اثر روابط سياسي با دولت بر رابطه بين تمركز مالكيت با كيفيت گزارشگري مالي و هزينه سهام عادي

The Effect of Political Connections with the Government on the Relationship between Ownership Concentration with Quality of Financial Reporting and the Cost of Equity Capital

اين پژوهش اثر روابط سياسي با دولت را بر رابطه بين تمركز مالكيت با كيفيت گزارشگري مالي و هزينه سهام عادي شركت هاي پذيرفته‎شده در بورس اوراق بهادار تهران بررسي مي‎كند. نتايج آزمون فرضيه‎هاي پژوهش بر مبناي يك نمونه آماري متشكل از 95 شركت در دوره زماني 1380 تا 1390، نشان داد در شركت هايي كه ساختار مالكيت متمركز است، كيفيت سود نيز بالاست؛ حال آنكه در شركت هاي داراي روابط سياسي گسترده با دولت كه ساختار مالكيت متمركزي دارند، كيفيت سود پايين است. همچنين در شركت هايي كه ساختار مالكيت متمركزي دارند، هزينه سهام عادي پايين است، ولي در شركت هاي داراي روابط سياسي گسترده با دولت كه ساختار مالكيت متمركزي دارند، هزينه سهام عادي بالا است.

This study investigates the effect of political connections with the government on the relationship between ownership concentration with quality of financial reporting and the cost of equity capital in companies that are the member of Tehran Stock Exchange. The result of research hypotheses test based on a statistical sample consist of 95 companies in period of 2001- 2011 showed that earnings quality in companies with concentrated ownership structure is high. On the other hand, in companies with extensive political connections and concentrated ownership structure, earnings quality is lower than other companies. Also, in companies with concentrated ownership structure, the cost of equity capital is low, but in companies with extensive political connections with government which has concentrated ownership structure, the cost of equity capital is higher.