ﺗﺄﺛﯿﺮ ﺑﯿﺶ اﻃﻤﯿﻨﺎﻧﯽ ﻣﺪﯾﺮان ﺑﺮ ﻟﺤﻦ ﮔﺰارﺷﮕﺮي ﻣﺎﻟﯽ

The Effect of Managers' Overconfidence on Financial Reporting Tone

ﺑﯿﺎن ﺗﻮﺻﯿﻔﯽ ﺻﻮرت ﻫﺎي ﻣﺎﻟﯽ ﺑﻪ دﻟﯿﻞ ﺗﻮاﻧﺎﯾﯽ در ﺑﯿﺎن ﻣﺜﺒﺖ ﯾﺎ ﻣﻨﻔﯽ اﺧﺒﺎر و اﻃﻼﻋﺎت و ﻧﻬﺎﯾﺘﺎً اﺛﺮﮔﺬاري ﺑﺮ اﺳﺘﻔﺎده ﮐﻨﻨﺪﮔﺎن، ﻣﯽ ﺗﻮاﻧﺪ ﺑﺴﯿﺎر ﺑﺎاﻫﻤﯿﺖ ﺑﺎﺷﺪ. ﻣﺪﯾﺮان ﻣﯽ ﺗﻮاﻧﻨﺪ ﺑﺎ اﺳﺘﻔﺎده از ﻣﺪﯾﺮﯾﺖ ﻟﺤﻦ ﻧﻮﺷﺘﺎر، ادراك اﺳﺘﻔﺎده ﮐﻨﻨﺪﮔﺎن از ﮔﺰارش ﻫﺎي ﺗﻮﺿﯿﺤﯽ را ﻣﻨﺤﺮف ﻧﻤﺎﯾﻨﺪ. ﺑﺮ اﯾﻦ اﺳﺎس ﻫﺪف اﯾﻦ ﭘﮋوﻫﺶ ﺑﺮرﺳﯽ ﺗﺄﺛﯿﺮ ﺑﯿﺶ اﻃﻤﯿﻨﺎﻧﯽ ﻣﺪﯾﺮان ﺑﺮ ﻟﺤﻦ ﮔﺰارﺷﮕﺮي ﻣﺎﻟﯽ اﺳﺖ. ﺑﺪﯾﻦ ﻣﻨﻈﻮر، ﻧﻤﻮﻧﻪ اي ﻣﺘﺸﮑﻞ از 129 ﺷﺮﮐﺖ ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان ﻃﯽ ﺳﺎل ﻫﺎي 1392 ﺗﺎ 1398 ﺑﺮرﺳﯽ ﺷﺪﻧﺪ. در اﯾﻦ ﭘﮋوﻫﺶ، ﺑﯿﺶ اﻃﻤﯿﻨﺎﻧﯽ ﻣﺪﯾﺮان ﺑﺮﺣﺴﺐ ﺳﻪ روش ﻣﺨﺎرج ﺳﺮﻣﺎﯾﻪ اي، ﺳﺮﻣﺎﯾﻪ ﮔﺬاري ﺑﯿﺶ از ﺣﺪ و ﻧﺴﺒﺖ ﺑﺪﻫﯽ ﺳﻨﺠﯿﺪه ﺷﺪه و ﻓﺮﺿﯿﻪ ﻫﺎي ﭘﮋوﻫﺶ ﺑﺎ اﺳﺘﻔﺎده از داده ﻫﺎي ﺗﺮﮐﯿﺒﯽ و ﺑﻪ ﮐﺎرﮔﯿﺮي رﮔﺮﺳﯿﻮن ﭼﻨﺪﮔﺎﻧﻪ در ﻧﺮم اﻓﺰارﻫﺎي اﺳﺘﺘﺎ و اﯾﻮﯾﻮز آزﻣﻮن ﺷﺪﻧﺪ. ﯾﺎﻓﺘﻪ ﻫﺎي ﺣﺎﺻﻞ از آزﻣﻮن ﻓﺮﺿﯿﻪ ﻫﺎي ﭘﮋوﻫﺶ ﻧﺸﺎن ﻣﯽ دﻫﺪ، ﺑﯿﺶ اﻃﻤﯿﻨﺎﻧﯽ ﻣﺪﯾﺮان وﻗﺘﯽ ﺑﻪ ﺻﻮرت ﺳﺮﻣﺎﯾﻪ ﮔﺬاري ﺑﯿﺶ از ﺣﺪ و اﻓﺰاﯾﺶ ﻣﺨﺎرج ﺳﺮﻣﺎﯾﻪ اي ﺑﺎﺷﺪ، راﺑﻄﮥ ﻣﺜﺒﺖ و ﻣﻌﻨﺎداري ﺑﺎ ﺑﻪ ﮐﺎرﮔﯿﺮي واژﮔﺎن ﻣﺜﺒﺖ در ﺻﻮرت ﻫﺎي ﻣﺎﻟﯽ دارد. ﻟﺬا در اﯾﻦ ﺣﺎﻟﺖ ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﺑﯿﺶ اﻃﻤﯿﻨﺎﻧﯽ و ﺧﻮش ﺑﯿﻨﯽ ﻣﺪﯾﺮ، ﻟﺤﻦ ﺳﺎده و ﻏﯿﺮﻣﻨﺘﻈﺮة ﮔﺰارﺷﮕﺮي ﻣﺎﻟﯽ از واژﮔﺎن ﻣﺜﺒﺖ ﺑﯿﺸﺘﺮي ﺑﺮﺧﻮدار ﺑﻮده و ﺧﻮش ﺑﯿﻨﺎﻧﻪ ﻣﯽ ﺷﻮد؛ اﻣﺎ در ﺻﻮرﺗﯽ ﮐﻪ رﻓﺘﺎر ﺑﯿﺶ اﻃﻤﯿﻨﺎﻧﯽ ﻣﺪﯾﺮ ﺑﻪ ﺻﻮرت اﻓﺰاﯾﺶ ﻣﯿﺰان ﺑﺪﻫﯽ ﻫﺎ و درﯾﺎﻓﺖ ﺗﺴﻬﯿﻼت ﺑﺎﻧﮑﯽ ﺑﺮوز ﮐﻨﺪ، راﺑﻄﮥ ﻣﻨﻔﯽ و ﻣﻌﻨﺎداري ﺑﺎ ﻟﺤﻦ ﺳﺎده و ﻏﯿﺮﻣﻨﺘﻈﺮة ﮔﺰارﺷﮕﺮي ﻣﺎﻟﯽ دارد. ﻟﺬا در اﯾﻦ ﺣﺎﻟﺖ ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ اﻓﺰاﯾﺶ رﯾﺴﮏ ﻣﺎﻟﯽ ﺷﺮﮐﺖ، ﺑﻪ ﮐﺎرﮔﯿﺮي و اژﮔﺎن ﻣﺜﺒﺖ در ﮔﺰارﺷﮕﺮي ﻣﺎﻟﯽ ﮐﻤﺘﺮ ﻣﯽ ﺷﻮد.

Descriptive expression of financial statements can be very important because of the ability to express positive or negative of news and information and ultimately affect users. Managers can distract users' perceptions of explanatory reports using text tone management. Therefore, the purpose of this study is to investigate the effect of managers' overconfidence on the financial reporting tone. For this purpose, a sample of 129 companies listed on the Tehran Stock Exchange during the years 2014 to 2020 are selected. In this study, managers' overconfidence is measured in terms of three methods of capital expenditure, overinvestment and debt ratio, and research hypotheses are tested using pooled data and multiple regressions in STATA and EVIEWS softwares. Findings from the test of research hypotheses show, that when managers' overconfidence is in the form of over-investment and increase in capital expenditures, has a positive and significant relationship with using of positive words in financial statements. Therefore, in this case, due to the overconfidence and optimism of the manager, the simple and unexpected tone of financial reporting has more positive words and becomes optimistic. But if the overconfidence behavior of manager occurs in the form of increasing the amount of debt and receiving bank facilities, it has a negative and significant relationship with the simple and unexpected tone of financial reporting. Therefore, in this case, due to the increase in financial risk of the company, the use of positive words in financial reporting is less.