین عدم تقارن
.26-1 .(2) اطلاعاتی و مدیریت سود. پیشرفت های حسابداری، 6
بت شکن، محمد هاشم و مهسا رهبری خرازی( 1387 ). حاکمیت شرکتی: میزان رعایت
حقوق سهامداران در شرکت های پذیرفته شده در بورس اوراق بهادار تهران، مطالعات
.21 -1 : حسابدار . ی 22
بولو، قاسم. مهدی ابراهیمی میمند ( 1390 ). رابطه ساختار مالکیت با کیفیت افشا در بورس
.69-55 : اوراق بهادار تهران. حسابداری مالی، 12
دیدار، حمزه؛ منصورفر، غلامرضا و هیوا خجسته( 1390 ). اثر خصوصیات شرکتی بر سطح
افشای شرکت های پذیرفته شده در بورس اوراق بهادار تهران. مطالعات تجربی
.168 -141 : حسابداری مالی، 32
ستایش، محمد حسین و مصطفی کاظم نژاد( 1391 ). شناسایی و تبیین عوامل موثر بر کیفیت
افشای اطلاعات شرکت های پذیرفته شده در بورس اوراق بهادار تهران. پیشرفت های
.79-49 :62/ حسابداری، 3
سجادی، سید حسین، تاکر، رضا و علی محمودی( 1390 ). رابطه سرمایه گذاران نهادی با
.137 -115 : کیفیت سود. مطالعات تجربی حسابداری مالی، 29
کاشانی پور، محمد؛ کریمی، حسن و ولی الله کریمی( 1393 ). بررسی ارتباط بین ساختار
: هیات مدیره و مالکیت شرکت با افشای اختیاری. پژوهش های تجربی حسابداری. 14
.186 -167
مرادزاده فرد، مهدی و مینا ابوحمزه( 1390 ). اثر کیفیت افشای شرکتی بر نقدشوندگی سهام
در شرکت های پذیرفته شده در بورس اوراق بهادار تهران. مطالعات تجربی حسابداری
.102-73 : مالی، 32
مهدوی پور، علی، موسوی شیری، محمود و علی رضا کریمی ریابی( 1389 ). قدرت عوامل
موثر بر افشای اطلاعات مالی از طریق اینترنت در وب سایت شرکت های پذیرفته شده
.160-142 : در بورس اوراق بهادار تهران. تحقیقات حسابداری، 5
72 فصلنامه مطالعات تجربی حسابداری مالی سال 12 شماره 48 زمستان 1394
Adelopo, Ismail. (2011). Voluntary disclosure practices amongst listed companies in Nigeria. Advances in Accounting, incorporating Advances in International Accounting, 27: 338–345.
Amer Alhazaimeh, Ravindran Palaniappan, Mahmoud Almsafir, (2014). The Impact of Corporate Governance and Ownership Structure on Voluntary Disclosure in Annual Reports among Listed Jordanian Companies. Procedia- Social and Behavioral Sciences, 129: 341 – 348
Attig, Najah, Sean Cleary, Sadok El Ghoul, Omrane Guedhami. (2012). Institutional investment horizon and investment–cash flow sensitivity. Journal of Banking & Finance, 36: 1164–1180.
Ball, R., & Shivakumar, L. (2005). Earnings quality in U.K. private
firms: Comparative loss recognition timeliness. Journal of
Accounting and Economics, 39: 83–128.
Ball, R., Robin, A., & Sadka, G. (2008). Is financial reporting shaped
by equity markets or by debt market? An international study of
timeliness and conservatism. Review of Accounting Studies, 13:
168–205.
Bartov, E, S. Radhakrishnan, and I. Krinsky. (2000). Investor
sophistication and patterns in stock returns after earnings
announcements. The Accounting Review, 75(1): 43-63.
Bhojraj, S., Sengupta, P. (2003). Effects of corporate governance on bond ratings and yields. Journal of Business, 76: 455–475.
Botosan, C. A. (1997). Disclosure Level and the cost of equity capital. The Accounting Review, 72(3): 323-349.
Bushee, B. J., and C.F. Noe. (2000). Corporate Disclosure Practices,
Institutional Investors, and Stock Return Volatility. Journal of
Accounting Research, 38: 171–202.
Bushee, B., (1998). The influence of institutional investors on myopic
R&D investment behavior. The Accounting Review, 13: 305–333.
Bushee, B., (2001). Do institutional investors prefer near-term earning over long-run value? Contemporary Accounting Research, 18: 207–246.
Callahan, C. M; Martin Stuebs. (2010). A Theoretical and Empirical Investigation of the Impact of Labor Flexibility on risk and the cost of equity capital. Journal of Applied Business Research, 26, 5; ABI/INFORM. P: 45.
Chau, G. K., & Gray, S. J. (2002). Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore. The
International Journal of Accounting, 37(2): 247–265.
Chen, C. J. P., & Jaggi, B. (2000). Association between independent non-executive directors, family control and financial disclosures in
Hong Kong. Journal of Accounting and Public Policy, 19(4–5):
285–310.
رابطه بین نوع مالکیت نهادی و کیفیت افشا در بورس اوراق بهادار تهران 73
Chen, X., Harford, J., Li, K., (2007). Monitoring: which institutions matter? Journal of Financial Economics, 86: 279–305.
Cheng, Eugene C.M. and Courtenay, Stephen M. (2006). Board composition, regulatory regime and voluntary disclosure. The International Journal of Accounting, 41: 262–289.
Chi, W., liu, C., Wang, T., (2007). What affects accounting conservatism: A corporate governance perspective. National Taiwan University, Working paper.
Dechow, P. M., R. G. Sloan, and Sweeney. A. P., (1996). Causes and consequences of earnings manipulations. Contemporary Accounting Research, 13: 1-35.
Efendi, J., Srivastava and Swanson, (2004), Why do Corporate
Managers Misstate Financial Statements? The Role of Option
Compensation, Corporate Governance and Other Factors, Working
Paper, Texas A&M University, College Station.
El-Gazzar, S., (1998). Pre disclosure information and institutional ownership: across- sectional examination of market revaluations during earnings announcement periods. The Accounting Review,
119–130.
Elyasiani, E., Jia, J., (2010). Distribution of institutional ownership
corporate firm performance. Journal of Banking and Finance, 34:
606–620.
Eng, L. and Mak, Y. (2003), Corporate Governance and Voluntary Disclosure. Journal of Accounting and Public Policy, 22: 325-345.
Forker, J., (1992), Corporate Governance and Disclosure Quality.
Accounting and Business Research, 22(1): 111–124.
Froot, K, D. Scharfstein, and J. Stein. (1992). Herd on the street:Information inefficiencies in a market with short term speculation. Journal of Finance, 47: 1461‐1484.
Gaspar, J., Massa, M., Matos, P., (2005). Shareholder investment horizons and the market for corporate control. Journal of Financial Economics, 76: 135–165.
Gul, F. A., & Leung, S. (2004). Board leadership, outside directors’ expertise and voluntary corporate disclosures. Journal of Accounting and Public Policy, 23: 351–379.
Hartzell, J., Starks, L., (2003). Institutional investors and executive
compensation. Journal of Finance, 58: 2351–2374.
Hidalgo, Ruth L. Emma Garcıa-Meca,. Isabel Martı´nez. (2011). Corporate Governance and Intellectual Capital Disclosure. Journal of Business Ethics, 100:483–495.
Ho, S. and K. Wong., (2001), A Study of the Relationship Between
Corporate Governance Structures and the Extent of Voluntary
Disclosure, Journal of International Accounting, Auditing &
Taxation: 10, 139–156.
74 فصلنامه مطالعات تجربی حسابداری مالی سال 12 شماره 48 زمستان 1394
Jensen, M. C. (1986) Agency costs of free cash flows, corporate finance and takeovers. American Economic Review: 76(2): 323-329.
Jensen, M. C. and Meckling, W. H. (1976). Theory of the firm, managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3: 305-360.
Jiambalvo, J., S. Rajgopal, and M. Venkatachalam. (2002). Institutional ownership and the extent to which stock prices reflect future earnings. Contemporary Accounting Research, 19(1): 117‐145.
Jiang, Haiyan, Ahsan Habib, Baiding Hu. (2011). Ownership concentration, voluntary disclosures and information asymmetry in New Zealand. The British Accounting Review, 43: 39–53.
Karamanou, I., Vafeas, N., (2005). The association between boards, audit committees, and management earnings forecasts: an empirical analysis. Journal of Accounting Research, 43: 453–486.
Lang, M. and Lundholm, R. (1993). Cross-sectional determinants of
analyst rating of corporate disclosures. Journal of Accounting
Research, 31: 246-271.
Lin, Y. M., You, S. J. & Huang, M. S., (2012), Information Asymmetry and Liquidity Risk. International Review of Business Research Papers, 8: 112-131.
Lin, Z. J., & Wang, L. (2001). Financial disclosure and accounting
harmonization: Cases of three listed companies in China.
Managerial Auditing Journal, 16(5): 263–273.
Lobo, G.J. and Zhou, J. (2001). Disclosure quality and earnings management. Paper presented at the 2001 Asia-Pacific Journal of Accounting and Economics Symposium in Hong Kong.
Lundholm, R., and P. Myers, (2002).Bringing the future forward: the effect of disclosure on the returns-earnings relation. Journal of
Accounting Research, 40: 809–839.
Meek, G., Roberts, C. and Gray. S. (1995). Factor influencing Voluntary annual report Disclosure by US, UK & continental European Multinationals. Journal of International Business Studies, 26 (3): 555-572.
Nagar, V., Nanda, D. and Wysocki, P. (2003). Discretionary Disclosure and stock-based incentives. Journal of Accounting and Economics, 34: 283-309.
Raffournier, B. (1995). The Determinants of Voluntary Disclosure by Swiss Listed Companies. European Accounting Review, 4 (2): 261-280.
Samaha. Kh, Khlif, H, Hussainey, Kh. (2015). Taxation The impact of board and audit committee characteristics on voluntary
رابطه بین نوع مالکیت نهادی و کیفیت افشا در بورس اوراق بهادار تهران 75
disclosure: A meta-analysis. Journal of International Accounting, Auditing and Taxation, 24: 13–28
Schleifer, A. and Vishny, R.W. (1986). Large shareholders and corporate control. Journal of Political Economy, 95: 461-488.
Smith, M., & Taffler, R. (1992). Readability and understandability:
Different measures of the textual complexity of accounting
narrative. Accounting, Auditing and Accountability Journal, 5(4):
84–98.
Wang, H., Bi, J., Wheeler, D., Wang, J. N., Cao, D., Lu, G. F. (2004).
Environmental performance rating and disclosure: China’s green
watch program. Journal of Environmental Management, 71: 123–
133.
Watts, R., Zimmerman, J. L. (1986). Positive Accounting Theory
(Englewood Cliffs, NJ: Prentice-Hall).
اعتمادی، حسین، امیرخانی، کوروش و محبت رضایی( 1390 ). محتوای ارزشی افشای
اجباری: شواهدی از شرکت های پذیرفته شده در بورس اوراق بهادار تهران. فصلنامه
.252-235 : بورس اوراق بهادار، 13
باباجانی، جعفر؛ تحریری، آرش؛ ثقفی، علی و احمد بدری ( 1393 ). رابطه بین عدم تقارن
.26-1 .(2) اطلاعاتی و مدیریت سود. پیشرفت های حسابداری، 6
بت شکن، محمد هاشم و مهسا رهبری خرازی( 1387 ). حاکمیت شرکتی: میزان رعایت
حقوق سهامداران در شرکت های پذیرفته شده در بورس اوراق بهادار تهران، مطالعات
.21 -1 : حسابدار . ی 22
بولو، قاسم. مهدی ابراهیمی میمند ( 1390 ). رابطه ساختار مالکیت با کیفیت افشا در بورس
.69-55 : اوراق بهادار تهران. حسابداری مالی، 12
دیدار، حمزه؛ منصورفر، غلامرضا و هیوا خجسته( 1390 ). اثر خصوصیات شرکتی بر سطح
افشای شرکت های پذیرفته شده در بورس اوراق بهادار تهران. مطالعات تجربی
.168 -141 : حسابداری مالی، 32
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