ﺗﺄﺛﯿﺮ ﻋﺪم اﻃﻤﯿﻨﺎن ﻣﺤﯿﻄﯽ ﺑﺮ ﭘﺎﯾﺪاري ﺳﻮد

The Effect of Environmental Uncertainty on Earnings Persistence

ﻫﺪف اﯾﻦ ﻣﻘﺎﻟﻪ ، ﺑﺮرﺳﯽ ﺗﺄﺛﯿﺮ ﻋﺪم اﻃﻤﯿﻨﺎن ﻣﺤﯿﻄﯽ ﺑﺮ ﭘﺎﯾﺪاري ﺳﻮد در ﺷﺮﮐﺖﻫﺎي ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان اﺳﺖ. ﺑﺮاي اﻧﺪازهﮔﯿﺮي ﻋﺪم اﻃﻤﯿﻨﺎن ﻣﺤﯿﻄﯽ از )ﺿﺮﯾﺐ ﺗﻐﯿﯿﺮات ﻓﺮوش ﭘﻨﺞ )5( ﺳﺎل ﮔﺬﺷﺘﻪ( اﺳﺘﻔﺎده ﺷﺪه اﺳﺖ. ﺑﺪﯾﻦ ﻣﻨﻈﻮر ﯾﮏ ﻓﺮﺿﯿﻪ ﺑﺮاي ﺑﺮرﺳﯽ اﯾﻦ ﻣﻮﺿﻮع ﺗﺪوﯾﻦ و دادهﻫﺎي ﻣﺮﺑﻮط ﺑﻪ 108 ﺷﺮﮐﺖ ﻋﻀﻮ ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان ﺑﺮاي دوره زﻣﺎﻧﯽ ﺑﯿﻦ ﺳﺎلﻫﺎي 1390 ﺗﺎ 1398 ﻣﻮرد ﺗﺠﺰﯾﻪوﺗﺤﻠﯿﻞ ﻗﺮار ﮔﺮﻓﺘﻪ اﺳﺖ. ﺗﻌﺪاد دادهﻫﺎي ﺟﻤﻊآوري ﺷﺪه ﺑﺮاي اﯾﻦ ﭘﮋوﻫﺶ 972 ﺳﺎل- ﺷﺮﮐﺖ ﻣﯽﺑﺎﺷﺪ. اﻟﮕﻮي رﮔﺮﺳﯿﻮن ﭘﮋوﻫﺶ ﺑﺎ اﺳﺘﻔﺎده از روش دادهﻫﺎي ﺗﺮﮐﯿﺒﯽ ﺑﺎ روﯾﮑﺮد ﺗﻠﻔﯿﻘﯽ، ﺑﺮرﺳﯽ و آزﻣﻮن ﺷﺪه اﺳﺖ. ﻧﺘﺎﯾﺞ ﺑﻪ دﺳﺖ آﻣﺪه ﻧﺸﺎن ﻣﯽدﻫﺪ ﮐﻪ ﻋﺪم اﻃﻤﯿﻨﺎن ﻣﺤﯿﻄﯽ ﺗﺄﺛﯿﺮ ﻣﻨﻔﯽ و ﻣﻌﻨﺎداري ﺑﺮ ﭘﺎﯾﺪاري ﺳﻮد دارد؛ ﺑﻨﺎﺑﺮاﯾﻦ ﻧﺘﺎﯾﺞ ﭘﮋوﻫﺶ ﺣﺎﮐﯽ از آن اﺳﺖ ﮐﻪ ﻋﺪم اﻃﻤﯿﻨﺎن ﻣﺤﯿﻄﯽ، ﺑﺎ اﯾﺠﺎد ﻣﺤﺪودﯾﺖ ﺟﺪي ﺑﺮاي ﺷﺮﮐﺖ و ﺑﺎ اﺗﺨﺎذ اﺳﺘﺮاﺗﮋي و ﺗﺼﻤﯿﻢﮔﯿﺮي ﻧﺎﺻﺤﯿﺢ ﻣﺪﯾﺮان و اﻓﺰاﯾﺶ ﻋﺪم ﺗﻘﺎرن اﻃﻼﻋﺎﺗﯽ ﺑﯿﻦ ﻣﺪﯾﺮﯾﺖ و ﺳﻬﺎﻣﺪاران ﻣﻮﺟﺐ ﮐﺎﻫﺶ ﭘﺎﯾﺪاري ﺳﻮد ﻣﯽﺷﻮد.

The aim of this study is to investigate the effect of Environmental Uncertainty on Earnings persistence of listed Companies in Tehran Stock Exchange. The coefficient of variation (CV) of sales (scaled by total assets) to capture environmental uncertainty. For this purpose one hypothesis developed and data on the 108 companies in Tehran Stock Exchange for the period of 1390 to 1398 were analyzed. The number of data collected for this study is 972 years-firm. The regression panel data with fixed effects approach, reviews and tests. The results showed that the concentration of Environmental Uncertainty has significant negative impact on Earnings Response Coefficient. Therefore, the research results indicate that Environmental uncertainty, by creating serious restrictions for the company and Makes information asymmetry between management and stakeholders more acute it Earnings persistence reduced.