نقش حمایت از حقوق ذی‌نفعان در تعدیل تأثیر ریسک اطلاعات مالی بر هزینه سرمایه حقوق مالکانه
پیشرفت های مالی و سرمایه گذاری
دوره 4، شماره 1 ، فروردین 1402، صفحه 166-141 659.83 K )
نوع مقاله: پژوهشی
شناسه دیجیتال (DOI): 10.30495/afi.2023.1971166.1163 نویسندگان
محمد حسنی* ؛ مریم جباروند بهروز
چکیده هدف: در این مقاله تأثیر ریسک اطلاعاتی ناشی از تحریف گزارش سود بر هزینه سرمایه حقوق مالکانه و نیز نقش مکانیزم‌های حمایت از حقوق ذی‌نفعان بر این رابطه مورد واکاوی قرارگرفته است.روش‌شناسی پژوهش: هزینه سرمایه حقوق مالکانه مبتنی بر بازده مورد انتظار سهامداران طبق مدل قیمت‌گذاری دارایی‌های سرمایه‌ای ارزیابی‌شده است. حمایت از حقوق ذی‌نفعان طبق امتیاز شاخص ترکیبی معیارهای تفکیک وظایف مدیران، استقلال هیئت‌مدیره، حسابرسی داخلی، سهامداران با حق کنترل، سطح مالکیت عمده، تعدیلات سنواتی، به‌موقع بودن اطلاعات، قابل‌اتکا بودن اطلاعات، افشای هزینه حسابرسی، افشای پاداش هیئت‌مدیره بررسی‌شده است. رویه اختیاری مدیریت سود تعهدی به‌عنوان معیاری از ریسک اطلاعاتی طبق انحراف معیار قدر مطلق پسماندهای مدل اقلام تعهدی موردبررسی قرارگرفته است. جامعه آماری غربال‌شده پژوهش شامل تعداد 183 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران طی سال‌های 1390 تا 1399 است. فرضیه‌های پژوهش با استفاده از مدل‌های رگرسیون چند متغیره داده‌های ترکیبی با کنترل اثرات صنعت و سال آزمون شده‌اند.یافته‌ها: یافته‌ها حاکی از آن است که با افزایش ریسک اطلاعاتی، هزینه سرمایه حقوق مالکانه افزایش‌یافته است. همچنین بهبود شاخص حمایت از حقوق ذی‌نفعان ضمن کاهش هزینه سرمایه حقوق مالکانه، سبب تضعیف تأثیر ریسک اطلاعاتی بر هزینه سرمایه حقوق مالکانه شده است.اصالت / ارزش‌افزوده علمی: شواهد بیانگر آن است که اجرای رویه‌های راهبری در حمایت از حقوق ذی‌نفعان و زمینه‌سازی کاهش ریسک اطلاعات مالی ناشی از تحریف سود، نقش بااهمیتی در کاهش هزینه سرمایه‌دارند؛ ازاین‌رو، درک این موضوع می‌تواند نکته قابل‌ملاحظه‌ای در تعدیل انتظارات ذی‌نفعان باشد.کلیدواژه‌ها
حمایت از حقوق ذی‌نفعان ؛ ریسک اطلاعات مالی ؛ هزینه سرمایه حقوق مالکانه
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