بررسي رابطه پايداري مالكيت نهادي با مديريت سود با لحاظ اهرم مالي شركت

The Relationship between Institutional Ownership Stability and Earnings Management in terms of Corporate Financial Leverage

هدف: سرمايه‌گذاران نهادي با توجه به مالكيت بخش قابل ملاحظه‌اي از سهام شـركت‌ها، از نفـوذ قابل توجهي در شركت‌هاي سرمايه‌پذير برخوردار بوده و قادرند بر روند اين شركت‌ها اثرگذار باشند. آن‌ها منابعي براي نفوذ و نظارت بر مديران دارند. اين مي‌تواند منجر به تمركز بر به حداكثر رساندن ارزش بلند مدت شركت به جاي اهداف سودآوري كوتاه مدت شود. از طرفي مديران شركت‌هاي داراي بدهي بالا، ممكن به منظور نشان دادن وضعيت بهتر شركت اقدام به مديريت سود نمايند. از اين جهت پژوهش حاضر به بررسي رابطه پايداري مالكيت نهادي با مديريت سود با لحاظ اهرم مالي شركت مي‌پردازد. روش: پژوهش حاضر از لحاظ هدف و روش پژوهش به ترتيب كاربردي و نيمه‌تجربي است. داده‌هاي پژوهش از 140 شركت پذيرفته شده در بورس اوراق بهادار تهران طي سال‌هاي 1393 تا 1398 استخراج شده و از رگرسيون چند متغيره براي آزمون فرضيه‌هاي پژوهش استفاده شده است. يافته‌ها: يافته‌هاي حاصل از آزمون دو فرضيه پژوهش نشان مي‌دهد بين پايداري مالكيت نهادي با مديريت سود رابطه منفي و معناداري دارد، اين در حالي است كه متغير اثرات همزمان پايداري مالكيت نهادي و اهرم مالي بر مديريت سود معنادار نيست. نتيجه‌گيري: نتايج تجزيه وتحليل داده‌ها بيانگر آن است هرچه پايداري مالكيت نهادي در شركت بيشتر شود، مديريت سود نيز كمتر مي‌شود. از طرفي تغييرات در اهرم مالي نمي‌تواند بر رابطه بين اين دو متغير تأثير معناداري داشته باشد.

Objective: Institutional investors, due to the ownership of a significant portion of the companies' shares, have a significant influence on investable companies and are able to influence the process of these companies. They have resources to influence and monitor managers. This could lead to a focus on maximizing the long-term value of the company rather than short-term profitability goals. Also the managers of firms with high debts are involved in manipulation of earning to portray a better picture of their financial position. Therefore, the present study examines the relationship between institutional ownership stability and earnings management by considering the company's financial leverage. Method: To achieve the purpose of present research, regression model wis used to test two hypotheses. The sample employed in this study consists of the 140 companies listed in Tehran Stock Exchange for the period 2014-2019. This study has three groups of variables. The first is the independent variable, namely, institutional ownership stability. he second group is the dependent variable, which is earnings management and financial leverage. Our measure of earnings management is based on the Jonse(1991) model. The third group consists of the control variables consis size. liquidity and loss. Results: In general, the study finds that institutional ownership stability not improves the earnings management. In adition the resulth shows that relationship between institutional ownership stability and earnings management is negative. while the variables of the simultaneous effects of institutional ownership sustainability and financial leverage on earnings management are not significant. Conclusion: This study investigates how institutional ownership stability influences earnings management the results of data analysis indicate that institutional investors holding stable equity stakes play an important monitoring role in reducing earnings management. We also document that the greater the stability of institutional ownership, the lesser the earning management in companies listed in Tehran Stock Exchange. Our findings of the negative association between real earnings management and institutional ownership stability also indicate that firms with more stable ownership are engaged in lesser sales manipulation and overproduction. Also the findings reveal that Corporate financial leverage has not a impact in relationship between institutional ownership stability and earnings management.