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این مقاله علمی پژوهشی (ISI) به زبان انگلیسی از نشریه الزویر مربوط به سال ۲۰۲۲ دارای ۱۴ صفحه انگلیسی با فرمت PDF می باشد در ادامه این صفحه لینک دانلود رایگان مقاله انگلیسی و بخشی از ترجمه فارسی مقاله موجود می باشد.
کد محصول: H774
سال نشر: ۲۰۲۲
نام ناشر (پایگاه داده): الزویر
نام مجله: Research in International Business and Finance
نوع مقاله: علمی پژوهشی (Research articles)
تعداد صفحه انگلیسی: ۱۴ صفحه PDF
عنوان کامل فارسی:
مقاله انگلیسی ۲۰۲۲ : کیفیت گزارشگری و اهرم مالی: ویژگی های کیفی مهم تر هستند یا کیفیت سود؟ شواهدی از اقتصاد نوظهور مبتنی بر بانک
عنوان کامل انگلیسی:
Reporting quality and financial leverage: Are qualitative characteristics or earnings quality more important? Evidence from an emerging bank-based economy
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چکیده فارسی:
این مطالعه بر اساس نظریه سلسله مراتب و نظریه نمایندگی، بررسی می کند که آیا اهرم مالی تحت تأثیر کیفیت گزارشگری مالی قرار می گیرد یا خیر. کیفیت گزارشگری مالی با استفاده از نتایج جوایز گزارش سالانه ویتنام و کیفیت سود اندازه گیری می شود. نتایج نشان داد که شرکت‌هایی با کیفیت گزارشگری بالاتر دارای سطح پایین‌تری از عدم تقارن اطلاعاتی و نسبت بدهی پایین‌تر هستند، که با نظریه سلسله مراتب و نظریه نمایندگی همخوانی دارد. همچنین نتایج حاکی از آن است که دو جنبه کیفیت گزارشگری یعنی ویژگی های کیفی و کیفیت سود در تبیین نسبت بدهی ، جایگزین هم نیستند، بلکه مکمل یکدیگر هستند. علاوه بر این، دریافتیم که ویژگی های کیفی نسبت به کیفیت سود نقش مهم تری در کاهش عدم تقارن اطلاعاتی ایفا می کنند.
کلیدواژه: اهرم مالی، عدم تقارن اطلاعات، کیفیت گزارشگری، اختلاف قیمت خرید و فروش (اسپرد خرید و فروش) ، ویتنام
Abstract
Drawing on pecking-order theory and agency theory, this study investigates whether financial leverage is affected by financial reporting quality. Financial reporting quality is measured by employing the outcome of the Vietnam Annual Report Awards and earnings quality. I find that firms with higher reporting quality have a lower degree of information asymmetry and lower debt ratios, consistent with pecking-order theory and agency theory. The results also indicate that two aspects of reporting quality, qualitative characteristics and earnings quality, are not substitutes but complementary in explaining the debt ratio. In addition, I find that qualitative characteristics play a more significant role in reducing information asymmetry than earnings quality.
Keywords: Financial leverage, Information asymmetry, Reporting quality, Bid-ask spread, Vietnam
۱.Introduction
Firms’ annual reports, official documents outlining the company’s financial position and recent relevant outcomes, are expected to provide outside stakeholders with financial and non-financial information in a faithful, understandable, relevant, comparable, and timely manner. However, as demonstrated by Beest et al. (2009), directly measuring the qualitative characteristics of these reports to evaluate their reporting quality is challenging. Self-constructing an index that can capture the multidimensional nature of reporting quality is time consuming, especially when analyzing a large sample of annual reports. As such, most empirical research uses earnings quality as a proxy for reporting quality. For example, studies on corporate investment (Biddle et al., 2009; Chen et al., 2011; Cutillas Gomariz and S´anchez Ballesta, 2014; Houcine, 2017; Verdi, 2006), acquisition activities (Botsari and Meeks, 2018; Huang et al., 2019; Yung et al., 2013), and firm’s financing activities (Chen and Zhu, 2013; De Meyere et al., 2018; Synn and Williams, 2015) similarly rely on earnings quality to determine reporting quality. Nevertheless, earnings quality is an imperfect representation of reporting quality because it fails to capture qualitative characteristics of the report (Beest et al., 2009). The role of reporting quality in financing decisions, therefore, has not been fully understood. This motivates me to conduct research in which the facets of reporting quality, both earnings and qualitative attributes, are taken into account…
۶.Conclusion
This paper draws on pecking-order theory and agency theory to investigate the effect of reporting quality on financial leverage in Vietnam, an emerging bank-based economy. I hypothesize that higher quality of financial reporting (meaning that lower information asymmetry) is associated with lower financial leverage. Notably, this paper measures financial reporting quality across both earnings quality attribute and qualitative characteristics. Following the previous literature, I employ discretionary accrual to gauge earnings quality. However, given the historical difficulty in analyzing the non-financial component of reporting quality, I utilize a novel measure – the outcome of Vietnam Annual Report Awards – as a proxy of qualitative characteristics.
The results show that financial reporting quality is a determinant of financial leverage. Firms with higher reporting quality have lower debt ratios, consistent with my expectations and in line with both pecking-order theory and agency theory. Furthermore, qualitative characteristics and earning quality are complementary in explaining firms’ debt ratios. The results are robust across various measures of financial leverage, specifications, and even after controlling for endogeneity. Further analysis shows that high reporting quality, both qualitative and earning quality aspects, reduces information asymmetry; however, the role of the qualitative aspect is much more statistically significant than the earnings quality attribute…
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