سامانه مدیریت نشریات علمی دانشگاه شهید بهشتی

طاهری, ماندانا, حدادی, نفیسه. (1401). تاثیر جریان‌های نقد آزاد بر ریسک سقوط قیمت سهام با تاکید بر نقش تعدیلی مدیریت سود در شرکت‌های عضو بورس اوراق بهادار تهران. , 12(40), 29-48. doi: 10.52547/jfmp.12.40.29
ماندانا طاهری; نفیسه حدادی. "تاثیر جریان‌های نقد آزاد بر ریسک سقوط قیمت سهام با تاکید بر نقش تعدیلی مدیریت سود در شرکت‌های عضو بورس اوراق بهادار تهران". , 12, 40, 1401, 29-48. doi: 10.52547/jfmp.12.40.29
طاهری, ماندانا, حدادی, نفیسه. (1401). 'تاثیر جریان‌های نقد آزاد بر ریسک سقوط قیمت سهام با تاکید بر نقش تعدیلی مدیریت سود در شرکت‌های عضو بورس اوراق بهادار تهران', , 12(40), pp. 29-48. doi: 10.52547/jfmp.12.40.29
طاهری, ماندانا, حدادی, نفیسه. تاثیر جریان‌های نقد آزاد بر ریسک سقوط قیمت سهام با تاکید بر نقش تعدیلی مدیریت سود در شرکت‌های عضو بورس اوراق بهادار تهران. , 1401; 12(40): 29-48. doi: 10.52547/jfmp.12.40.29

تاثیر جریان‌های نقد آزاد بر ریسک سقوط قیمت سهام با تاکید بر نقش تعدیلی مدیریت سود در شرکت‌های عضو بورس اوراق بهادار تهران

چشم انداز مدیریت مالی
دوره 12، شماره 40، دی 1401، صفحه 29-48    اصل مقاله (690.8 K)
نوع مقاله: مقاله پژوهشی
شناسه دیجیتال (DOI): 10.52547/jfmp.12.40.29
نویسندگان
ماندانا طاهری* 1؛ نفیسه حدادی2
1استادیار، گروه حسابداری، دانشگاه علامه طباطبایی، تهران، ایران
2کارشناسی ارشد حسابداری، دانشگاه علامه طباطبایی، تهران، ایران.
چکیده
با توسعه بازار سرمایه در ایران، توجه به عواملی که به نحوی بر تصمیم­‌گیری فعالین بازار موثر است، از اهمیت ویژه‌ای برخوردار است و طی سال‌های اخیر، مساله ریسک سقوط قیمت سهام به­عنوان یکی از ریسک‌­های تاثیرگذار بر شرکت‌­ها، مورد توجه ذی‌نفعان و محققین قرار گرفته است. در پژوهش حاضر، تاثیر جریان‌های نقد آزاد بر ریسک سقوط قیمت سهام با تاکید بر نقش تعدیلی هموارسازی سود، بررسی شده است. برای این منظور با انتخاب 161 شرکت پذیرفته‌­شده در بورس اوراق بهادار تهران طی سال‌های 1394 تا 1400 این مساله مورد بررسی قرار گرفت. آزمون فرضیات پژوهش نیز ازطریق رگرسیون خطی چند متغیره بوده و داده‌­ها از نوع ترکیبی می­باشند. در این مطالعه برای تجزیه و تحلیل داده­‌ها از نرم‌افزار ایویوز10 بهره گرفته­‌شده­‌است. نتایج پژوهش حاکی از آن است که جریان­های نقد آزاد به طور مثبت و معناداری بر ریسک سقوط سهام شرکت­ها موثر بوده و همچنین، هموارسازی سود این ارتباط را به‌طور منفی و معناداری تعدیل می­کند
کلیدواژه‌ها
جریان‌های نقد آزاد؛ ریسک سقوط قیمت سهام؛ چولگی منفی بازده سهام؛ نوسان‌های بالا به پایین؛ هموارسازی سود
عنوان مقاله [English]
The Effect of Free Cash Flows on Stock Crash Risk with Focused on the Role of Earnings Smoothing
نویسندگان [English]
Mandana Taheri1؛ Nafiseh Hadadi2
1Assistant Professor, Department of Accounting, University of Allameh Tabataba’i, Tehran, Iran
2MSc. in Accounting, University of Allameh Tabataba’i, Tehran, Iran.
چکیده [English]
With the expansion of the capital market in Iran, it is important to pay attention to the factors that have an effect on the decision-making of market participants and during recent years, stock price crash risk as in affective risks on companies been noted by shareholders and researchers. In this research, the effect of free cash flows on stock crash risk with focused on the role of earnings smoothing was investigated. In internal research, there have been many kinds of research emphasizing the relationship between earnings smoothing and stock price crash risk, but the relationship between cash flows and stock price crash risk is missing in internal research. Also, the moderating role of earnings management on this relationship has not been explained in the Iranian capital market so far. Therefore, based on the research literature in this field, it seems that the issue of the relationship between free cash flows and the stock price crash risk and the explanation of this relationship in the Iranian capital market is significant. The sample includes 161 companies listed on the Tehran Stock Exchange during the years 1394 to 1399. To quantify stock price crash risk, two criteria of negative stock skewness and up-down volatility were used. The results indicate that free cash flows have a positive and significant effect on stock price crash risk and earning smoothing also moderates this relationship negatively and significantly.
کلیدواژه‌ها [English]
Free Cash Flow, Stock Price Crash Risk, Earning Smoothing, Company Size, Financial Leverage, Return on Assets
مراجع
  1. Alves, S. (2021). Free Cash Flow and Earnings Management: The Moderating Role of Leverage. In Comparative Research on Earnings Management, Corporate Governance, and Economic Value,85-103 IGI Global.
  2. Bahmani, M., NezamTaheri, S. (2020). Evaluating the Effect of Earning Smoothing Using Maximization and Minimization of Earnings Approaches to Reduce Stock Price Crash Risk in Companies Accepted in Tehran Stock Exchange. Karafan Quarterly Scientific Journal, 16(2), 253-274. (In Persian).
  3. Baik, B., Choi, S., & Farber, D. B. (2020). Managerial ability and income smoothing. The Accounting Review, 95(4), 1-22.
  4. Barati, L., Heidarzadeh Hanzaei, A. (2021). Investigation the Impact of Earning Smoothing and Financial Information Transparency on Stock Price Crash Risk. Journal of Investment Knowledge, 10(39), 51-68. (In Persian).
  5. Chen, C., Kim, J. B., & Yao, L. (2017). Earnings smoothing: does it exacerbate or constrain stock price crash risk? Journal of Corporate Finance, 42, 36-54.
  6. Chen, J., Hong, H., & Stein, J. C. (2001). Forecasting crashes: Trading volume, past returns, and conditional skewness in stock prices. Journal of financial Economics,61(3), 345-381.
  7. Chang, X., Chen, Y., & Zolotoy, L. (2017). Stock liquidity and stock price crash risk. Journal of financial and quantitative analysis, 52(4), 1605-1637.
  8. Cheng, C. A., Li, S., & Zhang, E. X. (2020). Operating cash flow opacity and stock price crash risk. Journal of Accounting and Public Policy, 39(3), 106717.
  9. Drobetz, W., Haller, R., & Meier, I. (2016). Cash flow sensitivities during normal and crisis times: Evidence from shipping. Transportation Research Part A: Policy and Practice, 90, 26-49.
  10. Fakhari, H., Adili, M. (2013). An Investigation of Relationship between Free Cash Flow and Real Earnings Management in Iranian listed Companies. Accounting and Auditing Review, 19(4), 63-78. (In Persian).
  11. Gu, J. (2021). Asymmetry Risk and Asset Pricing (Doctoral dissertation, West Virginia University).‏
  12. Hamm, S. J., Li, E. X., & Ng, J. (2012, August). Management earnings guidance and stock price crash risk. In Japan Accounting Review Conference.‏
  13. Harper, J., Johnson, G., & Sun, L. (2020). Stock price crash risk and CEO power: Firm-level analysis. Research in International Business and Finance, 51, 101094.‏
  14. Huang, Q., Liu, Y., Zhang, F., & Chen, X. (2017). Managerial ownership and stock price crash risk: Evidence from China. Transformations in Business & Economics, 16.
  15. Hutton, A. P., Marcus, A. J., & Tehranian, H. (2009). Opaque financial reports, R2, and crash risk. Journal of financial Economics, 94(1), 67-86.
  16. Jebran, K., Chen, S., & Zhang, R. (2020). Board diversity and stock price crash risk. Research in International Business and Finance, 51, 101122.
  17. Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.
  18. Jin, X., Chen, Z., & Yang, X. (2019). Economic policy uncertainty and stock price crash risk. Accounting & Finance, 58(5), 1291-1318.
  19. Kazemi, K., Karami Malmiri, Y. (2018). Investigation The Ralationship between Free Cash Flows and Stock Price Crash Risk in Companies Accepted in Tehran Stock Exchange, Second Annual Conference on Economics, Management and Accounting, Ahvaz. (In Persian).
  20. Khurana, I. K., Pereira, R., & Zhang, E. (2018). Is real earnings smoothing harmful? Evidence from firm‐specific stock price crash risk. Contemporary Accounting Research, 35(1), 558-587.
  21. Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43, 1-13.
  22. Kim, J. B., & Zhang, L. (2016). Accounting conservatism and stock price crash risk: Firm‐level evidence. Contemporary accounting research, 33(1), 412-441.
  23. LaFond, R., Lang, M. H., & Skaife, H. A. (2007). Earnings smoothing, governance and liquidity: International evidence. Governance and Liquidity: International Evidence (March 2007).
  24. Li, X., Wang, S. S., & Wang, X. (2017). Trust and stock price crash risk: Evidence from China. Journal of Banking & Finance, 76, 74-91.
  25. Luo, Y., & Zhang, C. (2020). Economic policy uncertainty and stock price crash risk. Research in International Business and Finance, 51, 101112.
  26. Mansorfar, G., Abdi, S., Qaderi, B. (2018). Institutional ownership, Earning Smoothing and Future Stock Price Crash Risk: Earning Smoothing to Distort or Transfer Information. Journal of Accounting and Management Vision, 1(1), 29-45. (In Persian).
  27. Moradi, Z., Nabati, M. (2018). The Effect of Income smoothing and Stock Price Crash Risk. First National Conference on the Role of Accounting, Economics and Management, Tabriz. (In Persian).
  28. Nagar, V., Schoenfeld, J., & Wellman, L. (2019). The effect of economic policy uncertainty on investor information asymmetry and management disclosures. Journal of Accounting and Economics, 67(1), 36-57.
  29. Rashbari dibavar, E., parvizlou, N. (2021). Relationship between Foreign Financing Activities, Earnings Smoothing and Stock Price Risk. Journal of Accounting and Management Vision, 4(39), 146-159. (In Persian).
  30. Sadrosadat, L., Sotoode Nia, S., Amiri, A. (2018). Investigation Relationship between Earning Smoothing and Stock Price Crash Risk According to Discretionary Accruals in Companies Accepted in Tehran Stock Exchange. Journal of Humanities and Islamic Strategic Studies, 1(5), 15-29. (In Persian).
  31. Saghafi, A., & Moamadrezakhani, V. (2015). Income Smoothing; Comprehensive Overview of The Concepts with Emphasis on Internal and External Studies. Journal of Accounting and Social Interests, 5(2), 111-128. (In Persian).
  32. Sari, M. R., Djohanputro, B., & Kountur, R. (2021). Past performance and earnings management: the effect of free cash flow. Journal of Asian Finance, Economics and Business, 8(1), 37-43.
  33. Schiff, M. (1966). Accounting Tactics and the Theory of the Firm. Journal of Accounting Research, 62-67.‏
  34. Taghizadeh Khanqah, V., Zeynali, M. (2018). The Relationship between Innovation, Income Smoothing and Stock Price Crash Risk. Journal of Iranian Accounting Review, 5(17), 25-50. (In Persian).
  35. Toumeh, A. A., Yahya, S., & Amran, A. (2020). Surplus Free Cash Flow, Stock Market Segmentations and Earnings Management: The Moderating Role of Independent Audit Committee. Global Business Review, 0972150920934069.
  36. Tucker, J. W., & Zarowin, P. A. (2006). Does income smoothing improve earnings informativeness? The accounting review, 81(1), 251-270.‏
  37. Yeo, H. J. (2018). Role of free cash flows in making investment and dividend decisions: The case of the shipping industry. Asian Journal of Shipping and Logistics,34(2), 113-118.
آمار
تعداد مشاهده مقاله: 4,018
تعداد دریافت فایل اصل مقاله: 2,302