The Relationship between Ownership Structure and Conservatism of Companies in Iran
1
조회
0
다운로드
1
인용
0
참고문헌
키워드
초록
Purpose - Since Iran’s economy is only now developing, and its stock market is only now emerging, we should deal with the relationship between ownership structure and conservative accounting of companies to see whether such a relationship exists in Iran’s market. This study aims to investigate the relationship between ownership structure and accounting conservatism of listed companies on the Tehran Stock Exchange. Research design, data, and methodology - All listed companies on the Tehran Stock Exchange, for which the required information financial statements (balance sheet, profit and loss account) could be acquired for the period 2007–2012, were studied. A total of 123 companies from various industries was selected. Results - In order to test the hypotheses, multi variate regression (inter procedure), with their meaningful t- and f-statistics, and a Durbin-Watson autocorrelation model were used. Conclusions - The research results show that the ownership of major shareholders and ownership concentration have a negative significant relationship with accounting conservatism. Therefore, as a significant negative relationship between concentration of ownership and accounting conservatism at the 95% confidence level was found, the second hypothesis was confirmed.
Abstract
Purpose - Since Iran’s economy is only now developing, and its stock market is only now emerging, we should deal with the relationship between ownership structure and conservative accounting of companies to see whether such a relationship exists in Iran’s market. This study aims to investigate the relationship between ownership structure and accounting conservatism of listed companies on the Tehran Stock Exchange. Research design, data, and methodology - All listed companies on the Tehran Stock Exchange, for which the required information financial statements (balance sheet, profit and loss account) could be acquired for the period 2007–2012, were studied. A total of 123 companies from various industries was selected. Results - In order to test the hypotheses, multi variate regression (inter procedure), with their meaningful t- and f-statistics, and a Durbin-Watson autocorrelation model were used. Conclusions - The research results show that the ownership of major shareholders and ownership concentration have a negative significant relationship with accounting conservatism. Therefore, as a significant negative relationship between concentration of ownership and accounting conservatism at the 95% confidence level was found, the second hypothesis was confirmed.
참고문헌 (17)
- Ball, R., "Infrastructure requirements for an economically efficient system of public financial reporting and disclosure", Brookings-Wharton Papers on Financial Services, 1, pp.127~169 (2001)
- Ball, R., "Incentives versus standards : properties of accounting income in four East Asian countries", Journal of Accounting and Economics, 36, pp.235~270 (2003)
- Ball, R., "Earnings quality in UK private firms : comparative loss recognition timeliness", Journal of Accounting and Economics, 39, pp.83~128 (2005)
- Basu, S., "The conservatism principle and the asymmetric timeliness of earnings", Journal of Accounting and Economics, 25, pp.1~34 (1997)
- Bushee, B., "Do institutional investors prefer near term earnings over long-run value?", Contemporary Accounting Research, 18, pp.207~246 (2001)
- Bushee, B., "Corporate disclosure practices, institutional investors, and stock return volatility", Journal of Accounting Research, 38, pp.171~202 (2000)
- Chen, X., "Monitoring: which institutions matter?", Journal of Financial Economics, 86, pp.279~305 (2007)
- Chi, Wuchun, "What Affects Accounting Conservatism : A Corporate Governance Perspective", Journal of Contemporary Accounting & Economics, 5(1), pp.47~59 (2009)
- Chung, H., "Managerial legal liability coverage and earnings conservatism", Journal of Accounting and Economics, 46, pp.135~153 (2008)
- Feltham, G., "Valuation and clean surplus accounting for operating and financial activities", Contemporary Accounting Research, 11(2), pp.689~731 (1995)
- Givoly, D., "The Changing Time-series Properties of Earnings, Cash Flows and Accruals : Has Financial Reporting Become More Conservative?"", Journal of Accounting and Economics, 29, pp.287~320 (2000)
- Holthausen, R., "The relevance of the value-relevance literature for financial accounting standard setting", Journal of Accounting and Economics, 31, pp.3~75 (2001)
- Khan, M., "Estimation and validation of a firm-year measure of accounting conservatism", Journal of Accounting and Economics, 48, pp.132~150 (2009)
- LaFond, R., "Managerial ownership and accounting conservatism", Journal of Accounting Research, 46, pp.101~135 (2008)
- LaFond, R., "The information role of conservatism", The Accounting Review, 83, pp.447~478 (2008)
- Watts, R., "Conservatism in accounting. Part I : explanations and implications", Accounting Horizons, 17, pp.207~221 (2003)
- Yan, X., "Institutional investors and equity returns : are short-term institutions better informed?", Review of Financial Studies, 22, pp.893~924 (2009)