ﺗﺄﺛﯿﺮ ﻗﺎﺑﻠﯿﺖ ﻣﻘﺎﯾﺴﻪ ﺻﻮرت ﻫﺎي ﻣﺎﻟﯽ ﺑﺮ ﺳﺎﺧﺘﺎر ﺳﺮرﺳﯿﺪ ﺑﺪﻫﯽ ﻫﺎ ﺑﺎ ﺗﺄﮐﯿﺪ ﺑﺮ ﻧﻘﺶ ﺑﯿﺶاﻋﺘﻤﺎدي ﻣﺪﯾﺮان

The Effect of Financial Statement Comparability on Corporate Debt Maturity with Emphasis on the Role of Managers’ Overconfidence

ﻗﺎﺑﻠﯿﺖ ﻣﻘﺎﯾﺴﻪ ﯾﮑﯽ از وﯾﮋﮔﯽ ﻫﺎي ﮐﯿﻔﯽ ﮐﻠﯿﺪي اﻃﻼﻋﺎت ﺣﺴﺎﺑﺪاري اﺳﺖ ﮐﻪ ﻣﻘﺎﯾﺴﮥ ﺻﻮرت ﻫﺎي ﻣﺎﻟﯽ را ﺗﺴﻬﯿﻞ ﻣﯽ ﮐﻨﺪ. ﻗﺎﺑﻠﯿﺖ ﻣﻘﺎﯾﺴﻪ در ﺑﺎزار ﺳﺮﻣﺎﯾﻪ و ﺑﺪﻫﯽ ﺑﺮاي ﺳﺮﻣﺎﯾﻪ ﮔﺬاران و اﻋﺘﺒﺎردﻫﻨﺪﮔﺎن ﺑﺴﯿﺎر ﺣﺎﯾﺰ اﻫﻤﯿﺖ اﺳﺖ؛ زﯾﺮا ﺗﺼﻤﯿﻢ ﻫﺎي ﺳﺮﻣﺎﯾﻪ ﮔﺬاري و وام دﻫﯽ ﺑﺮ ارزﯾﺎﺑﯽ ﻓﺮﺻﺖ ﻫﺎ ﯾﺎ ﭘﺮوژه ﻫﺎي ﺟﺎﯾﮕﺰﯾﻦ ﻣﺒﺘﻨﯽ اﺳﺖ و ﺑﺪون وﺟﻮد اﯾﻦ اﻃﻼﻋﺎت ﻗﺎﺑﻞ ﻣﻘﺎﯾﺴﻪ ﻧﻤﯽ ﺗﻮان اﻗﺪام ﺑﻪ ﺗﺼﻤﯿﻢ ﮔﯿﺮي ﺑﻬﯿﻨﻪ ﮐﺮد. ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ اﻫﻤﯿﺖ ﻣﻮﺿﻮع، در اﯾﻦ ﭘﮋوﻫﺶ ﺑﻪ ﺑﺮرﺳﯽ ﺗﺄﺛﯿﺮ ﻗﺎﺑﻠﯿﺖ ﻣﻘﺎﯾﺴﮥ ﺻﻮرت ﻫﺎي ﻣﺎﻟﯽ ﺑﺮ ﺳﺎﺧﺘﺎر ﺑﺪﻫﯽ ﻫﺎ ﺑﺎ ﺗﺄﮐﯿﺪ ﺑﺮ ﻧﻘﺶ ﺑﯿﺶ اﻋﺘﻤﺎدي ﻣﺪﯾﺮان در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان در ﺑﺎزة زﻣﺎﻧﯽ 1392 ﺗﺎ 1398 ﺑﺎ اﺳﺘﻔﺎده از اﻃﻼﻋﺎت 144 ﺷﺮﮐﺖ ﺑﺎ اﺳﺘﻔﺎده از روش رﮔﺮﺳﯿﻮﻧﯽ ﺣﺪاﻗﻞ ﻣﺮﺑﻌﺎت ﺗﻌﻤﯿﻢ ﯾﺎﻓﺘﻪ و ﮔﺸﺘﺎورﻫﺎي ﺗﻌﻤﯿﻢ ﯾﺎﻓﺘﻪ ﭘﺮداﺧﺘﻪ ﺷﺪهاﺳﺖ. روش ﭘﮋوﻫﺶ از ﻧﻮع ﮐﺎرﺑﺮدي، ﺗﻮﺻﯿﻔﯽ و ﺑﺎ روﯾﮑﺮد ﻗﯿﺎﺳﯽ-اﺳﺘﻘﺮاﯾﯽ ﻣﯽ ﺑﺎﺷﺪ. ﺑﺮاي اﻧﺪازه ﮔﯿﺮي ﻗﺎﺑﻠﯿﺖ ﻣﻘﺎﯾﺴﮥ ﺻﻮرت ﻫﺎي ﻣﺎﻟﯽ از اﻟﮕﻮي دي ﻓﺮاﻧﮑﻮ و ﻫﻤﮑﺎران )2011( و ﺑﻪ ﭘﯿﺮوي از ﭘﮋوﻫﺶ اﺣﻤﺪ و دوﺋﻠﻤﻦ )2013( ﺑﺮاي اﻧﺪازه ﮔﯿﺮي ﺑﯿﺶ اﻋﺘﻤﺎدي ﻣﺪﯾﺮان از ﺑﯿﺶ ﺳﺮﻣﺎﯾﻪﮔﺬاري اﺳﺘﻔﺎده ﺷﺪه اﺳﺖ. ﻧﺘﺎﯾﺞ ﭘﮋوﻫﺶ ﺑﺎ اﺳﺘﻔﺎده از ﻫﺮ دو روش ﻧﺸﺎن داد ﮐﻪ ﻗﺎﺑﻠﯿﺖ ﻣﻘﺎﯾﺴﻪ ﺻﻮرت ﻫﺎي ﻣﺎﻟﯽ ﺑﺎﻋﺚ ﮐﺎﻫﺶ ﺳﺎﺧﺘﺎر ﺑﺪﻫﯽ ﻫﺎ ﺷﺪه و ﺑﯿﺶ اﻋﺘﻤﺎدي ﻣﺪﯾﺮان ﻣﻨﺠﺮ ﺑﻪ اﻓﺰاﯾﺶ ﺳﺎﺧﺘﺎر ﺑﺪﻫﯽ ﻫﺎ ﻣﯽﮔﺮدد. ﻫﻤﭽﻨﯿﻦ ﺑﯿﺶ اﻋﺘﻤﺎدي ﻣﺪﯾﺮان راﺑﻄﮥ ﻣﻨﻔﯽ ﺑﯿﻦ ﻗﺎﺑﻠﯿﺖ ﻣﻘﺎﯾﺴﻪ ﺻﻮرت ﻫﺎي ﻣﺎﻟﯽ و ﺳﺮرﺳﯿﺪ ﺑﺪﻫﯽ ﻫﺎ را ﺗﺸﺪﯾﺪ ﮐﺮده و ﻣﻨﺠﺮ ﺑﻪ اﻓﺰاﯾﺶ آن ﻣﯽ ﺷﻮد.

Comparability is also one of the key quality features of accounting information that facilitates the comparison of financial statements. Comparability in the capital market and debt market is very important for investors and creditors; Because investment and lending decisions are based on evaluating alternative opportunities or projects, without this comparable information, no optimal decision can be made. Due to the importance of this issue, in this study, the effect of comparability of financial statements on debt maturity structure with emphasis on the role of managers' overconfidence in the Tehran Stock Exchange in the period 2014 to 2020 is studied. Using the data of 144 listed companies and the generalized least square regression model and generalized moment procedure regression are applied. The research method is applied, descriptive and with deductive-inductive approach. To measure the comparability of financial statements, the model of De Franco et al. (2011) and following the research of Ahmed and Duellman (2013) to measure managers' overconfidence, overinvestment are used. The results using both methods show that the comparability of financial statements reduces the debt maturity structure and managers' overconfidence leads to an increase in the debt maturity structure. Managers' overconfidence also increases the negative relationship between the comparability of financial statements and debt maturity structure and increases its severity.