Document Type : Research Paper
Authors
Abstract
Abstract
The present research deals with explaining the relationship between
financial statements comparability and the stock price in
formativeness regarding the future earnings as well as explaining the
role of the financial statements comparability in reflecting the firm’s
specific future earnings data and reflecting the future earnings data
relevant to the industry in the stock price of the current period. The
time period of this research for the 4-year has been considered from
the beginning of 1386 till the end of 1389. However, data from 1383
to 1386 and 1390 to 1392 is also used to calculate some variables. The
research sample consists of 85 listed firms in Tehran Stock Exchange.
The multivariate regressions have been used for the statistical
analysis. Four control variables-size, growth, loss and earnings
volatility-have been used. According to the accomplished tests there is
no positive relation between the financial statements comparability
and the stock price in formativeness. The financial statements
comparability does not contribute in reflecting the future earnings data
relevant to the industry and reflecting the firm’s specific future
earnings data in the stock price of the current period
Keywords
اسکات، ویلیام. ( 2003 ). تئوری حسابداری مالی (ترجمه علی پارساییان، 1391 ) تهران:
انتشارات ترمه.
) لوسر ،هداز نسح ناردارب و سنوی ،یدنهن رواداب ،ارهز ،نسحفوص هلادبعروپ1391 .( تیلباق یسرربتروص هسیاقم نابحاص قوقح هنیزه و یتاعلاطا نراقت مدع رب یلام یاهماهس ، :رد سرتسد لباقhttp://www.civilica.com/Paper-FNCAM01-FNCAM01_138.html .
ثقفی، علی و مرفوع، محمد ( 1390 ) ریسک نقدشوندگی سهام و کیفیت سود. فصلنامه
.1- مطالعات تجربی حسابداری مالی، 29،37
رحمانی، علی و بشیری منش، نازنین. ( 1390 ). بررسی اثر هموارسازی سود بر آگاهی-
.39-54 ، بخشی قیمت سهام. مجله پژوهش های حسابداری مالی، 3
سازمان حسابرسی ( 1390 ) اصول و ضوابط حسابداری و حسابرسی: استانداردهای
حسابداری(استانداردشماره 1 تا 32 ) کمیته تدوین استانداردهای حسابدار . ی تهران:
سازمان حسابرسی( کمیته تدوین استانداردهای حسابداری).
صدیقی، روحاله( 1392 ) ارتباط ساختار هیأت مدیره با محتوای اطلاعاتی سود حسابداری.
.99- فصلنامه مطالعات تجربی حسابداری مالی ، 37،125
Barth, M. E.,R. Landsman, W.,H. Lang, M., &D. Williams, C. (2013). Effects on comparability and capital market benefits of voluntary adoption of IFRS by US Firms: Insights from voluntary adoption of IFRS by non-US Firms. Working Paper.Stanford University, University of North Carolina at Chapel Hill, and University of Michigan. available at: http://ssrn.com/abstract=2196247
Brochet, F., D. Jagolinzer, A., &J. Riedl, E. (2012). Mandatory IFRS adoption and financial statement comparability. Contemporary Accounting Research (forthcoming). Harvard Business School Accounting & Management . Available at SSRN: http://ssrn.com/abstract=1819482.
Campbell, J. , & Yeung, P.E.(2013). Does stock price contagion reflect the information in earnings management contagion? Working Paper. University of Georgia and Cornell University.
Chen, C.-W., W. Collins, D.,Kravet, T., &D. Mergenthaler, R. (2013). Financial statement comparability and the efficiency of acquisition
رابطه بین قابلیت مقایسه صورتهای مالی باآگاهی بخشی... 109
decisions. Working Paper,University of Iowa and University of Texas at Dallas. Available at: http://ssrn.com/abstract=2169082
Choi, J.-H., A. Myers, L., Zang,Y.,& Ziebart, D. (2011). Do
management EPS forecasts allow returns to reflect future earnings?
Implications for the continuation of management’s quarterly
earnings guidance. Review of Accounting Studies, 16(1), 143-182.
Choi, J.-H., Choi, s. , A. Myers, L., & Ziebart, D. (2014). Financial Statement Comparability and the Ability of Current Stock Returns to Reflect the Information in Future Earnings, available at: http://ssrn.com/abstract=2337571
De Franco, G., Kothari, S., & S. Verdi, R. (2011). The benefits of financial statement comparability. Journal of Accounting Research, 49(4), 895-931.
Durnev, A., Morck, R., Yeung, B.,&Zarowin, P. (2003). Does greater firm-specific return variation mean more or less informed stock pricing?. Journal of Accounting Research, 41(5),797-836.
Ettredge, M., Kwon, S. Y., B. Smith, D., A. Zarowin, P. (2005). The
impact of SFAS No. 131 business segment data on the market’s
ability to anticipate future earnings. The Accounting Review,
80(3), 773-804.
Fang, V., Maffett, M., & Zhang, B. (2012). The Effect of Foreign Institutional Investment on Financial Reporting Comparability. Available at: http://www.bm.ust.hk
Financial Accounting Standards Board (FASB).(2010). Statement of Financial Accounting Concepts No. 8: Conceptual Framework for Financial Reporting.
Gelb, D. S., & Zarowin, P. (2002). Corporate disclosure policy and the informativeness of stock prices. Review of Accounting Studies, 7(1), 33-52.
Haw, I.-M., Hu, B., J. Lee, J.,& Wu, H. (2012). Investor protection and price informativeness about future earnings: International evidence. Review of Accounting Studies, 17(2), 389-419.
Horton, J., Serafeim, G., & Serafeim, I. (2013). Does mandatory IFRS adoption improve the information environment?. Contemporary Accounting Research, 30 (1) , 388-423.
International Accounting Standards Board (IASB).(2010). Conceptual Framwork for Financial Reporting.
Kim, Y.,& Li, S.(2010). Mandatory IFRS adoption and intra-industry information transfer. Working Paper. Santa Clara University.
Lang, M. H., G. Maffett, M., & L. Owens, E. (2010). Earnings comovement and accounting comparability: The effects of mandatory IFRS adoption. Working Paper.University of North Carolina at Chapel Hill, and University of Rochester. available at: http://ssrn.com/abstract=1676937
110 فصلنامه مطالعات تجربی حسابداری مالی سال 12 شماره 49 بهار 1395
Lundholm, R. J., & A. Myers, L. (2002). Bringing the future forward: The effect of disclosure on the returns-earnings relation. Journal of Accounting Research, 40(3), 809-839.
Luo, M., Chen, T., & Yan, I. (2014). Price informativeness and institutional ownership: evidence from Japan. Review of Quantitative Finance and Accounting, 42(4),627-651.
Tucker, J., & Zarowin, P. (2005). Does Income Smoothing Improve Earnings Informativeness?. Available at SSRN: http:// ssrn.com/ abstract=744708.
Zarowin, P. (2002). Does Income Smoothing Make Stock Prices More Informative?. New York University Stern School of Business. Available at: SSRN: http://ssrn.com/abstract=315099.
Zhang, H. (2012). Accounting Comparability,Audit Effort and Audit
Outcomes. Available at: https://aaah q.org.
انتشارات ترمه.
) لوسر ،هداز نسح ناردارب و سنوی ،یدنهن رواداب ،ارهز ،نسحفوص هلادبعروپ1391 .( تیلباق یسرربتروص هسیاقم نابحاص قوقح هنیزه و یتاعلاطا نراقت مدع رب یلام یاهماهس ، :رد سرتسد لباقhttp://www.civilica.com/Paper-FNCAM01-FNCAM01_138.html .
ثقفی، علی و مرفوع، محمد ( 1390 ) ریسک نقدشوندگی سهام و کیفیت سود. فصلنامه
.1- مطالعات تجربی حسابداری مالی، 29،37
رحمانی، علی و بشیری منش، نازنین. ( 1390 ). بررسی اثر هموارسازی سود بر آگاهی-
.39-54 ، بخشی قیمت سهام. مجله پژوهش های حسابداری مالی، 3
سازمان حسابرسی ( 1390 ) اصول و ضوابط حسابداری و حسابرسی: استانداردهای
حسابداری(استانداردشماره 1 تا 32 ) کمیته تدوین استانداردهای حسابدار . ی تهران:
سازمان حسابرسی( کمیته تدوین استانداردهای حسابداری).
صدیقی، روحاله( 1392 ) ارتباط ساختار هیأت مدیره با محتوای اطلاعاتی سود حسابداری.
.99- فصلنامه مطالعات تجربی حسابداری مالی ، 37،125
Barth, M. E.,R. Landsman, W.,H. Lang, M., &D. Williams, C. (2013). Effects on comparability and capital market benefits of voluntary adoption of IFRS by US Firms: Insights from voluntary adoption of IFRS by non-US Firms. Working Paper.Stanford University, University of North Carolina at Chapel Hill, and University of Michigan. available at: http://ssrn.com/abstract=2196247
Brochet, F., D. Jagolinzer, A., &J. Riedl, E. (2012). Mandatory IFRS adoption and financial statement comparability. Contemporary Accounting Research (forthcoming). Harvard Business School Accounting & Management . Available at SSRN: http://ssrn.com/abstract=1819482.
Campbell, J. , & Yeung, P.E.(2013). Does stock price contagion reflect the information in earnings management contagion? Working Paper. University of Georgia and Cornell University.
Chen, C.-W., W. Collins, D.,Kravet, T., &D. Mergenthaler, R. (2013). Financial statement comparability and the efficiency of acquisition
رابطه بین قابلیت مقایسه صورتهای مالی باآگاهی بخشی... 109
decisions. Working Paper,University of Iowa and University of Texas at Dallas. Available at: http://ssrn.com/abstract=2169082
Choi, J.-H., A. Myers, L., Zang,Y.,& Ziebart, D. (2011). Do
management EPS forecasts allow returns to reflect future earnings?
Implications for the continuation of management’s quarterly
earnings guidance. Review of Accounting Studies, 16(1), 143-182.
Choi, J.-H., Choi, s. , A. Myers, L., & Ziebart, D. (2014). Financial Statement Comparability and the Ability of Current Stock Returns to Reflect the Information in Future Earnings, available at: http://ssrn.com/abstract=2337571
De Franco, G., Kothari, S., & S. Verdi, R. (2011). The benefits of financial statement comparability. Journal of Accounting Research, 49(4), 895-931.
Durnev, A., Morck, R., Yeung, B.,&Zarowin, P. (2003). Does greater firm-specific return variation mean more or less informed stock pricing?. Journal of Accounting Research, 41(5),797-836.
Ettredge, M., Kwon, S. Y., B. Smith, D., A. Zarowin, P. (2005). The
impact of SFAS No. 131 business segment data on the market’s
ability to anticipate future earnings. The Accounting Review,
80(3), 773-804.
Fang, V., Maffett, M., & Zhang, B. (2012). The Effect of Foreign Institutional Investment on Financial Reporting Comparability. Available at: http://www.bm.ust.hk
Financial Accounting Standards Board (FASB).(2010). Statement of Financial Accounting Concepts No. 8: Conceptual Framework for Financial Reporting.
Gelb, D. S., & Zarowin, P. (2002). Corporate disclosure policy and the informativeness of stock prices. Review of Accounting Studies, 7(1), 33-52.
Haw, I.-M., Hu, B., J. Lee, J.,& Wu, H. (2012). Investor protection and price informativeness about future earnings: International evidence. Review of Accounting Studies, 17(2), 389-419.
Horton, J., Serafeim, G., & Serafeim, I. (2013). Does mandatory IFRS adoption improve the information environment?. Contemporary Accounting Research, 30 (1) , 388-423.
International Accounting Standards Board (IASB).(2010). Conceptual Framwork for Financial Reporting.
Kim, Y.,& Li, S.(2010). Mandatory IFRS adoption and intra-industry information transfer. Working Paper. Santa Clara University.
Lang, M. H., G. Maffett, M., & L. Owens, E. (2010). Earnings comovement and accounting comparability: The effects of mandatory IFRS adoption. Working Paper.University of North Carolina at Chapel Hill, and University of Rochester. available at: http://ssrn.com/abstract=1676937
110 فصلنامه مطالعات تجربی حسابداری مالی سال 12 شماره 49 بهار 1395
Lundholm, R. J., & A. Myers, L. (2002). Bringing the future forward: The effect of disclosure on the returns-earnings relation. Journal of Accounting Research, 40(3), 809-839.
Luo, M., Chen, T., & Yan, I. (2014). Price informativeness and institutional ownership: evidence from Japan. Review of Quantitative Finance and Accounting, 42(4),627-651.
Tucker, J., & Zarowin, P. (2005). Does Income Smoothing Improve Earnings Informativeness?. Available at SSRN: http:// ssrn.com/ abstract=744708.
Zarowin, P. (2002). Does Income Smoothing Make Stock Prices More Informative?. New York University Stern School of Business. Available at: SSRN: http://ssrn.com/abstract=315099.
Zhang, H. (2012). Accounting Comparability,Audit Effort and Audit
Outcomes. Available at: https://aaah q.org.
)