اثر تعدیلی کیفیت سود و کیفیت حسابرسی بر رابطه خوانایی گزارش های مالی با هزینه تأمین مالی شرکت های عضو بورس اوراق بهادار تهران (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
افشای پیچیده توانایی کاربران برای استخراج اطلاعات مفید از گزارش های مالی افشاشده توسط شرکت ها را محدود می کند و بر تصمیمات و ادراک ذینفعان از اطلاعات تأثیر می گذارد و انتظارات آنها از بازدهی را تعدیل می کند و به تبع بر هزینه های تأمین مالی شرکت مؤثر واقع می شود. بر این اساس، هدف این پژوهش تعیین رابطه خوانایی گزارشگری مالی و هزینه های تأمین مالی و همچنین، بررسی اثر تعدیلی کیفیت سود و کیفیت حسابرسی بر این رابطه در بازار سرمایه ایران است. برای این منظور داده های 138 شرکت عضو بورس اوراق بهادار تهران برای یک دوره ده ساله از 1391 تا 1400 جمع آوری شد و با استفاده از روش آماری رگرسیون خطی چندمتغیره، فرضیات پژوهش بررسی شد. نتایج حاصل از آزمون فرضیه های پژوهش رابطه معنادار و منفی را بین خوانایی گزارشگری مالی و هزینه سرمایه شرکت ها نشان می دهد. همچنین، نتایج نشان می دهند مدیریت سود به عنوان شاخص اندازه گیری کیفیت سود، رابطه منفی بین خوانایی و هزینه های تأمین مالی را تشدید می کند. به عبارتی، افزایش مدیریت سود در شرکت هایی که خوانایی پایین تری دارند، منجر به افزایش هزینه های تأمین مالی شده است. همچنین، کیفیت حسابرسی در شرکت هایی که خوانایی پایین تری داشته اند، هزینه سرمایه را در جهت مثبت تعدیل کرده است.Moderating Effect of Earning Quality and Audit Quality on the Relationship between Readability of Financial Reporting and Cost of Financing in Firms Listed in Tehran Stock Exchange
Complex disclosure limits the ability of users to extract useful information from the financial reports disclosed by firms and affects the decisions and perceptions of the stockholders of the information and adjusts their expectations of returns and consequently will affect the financing costs of the company. Based on this, the purpose of this research is to investigate the relationship between the readability of financial reporting and financing costs, as well as to investigate the moderating effect of profit quality and audit quality on this relationship in Iran's capital market. For this purpose, the data of 138 firms listed in Tehran Stock Exchange were collected for ten years from 1391 to 1400, and the hypotheses of the research were investigated using the statistical method of multivariable linear regression. The results of the research hypotheses test show a significant and negative relationship between the readability of financial reporting and the cost of capital of companies. Also, the results show that profit management as an index of profit quality measurement intensifies the negative relationship between readability and financing costs. In other words, the increase in earnings management in companies with lower readability has led to an increase in financing costs. Also, the audit quality in companies that have lower readability has adjusted the cost of capital in a positive direction. IntroductionThe more readable the information, the better the goals of financial reportingand information efficiency will be achieved (Seifzadeh et al., 2021); Because low readability weakens the beliefs of information users about the adequacy of information. Some researchers (Aldoseri et al., 2023; Heflin et al., 2016) state thatin companies whose disclosure readability level information is high, analysts' expectations from the company are more accurate, and the cost of equity and volatility in return on their equity is less. The results of the study by Ejaz (2022) also show that the high readability of financial reporting leads to an increase in the confidence of investors and a decrease in the cost of capital. The problem that has been addressed in this research for Iran's capital market, is whether the readability offinancial reporting of firms listed in the Tehran Stock Exchange is effective on the financing costs of these companies, especially on their capital costs.On the other hand, the profit of the company provides important information for investors and creditors. Dividends reduce the uncertainty of investors and lead to the use of a lower discount rate for the future profits of the company and as a result, increase the value of the company; Conversely, poor financial reporting on earnings leads to poor forecasting of future cash flows, which in turn leads to high information risks (Kustono, 2021). Many previous studies have shown a negative relationship between earnings quality and cost of capital (for example, Persakis & Iatridis 2015). According to the signaling theory, high reported earnings quality increases managers' willingness to increase the level of readability of disclosed reports, and it is expected that this will eventually lead to a reduction in the company's cost of capital. In addition, based on the ambiguity hypothesis, management may hide their poor performance when earnings quality is low by increasing the textual complexity of their reports, which affects their cost of capital (Ejaz, 2022).Another point is that based on the theory of agency, monitoring mechanisms are applied to align the interests of shareholders and managers and reduce the conflict of interest as well as any subsequent opportunistic behavior (Alzoubi, 2018). Accordingly, one of the monitoring tools of shareholders is independent auditing, and it is the quality of auditing that improves the reliability of financial statements for users of accounting information. On the other hand, audit quality is compromised when companies present a less readable annual report to hide earnings management or poor financial performance, which increases the risk of material misstatement of the financial statements. Therefore, the low readability of annual reports will lead to low audit quality (Blanco et al., 2021), which will also lead to an increase in the capital cost of companies.Based on what was said, the purpose of this research is to explain the relationship between the readability of financial reporting of listed companies and the capital structure, and in the next step, the moderating effect of profit quality and audit quality on this relationship will be measured. Methods & MaterialTo test the hypotheses, simple regression and multivariate regression models have been used. Based on this, the financial statements of listed companies for 10 years from 1391 to 1400 have been examined, and data related to transactions with related parties have been extracted from the notes accompanying the financial statements and other variables from the Rahvard Naveen website. In this research, the statistical sample was selected by the systematic elimination method. Based on this, taking into account the following criteria, 138 companies accepted in the Tehran Stock Exchange were selected as a sample to investigate the hypotheses of the research.In this research, to measure the relationship between the readability of financial reporting and the cost of capital and the moderating effect of profit quality and audit quality on this relationship, the research by Ejaz (2022) and Coffie et al. (2018) were used to develop research models. FindingThe results of the first hypothesis test show that the readability of financial reporting has a negative and significant effect on the cost of capital. The results of the second hypothesis test of the research confirmed the moderating effect of profit management on the relationship between the readability of financial reporting and the cost of capital, and the results of the third hypothesis test of the research also show that audit quality has a moderating effect on the relationship between the readability of financial reporting and the cost of capital. Finally, two sensitivity analysis tests were performed to check the robustness of the results and confirm the research findings. For this purpose, first, the average of all values during three years was calculated and the GLS regression model was run again to test the validity of the main results, and the findings confirmed the main findings of the research. Then, the effects of industry type and year were controlled and the results did not show any effect on the main regression results. Based on the above results, the performance of both additional sensitivity analyses supports the main results of this study. Conclusion & ResultsAccording to the results of this research, it can be said that by increasing the ease of reading the annual financial reports of companies, the cost of capital of listed companies in Iran will decrease. Therefore, it is important to pay attention to the writing style of reports presented by managers and the linguistic complexity of these reports. In other words, for shareholders and creditors, identifying management's writing style in board reports helps them to correctly interpret companies' actions and to be able to identify historical events, current status, and prospects of companies. Also, the results of the research indicated that the higher the amount of manipulation of accruals, the higher the increase in the cost of capital and vice versa. In other words, although it is expected that the decrease in the quality of profit will lead to an increase in the cost of capital; in more readable companies, the readability of financial statements has compensated for the weakness of these companies in the lower quality of profit and the higher level of profit management. Finally, the selection of large audit firms in terms of reputation and quality of audit work gives a signal to the market, because larger and more reliable audit firms, due to the planning and implementation of quality work, can control and manage the complexities of the internal affairs and operational activities of companies, especially the complexities of the internal control system and the poor readability of the financial reporting of these companies and thus, have a moderating effect on the cost of capital of these companies.
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