بررسی رابطه بین نظارت نهادی و انواع ارتباطات سیاسی با پایداری سود (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
هدف این پژوهش بررسی رابطه بین پایداری سود، نظارت نهادی و انواع ارتباطات سیاسی در شرکت های پذیرفته شده در بورس اوراق بهادار تهران است. جامعه آماری این پژوهش شامل کلیه شرکت های پذیرفته شده در بورس اوراق بهادار تهران در بازه زمانی 1395 تا 1401 و تعداد نمونه نیز 105 شرکت است. به منظور تجزیه وتحلیل داده های پژوهش، از روش تحلیل رگرسیون و نرم افزار آماری ایویوز استفاده شده است. نتایج پژوهش نشان داد نظارت نهادی در شرکت های دارای ارتباطات سیاسی نقشی مؤثر در افزایش پایداری سود دارد. انتخاب حسابرسان بزرگ توسط شرکت های دارای ارتباطات سیاسی دارای رابطه ای معنادار با پایداری سود نیست؛ ولی هرچه مدت تصدی مدیرعامل شرکت های دارای ارتباطات سیاسی افزایش پیدا کند، پایداری سود نیز بیشتر می شود. به طور کلی، نتایج حاکی از وجود رابطه معنادار بین پایداری سود، نظارت نهادی و انواع ارتباطات سیاسی است؛ بنابراین، با توجه به اینکه اقتصاد ایران در سال های متمادی درگیر اصطلاح اقتصاد دولتی است و شرکت ها، خواه یا ناخواه، درگیر ارتباطات سیاسی هستند، بررسی روابط مدنظر در پژوهش حاضر ممکن است برای طیفی وسیع از ذی نفعان شرکت از جمله دولت، تصمیم گیرندگان شرکت ها، تحلیلگران، سرمایه گذاران و غیره، از اهمیت بسیار برخوردار باشد.Investigating the Relationship between Earnings Persistence, Institutional Investors Monitoring, and Types of Political Connections
The purpose of this study is to investigate the relationship between Earnings persistence, institutional investors monitoring, and types of political connections in companies listed on the Tehran Stock Exchange. The statistical population of this study is all companies listed on the Tehran Stock Exchange from 2015 to 2021 and the number of samples is 105 companies. The regression analysis method and Ivory statistical software were used to analyze the research data. The results showed that institutional oversight in companies with political connections has an effective role in increasing profit stability. The selection of large auditors by companies with political connections has no significant relationship with profit stability. However, the longer the term of the CEO of companies with political connections increases, the more stable the profit. The results generally indicate a significant relationship between profit stability, institutional oversight, and various types of political communication.
Introduction
Political relations are certainly more valuable than all social relations. Empirical evidence shows that companies have political connections when the president or director of the company is a current or former government official. The behavior of the company that is made due to the political connection of its executives is an attractive topic for academic research (Hu & Wang, 2018). The motivation of business units to appoint managers with a political background is to increase their competitive advantage compared to other companies. Previous research shows that political communication has positive economic consequences for the company. For example, Joe et al. found that political connections help secure financing from banking sources for the company. Financial writings consider many benefits of political communication for the company. They believe that political communication has advantages such as increasing tax benefits, facilitating the issuance of bonds, increasing competitive advantages, more mergers and ownership, and increasing the company's value (Jou et al., 2017). It is argued that companies with political connections face serious representation problems, which ultimately leads to less profit quality and a decrease in conservatism (Mohammed et al., 2017; Godhami et al., 2014). This problem leads to the weakening of corporate governance in those companies (Guedhami et al., 2014). The results of Chaney et al.'s research indicated that despite the low quality of financial performance reporting in companies with political connections, these companies have an incentive to improve the quality of information because they are not penalized by the market with a higher cost of debt rate (Chaney et al., 2011). Some previous studies (such as those of Chaney et al.) show that the level of earnings management and accruals in companies with political connections is much higher than that of other companies. An increase in the level of discretionary accruals leads to lower earnings stability. Some studies state that increased earnings stability is a sign of high earnings quality (Dechow & Schrand, 2010). The influence of political communication on capital markets is more intense in countries with capitalist systems and political support. However, recent evidence shows that political communication can have different effects on capital markets and financial statements depending on its type (Tee, 2019). For example, the findings of some studies indicate that companies that have been involved in political communication for a longer period are likely to support the presence of an independent board of directors to maintain their credibility in the capital market (Fung et al., 2015). It is also argued that the credibility of the auditor is one of the other factors affecting the behavior of companies with political connections (Guedhami et al., 2014). In this regard, some recent studies indicate the influence of institutional investors on political communication. For example, the findings of Tee's studies (2019) show that institutional investors have an effective monitoring role in companies with political connections. On the other hand, Sarhangi et al.'s studies (2017) show that there is no significant relationship between institutional ownership (the measure of political connections) and the ownership of the largest shareholder and profit stability.
Therefore, considering that Iran's economy has been involved in the term state economy for many years and companies are engaged in political communication whether they like it or not, dealing with the relationships in the present research for many stakeholders of the company, including the government, company decision makers, analysts, investors, etc. is of great importance.
Methods & Material
The current research is of applied type and retrospective in terms of time. Considering that there is no change in the variables and only the collected information is described, the research is descriptive. The main goal of this type of research is to determine the relationship between two or more variables, and the size and value of that relationship. Collection, classification, and analysis of information and calculations related to the regression model have been done using Excel version 2010 and Eviuse version 10 software. Also, using the targeted elimination method, 105 companies were selected as a statistical sample from 2015 to 2015.
Findings
According to the descriptive statistics of the research, the average percentage of institutional shareholders is 67%. This means that more than 67% of the shares of the sample companies under review are owned by institutional shareholders. The variable average of institutional investors shows that these types of investors have high power in the investigated companies. The average financial leverage is 58%. This number indicates that the sample companies pay more attention to financing through debt because more than 58% of assets are financed from debt and the rest from other financing methods. The variable average of asset return, which is used in some previous research as a measure of management efficiency, shows the number of 15%. This means that for each asset unit, the management of the sample companies has been able to create a 15% operating profit. The average standard deviation of the company's sales revenue is 5% and the average logarithm of the company's size is 14.5.
There is a significant correlation between profit stability and types of political communication at the 95% confidence level. According to the significant correlation between some independent variables and the modulating variable, the preliminary evidence indicates that some research hypotheses are not rejected. In general, it can be said that since the correlation between the research variables is in the range (-1 to +1), there is no autocorrelation problem between the research variables. In other cases, there is a significant correlation between some variables.
Discussion & Conclusion
It is argued that companies with political connections suffer from a high level of agency costs, which can harm the quality and sustainability of the profits of such companies. On the other hand, the presence of institutional shareholders in the company provided that it does not damage the rights of the minority owners in the company, will probably lead to strengthening supervision and reducing representation problems. In this research, the relationship between profit stability, institutional supervision, and different types of political communication was investigated. The results of the research hypotheses test show that the presence of institutional shareholders in companies with political connections leads to an increase in profit stability; Therefore, it can be said that institutional supervision is a factor that can play an effective role in increasing the quality of profits of companies with political connections.
On the other hand, the findings of the second hypothesis of the research indicate that the presence of large auditors in companies with political connections as independent auditors cannot have a significant effect on the sustainability of profits. However, the tenure of the CEO of companies with political connections helps to increase the stability of the company's profit. In other words, increasing the duration of the presence of the CEO of companies with political connections somehow guarantees the quality of the profits of such companies. The results of the first and third sub-hypotheses are in line with the findings of Hashemi et al. (2018) and Tee (2019). Considering the results obtained from this research, it is recommended to the decision-makers of companies and legislators to avoid successive changes of company CEOs and to improve corporate governance mechanisms in companies with political connections for increased profit stability. For the aim of future research, it is also suggested that the effect of the quality of corporate governance in companies with political connections on the sustainability of profit be investigated (Hashmi et al., 2018; Tee, 2019).
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