توانایی مدیران ، محدودیت مالی و همزمانی قیمت سهـام
فصلنامه بورس اوراق بهادار

فصلنامه بورس اوراق بهادار

توانایی مدیران ، محدودیت مالی و همزمانی قیمت سهـام

نوع مقاله : مقاله پژوهشی

نویسندگان
1 استادیار، گروه حسابداری، مؤسسۀ آموزش عالی طبری، بابل، ایران.
2 گروه حسابداری، دانشگاه فنی و حرفه‌ای، تهران، ایران
3 کارشناس ارشد، گروه اقتصاد، دانشکده اقتصاد، مدیریت و علوم اجتماعی، دانشگاه شیراز، شیراز، ایران.
4 دانشیار، گروه اقتصاد، واحد تهران شمال، دانشگاه آزاد اسلامی، تهران، ایران
چکیده
هم‌زمانی قیمت سهام ابزاری برای سنجش حرکت قیمت سهام می‌باشد و همچنین درجه اطلاعات خاص شرکت را در سطح بازار منعکس می‌کند. بر اساس مبانی نظری، مدیران با توانایی بالاتر، اطلاعات خاص شرکتی بیشتری نسبت به همتایان خود منتشر می‌کنند. این امر موجب کاهش هم‌زمانی قیمت سهام می‌شود. در این پژوهش به بررسی تأثیر توانایی مدیریت بر هم‌زمانی قیمت سهام با نقش تعدیل‌کنندگی محدودیت مالی پرداخته شده است. با توجه به محدودیت‌های تحقیق، 83 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران طی بازه زمانی 1396 الی 1400 مورد بررسی قرار گرفته است. برای اندازه‌گیری متغیر توانایی از روش تحلیل پوششی داده‌ها (DEA) و جهت سنجش هم‌زمانی قیمت سهام از روش ضریب تعیین توسعه‌یافته بازار مورک و همکاران (2000) و همچنین برای متغیر محدودیت مالی از شاخص کاپلان و زینگالس (1977) که توسط تهرانی و حصارزاده (1388) بومی‌سازی شده استفاده گردیده است. نتایج تحقیق نشان می‌دهد که توانایی مدیریت تأثیری بر هم‌زمانی قیمت سهام ندارد. همچنین، محدودیت‌های مالی نیز نتوانستند رابطه بین توانایی مدیریت و هم‌زمانی قیمت‌ها را تحت‌الشعاع قرار دهند. این تحقیق تأکید می‌کند که توانایی مدیران به‌تنهایی قادر به توضیح تغییرات قیمت‌ها نیست و ضرورت توجه به عوامل پیچیده و متنوع در ارزیابی هم‌زمانی قیمت‌ها را آشکار می‌سازد.
کلیدواژه‌ها
موضوعات

عنوان مقاله English

Managers' Ability, Financial Constraints, and Stock Price Synchronicity

نویسندگان English

reza raheri abed 1
MohammadJavad Charchian 2
Ali Shirzad Kebria 3
jafar azizi 4
1 Assistant Professors, Department of Accounting, Tabari Institute of Higher Education, Babol, Iran
2 Department of Accounting Technical and Vocational University (TVU), Tehran, Iran
3 M.Sc. Department of Economics, Faculty of Economics, Management and Social Sciences, Shiraz University, Shiraz, Iran
4 Associate Professors, Department of Economic, North Tehran Branch, Islamic Azad University, Tehran, Iran.
چکیده English

Stock price synchronicity serves as a tool for measuring stock price movements and reflects the extent of firm-specific information available in the market. According to theoretical frameworks, more capable managers disseminate a greater amount of firm-specific information compared to their peers, which leads to a reduction in stock price synchronicity. In this research, the effect of management ability on the simultaneity of stock prices with the moderating role of financial constraints has been investigated. According to the limitations of the research, 83 companies admitted to the Tehran Stock Exchange during the period of 1396 to 1400 have been investigated. To measure the ability variable using the data envelopment analysis (DEA) method and to measure the simultaneity of stock prices using the market coefficient of determination method developed by Morek et al. Hesarzadeh (1388) has been localized. The results of the research show that management ability has no effect on stock price concurrency. Furthermore, financial constraints did not overshadow the relationship between managerial ability and stock price synchronicity. This study emphasizes that managerial ability alone cannot explain price changes and highlights the necessity of considering complex and diverse factors in evaluating stock price synchronicity.

کلیدواژه‌ها English

Manager's ability
Financial constraints
Stock price synchronization
Ali Nejad Saroukolaei, M; & Taheri Abad, R. (2018). The relationship between stock price synchronicity and stock price crash risk in the Tehran Stock Exchange. Securities Financial Analysis Journal (Financial Studies), 11(40), 1-11. (In Persian).
Almeida, H; Campello, M; & Weisbach, M. S. (2004). The cash flow sensitivity of cash. The journal of finance, 59(4), 1777-1804.
An, H; & Zhang, T. (2013). Stock price synchronicity, crash risk, and institutional investors. Journal of Corporate Finance, 21, 1-15.
Arellano, C; Bai, Y; & Zhang, J. (2012). Firm dynamics and financial development. Journal of Monetary Economics, 59(6), 533-549.
Baik, B. O. K; Farber, D. B; & Lee, S. A. M. (2011). CEO ability and management earnings forecasts. Contemporary accounting research, 28(5), 1645-1668.
Baik, B; Brockman, P. A; Farber, D. B; & Lee, S. (2018). Managerial ability and the quality of firms’ information environment. Journal of Accounting, Auditing & Finance, 33(4), 506-527.
Barber, B. M; & Odean, T. (2008). All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors. The review of financial studies, 21(2), 785-818.
Ben-Nasr, H; & Cosset, J. C. (2014). State ownership, political institutions, and stock price informativeness: Evidence from privatization. Journal of Corporate Finance, 29, 179-199.
Bharath, S. T; Jayaraman, S; & Nagar, V. (2013). Exit as governance: An empirical analysis. The Journal of Finance, 68(6), 2515-2547.
Bonsall IV, S. B; Holzman, E. R; & Miller, B. P. (2017). Managerial ability and credit risk assessment. Management Science, 63(5), 1425-1449.
Boone, A. L; & White, J. T. (2015). The effect of institutional ownership on firm transparency and information production. Journal of Financial Economics, 117(3), 508-533.
Boubaker, S; Mansali, H; & Rjiba, H. (2014). Large controlling shareholders and stock price synchronicity. Journal of Banking & Finance, 40, 80-96.
Brockman, P; & Yan, X. S. (2009). Block ownership and firm-specific information. Journal of Banking & Finance, 33(2), 308-316.
Chan, K; & Hameed, A. (2006). Stock price synchronicity and analyst coverage in emerging markets. Journal of Financial Economics, 80(1), 115-147.
Chang, Y. Y; Dasgupta, S; & Hilary, G. (2010). CEO ability, pay, and firm performance. Management Science, 56(10), 1633-1652.
Cornaggia, K. J; Krishnan, G. V; & Wang, C. (2017). Managerial ability and credit ratings. Contemporary Accounting Research, 34(4), 2094-2122.
Crawford, S. S; Roulstone, D. T; & So, E. C. (2012). Analyst initiations of coverage and stock return synchronicity. The Accounting Review, 87(5), 1527-1553.
Cui, H; Chen, C; Zhang, Y; & Zhu, X. (2019). Managerial ability and stock price crash risk. Asia-Pacific Journal of Accounting & Economics, 26(5), 532-554.
Dadashi, I; Yahyazadehfar, M; & Shami, A. (2018). The effect of managerial optimism on stock price synchronicity in companies listed on the Tehran Stock Exchange. Advances in Accounting, 01(2), 291-761. (In Persian).
Daiayi, M; & Gohari, E. (2020). The ability of management and fraudulent financial reporting considering the moderating role of government-affiliated companies and auditor class. Journal of Securities Exchange, 13(51), 162-189. (In Persian).
Dasgupta, S; Gan, J; & Gao, N. (2010). Transparency, price informativeness, and stock return synchronicity: Theory and evidence. Journal of Financial and Quantitative analysis, 45(5), 1189-1220.
Dastgir, M; Sakiayani, A; & Salehi, N. (2019). The impact of financial constraints on stock crash risk considering the effect of accruals. Accounting Knowledge, 10(1), 67-90. (In Persian).
Demerjian, P. R; Lev, B; Lewis, M. F; & McVay, S. E. (2013). Managerial ability and earnings quality. The accounting review, 88(2), 463-498.
Demerjian, P; Lev, B; & McVay, S. (2012). Quantifying managerial ability: A new measure and validity tests. Management science, 58(7), 1229-1248.
Dethier, J. J; Hirn, M; & Straub, S. (2011). Explaining enterprise performance in developing countries with business climate survey data. The World Bank Research Observer, 26(2), 258-309.
Durnev, A; Morck, R; Yeung, B; & Zarowin, P. (2003). Does greater firm‐specific return variation mean more or less informed stock pricing?. Journal of Accounting research, 41(5), 797-836.
Dyreng, S. D; Hanlon, M; & Maydew, E. L. (2010). The effects of executives on corporate tax avoidance. The accounting review, 85(4), 1163-1189.
Edmans, A; & Manso, G. (2011). Governance through trading and intervention: A theory of multiple blockholders. The Review of Financial Studies, 24(7), 2395-2428.
Eugster, F; & Wanger, A. F. (2013). Voluntary disclosure quality, operating performance, and stock market valuations. Swiss Finance Institute Research Paper No. 11, 25.
Eun, C. S; Wang, L; & Xiao, S. C. (2015). Culture and R2. Journal of Financial Economics, 115(2), 283-303.
Fazlzadeh, A; Pakrad, M; & Solmani Beshk, M. R. (2019). The impact of disclosure quality and financial reporting on stock price synchronicity in the Tehran Stock Exchange. Journal of Securities Exchange, 11(44), 114-140. (In Persian).
Feng, X; Hu, N; & Johansson, A. C. (2016). Ownership, analyst coverage, and stock synchronicity in China. International Review of Financial Analysis, 45, 79-96.
Fernandes, N; & Ferreira, M. A. (2008). Does international cross-listing improve the information environment. Journal of Financial Economics, 88(2), 216-244.
Fernandes, N; & Ferreira, M. A. (2009). Insider trading laws and stock price informativeness. The Review of Financial Studies, 22(5), 1845-1887.
Foroughi, D; & Sakiayani, A. (2018). The effect of managerial ability on stock price crash risk. Financial Accounting and Auditing Research, 10(40), 47-68. (In Persian).
Fu, J; Chen, X; Liu, Y; & Chen, R. (2022). Managerial ability and stock price synchronicity. Research in International Business and Finance, 60, 101606.
Galindo, A; Schiantarelli, F; & Weiss, A. (2007). Does financial liberalization improve the allocation of investment?: Micro-evidence from developing countries. Journal of development Economics, 83(2), 562-587.
Gallagher, D. R; Gardner, P. A; & Swan, P. L. (2013). Governance through trading: Institutional swing trades and subsequent firm performance. Journal of Financial and Quantitative Analysis, 48(2), 427-458.
Gan, X; & Hu, P. (2023). Managerial ability and stock price synchronicity. Finance Research Letters, 56, 104124.
García-Meca, E; & García-Sánchez, I. M. (2018). Does managerial ability influence the quality of financial reporting?. European Management Journal, 36(4), 544-557.
García‐Sánchez, I. M; & García‐Meca, E. (2018). Do talented managers invest more efficiently? The moderating role of corporate governance mechanisms. Corporate Governance: An International Review, 26(4), 238-254.
García‐Sánchez, I. M; & Martínez‐Ferrero, J. (2019). Chief executive officer ability, corporate social responsibility, and financial performance: The moderating role of the environment. Business Strategy and the Environment, 28(4), 542-555.
Ghodrati Zavarom, A; & Nourouzi, M. (2023). The impact of managerial ability and executive bonuses on the value of small and medium-sized enterprises. Auditing Knowledge, 23(93), 476-495. (In Persian).
Goodell, J. W; Li, M; & Liu, D. (2021). Price informativeness and state-owned enterprises: Considering their heterogeneity. International Review of Financial Analysis, 76, 101783.
Gul, F. A; Kim, J. B; & Qiu, A. A. (2010). Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity: Evidence from China. Journal of financial economics, 95(3), 425-442.
Hadani, M; Goranova, M; & Khan, R. (2011). Institutional investors, shareholder activism, and earnings management. Journal of business research, 64(12), 1352-1360.
Haider, I; Singh, H; & Sultana, N. (2021). Managerial ability and accounting conservatism. Journal of Contemporary Accounting & Economics, 17(1), 100242.
Hasan, I; Song, L; & Wachtel, P. (2014). Institutional development and stock price synchronicity: Evidence from China. Journal of Comparative Economics, 42(1), 92-108.
Hasani al-Qar, M; & Barzideh, F. (2020). Examining the impact of financial reporting quality on the relationship between management ability and future stock price crash risk. Accounting and Auditing Research, 12(48), 45-60. (In Persian).
Hemmatfar, M. (2021). Examining the relationship between managerial ability, political connections, and fraudulent financial reporting. Accounting and Auditing Research, 13(50), 23-42. (In Persian).
Huang, X. S; & Sun, L. (2017). Managerial ability and real earnings management. Advances in accounting, 39, 91-104.
Hutton, A. P; Marcus, A. J; & Tehranian, H. (2009). Opaque financial reports, R2, and crash risk. Journal of financial Economics, 94(1), 67-86.
Inaba, K. I. (2020). Information-driven stock return comovements across countries. Research in International Business and Finance, 51, 101093.
Jiang, F; & Kim, K. A. (2015). Corporate governance in China: A modern perspective. Journal of Corporate Finance, 32, 190-216.
Jin, L; & Myers, S. C. (2006). R2 around the world: New theory and new tests. Journal of financial Economics, 79(2), 257-292.
Jiraporn, P; Jiraporn, N; Boeprasert, A; & Chang, K. (2014). Does corporate social responsibility (CSR) improve credit ratings? Evidence from geographic identification. Financial Management, 43(3), 505-531.
Kao, M. F; Jian, C. H; & Tseng, C. H. (2024). Managerial ability and voluntary ESG disclosure and assurance: evidence from Taiwan. Sustainability Accounting, Management and Policy Journal, 15(1), 207-231.
Kaplan, S. N; & Zingales, L. (1997). Do investment-cash flow sensitivities provide useful measures of financing constraints?. The quarterly journal of economics, 112(1), 169-215.
Kashani Pour, M; Rasakhi, S; Naghi Nejad, B; & Rasaian, A. (2010). Financial constraints and investment sensitivity to cash flows in the Tehran Stock Exchange. Advances in Accounting (Social and Human Sciences of Shiraz), 2(2), 51-74. (In Persian).
Khajavi, S; & Ghadirian-Arani, M. (2017). The role of managerial ability in predicting financial crises. Financial Accounting Research Journal, 9(4), 83-102. (In Persian).
Khajavi, S; Vaisihasar, T; & Ghoori Moghadam, A. (2022). The impact of managerial ability on conservatism with an emphasis on company size and financial leverage. Accounting and Auditing Reviews, 29(4), 628-649. (In Persian).
Khurana, I. K; Moser, W. J; & Raman, K. K. (2018). Tax avoidance, managerial ability, and investment efficiency. Abacus, 54(4), 547-575.
Kim, J. B; Zhang, H; Li, L; & Tian, G. (2014). Press freedom, externally-generated transparency, and stock price informativeness: International evidence. Journal of Banking & Finance, 46, 299-310.
Kim, R. (2022). Do more able managers provide better non‐GAAP earnings?. Accounting & Finance.
Koester, A; Shevlin, T; & Wangerin, D. (2017). The role of managerial ability in corporate tax avoidance. Management Science, 63(10), 3285-3310.
Kot, H. W; & Tam, L. H. (2016). Are stock price more informative after dual-listing in emerging markets? Evidence from Hong Kong-listed Chinese companies. Pacific-Basin Finance Journal, 36, 31-45.
Lee, C. C; Wang, C. W; Chiu, W. C; & Tien, T. S. (2018). Managerial ability and corporate investment opportunity. International Review of Financial Analysis, 57, 65-76.
Lerskullawat, A. (2019). Financial development, financial constraint, and firm investment: Evidence from Thailand. Kasetsart Journal of Social Sciences, 40(1), 55-66.
Li, S; Brockman, P; & Zurbruegg, R. (2015). Cross-listing, firm-specific information, and corporate governance: Evidence from Chinese A-shares and H-shares. Journal of Corporate Finance, 32, 347-362.
Liao, C. H. (2011). The effect of stock-based incentives and governance mechanisms on voluntary disclosure of intangibles. Advances in Accounting, 27(2), 294-307.
Milgrom, P. R. (1981). Good news and bad news: Representation theorems and applications. The Bell Journal of Economics, 380-391.
Moghadam, A; & Habibi, F. (2024). The impact of auditor tenure, audit firm size, and earnings quality on stock price synchronicity. Accounting and Auditing Research, 16(61), 25-44. (In Persian).
Morck, R; Yeung, B; & Yu, W. (2000). The information content of stock markets: why do emerging markets have synchronous stock price movements?. Journal of financial economics, 58(1-2), 215-260.
Nagar, V; Nanda, D; & Wysocki, P. (2003). Discretionary disclosure and stock-based incentives. Journal of accounting and economics, 34(1-3), 283-309.
Neifar, S; & Ajili, H. (2019). CEO characteristics, accounting opacity and stock price synchronicity: Empirical evidence from German listed firms. Journal of Corporate Accounting & Finance, 30(2), 29-43.
Piotroski, J. D; & Roulstone, D. T. (2004). The influence of analysts, institutional investors, and insiders on the incorporation of market, industry, and firm‐specific information into stock prices. The accounting review, 79(4), 1119-1151.
Piotroski, J. D; Wong, T. J; & Zhang, T. (2015). Political incentives to suppress negative information: Evidence from Chinese listed firms. Journal of Accounting Research, 53(2), 405-459.
Rahrooy Dashtjerdi, A. (2021). The impact of information disclosure volume on stock pricing efficiency. Empirical Studies in Financial Accounting, 18(70), 79-112. (In Persian).
Shah-Nazari, I; & Zeraatgari, R. (2020). The effect of financial constraints on the performance of companies listed on the Tehran Stock Exchange. Management and Accounting Studies, 6(1), 156-165. (In Persian).
Shahriari, A; & Fadai, M. (2020). The impact of managerial ability on stock price crash risk considering the role of CEO tenure and product market competition. Scientific Journal of Innovative Management and Accounting Approaches, 4(15), 16-36. (In Persian).
Shleifer, A; & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of political economy, 94(3, Part 1), 461-488.
Shleifer, A; & Vishny, R. W. (1997). A survey of corporate governance. The journal of finance, 52(2), 737-783.
Silva, F; & Carreira, C. (2012). Measuring firms financial constraints: a rough guide. Notas Económicas, (36).
Sun, L. (2016). Managerial ability and goodwill impairment. Advances in accounting, 32, 42-51.
Taheri Abad, R; Ali Nejad Saroukolaei, M; & Faghani Makrani, K. (2018). Managerial ability, financial knowledge of CEOs, and financial reporting transparency. Financial Accounting Knowledge, 5(2), 85-110. (In Persian).
Talaneh, A; & Hijrankosh Rad, H. (2011). Examination of the Tehran Stock Exchange efficiency in weak and semi-strong levels. Accounting and Auditing Research, 3(12), 5-12. (In Persian).
Tian, E. (2014). Voluntary disclosures and the stock price synchronicity-evidence from New Zealand (Doctoral dissertation, Auckland University of Technology).
Verrecchia, R. E. (1983). Discretionary disclosure. Journal of accounting and economics, 5, 179-194.
Vo, X. V. (2017). Do foreign investors improve stock price informativeness in emerging equity markets? Evidence from Vietnam. Research in International Business and Finance, 42, 986-991.
Xu, N; Chan, K. C; Jiang, X; & Yi, Z. (2013). Do star analysts know more firm-specific information? Evidence from China. Journal of Banking & Finance, 37(1), 89-102.
Yaghoubi Nejad, A; & Shirazi, M. (2008). Evaluating the informational efficiency trend of the Iranian capital market regarding investor reactions to financial statement information. Securities Financial Knowledge, 2(2), 45-70. (In Persian).
Zagers-Mamedova, I. (2009). The effect of leverage increases on real earnings management.
Zhou, M; Lin, J; & An, Y. (2017). Star analysts, overreaction, and synchronicity: Evidence from China and the United States. Financial Management, 46(3), 797-832.