بررسي محافظه كاري در سود حسابداري و عوامل موثر بر آن

The Investigation of Conservatism in Accounting Earnings and Its Influencing Factors

تحقيق حاضر به بررسي وجود محافظه كاري در سود حسابداري و عوامل موثر برآن مي پردازد. همچنين تاثير رفتار عدم تقارن محافظه كاري در شناسايي اخبار خوب و بد (سودها و زيان ها) بر متغيرهاي اقلام تعهدي عملياتي، اقلام تعهدي غيرعملياتي و جريان نقد حاصل از عمليات بررسي شده است. در اين پژوهش نمونه اي مشتمل بر 100 شركت و 400 مشاهده سال- شركت در دوره زماني 1385 الي 1388 مورد بررسي قرار گرفت. نتايج اين پژوهش حاكي از آن است كه سود حسابداري نسبت به بازده منفي سهام حساس تر از بازده مثبت سهام است. همچنين رابطه محافظه كاري با اندازه شركت منفي و معنادار و با نسبت ارزش بازار به ارزش دفتري حقوق صاحبان سهام و درجه اهرم مالي و عدم اطمينان خاص شركت و طول چرخه سرمايه گذاري و عمر شركت مثبت و معنادار مشاهده گرديد. همچنين از آنجاييكه سود حسابداري از اقلام تعهدي تاثيرپذير است، رابطه محافظه كاري با اقلام تعهدي عملياتي، اقلام تعهدي غيرعملياتي و جريان نقد حاصل از عمليات آزمون گرديد. كه مشاهده گرديد حدود 79% از عدم تقارن زماني سود حسابداري باتوجه به بازده سهام توسط اقلام تعهدي كه تحت تاثير اعمال نظر مديريت مي باشد توضيح داده مي شود و حدود 21% از عدم تقارن زماني سود حسابداري باتوجه به بازده سهام توسط جريان نقد حاصل از عمليات توضيح داده مي شود.

Conservatism in financial reporting is a major convention and shows the caution in identifying and measuring the level of revenue and expense (profit and loss), assets and liabilities. This research investigated existence of conservatism in accounting earnings and its influential factors. This study examines relationship between conservatism with firm size, the market-to-book ratio, the degree of financial leverage, the idiosyncratic volatility, investment cycle and firm age. Also, influence of behavior asymmetric conservatism in identifying good and bad news (profit and loss) on variables of operating accruals, non operating accruals and cash flows from operating activities, were studied. Statistical sample consists of 100 companies and 400 observations company-year during 2006 to 2009. The result showed that, accounting earnings was more sensitive than negative stock returns versus positive stock returns. Also, the relationship between conservatism with firm size was negative and significant. Moreover, the relation between conservatism with market-to-book ratio, the degree of financial leverage, the idiosyncratic volatility, investment cycle and firm age was positive and significant. On the other hand, because of the accounting earnings was affected from accruals, relationship between conservatism with operating accruals, non operating accruals and cash flows from operating activities were studied. The result showed that, the most asymmetric timeliness of accounting earning description with accruals, which were under management control.