بررسی تاثیر کیفیت اطلاعات حسابداری بر رابطه بین اندازه غیربهینگی ساختار سرمایه و ناکارایی سرمایه‌گذاری‌های واحد تجاری

هدف: در این پژوهش به بررسی تاثیر کیفیت اطلاعات حسابداری بر رابطه بین اندازه غیربهینگی ساختار سرمایه و ناکارایی سرمایه‌گذاری‌های واحد تجاری پرداخته شده است. روش: با جمع آوری داده‌های 147 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی دوره 1398-1383 فرضیه‌های پژوهش بررسی شدند. کیفیت اطلاعات حسابداری با استفاده از مدل فرانسیس و همکاران (2005) و ناکارایی سرمایه‌گذاری‌ها با استفاده از مدل بیدل و همکاران (2009) اندازه‌گیری شد و اندازه غیربهینگی ساختار سرمایه با استفاده از مدل ساین و ویلیامز (2015) مورد سنجش قرار گرفت. یافته‌ها: یافته‌های پژوهش حاکی از این است که افزایش اندازه غیر بهینگی ساختار سرمایه منجر به افزایش میزان ناکارایی سرمایه‌گذاری‌های واحد تجاری می‌شود. از سوی دیگر، کیفیت اطلاعات حسابداری، ارتباط میان غیربهینگی ساختار سرمایه و ناکارایی سرمایه‌گذاری‌های واحد تجاری را تعدیل می‌کند. نتیجه‌گیری: کیفیت اطلاعات حسابداری به عنوان یکی از عوامل کاهش عدم تقارن اطلاعاتی می‌تواند با تعدیل جریان‌های نقد در دسترس و همچنین کاهش نرخ بهره مورد انتظار غیر بهینگی ساختار سرمایه را کاهش و منجر به کاهش ناکارایی سرمایه‌گذاری‌های واحد تجاری شود.

investigating the effect of accounting information quality on the relationship between the degree of nonoptimality of capital structure and inefficiencies of investment

objective: investment efficiency is one of the important and influential factors on the firm’s performance. management financing decisions affect investment decisions due to the effects that the nonoptimal capital structure has on the cost of capital rate and cash flows of the firm. in addition, one of the important and influential factors on the financing and investment decisions is the information asymmetry between management and investors. increasing the quality of accounting information will reduce the information asymmetry between management and investors that can affect the firm’s capital structure and investments. this research investigates the effect of accounting information quality on the relationship between the degree of nonoptimality of capital structure and investment inefficiencies of a firm.methods: this is an applied reseach and it is a quasiemprical research and its methodology is postevent research. this research investigates the real data of firms listed on the tehran stock exchange (tse) and, because of that, its results are generalizable to the research population. in this research, we have used a systematic elimination method to choose the research sample. the research hypotheses were examined by collecting data from 147 companies listed on the tehran stockexchange during 20042019. accounting information quality was measured using the model of francis et al. (2005) and investment inefficiencies were also measured using the model of biddle et al. (2009) and the nonoptimality degree of the capital structure was also measured by the model introduced by synn and williams (2015).results: the results of testing research hypotheses show that there is a positive and significant relationship between the nonoptimality of the capital structure and inefficiencies of investment. in this way, the increase in the nonoptimality of the capital structure increases inefficiencies of business unit’s investments. also, the findings show that the quality of an accounting information reduces the inefficiencies of investments in the business unit by reducing the nonoptimality of capital structure, that is, it actually moderates this relationship. in other words, increasing in the nonoptimality of the capital structure increases the inefficiency of the investments of business units. also, reducing profit management through discretionary accruals and increasing the quality of profit, which is a measure of increasing the quality of accounting information, will reduce information asymmetry between management and investors. following the reduction of information asymmetry, the problems caused by the problem of reverse selection and the sensitivities and problems of financing are reduced, and as a result, the financing process is easier for the company and causes the state of the company’s capital structure to be closer to the optimal point. finally, with the improvement of the capital structure and the positive impact of reducing the nonoptimality of the capital structure on the cost of capital and cash flows at the management’s disposal, the decisionmaking process of the management in the field of company investments will tend to increase efficiency. the results of the present study are in line with the results of bharath et al. (2009) and gomariz and balesta (2014).conclusion: the quality of accounting information as one of the factors that reduces information asymmetry can decrease the nonoptimality of the capital structure through adjusting available cash flows and expected interest rates, which leads to a reduction in the inefficiency of the entity’s investments. the results of this research can be useful for investors, managers and the stock exchange organization.