تعداد نشریات | 161 |
تعداد شمارهها | 6,489 |
تعداد مقالات | 70,096 |
تعداد مشاهده مقاله | 123,171,918 |
تعداد دریافت فایل اصل مقاله | 96,403,180 |
Manager Optimism Based on Environmental Uncertainty and Accounting Conservatism | ||
Interdisciplinary Journal of Management Studies (Formerly known as Iranian Journal of Management Studies) | ||
دوره 14، شماره 1، فروردین 2021، صفحه 61-86 اصل مقاله (766.12 K) | ||
نوع مقاله: Research Paper | ||
شناسه دیجیتال (DOI): 10.22059/ijms.2020.290260.673811 | ||
نویسنده | ||
Mohsen Rashidi* | ||
Assistant Professor in accounting, Faculty of Economics and Administrative Sciences, Lorestan University, Iran | ||
چکیده | ||
It is expected that more accounting conservation (environmental uncertainty) reduces manager optimism. Prior research, however, has struggled to establish this relation empirically. Moreover, some evidence points to the possibility that the manager optimism is lower for firms with more accounting conservation. In this paper, the author examine the link between accounting conservation, environmental uncertainty, and manager optimism, as well as the link between accounting conservation, manager optimism, and the cost of capital. First, it is established that more accounting conservation could lead to a decrease in manager optimism. Second, I tried to show that manager optimism changes the cost of capital in the accounting conservation quintile. Consistent with a negative relationship between accounting conservation and manager optimism, and with the dominating effect of managers' optimism , the article documented a positive association between managers' optimism and the cost of capital for firms whose shares trade in low accounting conservation. | ||
کلیدواژهها | ||
Environmental uncertainty؛ Accounting conservatism؛ Manager optimism | ||
عنوان مقاله [English] | ||
بررسی خوشبینی مدیران برمبنای عدم اطمینان محیطی و محافظهکاری حسابداری | ||
نویسندگان [English] | ||
محسن رشیدی | ||
استادیار ، حسابداری، دانشکده علوم اقتصادی و اداری دانشگاه لرستان، خرم آباد، ایران | ||
چکیده [English] | ||
انتظار بر این است که افزایش محافظهکاری حسابداری (عدم اطمینان محیطی)، باعث کاهش خوش بینی مدیر شود. تحقیقات پیشین تلاشهایی در جهت ایجاد این رابطه از نظر تجربی داشتهاند، با این حال، برخی شواهد اشاره به محدود بودن خوشبینی مدیر در شرکتهایی با محافظهکاری حسابداری بالا دارد. در این پژوهش، رابطه بین محافظه کاری حسابداری، عدم اطمینان محیطی و خوش بینی مدیر و ارتباط بین محافظهکاری حسابداری ، خوشبینی مدیر و هزینه سرمایه را بررسی میکنیم. اول، مشخص شد که محافظهکاری بیشتر حسابداری میتواند منجر به کاهش خوشبینی مدیر شود. دوم، تلاش شد که نشان دهیم خوشبینی مدیر با توجه به کوانتیل های ارایه شده، منجر به تغییر هزینه سرمایه میشود. مطابق با ارتباط منفی بین محافظهکاری حسابداری و خوشبینی مدیر و با توجه به اثر غالب خوش بینی مدیر، ارتباط مثبت بین خوش بینی مدیران و هزینه سرمایه برای شرکتهایی که سهام آنها در محیطهای با محافظهکاری حسابداری محدود معامله می کند، اثبات شده است. | ||
کلیدواژهها [English] | ||
عدم اطمینان محیطی, محافظهکاری حسابداری, خوش بینی مدیر | ||
مراجع | ||
Adner, R., & Levinthal, D. A. (2004). What is not a real option: Considering boundaries for the application of real options to business strategy. Academy of Management Review, 29 (1), 74–85. Ahmed, A. S., & Duellman, S. (2011). Evidence of the role of accounting conservatism in monitoring managers' investment decisions. Accounting and Finance, 51(3), 609–633. Akins, B., J. Ng, & Verdi, R. (2012). Investor competition over information and the pricing of information asymmetry. The Accounting Review, 87(1), 35–58. Armstrong, C. S., & Vashishtha, R. (2012). Executive stock options, differential risk-taking incentives, and firm value. Journal of Financial Economics, 104 (1), 70–88. Armstrong, C., Core, J., Taylor, D., & Verrecchia, R. (2011). When does information asymmetry affect the cost of capital? Journal of Accounting Research, 49 (1), 1-40. Astebro, T. A., Jeffrey, S. A., & Adomdza, G. K. (2007). Inventor perseverance after being told to quit: the role of cognitive biases. Journal of Behavioral Decision Making, 20 (3), 253–272. Ball, R., & Shivakumar, L. (2005). Earnings quality in UK private firms: Comparative loss recognition timeliness. Journal of Accounting and Economics, 39 (1), 83–128. Basu, S. (1997). The conservatism principle and asymmetric timeliness of earnings. Journal of Accounting and Economics, 24, 3-37. Ben Mohamed, E., Garoui, N., & Naoui, K. (2020). Do optimistic managers destroy firm value? Journal of Behavioral and Experimental Finance, 26, 1- 4. Bhuiyan, M. B. U., & Hooks, J. (2019). Cash holding and over-investment behavior in firms with problem directors. International Review of Economics and Finance, 61, 35-51. Bolton, P., M. K. Brunnermeier, & Veldkamp, L. (2013). Leadership, coordination, and corporate culture. Review of Economics Studies, 80(2), 512–537. Manager Optimism Based on Environmental Uncertainty and Accounting Conservatism 83 Bushman, B., & R. Smith. (2001). The influence of institutional investors on myopic R&D investment behavior. The Accounting Review, 73, 305–333. Chordia, T., Roll, R., & Subrahmanyam, A. (2000). Commonality in liquidity. Journal of Financial Economics, 56(1), 3-28. Diamond, D., & Verrecchia, R. (1991). Disclosure, liquidity and the cost of capital. Journal of Finance, 46 (4), 1325-1359. Dichev, I. D., & Tang, V. W. (2009). Earnings volatility and earnings predictability. Journal of Accounting and Economics, 47(1), 160-181. Dietrich, J. R., Muller, K. A., & Riedl, E. J. (2006). Asymmetric timeliness tests of accounting conservatism. Review of Accounting Studies, 12, 95-124. Dou, Y., Hope, O., Thomas, W., & Zou, Y. (2015). Blockholder exit threats and financial reporting quality. Working paper, University of Toronto. Dutta, S., & Nezlobin, A. (2017). Information disclosure, firm growth, and the cost of capital. Journal of Financial Economics, 123(2), 415-431. Englmaier, F. (2011). Commitment in R&D tournaments via strategic delegation to overoptimistic managers. Managerial and Decision Economics, 32(1), 63–69. Ericson, R., & Pakes, A. (1995). Markov-perfect industry dynamics: A framework for empirical work. The Review of Economic Studies, 62(1), 53–82. Fama, E., & French, K. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33 (1), 3-56, Farcane, N., Deliu, D., & Bureana, E. A. (2019). Corporate Case Study: The application of Rokeach's value system to corporate social responsibility (CSR). Sustainability, 11, 6612. Francis, J., LaFond, R., Olsson, P., & Schipper, K. (2005). The market pricing of accruals quality. Journal of Accounting and Economics, 39(2), 295-327. Frieden, B. R., & Hawkins, R J. (2009). Asymmetric information and economics. Physica, 389, 287-295. Givoly, D., Hayn, C., & Natarajan, A. (2007). Measuring reporting conservatism. The Accounting Review, 82 (1), 65–106. 84 (IJMS) Vol. 14, No. 1, Winter 2021 Gow, I, D., Taylor, D., & Verrecchia, R. (2011). Disclosure and the cost of capital: evidence of information complementarities. Working paper, Harvard University. Hambrick, D. C., & Crozier, L. M. (1985). Stumblers and stars in the management of rapid growth. Journal of Business Venturing, 1(1), 31–45. Heaton, J, B. (2019). Managerial optimism: New observations on the unifying theory. Eur Financ Manag, 25, 1150– 1167. Hirshleifer, D., Low, A., & Teoh, H. (2012). Are overconfident CEOs better innovators? The Journal of Finance, 67 (4), 1457–1498. Hribar, P., & Yang, H. (2016). CEO overconfidence and management forecasting. Contemporary Accounting Research, 33(1), 204–27. Hsu, C,. Novoselov, K,. & Wang, R. (2017). Does accounting conservatism mitigate the shortcomings of CEO overconfidence? The Accounting Review, 92(6), 77-101. Huchzermeier, A., & Loch, C. H. (2001). Project management under risk: Using the real options approach to evaluate flexibility in R&D. Management Science, 47 (1), 85–101. Koussis, N., Martzoukos, S. H., & Trigeorgis, L. (2007). Real R&D options with time-to-learn and learning-by-doing. Annals of Operations Research, 151(1), 29–55. Lambert, R., Leuz, C., & Verrecchia, R. (2011). Information asymmetry, information precision, and the cost of capital. Review of Finance, European Finance Association, 16(1), 1-29. Lee, C. Y. (2010). A theory of firm growth: Learning capability, knowledge threshold, and patterns of growth. Research Policy, 39 (2), 278–289. Lowry, M. (2003). Why does IPO volume fluctuate so much? Journal of Financial Economics, 67(3), 3-40. Madsen, P., & Desai, V. (2010). Failing to learn? The effects of failure and success on organizational learning in the global orbital launch vehicle industry. Academy of Management Journal, 53 (3), 451–476. March, J. G. (1991). Exploration and exploitation in organizational learning. Organization Science, 2 (1), 71–87. March, J. G., & Z. Shapira. (1987). Managerial perspectives on risk and risk taking. Management Science, 33 (11), 1404–1418. Manager Optimism Based on Environmental Uncertainty and Accounting Conservatism 85 Moore, D. A., & Healy, P. J. (2008). The trouble with overconfidence. Psychological Review, 115(2), 502–517. Park, K.-H., Byun, J., & Choi, P.M.S. (2020). Managerial overconfidence, corporate social responsibility activities, and financial constraints. Sustainability, 12, 61. Patatoukas, P. N., & Thomas, J. K. (2011). More evidence of bias in differential timeliness estimates of conditional conservatism. The Accounting Review, 86(5), 1765–1793. Patatoukas, P. N., & Thomas, J. K. (2016). Placebo tests of conditional conservatism. The Accounting Review, 91(2), 625–648. Prado, M., Saffi, P., & Sturgess, J. (2016). Ownership structure, limits to arbitrage and stock returns: Evidence from equity lending markets. Review of Financial Studies, 29(12), 3211–3244. Rostami, H., Rezaei, F., & Khalatbari, A. (2019). Impact of managers' optimism on the relationship between patience of major shareholders and information influence management. Advances in Mathematical Finance and Applications, 4(3), 31-48. Shyti, A. (2013). Overconfidence and entrepreneurial choice under ambiguity. Academy of Management Proceedings, 2013(1), 13508. Stiglitz, L. (2003). Estimating the components of the bid/ask spread. Journal of Financial Economics, 21(1), 123-142. Stiglitz, L. (2004). Bid, ask, and transaction prices in a specialist market with hetergeneously informed traders. Journal of Financial Economics, 14(1), 71-100. Ugwunta, D. O., & Ugwuany, B. U. (2019). Accounting conservatism and performance of Nigerian consumer goods firms: An examination of the role of accruals. International Journal of Financial Research, 10(1), 1-9. Verdi, R. (2005). Information environment and the cost of capital. Working paper, MIT. Xu, X., Wang, X. & Han, N. (2012). Accounting conservatism, ultimate ownership and investment efficiency,. China Finance Review International, 2(1), 53-77. 86 (IJMS) Vol. 14, No. 1, Winter 2021 Zhang, G. (2000). Accounting information, capital investment decisions, and equity valuation: Theory and empirical implications. Journal of Accounting Research, 38 (2), 271–295. | ||
آمار تعداد مشاهده مقاله: 1,518 تعداد دریافت فایل اصل مقاله: 1,360 |