بررسی تأثیر قابلیت مقایسه صورت های مالی بر ارزش نهایی نگهداشت وجوه نقد و ارزش نهایی مخارج سرمایه ای: رویکرد متغیرهای ابزاری (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
قابلیت مقایسه صورت های مالی علاوه بر اینکه عدم تقارن اطلاعاتی بین مدیران و سرمایه گذاران را کاهش می دهد، شناسایی سیگنال های به موقع درباره سودآوری پروژه های انجام شده توسط مدیران را برای سرمایه گذاران تسهیل کرده و آنها را قادر می سازد تا اطلاعات مفیدی را برای نظارت بر استفاده شرکت ها از منابع، از شرکت های همتای قابل مقایسه کسب نمایند؛ در نتیجه سرمایه گذاران به اطلاعات افشاء شده توسط شرکت ها کمتر متکی می گردند. پژوهش حاضر به بررسی تأثیر قابلیت مقایسه صورت های مالی بر ارزش نهایی نگهداشت وجوه نقد و ارزش نهایی مخارج سرمایه ای می پردازد. برای اندازه گیری قابلیت مقایسه صورت های مالی از معیار دی فرانکو و همکاران استفاده شده است. نمونه آماری پژوهش شامل 122 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی سال های 1392 الی 1399 بوده است. با توجه به درون زا بودن قابلیت مقایسه صورت های مالی، برای آزمون فرضیه های پژوهش از رویکرد متغیرهای ابزاری و برآوردگر حداقل مربعات دو مرحله ای استفاده شده است. نتایج حاکی از آن است که افزایش قابلیت مقایسه صورت های مالی باعث افزایش ارزش نهایی نگهداشت وجوه نقد و همچنین باعث افزایش ارزش نهایی مخارج سرمایه ای می شود.Investigating the Effect of Financial Statement Comparability on the Marginal Value of Cash Holdings and Marginal Value of Capital Expenditure: Instrumental Variables Approach
Financial statement comparability reduces the information asymmetry between managers and investors not only by making it easier for investors to identify timelier signals about the profitability of projects undertaken by managers, but also by enabling investors to extract from comparable peers information useful for monitoring firms’ use of corporate resources, thereby making them less reliant on the disclosures made by the firms. This research examines the impact of financial statement comparability on the marginal value of cash holdings and capital expenditure. In order to measure the financial statement comparability, this study uses the method of De Franco et al. The sample consists of 122 companies listed on Tehran Stock Exchange for the period 2013 to 2020. Since, the financial statement comparability is an endogenous variable, this study uses an instrumental variables approach and a Two-Stage Least Squares estimator to test the research hypotheses. Findings indicate that the increase in financial statement comparability increases the marginal value of cash holdings and the marginal value of capital expenditure.
Introduction
The purpose of this study is to examine the impact of financial statement comparability on the marginal value of cash holdings and the marginal value of capital expenditure of firms listed on Tehran Stock Exchange (TSE).
Financial reporting provides rich information which allows creditors and investors to evaluate firm performance. Specifically, high-quality financial reporting reduces the information asymmetry between managers and shareholders and provides a better monitoring of managers’ investment decisions. Bushman and Smith (2001) suggest that high-quality financial reporting may provide more information to assess project profitability, leading to invest in value-creating projects and avoid from value-destroying projects; as a consequence, managers are less likely to make decisions at the expense of investors. As a result, financial reports with higher quality led to lower the cost of capital and increase related shareholder value.
Therefore, in firms with more comparable financial reports, external monitoring of managers is stronger and managers are more disciplined when using corporate resources. Therefore, investors believe that managers in firms with higher comparability will make better use of corporate resources, and assign more value to the firm. Comparability reduces the information asymmetry between managers and investors and make it easier for investors to understand and identify signals about the profitability of projects undertaken by managers. In addition, provide investors with more opportunity to use peer firms in order to asses firm performance. This is because comparability allows investors to make inferences about a firm’s performance from comparison with the performance and/or disclosures of the peer firms (Kim et al., 2021).
Comparability facilitates external monitoring of manager performance of using corporate resources in general and of corporate cash in particular. Specifically, financial statement comparability induces managers to use the cash more efficiently ex-ante. Therefore, the market will assign a higher value to the cash holdings of firms with more comparable financial statements. Since comparability facilitates investors’ monitoring of managers’ use of capital resources, managers will use corporate capital more efficiently ex-ante, and therefore investors will perceive capital expenditure to contribute more value to firms with greater financial statement comparability.
Based on the stated contents, the research hypotheses are presented as follows:
H1: The increase in financial statement comparability increases the marginal value of cash holdings.
H2: The increase in financial statement comparability increases the marginal value of capital expenditure.
Methods & Material
The statistical population in this research is all the companies listed on Tehran Stock Exchange and the period under investigation is from 2013 to 2020. In this research, the systematic elimination method was used to reach the sample, and 122 companies were selected as the research sample. In order to test the hypotheses, the instrumental variable approach and a two-stage least squares estimator (2SLS) have been used.
Instrumental variable methods are commonly used in accounting research to resolve econometric problems with observational data, such as when the outcome and explanatory variables are simultaneously determined. Another problem occurs when a variable that affects both the outcome and explanatory variables is not included in the regression model. Both of these problems frequently occur in accounting research. To resolve these problems, instrumental variable methods are used in both multiple equation models and single equation models. Because financial statement comparability is affected by other factors, endogeneity bias is created in the model and the results will not be reliable. In the prior studies that have been conducted in the field of the comparability of financial statements, the possibility of this issue has not been mentioned, and the ordinary least squares approach has been used. Because the financial statement comparability is an endogenous variable, an instrumental variable approach and a two-stage least squares estimator (2SLS) have been used to test the research hypotheses.
Findings
Findings of first hypothesis shows that financial statement comparability has a significant and positive effect on the marginal value of cash holdings. In addition, findings of second hypothesis shows that financial statement comparability has a significant and positive effect on the marginal value of capital expenditure.
Conclusion & Results
Findings of this study indicate as firms’ financial information becomes more comparable, corporate cash holdings are more valuable to shareholders, and capital expenditure contributes more to shareholder value. In addition, financial statement comparability provides investors with an opportunity to assess the firm performance, which in turn increases the efficacy of monitoring managerial investment decisions. This study contributes to the literature that examines the benefits of financial statement comparability. Based on the results enhanced efficiency in the use of corporate cash reserves and capital expenditure decisions, are two possible avenues through which comparability enhances shareholder value. This study also contributes to the literature on the value of cash holdings. Prior studies show that holding cash is, on average, value-destroying. This research suggests that the value destruction associated with cash holdings can be mitigated by financial statement comparability. Based on the findings, as the financial statement comparability increases the marginal value of cash holdings and the marginal value of capital expenditure increase. These findings are consistent with Kim et al. (2021)
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