بررسی اثر تاخیر گزارش حسابرسی بر نوسانات قیمت سهام شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران

نوع مقاله: مقاله پژوهشی

نویسندگان

1 استادیار گروه اقتصاد دانشگاه محقق اردبیلی

2 استادیار و عضو هیات علمی دانشگاه گیلان

3 گروه اقتصاد، واحد تبریز، دانشگاه آزاد اسلامی، تبریز، ایران

چکیده

به‌طورکلی حسابرسان مستقل  بستر و شرایط لازم را برای کیفیت اطلاعات حسابداری و گزارشگری مالی به موقع  فراهم می­کنند. بنابراین، تاخیر در ارائه گزارش­های حسابرسی می­تواند بر عملکرد شرکت و حتی قیمت سهام شرکت نیز تأثیرگذار باشد. هدف اصلی این پژوهش بررسی تأثیرپذیری نوسانات قیمتی سهام از تاخیر گزارش حسابرسی در بین 110 شرکت­ پذیرفته شده در بورس اوراق بهادار تهران در دوره زمانی بین سال­های 1396-1391 با استفاده از مدل نوسان­پذیر گارچ(GARCH) است.  نتایج برآورد مدل نشان داد که اولا تک­تک ضرایب معادله واریانس شرطی معنی­دار می­باشد. به­عبارت دیگر نوسان­پذیری مدل تایید می­شود. نتایج آزمون فرضیات نیز نشان داد که فرضیه اصلی تحقیق مبنی بر تاثیر معنی­دار شاخص تاخیر گزارش حسابرسی بر قیمت سهام شرکت تایید می­گردد. بنابراین، شرکت­هایی که گزارش حسابرسی آنها با تاخیر همراه بوده، به‌طور متوسط قیمت سهام آنها  نیز پایین­تر بوده است. سایر نتایج نشان داد که در رگرسیون برآوردی ضریب متغیراهرم مالی معنی­دار نبوده، اما شاخص اندازه شرکت اثر منفی و معنی داری بر قیمت سهام دارد.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

Effect of Audit Report Delay on Fluctuations of Stock Prices of Companies Listed in Tehran Stock Exchange

نویسندگان [English]

  • Hatef Hazeri Niri 1
  • Farzad Rahimzadeh 2
  • Siamak ShokouhiFard 3
1 Department of Economics, University of Mohaghegh Ardebili (UMA), Ardebil, Iran
2 Assistant Professor and Faculty Member of University of Guilan.
3 Department of Economics, Tabriz Branch, Islamic Azad University, Tabriz, Iran
چکیده [English]

In general, independent auditors provide the context and conditions for the quality of timely accounting information and financial reporting. Hence, delays in presentation of audit reports can affect the company's performance and even company stock prices. Therefore, the main goal of the study is to investigate the effect of delay of the audit report on stock price fluctuations among 110 companies Listed in the Tehran Stock Exchange during the period of 2012-2017 using the GARCH model. The results of the model estimation showed that, firstly, the coefficients of the equation of conditional variance are significant. In other words, the model's oscillation is confirmed. Also, based on the results of the estimation, the maximum likelihood of the simultaneous effect of all variables is confirmed, in other words, it does not indicate the high and false validity of the estimated regression model. The results of the hypothesis test also showed that the main hypothesis of the research about the effect of the delay of the audit report on stock price is confirmed. So, the companies whose audit report was presented with delay, their stock prices on average were also lower. Other results showed that the coefficient of financial variables is not significant, but the firm ‘size has a significant negative effect on the stock price.

کلیدواژه‌ها [English]

  • Audit Report Delay
  • Stock Price
  • Swap Model
  • Tehran Stock Exchange

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