آثار شرکت های همتا بر تصمیمات افشای شرکتی (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
افشای اطلاعات یکی از مهم ترین جنبه های عملکرد و تصمیم گیری شرکت ها به شمار می رود. تصمیم های مدیران درباره میزان و نحوه افشای اطلاعات اثری جالب توجه بر تصمیم گیری های سایر بازیگران بازار خواهند داشت. هدف این پژوهش بررسی تأثیر افشای اطلاعات توسط شرکت های همتا بر تصمیم گیری مدیران در رابطه با سطح افشای شرکت های پذیرفته شده در بورس اوراق بهادار تهران است. همچنین، نقش تعدیل گری وابستگی به تأمین مالی برون سازمانی بررسی شده است. روش پژوهش ترکیبی از نوع قیاسی و استقرایی است و داده های 113 شرکت از سال 1391 الی 1400 بررسی شده اند. نتایج این پژوهش نشان از آن دارد که افشای اطلاعات توسط شرکت های همتا به طرزی مثبت و معنادار بر افشای شرکت های تحت بررسی اثر دارد و اطلاعاتی که توسط همتایان منتشر می شود، به عنوان محرکی برای افشای بیشتر شرکت ها عمل می کند. همچنین، نتایج نشان داد وابستگی به تأمین مالی برون سازمانی نقشی تعدیل کننده در رابطه میان افشای اطلاعات شرکت های همتا و افشای اطلاعات شرکت ندارد؛ بنابراین، این ویژگی تأثیری چشمگیر در اثرگذاری همتایان بر افشای شرکت ها ندارد. این پژوهش با ارائه شواهدی درباره تأثیر افشای اطلاعات شرکت های همتا بر تصمیم های افشای شرکت ها، به گسترش دانش در حوزه افشای اطلاعات شرکتی کمک می کند. یافته های این مطالعه می تواند برای سیاست گذاران، سرمایه گذاران و مدیران شرکت ها در درک بهتر پویایی های افشای اطلاعات در بازار سرمایه ایران و اتخاذ تصمیم های آگاهانه تر مفید باشد.Peer Effects in Corporate Disclosure Decisions Mohammad Hossein Safarzadeh*: Associate professor of Accounting, Faculty of Management and Accounting, Shahid Beheshti University, Tehran, Iran.
Information disclosure is considered one of the most important aspects of corporate performance and decision-making. Managers' decisions regarding the extent and manner of information disclosure will have a significant impact on the decision-making of other market players. The purpose of this research is to investigate the effect of information disclosure by peer companies on managers' decision-making regarding the level of disclosure of companies listed on the Tehran Stock Exchange. The moderating role of reliance on external financing is also examined. The research method combines deductive and inductive approaches, and data from 113 companies over 10 years have been studied. The results showed that information disclosure by peer companies has a positive and significant effect on the disclosure of the companies under study. These results indicate that the information published by peers acts as a driver for increased corporate disclosure. Regarding the moderating role of reliance on external financing in the relationship between peer disclosure and corporate disclosure, the results showed that this factor does not have a significant effect on this relationship. Therefore, this feature does not have a significant impact on the effect of peers on corporate disclosure.IntroductionThe disclosure of information is considered one of the most important aspects of corporate performance and decision-making. This concept refers to how companies convey essential financial and non-financial information to stakeholders, including investors, regulatory bodies, and the public. Management decisions regarding the scope and manner of information disclosure significantly influence the decision-making processes of other market participants, affecting everything from investment strategies to perceptions of corporate value. In today's competitive environment, transparency and accountability have emerged as critical topics, as stakeholders increasingly demand a deeper understanding of corporate operations and governance.Despite extensive research on corporate disclosure policies, the role of peer companies in disclosure is often overlooked. Peer companies can serve as benchmarks for comparison and sources of competitive pressure, shaping how companies relate to their performance and prospects. This study aims to fill this gap by examining the impact of information disclosure by peer companies on management decisions regarding the level of information disclosure in companies listed on the Tehran Stock Exchange. Understanding how peer companies influence disclosure practices can provide valuable insights into corporate governance dynamics and market behavior. Furthermore, the moderating role of external financing dependence in the relationship between peer disclosure and corporate disclosure will also be explored. MethodologyThe present research is considered a fundamental study in terms of purpose. The research method was a combination of comparative and inductive methods. The statistical population consisted of 113 companies listed on the Tehran Stock Exchange, which were studied over 10 years from 2012 to 2021. The required data included financial and non-financial information extracted from the financial statements and board of directors' reports of the companies. The data collection method was library and documentary, and the data were collected in a combined (cross-sectional-time series) manner. To identify peer effects, Manski's (1993) model is employed. Linear multivariate regression models, along with the two-stage least squares method using average idiosyncratic equity returns of peer firms in the same industry (Pshock) as the instrumental variable, were used to analyze the data and test the research hypotheses. Statistical analyses were performed using EViews software. FindingsEffect of peer information disclosure on corporate disclosure: The results of the analysis showed that information disclosure by peer companies has a significant positive effect on the disclosure of the companies under study. These results indicate that the information published by peers acts as an incentive for greater disclosure by companies. The moderating role of dependence on external financing: Regarding the moderating role of dependence on external financing in the relationship between peer disclosure and corporate disclosure, the results showed that this factor does not have a significant effect on this relationship. In other words, greater or lesser dependence on external financing does not affect the role of peer companies in corporate disclosure. ConclusionThis study shows that information disclosure by peer companies can have a positive effect on the disclosure of other companies' information. With increased transparency of information by peers, companies move towards greater disclosure. This is because reduced external uncertainty and increased accuracy of management's private information encourage the company to disclose more. Additionally, dependence on external financing does not play a significant role in this relationship, and therefore this characteristic does not have a significant impact on the influence of peers on corporate disclosure. Possible reasons for this include the collateral-based nature of financing in Iran, which leads creditors and investors to focus more on the value of collateral rather than the disclosed financial information. Moreover, the specific economic conditions during the period from 2018 to 2020, characterized by an influx of liquidity into the capital market and a decrease in financing costs, enabled companies to attract capital easily, even without full disclosure of information. In this context, investors may pay less attention to the details of the disclosed information and be more influenced by the overall market sentiment. These factors may explain the lack of enhancement in the effect of peer information disclosure in conditions of greater dependence on external financing.
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