Document Type : Research Paper
Author
Abstract
This study has been implemented with the aim of the development of the researches in the scope of
the management effects through investigation of the management ability on the investment decisions
and the stock price crash risk. In this regard and in order to measure the managers ability and its
related effects on the investment efficiency (in the form of three models) and also its interaction
with the element of the reporting quality on the future stock price crash risk (in the form of two
models), the Demorgian et al (2013) model has been used. Hence two different statistical samples
from the Tehran stock exchange listed companies and with the implementation of the Systematic
removal model have been used. Also in order to examine the hypotheses, estimation methods and the
assumption of the model, the Panel analysis has been used. Our findings show that the managerial
talent decreases the underinvestment and reinforces the overinvestment and generally increases the
deviation of the expected level of investment. In addition, the results of this study on the one
hand, show that the managerial talent, meaningfully, decreases the future stock price crash risk
and from the other hand it shows that the desirable reporting quality, decreases the future stock
price crash risk. But there is no evidence showing the existence of an interactive relationship
between capable managers and high reporting quality with future stock price crash risk.
Keywords
بزرگ اصل، موسی و بیستون صالح زاده) 1393 (، توانایی مدیریت و کیفیت اقلام .139- تعهدی، مجله دانش حسابداری، سال پنجم، شماره 17 ، صص 119
پیری، پرویز؛ دیدار، حمزه و سیما خدایار یگانه ) 1393 (، بررسی تاثیر توانایی مدیریت بر کیفیت گزارشگری مالی در طول چرخه های عمر شرکتهای پذیرفته شده در بورس
. اوراق بهادار تهران، مجله پژوهشهای حسابداری مالی، شماره 21 ، صفحه 99 تا 118
حاجب، حمیدرضا؛ غیوری مقدم علی و محمدجواد غفاری ) 1393 (، بررسی تاثیر توانایی مدیریت بر ساختار سرمایه در صنعت مواد و محصولات دارویی، فصلنامه حسابداری
.1- سلامت،سال سوم، شماره سوم،شماره پیاپی) 9(، صص 17
فروغی، داریوش و پیمان قاسم زاده ) 1394 (، تاثیر اطمینان بیش از حد مدیریت بر - ریسک سقوط قیمت سهام، دانش حسابداری مالی، دوره دوم، شماره 2، صص 71
.55 ،) مرادزاده فرد، مهدی؛ فرج زاده، مریم؛ کرمی، شیما و مرتضی عدل زاده، ) 1393
بررسی رابطه محافظه کاری و کارایی سرمایه گذاری با توجه به وضعیت تأمین مالی و مالکیت نهایی در شرکت های پذیرفته شده در بورس اوراق بهادار تهران، مجله
. 116- مطالعات تجربی حسابداری مالی، شماره 44 ، صفحه 97
مشایخ، شهناز ؛ بشیری منش، نازنین و سید سمانه شاهرخی، ) 1392 (، مدیریت سود و رفتار سرمایه گذاری واحدهای تجاری،، مجله مطالعات تجربی حسابداری مالی،
.99- شماره 40 ، صفحه 77
منصورفر، غلامرضا؛ دیدار، حمزه و وحید حسین پور ) 1394 (، بررسی توانایی مدیریت . بر کیفیت سود، مجله پژوهش های حسابداری مالی، شماره 23 ، صفحه 37 تا 54
هاشمی، سید عباس؛ صمدی، سعید و ریحانه هادیان، ) 1393 (، اثرکیفیت گزارشگری مالی و سررسید بدهی بر کارایی سرمایه گذاری، مطالعات تجربی حسابداری مالی،
. 143- شماره 44 ، صفحه 117
پیری، پرویز؛ دیدار، حمزه و سیما خدایار یگانه ) 1393 (، بررسی تاثیر توانایی مدیریت بر کیفیت گزارشگری مالی در طول چرخه های عمر شرکتهای پذیرفته شده در بورس
. اوراق بهادار تهران، مجله پژوهشهای حسابداری مالی، شماره 21 ، صفحه 99 تا 118
حاجب، حمیدرضا؛ غیوری مقدم علی و محمدجواد غفاری ) 1393 (، بررسی تاثیر توانایی مدیریت بر ساختار سرمایه در صنعت مواد و محصولات دارویی، فصلنامه حسابداری
.1- سلامت،سال سوم، شماره سوم،شماره پیاپی) 9(، صص 17
فروغی، داریوش و پیمان قاسم زاده ) 1394 (، تاثیر اطمینان بیش از حد مدیریت بر - ریسک سقوط قیمت سهام، دانش حسابداری مالی، دوره دوم، شماره 2، صص 71
.55 ،) مرادزاده فرد، مهدی؛ فرج زاده، مریم؛ کرمی، شیما و مرتضی عدل زاده، ) 1393
بررسی رابطه محافظه کاری و کارایی سرمایه گذاری با توجه به وضعیت تأمین مالی و مالکیت نهایی در شرکت های پذیرفته شده در بورس اوراق بهادار تهران، مجله
. 116- مطالعات تجربی حسابداری مالی، شماره 44 ، صفحه 97
مشایخ، شهناز ؛ بشیری منش، نازنین و سید سمانه شاهرخی، ) 1392 (، مدیریت سود و رفتار سرمایه گذاری واحدهای تجاری،، مجله مطالعات تجربی حسابداری مالی،
.99- شماره 40 ، صفحه 77
منصورفر، غلامرضا؛ دیدار، حمزه و وحید حسین پور ) 1394 (، بررسی توانایی مدیریت . بر کیفیت سود، مجله پژوهش های حسابداری مالی، شماره 23 ، صفحه 37 تا 54
هاشمی، سید عباس؛ صمدی، سعید و ریحانه هادیان، ) 1393 (، اثرکیفیت گزارشگری مالی و سررسید بدهی بر کارایی سرمایه گذاری، مطالعات تجربی حسابداری مالی،
. 143- شماره 44 ، صفحه 117
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Baik, B., D. B. Farber, and S. S. Lee. (2011). CEO ability and management earnings forecasts. Contemporary Accounting Research 28 (5):1645-1668.
Baker, M., J. C. Stein, and J. Wurgler. (2003). When does the market
matter? Stock prices and the investment of equity-dependent firms. 118:969-1005.
Bamber, L. S., J. Jiang, and I. Y. Wang.( 2010). What's my style?
The influence of top managers on voluntary corporate financial disclosure. The Accounting Review 85 (4):1131-1162.
Bar-Gill, O., and L. Bebchuk.(2003). Misreporting corporate performance: Working paper, Harvard Law School.
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of managers on firm policies, The Quarterly Journal of
Economics 118 (4):1169-1208.
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capital investment, The Accounting Review 81 (5):963-982.
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Managerial ability and earnings quality, The Accounting Review
88 (2):463-498.
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Managerial Ability: A New Measure and Validity Tests”,
Management Science, Vol. 58, No. 7, pp. 1229-1248.
Fee, C. E., and C. J. Hadlock.(2003). Raids, rewards, and reputations
in the market for managerial talent. Review of Financial Studies
16 (4):1315-1357.
Francis, B., X. Sun, and Q. Wu. (2013). Managerial ability and tax
avoidance. Working paper, Rensselaer Polytechnic Institute:
Available at SSRN 2348695.
Francis, J., A. H. Huang, S. Rajgopal, and A. Y. Zang. (2008). CEO
reputation and earnings quality. Contemporary Accounting
Research 25 (1):109-147.
Habib Ahsan (2015). Managerial talent, investment efficiency and
stock price crash risk. http:// papers.ssrn.com/ sol3/papers.cfm?
abstract_id=2517905.
Hayashi, F. (1982). Tobin's Marginal q and Average q: A
Neoclassical Interpretation. Econometrica 50 (1):213-224.
توانایی مدیریتی، کارآیی سرمایه گذاری و ریسک سقوط ... 55
Huang, W., F. Jiang, Z. Liu, and M. Zhang. (2011). Agency cost, top
executives' overconfidence, and investment-cash flow sensitivity
Evidence from listed companies in China. Pacific-Basin Finance
Journal 19 (3):261-277.
Hutton, A. P., A. J. Marcus, and H. Tehranian. (2009). Opaque
financial reports, R2, and crash risk. Journal of Financial
Economics 94 (1):67-86.
Jensen, M. C., and W. H. Meckling. (1976). Agency costs and the
theory of the firm. Journal of Financial Economics 3 (4):305-360.
Leverty, J. T., and M. F. Grace. 2012. Dupes or incompetents? An
examination of management's impact on firm distress. Journal of
Risk and Insurance 79 (3):751-783.
Lieberson, S., and J. F. O'Connor. (1972). Leadership and
organizational performance: A study of large corporations.
American Sociological Review 37 (2):117-130.
Mackey, A. (2008). The effect of CEOs on firm performance.
Strategic Management Journal 29 (12):1357- 1367.
Malmendier, U., and G. Tate. (2005). CEO overconfidence and
corporate investment. The Journal of Finance 60 (6):2661-2700.
Malmendier, U., and G. Tate. (2008) a. Superstar CEOs: Working
paper, NBER, University of California at Los Angeles
Malmendier, U., and G. Tate. (2008)b. Who makes acquisitions?
CEO overconfidence and the market's reaction. Journal of
Financial Economics 89 (1):20-43.
McNichols, M. F., and S. R. Stubben. (2008). Does earnings
management affect firms' investment decisions? The Accounting
Review 83 (6):1571-1603.
Murthi, B. P. S., K. Srinivasan, and G. Kalyanaram. (1996).
Controlling for observed and unobserved managerial skills in
determining first-mover market share advantages. Journal of
Marketing Research 33 (3):329-336.
Murthi, B., Y. K. Choi, and P. Desai. (1997). Efficiency of mutual
funds and portfolio performance measurement: A non-parametric
approach. European Journal of Operational Research 98 (2):408-
418.
Myers, S. C., and N. S. Majluf. (1984). Corporate financing and
investment decisions when firms have information that investors
do not have. Journal of Financial Economics 13 (2):187-221.
Rajgopal, S., T. Shevlin, and V. Zamora. (2006). CEOs' outside
employment opportunities and the lack of relative performance
evaluation in compensation contracts. The Journal of Finance 61
(4):1813- 1844.
Wang, D.(2006). Founding family ownership and earnings quality.
Journal of Accounting Research 44 (3):619-656. 56 1395
Wasserman, N., N. Nohria, and B. Anand. (2010). When Does
Leadership Matter? A contingent opportunities view of CEO
leadership: Handbook of leadership theory and practice, Harvard
Business Publishing, Cambridge, MA
Andreou, P., Ehrlich, D., and Louca, C. (2013). Managerial ability
and firm performance: Evidence from the global financial crisis. Working paper. http://www.mfsociety.org.
Baik, B., D. B. Farber, and S. S. Lee. (2011). CEO ability and management earnings forecasts. Contemporary Accounting Research 28 (5):1645-1668.
Baker, M., J. C. Stein, and J. Wurgler. (2003). When does the market
matter? Stock prices and the investment of equity-dependent firms. 118:969-1005.
Bamber, L. S., J. Jiang, and I. Y. Wang.( 2010). What's my style?
The influence of top managers on voluntary corporate financial disclosure. The Accounting Review 85 (4):1131-1162.
Bar-Gill, O., and L. Bebchuk.(2003). Misreporting corporate performance: Working paper, Harvard Law School.
Barr, R. S., and T. F. Siems. (1997). Bank failure prediction using
DEA to measure management quality. In Interfaces in Computer
Science and Operations Research: Springer, 341-365.
Berle, A. A., and G. G. C. Means. (1932). The modern corporation
and private property. San Diego: Harcourt Brace Jovanovich.
Bertrand, M., and A. Schoar. (2003) Managing with style: the effect
of managers on firm policies, The Quarterly Journal of
Economics 118 (4):1169-1208.
Biddle, G. C., and G. Hilary. (2006) Accounting quality and firmlevel
capital investment, The Accounting Review 81 (5):963-982.
Biddle, G., & Hilary, G. (2006) Accounting quality and firm-level
capital Investment. The Accounting Review, 81 (5): 963-982.
Demerjian, P. R., B. Lev, M. F. Lewis, and S. E. McVay. (2013).
Managerial ability and earnings quality, The Accounting Review
88 (2):463-498.
Demerjian, P.; Lev, B.; and S. McVay (2012). “Quantifying
Managerial Ability: A New Measure and Validity Tests”,
Management Science, Vol. 58, No. 7, pp. 1229-1248.
Fee, C. E., and C. J. Hadlock.(2003). Raids, rewards, and reputations
in the market for managerial talent. Review of Financial Studies
16 (4):1315-1357.
Francis, B., X. Sun, and Q. Wu. (2013). Managerial ability and tax
avoidance. Working paper, Rensselaer Polytechnic Institute:
Available at SSRN 2348695.
Francis, J., A. H. Huang, S. Rajgopal, and A. Y. Zang. (2008). CEO
reputation and earnings quality. Contemporary Accounting
Research 25 (1):109-147.
Habib Ahsan (2015). Managerial talent, investment efficiency and
stock price crash risk. http:// papers.ssrn.com/ sol3/papers.cfm?
abstract_id=2517905.
Hayashi, F. (1982). Tobin's Marginal q and Average q: A
Neoclassical Interpretation. Econometrica 50 (1):213-224.
توانایی مدیریتی، کارآیی سرمایه گذاری و ریسک سقوط ... 55
Huang, W., F. Jiang, Z. Liu, and M. Zhang. (2011). Agency cost, top
executives' overconfidence, and investment-cash flow sensitivity
Evidence from listed companies in China. Pacific-Basin Finance
Journal 19 (3):261-277.
Hutton, A. P., A. J. Marcus, and H. Tehranian. (2009). Opaque
financial reports, R2, and crash risk. Journal of Financial
Economics 94 (1):67-86.
Jensen, M. C., and W. H. Meckling. (1976). Agency costs and the
theory of the firm. Journal of Financial Economics 3 (4):305-360.
Leverty, J. T., and M. F. Grace. 2012. Dupes or incompetents? An
examination of management's impact on firm distress. Journal of
Risk and Insurance 79 (3):751-783.
Lieberson, S., and J. F. O'Connor. (1972). Leadership and
organizational performance: A study of large corporations.
American Sociological Review 37 (2):117-130.
Mackey, A. (2008). The effect of CEOs on firm performance.
Strategic Management Journal 29 (12):1357- 1367.
Malmendier, U., and G. Tate. (2005). CEO overconfidence and
corporate investment. The Journal of Finance 60 (6):2661-2700.
Malmendier, U., and G. Tate. (2008) a. Superstar CEOs: Working
paper, NBER, University of California at Los Angeles
Malmendier, U., and G. Tate. (2008)b. Who makes acquisitions?
CEO overconfidence and the market's reaction. Journal of
Financial Economics 89 (1):20-43.
McNichols, M. F., and S. R. Stubben. (2008). Does earnings
management affect firms' investment decisions? The Accounting
Review 83 (6):1571-1603.
Murthi, B. P. S., K. Srinivasan, and G. Kalyanaram. (1996).
Controlling for observed and unobserved managerial skills in
determining first-mover market share advantages. Journal of
Marketing Research 33 (3):329-336.
Murthi, B., Y. K. Choi, and P. Desai. (1997). Efficiency of mutual
funds and portfolio performance measurement: A non-parametric
approach. European Journal of Operational Research 98 (2):408-
418.
Myers, S. C., and N. S. Majluf. (1984). Corporate financing and
investment decisions when firms have information that investors
do not have. Journal of Financial Economics 13 (2):187-221.
Rajgopal, S., T. Shevlin, and V. Zamora. (2006). CEOs' outside
employment opportunities and the lack of relative performance
evaluation in compensation contracts. The Journal of Finance 61
(4):1813- 1844.
Wang, D.(2006). Founding family ownership and earnings quality.
Journal of Accounting Research 44 (3):619-656. 56 1395
Wasserman, N., N. Nohria, and B. Anand. (2010). When Does
Leadership Matter? A contingent opportunities view of CEO
leadership: Handbook of leadership theory and practice, Harvard
Business Publishing, Cambridge, MA
)