مدیریت سود و تناقض لحن افشای مدیران: نقش تعدیل‌کنندگی نزدیک‌بینی مدیرعامل

هدف: هدف پژوهش حاضر بررسی تاثیر مدیریت سود بر تناقض لحن افشای مدیران و بررسی تاثیر تعدیل‌کنندگی نزدیک‌بینی مدیر است. طبق نظریه نمایندگی، لحن مدیران در افشاهای کیفی ممکن است به خاطر منافع شخصی مدیر و به قصد فریب بازار باشد و طبق نظریه رفتاری نیز لحن مدیران ممکن است به خاطر ویژگی‌های شخصی و روان شناختی مدیر باشد.روش: داده‌های 143 شرکت پذیرفته شده در بورس اوراق بهادار ایران، طی سال‌های 1390 تا 1399 و جمعاً 1411 گزارش فعالیت های هیئت مدیره به مجمع سالانه صاحبان سهام مورد استفاده قرارگرفت. فرضیه‌ها به روش رگرسیون چندگانه با در نظر گرفتن اثرات ثابت سال و صنعت آزمون شدند.یافته‌ها: مدیریت سود و نزدیک‌بینی بر تناقض لحن افشای مدیران تاثیر مثبت دارند و همچنین نزدیک‌بینی مدیر، رابطه مثبت بین مدیریت سود و تناقض لحن مدیران را افزایش می‌دهد.نتیجه‌گیری: از یافته‌های پژوهش می‌توان نتیجه گرفت در راستای نظریه نمایندگی و انگیزه‌های شخصی مدیر، مدیریت سود می‌تواند لحن مغرضانه مدیران در گزارش‌های توضیحی را به دنبال داشته باشد. همچنین در راستای تئوری رفتاری، مدیران عامل نزدیک‌بین به خاطر تاکید  بر عملکردهای آتی کوتاه‌مدت، تناقض لحن بیشتری در افشاهای کیفی دارند و نزدیک‌بینی مدیرعامل، تاثیر مثبت مدیریت سود بر تناقض لحن مدیران را افزایش می‌دهد. مهمترین نوآوری پژوهش حاضر این است که برای اولین بار تاثیر مدیریت سود و نزدیک‌بینی مدیرعامل بر تناقض لحن افشای مدیران و همچنین تاثیر تعدیل‌کنندگی نزدیک‌بینی مدیرعامل را بررسی و ادبیات مرتبط را توسعه می‌دهد. همچنین علاوه بر فهرست واژگان رایج، از ترکیبات مثبت و منفی استفاده و تا حدودی محدودیت لغتنامه‌های رایج مرتفع شده است.

earnings management and managers’ disclosure tone inconsistency: the moderating role of manager myopia

objective: the purpose of this research is to investigate the effect of profit management on managers’ disclosure tone inconsistency and to investigate the moderating effect of manager’s myopia. according to agency theory, managers’ tone in qualitative disclosures may be due to manager’s personal interests and with the intention of deceiving the market, and according to behavioral theory, managers’ tone may be due to manager’s personal and psychological characteristics. there are different views regarding the managers’ disclosure tone inconsistency. the first point of view considers its positive side and believes that the manager’s disclosure tone is in line with signaling the market and reduces information asymmetry. the second point of view considers its negative side and emphasizes the manager’s opportunistic behavior. the third point of view suggests the involuntary tone of the manager’s disclosures, which is the subject of behavioral research. in the current research, based on the opportunistic perspective, the effect of profit management on the managers’ disclosure tone inconsistency, and according to the behavioral perspective, the effect of ceo myopia on the tone contradiction, as well as the effect of ceo myopia on the relationship between profit management and tone contradiction. the findings of the research also confirm these relationships. the research hypotheses were developed based on theoretical foundations and research background as follows: hypothesis 1) earnings management has a positive and significant effect on the managers’ disclosure tone inconsistency. hypothesis 2) the ceo’s short-sightedness has a positive and significant relationship with managers’ disclosure tone inconsistency. hypothesis 3) the ceo’s myopia increases the positive effect of earnings management on the managers’ disclosure tone inconsistency. method: in the current research, to measure the tone of the manager’s disclosure in the annual reports of the board of directors to the ordinary meeting of shareholders from the dictionary of specialized words of the board of directors, to measure tone inconsistency from the model of hong. to measure profit management, jones’s model has been modified, and anderson and hsayu’s model has been used to measure myopia. data related to managers’ disclosure tone was measured using max qda software. this software calculates the number and percentage of positive and negative words in texts in word format. other data have been collected by means of document mining and through rahvard novin software and the study of audited financial statements of companies admitted to the tehran stock exchange. to analyze the data and test the hypotheses, multiple linear regression has been used considering the fixed effects of year and industry. in this research, the data of 143 companies admitted to the iran stock exchange during the years 2013 to 2014 and a total of 1411 reports were used. results: the results showed that profit management and ceo myopia have a positive and significant relationship with managers’ disclosure tone inconsistency, and also the ceo myopia has a positive relationship between profit management and contrast increases the tone. conclusion: from the findings of the research, it can be concluded that in line with the agency theory and personal motives of the manager, profit management can lead to the biased tone of the managers in the explanatory reports. also, in line with behavioral theory, myopic ceos have more tone inconsistency in qualitative disclosures due to their emphasis on short-term future performance, and the ceo’s myopia increases the positive effect of profit management on the tone inconsistency of managers. this research helps the users to understand the qualitative information so that they pay more attention to the qualitative reports presented as a valuable source of information in accordance with the increasing reaction of the market to annual quantitative reports.