تأثير خودشيفتگي مديران بر مديريت سود و عملكرد مالي

CEO narcissism impacts on earnings management and financial performance

خودشيفتگي يك ساختار شخصيتي است كه مي‌تواند قضاوت مديران از احتمال نتايج گوناگون را تحت تأثير قرار دهد؛ زيرا طبق مطالعات اخير مشاهده‌شده است كه خود شيفتگي در بين مديران نقشي حياتي در انجام فعاليت‌هاي مرتبط با مديريت سود و نمايش عملكرد مالي مطلوب دارد. هدف اصلي پژوهش حاضر بررسي تجربي تأثير خود شيفتگي مديران بر مديريت سود و عملكرد مالي شركت‌هاي پذيرفته‌شده در بورس اوراق بهادار تهران با استفاده از نمونه‌ي آماري، شامل 624 مشاهده‌ي (سال - شركت) براي بازه زماني 1393-1382 است. پس از تجزيه‌وتحليل‌هاي آماري صورت گرفته با استفاده از فن معادلات ساختاري، نتايج حاصل از فرضيه‌هاي پژوهش بيان‌كننده‌ي از آن است كه رابطه‌اي مستقيم و معنادار بين خودشيفتگي مديران و شاخص‌هاي مرتبط با مديريت سود و عملكرد مالي وجود دارد. به سخني ديگر، مشاهده شد به هراندازه كه مديران از خودشيفتگي بالاتري برخوردار باشند براي نمايش عملكرد مالي مطلوب در كوتاه‌مدت به ذي‌نفعان، بيش‌تر به سمت‌وسوي فعاليت‌هاي مرتبط با مديريت سود سوق پيدا خواهند كرد.

Introduction Narcissism as a personality characteristic has some indications such as influence of personal wishes, requesting others to answer, and cognitive bias. Narcissism of managers may have some effects on organizational consequences through the impact on managers` decisions in different fields such as strategy, structure and recruitment. Obviously, narcissism compared with other personal characteristics make managers do activities in order to seek the attention of others that subsequently affects the performance of the organization. According to recent studies, it is argued that narcissism has a vital role in earnings management activities and ideal financial performance exhibition. In this respect, the main goal of this research is to conduct an empirical study of the impact of managers’ narcissism on earnings management and financial performance of listed companies of Tehran Stock Exchange. Research Questions or hypotheses The research hypotheses are as follows: First main hypothesis: CEO Narcissism has a significant positive effect on earning management. First subsidiary hypothesis: CEO narcissism has a significant positive effect on discretionary revenues. Second subsidiary hypothesis: CEO narcissism has a significant positive effect on discretionary accruals. Second main hypothesis: CEO narcissism has a significant positive effect on financial performance. First subsidiary hypothesis: CEO narcissism has a significant positive effect on ROA ratio. Second subsidiary hypothesis: CEO narcissism has a significant positive effect on PEG ratio. Methodology This study is an ex-post research with a quasi-experimental design. The sample consists of 52 companies listed in Tehran Stock Exchange during 2004-2015. SPSS software, structure equation modelling (SEM), and Image J were used for preparing the data and statistical analysis, respectively. Results Statistical analysis using structural equation techniques shows that there is a significant positive relation between managers’ narcissism and earnings management and financial performance indicators. In other words, it was seen that in giving ideal financial performance declaration to stakeholder, more narcissism in managers leads to more tendency to earnings management.