مقایسه ابزارهای مدیریت سود در شرکت‌های بحران‌زده و شرکت‌های سالم

نوع مقاله: مقاله پژوهشی

نویسندگان

1 دانشگاه ارومیه

2 دانشگاه بین المللی امام خمینی

3 دانشگاه بین المللی امام خمینی (ره) قزوین

چکیده

شناخت در مورد دستکاری اطلاعات حسابداری برای کلیه ذی‌نفعانی که تصمیم‌های خود را بر مبنای گزارش‌های سالیانه شرکت‌ها اتخاذ می‌کنند، مفید است. از این رو مقایسه ابزارهای مدیریت سود در شرکت‌های بحران‌زده و شرکت‌های سالم هدف این تحقیق قرار گرفته است. بدین منظور با بررسی 312 شرکت بورسی و فرابورسی طی سال‌های 1385 تا 1394 مشخص شد که هر دو گروه به مدیریت سود می‌پردازند و با استفاده از آزمون مقایسه میانگین مشخص شد که میزان مدیریت سود در شرکت‌های بحران‌زده مالی بیشتر از شرکت‌های سالم است و شرکت‌های بحران‌زده تمایل دارند در سال‌های قبل از وقوع بحران مالی به میزان بیشتری از ابزارهای مدیریت سود واقعی نسبت به اقلام تعهدی استفاده نمایند. همچنین مشخص شد که با نزدیک‌تر شدن به وقوع بحران مالی، میزان مدیریت سود در شرکت‌های بحران‌زده افزایش معنی‌داری پیدا نمی‌کند و با استفاده از آزمون گرنجر مشخص شد که ابزارهای مدیریت سود به صورت متقابل بر همدیگر تأثیر می‌گذارند.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

Earnings Management Tools in Distressed and Healthy Firms

نویسندگان [English]

  • Ali Ashtab 1
  • Hamid Haghighat 2
  • Gholamreza Kordestani 3
1 Urmia university
2 Associate Prof. of accounting at Imam khomeni international univesity
3 Associate Prof. of accounting at Emam khomeini international univesity
چکیده [English]

Knowing about distortion of the accounting information is important for all stakeholders who make their decisions based on the annual reports of firms. So, this paper is aimed to compare earnings management in distress and healthy firms. The sample consists of 312 firms listed in Tehran Stock Exchange and out of the counter during the period from 2006 to 2015.  Results show that both groups manipulate their earnings, however, "compare mean test" indicates that earnings management in distress firms is more than healthy firms and also distress firms prefer to use more real activity earnings management than accrual earnings management before financial distress occurrence. Results also show that the level of earnings management is not being increased significantly in distress firms as financial distress occurrence is more closing. Granger test results show that earnings management tools reciprocally affect each other.

کلیدواژه‌ها [English]

  • Accrual earnings management
  • earnings management
  • Real activity earnings management
ابراهیمی، کاظم. بهرامی، علی و منصور احمدی. (1395). رابطه بین تصمیمات تامین مالی با انواع مدیریت سود. پژوهش‌های حسابداری مالی و حسابرسی، دوره8، شماره 30، 102-83.

ایزدی‌نیا، ناصر. منصورفر، غلامرضا و موسی رشیدی خزایی. (1394). درماندگی مالی به عنوان عاملی برای مدیریت سود. مجله راهبرد مدیریت مالی، سال سوم، شماره 10، 47-25.

کردستانی، غلامرضا و رشید تاتلی. (1395). پیش‌بینی دستکاری سود: توسعه یک مدل. بررسی های حسابداری و حسابرسی، دوره23، شماره1، 96-73.

ولی‌پور، هاشم. طالب‌نیا، قدرت الله و علی جوانمرد. (1392). بررسی تأثیر مدیریت سود بر کیفیت سود در شرکت‌های دارای بحران مالی. مجله دانش حسابداری، سال چهارم، شماره 13، 103-75.

Aktan, Sinan. (2011). Application of machine learning algorithms for business failure prediction. Investment Management and Financial Innovations, 8 (2) , 51-65.

Bisigno, Marco. & Luka, Roberto. (2015). Financial distress and Earnings Manipulation: evidence from Italian SMEs. Journal of Accounting and Finance, 4 (1) , 42-51.

Campa, Domenico. & Camacho-Miñano, Maria. (2015). the impact of SME’s pre-bankruptcy financial distress on earnings management tools. The International Review of Financial Analysis, 42, 222–234.

Chamberlain, Trevor. Butt, Umar. & Sarkar, Sudipto. (2014). Accrual and real earnings management around debt covenant violation. International Advances in Economic Research, 20 (1) , 119–120.

Dutzi, Andreas. & Rausch, Bastian. (2016). Earnings Management before Bankruptcy: A Review of the Literature. Journal of Accounting and Auditing: Research & Practice, 2, 1-21.

Ebrahimi, Kazem. Bahrami, Ali. & Ahmadi, Mansour. (2016). Relation between financing decisions with earnings management types. Auditing and Financial accounting researches, 8 (30) , 83-102. (in Persian).

Graham, John. R. Harvey, Campbell. R. & Rajgopal, Shiva. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40 (3) , 3–73.

Gunny, Katherine. A. (2010). The relation between earnings management using real activities manipulation andfuture performance: evidence from meeting earnings benchmarks. ContemporaryAccounting Research, 27 (3) , 855–888.

Habib, Ahsan. Uddin Bhuiyan, Borhan. & Islam, Ainul. (2013). Financial distress, earnings management and market pricing of accruals during the global financial crisis. Managerial Finance, 39 (2) , 155–180.

He, Guanming. (2016). Fiscal Support and Earnings Management. The International Journal of Accounting,51, 57–84.

Healy, Pual. M. & Wahlen, James. M. (1999). A review of the earnings management literature. Accounting Horizons, 13 (4) , 365–383.

Hepworth, S. R. (1953). Smoothideng periodic income. The Accounting Review, 28 (1) , 32-39.

Izadinia, Naser. Mansourfar, Golam-reza. & Rashidi Khazai, Musa. (2015). Financial distress as a factor for earnings management. Journal of financial management Policy, 3 (10) , 25-47. (in Persian).

Jacoby, Gady. Li, Jialong. & Liu, Mingzhi. (2016). Financial Distress, Political Affiliation, and Earnings Management: The Case of Politically-Affiliated Private Firms.  European Journal of Finance, 1-20.

Joosten, Carmen. (2012). Real Earnings Management and Accrual-Based Earnings Management as Substitutes. Working paper: Tilburg University, Tilburg. 1-54.

Kacharava, Aleksandre. (2016). Impact of Financial Crisis on Earnings Management in Listed Companies of Portugal and UK. Master Dissertation in International Business. 1-68.

Kasznik, Ron. (1999). On the association between voluntary disclosure and earnings management. Journal of Accounting Research, 37 (1) , 57–81.

Kordestani, Golam-Reza. & Tatli, Rashid. (2016). Manupulation of earning: developing a model. Journal of accounting and auditing reviews, 23 (1) , 73-96. (in Persian).

Kothari, S. P. Mizik, Natalie. & Roychowdhury, Sugata. (2015). Managing for the Moment: The Role of Earnings Management via Real Activities versus Accruals in SEO Valuation. The accounting Review, 91 (2) , 559-586.

 Lara, Juan. Manuel. Garcia, Osma, Beatriz. & Neophytou, Evi. (2009) , Earnings quality in ex-post failed firms. Accounting and Business Research, 39 (2) , 119–138.

Manzaneque, Montserrat. Priego, Alba. Maria & Merino, Elena. (2016). Corporate governance effect on financial distress likelihood: Evidence from Spain. Spanish accounting review, 19 (1) , 111-121.

McKeown, James. C. Mutchler, Jane. F. & Hopwood, William. (1991) , towards an explanation of auditor failure to modify the audit opinion of bankrupt companies. Auditing: A Journal of Practice and Theory, 10 (Supplement) , 1–13.

Nagar, Neerav. & Sen, Kaustav. (2016). Earnings management in India: Managers’ fixation on operating profits. Journal of International Accounting, Auditing and Taxation, 26, 1–12.

Pindado, Julio. Rodrigues, Luis. & de la Torre, Chabela. (2006). How does financial distress affect small firms’ financial structure? Small Business Economics, 26 (4) , 377–391.

Roychowdhury, Sugata. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42 (3) , 335–370.

Rosner, Rebecca. L. (2003). Earnings manipulation in failing firms. Contemporary Accounting Research, 20 (2) , 361–408.

Schipper, Katherine. (1989). Commentary on earnings management. Accounting horizons. 3 (4) , 91-102.

Scott, William. R. (2009). Financial accounting theory. Fifth ed. Prentice Hall, Upper Saddle River, New Jersey.

Smith, Malcolm. Kestel, Jo-Anne. & Robinson, Peter. (2001). Economic recession, corporate distress and income increasing accounting policy choice, Accounting Forum, 25 (4) , 335–352.

Sun, Jerry. & Liu, Guoping. (2016). Does analyst coverage constrain real earnings management?. The Quarterly Review of Economics and Finance, 59, 131-140.

Trombetta, Marco. & Imperatore, Claudia. (2014). The dynamic of financial crises and its non-monotonic effects on earnings quality. Journal of Accounting and Public Policy, 33 (3) , 205–232,

Valipour, Hashem. Talebnia, Godrat. Allah. & Javanmard, Ali. (2013). The impact of earnings management on quality of earning in distress companies. Journal of accounting knowledge, 4 (13) , 75-103. (in Persian).

Watts, Ross. L. & Zimmerman, Jerold. L. (1986). Positive accounting theory. Prentice-Hall Inc. , 1986. Available at SSRN: http: //ssrn. com/abstract=928677 (Accessed 25 February 2015).

Watts, Ross. L. & Zimmerman, Jerold. L. (1978). Towards a positive theory of the determination of accounting standards. The Accounting Review, 53 (1) , 112-134.

Xiong, Yan. (2006). Earnings management and its measurement: a theoretical perspective. The Journal of American Academy of Business, 9 (2) , 214-219.

Yang, Liu. Rahman, Asheq. & Bradbury, Mike. (2015). The trade-off between real earnings management and accruals management. Working paper, (http: //www. researchgate. net/publication/228976807. Accessed 24 June 2015).

Zang, Amy Y. (2012). Evidence on the trade-off between real activities manipulation andaccrual-based earnings management. The Accounting Review, 87 (2) , 675–703