اثر میانجی کیفیت اطلاعات حسابداری در رابطه بین سطح تحصیلات نیروی کار و کارایی سرمایه گذاری (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
ادبیات نظری و تجربی نشان می دهد که نیروی کار با تحصیلات بالاتر می تواند کیفیت اطلاعات حسابداری را بهبود ببخشد و با کاهش عدم تقارن اطلاعاتی و ایجاد نظارت بر فعالیت های مدیران، موجب کارایی سرمایه گذاری شود؛ بر همین اساس هدف پژوهش حاضر بررسی اثر میانجی کیفیت اطلاعات حسابداری در رابطه بین سطح تحصیلات نیروی کار و کارایی سرمایه گذاری است. این پژوهش در زمره مطالعات کاربردی قرار گرفته و به منظور استفاده از یافته ها در فرایند تصمیم گیری طراحی شده است. جامعه آماری شامل 141 شرکت ثبت شده در بورس اوراق بهادار تهران در بازه زمانی 1388 تا 1402 است که تحلیل داده ها با استفاده از نرم افزارهای استاتا (نسخه 17) و ایویوز (نسخه 13) انجام شده است. نتایج بیانگر آن است که سطح تحصیلات نیروی کار نه تنها مستقیماً بر کارایی سرمایه گذاری تأثیرگذار است، بلکه ازطریق بهبود کیفیت اطلاعات حسابداری نیز می تواند دستیابی به کارایی سرمایه گذاری را تسهیل کند. کارکنان با تحصیلات بالاتر می توانند اطلاعات با کیفیت تری ارائه دهند، عملکرد مدیران را به طور مؤثرتری نظارت کنند و از تخلفات جلوگیری کنند. این امر با بهبود تبادل اطلاعات و افزایش شفافیت مالی، دقت اطلاعات حسابداری را ارتقا می دهد و درنهایت، کارایی سرمایه گذاری را بهبود می بخشد. پژوهش حاضر می تواند به مدیران و تصمیم گیرندگان کمک کند تا اهمیت تحصیلات نیروی کار را در بهبود کیفیت اطلاعات حسابداری و افزایش کارایی سرمایه گذاری درک کنند و اقدامات مناسبی برای ارتقای سطح تحصیلات نیروی کار اتخاذ کنند.The Mediating Effect of Accounting Information Quality on the Relationship Between Workforce Education Level and Investment Efficiency
Theoretical and empirical evidence indicates that a more highly educated workforce can enhance the quality of accounting information, reduce information asymmetry, and improve managerial oversight, ultimately contributing to increased investment efficiency. Therefore, this study aims to investigate the mediating role of accounting information quality in the relationship between workforce education level and investment efficiency. This study is designed to support decision-making processes. Utilizing a descriptive-correlational methodology, the research analyzes the relationships among various variables. The sample comprises 141 firms listed on the Tehran Stock Exchange from 2009 to 2023. Data analysis was performed using Stata (version 17) and EViews (version 13) software. The results demonstrate that workforce education level not only has a direct effect on investment efficiency but also enhances it through improved accounting information quality. Employees with higher education are capable of providing superior information, effectively monitoring managerial activities, and mitigating misconduct. This, in turn, enhances information accuracy, financial transparency, and investment efficiency. The findings underscore the significance of workforce education in enhancing accounting information quality and investment efficiency, offering valuable insights for managers and policymakers. Keywords: Accounting Information Quality, Investment Efficiency, Workforce Education Level. JLE : D25, D53, M41 Introduction The research literature, grounded in agency theory, suggests that high-quality accounting information and disclosure can reduce information asymmetry, enhance managerial oversight, and mitigate opportunistic behavior. Empirical evidence indicates that information asymmetry negatively impacts investment efficiency. Consequently, improving the quality of accounting information is crucial for enhancing investment efficiency. In this context, recent studies emphasize that a more highly educated workforce can positively influence firms' investment efficiency by elevating the quality of accounting information. This study focuses on the role of workforce education level in improving accounting information quality and investment efficiency while also examining the mediating effect of accounting information quality. The aim of this research is to provide scientific evidence to address the existing research gap in this area and to illuminate the significance of workforce education in enhancing corporate investment efficiency. Methods & Materials The data were extracted from Rahavard Novin software, financial statements, and board activity reports pertaining to workforce education levels. Following data collection, preliminary processing was conducted using Excel, while final analysis was performed with EViews (version 13) and Stata (version 17). The sample comprises companies listed on the Tehran Stock Exchange from 2009 to 2023, selected based on specific criteria: inclusion on the stock exchange as of the fiscal year ending in March 2008, a consistent fiscal year ending in March, no changes in business activities or fiscal year during the study period, exclusion of financial intermediaries and investment companies, sustained listing until the end of 2023, and the availability of necessary data. A total of 141 firms were selected, resulting in 2,115 firm-year observations. Findings The results indicate that workforce education level has a positive and significant effect on investment efficiency. This suggests that as workforce education levels increase, investment efficiency also improves. The research literature posits that highly educated employees can enhance corporate investment efficiency through three primary mechanisms: first, by providing high-quality information that aids managers in effective decision-making, as these employees excel in collecting and analyzing valuable data; second, by effectively monitoring managerial decisions due to their access to internal information and their ability to detect misconduct, which helps prevent inaccurate financial reporting; and third, by facilitating information exchange between managers and employees through superior communication skills, enhanced understanding, and shared educational backgrounds, thereby leading to improved accuracy in information transfer and corporate decision-making. The findings from the first hypothesis are consistent with the studies by Jin et al. (2023) and Chen et al. (2023). The results of the second hypothesis further align with prior research, indicating a positive and significant effect of workforce education level on the quality of accounting information. A more educated workforce can enhance accounting information quality through various mechanisms, such as providing data to accounting systems that is less prone to errors (Andreou et al., 2017), identifying and reporting irregular or potentially fraudulent transactions (Call et al., 2016), improving the effectiveness of internal controls and reducing risks (Fu et al., 2020), and increasing transparency in financial reporting (Call et al., 2017). The findings from the second hypothesis are consistent with studies by Liu et al. (2017), Call et al. (2017), and Afieh et al. (2020). Finally, the third hypothesis, which examines the mediating role of accounting information quality in the relationship between workforce education level and investment efficiency, was not rejected. This finding demonstrates that workforce education level not only directly influences investment efficiency but also facilitates investment efficiency through the enhancement of accounting information quality. The findings from the third hypothesis are consistent with the study by Chen et al. (2023). Discussion and Conclusion The findings suggest that a more highly educated workforce can provide higher-quality information, effectively monitor managerial performance, and prevent misconduct. Educated employees, equipped with superior communication skills and a deeper understanding of shared educational backgrounds, facilitate accurate information exchange and informed decision-making. Workforce education level contributes to improved investment efficiency not only directly but also indirectly through enhanced accounting information quality. This enhancement involves reducing reporting errors, detecting and addressing irregularities, and increasing transparency in financial reporting. The study underscores the significance of workforce education in augmenting both accounting information quality and investment efficiency. Companies should prioritize employee education and training to fully leverage these potential benefits. Recruitment processes should place greater emphasis on educational qualifications and specialized skills to maximize workforce capabilities. Furthermore, investors are advised to consider workforce education levels in their evaluations, as this reflects the company's potential for achieving high investment efficiency and superior accounting information quality.
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