بررسی رابطه بین مدیریت سود و ترکیب هیئت مدیره با تداوم سود در شرکت های پذیرفته شده در بورس اوراق بهادار تهران (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
ترکیب هیئت مدیره به عنوان ابزاری کنترلی در شرکت، تعیین کننده قدرت هیئت مدیره است؛ بنابراین، ترکیب هیئت مدیره، عامل مهمی در توضیح توانایی اعضا برای انجام وظایف و کمک به عملکرد شرکت است. در شرایط مختلف، انگیزه های مالی اغواکننده ای مانند دریافت پاداش وجود دارند که سبب می شوند مدیران به مدیریت سود بپردازند؛ زیرا ثروت مدیران و مالکان و ارزش شرکت، به صورت جدانشدنی به سودهای اعلام شده ارتباط دارند؛ درنتیجه، مدیران سعی می کنند وضع موجود را حفظ کنند و تداوم سود را در صورت های مالی نشان دهند. در این راستا، در پژوهش حاضر، این موضوع بررسی شده است که آیا بین ترکیب هیئت مدیره، مدیریت سود واقعی و مدیریت سود تعهدی با تداوم سود رابطه ای وجود دارد؛ بدین منظور، اطلاعات مالی 131 شرکت از شرکت های پذیرفته شده در بورس اوراق بهادار تهران، طی بازه زمانی 1396 تا 1400، بررسی و فرضیه ها با تحلیل همبستگی و رگرسیون چندمتغیره و با استفاده از مدل خوآنگ و همکاران (2022) آزمون شدند. نتایج نشان دادند مدیریت سود تعهدی، تأثیر منفی و معنادار بر تداوم سود دارد و مدیریت سود واقعی و اندازه هیئت مدیره، بر تداوم سود، تأثیر مثبت و معنادار دارد.Investigating the relationship between profit management and the composition of the board of directors with profit continuity in companies listed on the Tehran Stock Exchange
The composition of the board of directors as a control tool in the company determines the power of the board of directors; hence, together with the director of the board of directors, it is an important factor in explaining the contribution to performing the tasks and contributes to the performance of the company. In various situations, there are enticing economic incentives, such as receiving points, for managers to engage in earnings management. Because the company's value and the wealth of its managers and owners are inseparably linked to the reported profits. Has this been addressed? Is there an ongoing investigation between the Board of Directors of Real Profit Management and Profit Management? For this purpose, we examined the financial information of 131 companies from the companies admitted to the Tehran Stock Exchange during the period from 2015 to 2019. It showed that profit management has a negative and significant effect, and real profit management and the size of the board of directors have positive and significant results with profit continuity. IntroductionAccounting profit and its related components are among the information that is considered by people when making decisions. Regardless of how the reported profit figures are used, the quality of the profit must be considered. Managers' authority to use the principles of realization and matching and the use of estimation and forecasting are among the factors that affect the quality of profit (Khajavi & Nazemi, 2004). Profit stability is one of the features of profit quality based on accounting information and is an indicator that helps investors predict future profits and cash flows of the company. Sustainability of profit means repeatability of current profit. The higher the profit stability, that is, the company has more ability to maintain current profits, and it is assumed that the quality of the company's profit is higher. In predicting future profits and expected cash flows, investors give more importance to the stable part of profit than the unstable part of the profit (Bayat, Zalqi, Mirhosseini, 2014). Identifying profit management and its effect on profit continuity is also of great importance for users of financial statements. Several factors are effective in profit management, the more profit management is not done with a more obvious motivation, the more complicated it will be to identify the factors affecting it (Johnsen et al., 2012). Several studies have investigated the factors affecting profit management; For example, Molazadeh et al. (2015) investigated the financial knowledge of the CEO; Jang and Kim (2017) abnormal operating cash, abnormal production costs , and abnormal discretionary costs; Yoon, Kim & Woodruff, (2012) consider the changes in the company's sales revenue divided by the total assets in the previous period, the changes in current accruals divided by the total assets of the previous two periods, the gross property, machinery , and equipment of the company in the previous period to be effective on profit management. Therefore, considering the importance of the factors affecting the continuation of profits for shareholders and understanding the company's performance and the motivations of the board of directors in profit manipulation, and considering that this issue has not been worked on in Iran before, in this research, the effect of different types of real profit management methods and Accrual and also the composition of the board of directors are discussed on the continuity of profit. Research Methodology:Considering that in this research we examine the relationship between actual and accrual profit management, the size of the board of directors, and the independence of the board of directors with the continuity of profit, for this reason, this research is correlational descriptive research. To select the statistical sample, companies that have the characteristics of operating in the stock market during the period of 1396-1400, the end of their financial year ends on March 29, and they have not changed the financial year during the said time period; were not part of financial intermediaries (banks, insurance and investment funds) and the desired information about them was available. With these conditions, the required number of samples was estimated to be 131 companies. In this research, correlation analysis and multivariate regression were used using the model of Khuong et al. (2022) in order to test the hypotheses.PERSISTENCE <sub>i,t</sub>=β<sub>0</sub>+β<sub>1</sub>*AEM/REM<sub>i,t</sub>+ β<sub>3</sub>*BOARDIN<sub>i,t</sub>+ β<sub>4</sub>*CEOOWNERSHIP<sub>i,t</sub>+ β<sub>5</sub>*SIZE<sub>i,t</sub>+ β<sub>6</sub>*DEBT<sub>i,t</sub>+ β<sub>7</sub>*COD<sub>i,t</sub>+ᵋ<sub>i,t</sub> How to measure variables:Dependent variable: ProfitabilityTo measure profit continuity, the regression equation of Lu (1983) is used, where beta is an expression of profit continuity.Earnings<sub> i,t+1</sub>=α+β<sub>1</sub>×Earnings<sub>I,t</sub>+ᵋIn the above equation, the left side of the equation is equal to the profit ratio of each share for the next year divided by the closing price. On the right side, the profit per share of the current year divided by the closing price of the current year.Independent variablesA: Accrued profit managementTo evaluate accrual-based profit management in this research, Jones model (1991) and Kothari model (2005) have been used.=β<sub>1</sub> + β<sub>2</sub> + β<sub>3</sub> +ᵋ<sub>i ,t</sub>=β<sub>1</sub> + β<sub>2</sub> + β<sub>3</sub> + β<sub>4</sub>ROA<sub>i,t</sub> +ᵋ<sub>i ,t</sub>TAC = net profit minus operating cash flowAit-1 = first asset of the periodREV = Company SalesPPE= Property, Machinery and EquipmentAR = Accounts ReceivableROA = ratio of net profit on assetsTotal accruals minus nondiscretionary accruals are used in both models to estimate discretionary accruals, which represent the amount of AEM.B: Real profit managementAbnormal levels of cash flow from operations (R_CFO) are as follows:=β<sub>1</sub> + β<sub>2</sub> β<sub>3</sub> +ᵋ<sub>i,t</sub>In the above equation, CFO means operating cash flow. The model error indicates abnormal cash flow levels.Production costs (R_PROD) are as follows:<sub>1</sub> +β<sub>2</sub> +β<sub>3</sub> +β<sub>4</sub> +ᵋ<sub>i,t</sub>In the above equation, PROD means the sum of cost of goods sold and change in inventory. The residual term measures the abnormal level of production costs.Discretionary costs (R_DISX) are as follows:β<sub>1</sub> + β<sub>2</sub> +ᵋ<sub>i,t</sub>In the above model, DISCEXP means the sum of general, administrative and sales expenses. The model error represents the level of abnormal discretionary spending.Finally, the amount of real profit management is equal to:(Errors of the first model*-1)+ (errors of the second model) + (errors of the third model*-1)c) Board size = natural logarithm of the number of board membersd) Independence of the board of directors = ratio of non-executive members to total membersHow to measure control variablesOwnership of the board of directors = the percentage of ownership of the members of the board of directors and their representativesCompany size = natural logarithm of total assetsFinancial leverage = ratio of total debt to assetsCost of debt = financial costs divided by total debtResearch findings:Descriptive StatisticsThe summary of descriptive statistics related to model variables after screening and removing outliers using EVIEWS software is presented in Table (2). Table 2, descriptive statistics of research variablesvariablemeanstandard deviationminimummaximumpesistence0.0610.3690.791-0.973aem_ jones0.1210.1670.503-0.925aem_kothari0.1100.2900.795-0.833r_cfo0.1530.1740.370-0.836r_prod0.0720.1820.433-0.883r_disx0.0940.1540.299-0.969rm_proxy0.175-0.1790.989-0.301boardsize1.6150.0441.3861.945boardin0.6530.1820.2001.00ceoowership0.4740.1680.0770.763Size14.7531.54211.63820.183debt0.5380.2150.0131.273cod0.0570.04600.243 Table 3, estimation of the model by the method of generalized moments (GMM)Variablescoefficientstandard errorstatisticsignificanceC1.3610.08871.5330.125aem_ jones0.323-0.0359.083-0.000aem_kothari0.285-0.0377.625-0.000r_cfo0.2880.1841.5600.119r_prod0.0040.0370.1170.906r_disx0.0310.0380.8090.418rm_proxy0.3650.0418.8950.000boardsize0.474-0.0746.368-0.000boardin0.008-0.0860.102-0.918ceoowership0.109-0.0911.190-0.234Size0.2120.02010.3060.000debt0.042-0.3350.125-0.899cod0.2560.0308.5100.000Other information statisticsCoefficient of determination0.696Adjusted coefficient of determination0.645Durbin Watson2.133Sargan statistics6.072The significance level of Sargan0.912 Based on the results of the research, the criteria of real profit management (r_cfo), (r_prod) and (r_disx) have significant levels of more than 5%, therefore these criteria alone do not have a significant relationship with profit continuity, but the comprehensive variable of real profit management (rm_proxy) has The positive coefficient (0.365) and the significance level is less than 5%, so it can be said that real profit management has a positive relationship with profit continuity, and in other words, the first hypothesis of the research is confirmed.Also, considering that the estimated coefficient for accrual profit management according to Jones (1991) and Kothari (2005) has coefficients of -0.323 and -0.285, respectively, which indicates that between the management of accrued profit And there is a negative relationship with the continuity of profit, and considering that the probability of the test statistic is less than 5%, we conclude that this effect is statistically significant, which is in the direction of confirming the second hypothesis.The board size variable has a negative coefficient (0.474) and a significance level of less than 5%, so it has an inverse and significant relationship with profit continuity; In other words, the third hypothesis of the research that there is a relationship between the size of the board of directors and the continuity of profit is confirmed.The variable of independence of the board of directors (boardin) has a significance level of more than 5%, therefore, it has no significant relationship with the continuity of profits, and the fourth hypothesis of the research, which indicates the relationship between the independence of the board of directors and the continuity of profits, is rejected.The control variables of CEO ownership and debt have a significance level of more than 5%, so they do not have a significant relationship with profit continuity. The control variable of company size (Size) and interest cost (cod) have a positive coefficient and a significance level of less than 5%, therefore, they have a direct and significant relationship with the continuity of profit. Conclusion:Continuity of profit means stability and continuity of profit. From the point of view of investors, durable and stable profits are desirable because of their continuity and have a significant contribution to the continuity and long-term stability of a company and its effectiveness in the financial market. For this reason, managers have sufficient incentives to mislead the users of financial statements and manage profit efficiently or opportunistically by using actual or accrual items. In the meantime, the composition of the board of directors as one of the corporate governance mechanisms can have an impact on the mentioned process.Based on theoretical foundations, agency costs begin with the conflict of interests between owners and managers who should be responsible for maximizing the owner's interests. The agent receives rewards and benefits based on the target's profit, which leads to different interests, benefits and targets. As a result, managers are more likely to prioritize their own interests and well-being; therefore, the owner's objective is unlikely to be achieved, and the benefits of shareholders such as investors and creditors are unlikely to be maximized, resulting in effects on the sustainability of profits. In addition, when two parties need to make a decision, information plays an important role. According to the theory of asymmetric information, one party has sufficient and timely information while the other party lacks information, thus leading to inappropriate decision making or may be harmful to the decision maker's interests (Khuang et al., 2022). Also, investors and creditors outside the business entity are unlikely to fully understand information about the financial health of companies, and not receiving the correct information may lead to inappropriate decisions. Board members manipulate profits to maximize their own interests without caring about users, leading to increased information asymmetry and effects on profit sustainability (Obeng, Ahmed & Miglani., 2020).Therefore, in this research, we examined the effect of accrual and actual profit management and the size and independence of the board of directors on profit continuity. The results showed that accrual profit management has a negative and significant effect, and real profit management and the size of the board of directors have a positive and significant effect on profit continuity. Considering that the continuity of profit indicates the high quality of profit and also the research results that show the negative effect of accrual profit management and the positive effect of real profit management on profit continuity and relying on the theoretical foundations that profit management can be opportunistic or efficient , it can be concluded that accrual profit management has a negative effect on profit continuity, this type of profit management is considered opportunistic and leads to a decrease in profit quality, but real profit management has a positive effect on profit continuity. This type of profit management is considered efficient and this indicates that managers use accrual profit management opportunistically for their own interests and the risk of this method is also lower because the management of accrued profit will be reversed in the coming years and the manager is less than the method Real profit management is used for opportunistic motives, because in this type of profit management, the cash flow leaves the company and cannot be returned in future years, that is why managers mostly use accrual profit management for opportunistic motives. Also, according to Article (4) of the Tehran Stock Exchange Organization's Corporate Governance Regulations, the number of board members should be such that the analysis and review of various aspects of the company's issue is possible for rational decision-making. According to the literature of corporate governance, the board of directors with a large number of directors may not be useful for the company and may bring a lot of costs. Planning, coordination in work, decision-making and holding regular meetings are the things that will face a problem with a large number of board members (Hassas Yeganeh & Khairollahi, 2008). In addition, according to Beazley (1996), as the size of the board of director's decreases, the probability of fraud in financial statements decreases. That the findings of this research are also the same as the aforementioned materials.Comparing the results obtained from this research with the results of Khuang et al. (2022) in emerging markets, shows the same results of the relationship between accrual profit, the comprehensive variable of real profit management and the size of the board of directors with the continuity of profit in both studies; But the independence of the board of directors did not have the same results in the two studies. * Corresponding author
تبلیغات
