قابلیت مقایسه‌ی صورت‌های مالی و نگهداشت وجه نقد با تاکید بر ابعاد درون سازمانی در بازار سرمایه تهران

ﻫﺪف اﯾﻦ ﭘﮋوﻫﺶ ﻣﻄﺎﻟﻌﮥ ﺗﺄﺛﯿﺮ ﻗﺎﺑﻠﯿﺖ ﻣﻘﺎﯾﺴﮥ ﺻﻮرتﻫﺎی ﻣﺎﻟﯽ ﺑﺎ ﻧﮕﻬﺪاﺷﺖ وﺟﻮه ﻧﻘﺪ در ﺑﺎزار ﺳﺮﻣﺎﯾﮥ ﺗﻬﺮان اﺳﺖ. ﺻﻮرتﻫﺎی ﻣﺎﻟﯽ 110 ﺷﺮﮐﺖ ﺑﺮای ﮔﺮدآوری اﻃﻼﻋﺎت ﻻزم اﯾﻦ ﭘﮋوﻫﺶ ﻃﯽ ﺑﺎزه زﻣﺎﻧﯽ 1390-1395 ﺟﻤﻊآوری ﺷﺪ. از رﮔﺮﺳﯿﻮن ﭼﻨﺪﻣﺘﻐﯿﺮه ﺑﺎ دادهﻫﺎی ﺗﺎﺑﻠﻮﯾﯽ ﺑﺮای آزﻣﻮن ﻓﺮﺿﯿﻪﻫﺎ اﺳﺘﻔﺎده ﺷﺪ. از ﻣﺪل دیﻓﺮاﻧﮑﻮ و ﻫﻤﮑﺎران (2011) در راﺳﺘﺎی ﻫﺪف ﭘﮋوﻫﺶ ﺑﻪﻣﻨﻈﻮر ﻣﺤﺎﺳﺒﮥ ﻣﺘﻐﯿﺮ ﻗﺎﺑﻠﯿﺖ ﻣﻘﺎﯾﺴﻪ اﺳﺘﻔﺎده ﺷﺪ. ﻧﺘﺎﯾﺞ ﺣﺎﺻﻞﺷﺪه ﻧﺸﺎن ﻣﯽدﻫﺪ ﻣﻘﺎﯾﺴﻪﭘﺬﯾﺮی ﮔﺰارشﻫﺎی ﻣﺎﻟﯽ ﺑﺮ ﻧﮕﻬﺪاﺷﺖ وﺟﻮه ﻧﻘﺪ ﺗﺄﺛﯿﺮ ﻣﻌﮑﻮس و ﻣﻌﻨﯽداری دارد؛ ﻫﻤﭽﻨﯿﻦ از ﺑﯿﻦ ﻣﺘﻐﯿﺮﻫﺎی ﺗﻌﺪﯾﻞﮔﺮ در اﯾﻦ ﭘﮋوﻫﺶ، ﮐﯿﻔﯿﺖ ﮔﺰارﺷﮕﺮی ﻣﺎﻟﯽ ﻧﻘﺶ ﺗﻌﺪﯾﻞﮐﻨﻨﺪهای در ﺗﺄﺛﯿﺮﮔﺬاری ﻗﺎﺑﻠﯿﺖ ﻣﻘﺎﯾﺴﮥ ﺻﻮرتﻫﺎی ﻣﺎﻟﯽ ﺑﺮ ﻧﮕﻬﺪاﺷﺖ وﺟﻪ ﻧﻘﺪ دارد. ارﺗﺒﺎط ﻣﻨﻔﯽ ﺑﯿﻦ ﻗﺎﺑﻠﯿﺖ ﻣﻘﺎﯾﺴﮥ ﺻﻮرتﻫﺎی ﻣﺎﻟﯽ و ﻧﮕﻬﺪاﺷﺖ وﺟﻪ از ﻃﺮﯾﻖ ﻧﻈﺮﯾﮥ ﻧﻤﺎﯾﻨﺪﮔﯽ ﺗﻮﺟﯿﻪﭘﺬﯾﺮ اﺳﺖ. ﻧﻈﺮﯾﮥ ﻧﻤﺎﯾﻨﺪﮔﯽ ﺑﯿﺎن ﻣﯽﮐﻨﺪ ﻣﺪﯾﺮان ﻓﺮﺻﺖﻃﻠﺐ وﺟﻮه ﻧﻘﺪ را در راﺳﺘﺎی ﺳﺮﻣﺎﯾﻪﮔﺬاری در ﻃﺮحﻫﺎی ﺑﺎ ﺧﺎﻟﺺ ارزش ﻓﻌﻠﯽ ﻣﻨﻔﯽ اﻧﺘﺨﺎب ﻣﯽﮐﻨﻨﺪ.

Financial statement comparability and corporate cash holdings

In this paper, we investigate the effects of financial statement comparability on the corporate cash holdings of Tehran Stock Exchange firms. Required data for the study were collected from the financial statements of 110 firms in the 13901395 years. To examine the hypothesis, we used multivariate regression with panel data. For calculation of comparability of the model variable, we referred to Di Franco et al. (2011). The results revealed that there is negative and significant relationship between financial statement comparability and corporate cash holding. In addition, among the moderating variables in this research, financial reporting quality has a moderating role in influencing the Financial statement comparability with cash holdings. The negative relationship between the ability to compare financial statements and remuneration through the theory of representation is justifiable. Representative theory states that opportunistic managers spend on investing in projects with a net negative net worth 1 Introduction In this paper, we investigate the effects of financial statement comparability on the corporate cash holdings of Tehran Stock Exchange firms. We further examine whether financing constraints, financial reporting quality, and firmlevel corporate governance mediate this association. Financial statement comparability describes the degree of similarity in accounting choices among two or more firms and reflects “the relationship between two or more pieces of information” (Financial Accounting Standards Board (FASB) [1980]). It also reflects the quality of the information that enables users to identify similarities and differences in the financial performance of two firms (Francis et al., 2014).   2 Hypothesis In order to achieve the objectives of this research, the following hypothesis are developed:  H1: Financial statement comparability has an effect on corporate cash holdings. H2: Financing constraints mediate the effect of financial statement comparability on corporate cash holdings. H3: Financial reporting quality mediates the effect of financial statement comparability on corporate cash holdings. H4: Corporate governance, as proxies by institutional ownership, mediates the effect of financial statement comparability on corporate cash holdings.   3 Methods  Required data for the study were collected from the financial statements of 110 firms in the 13901395 years. To examine the hypothesis, we used multivariate regression with panel data. For calculation of comparability of the model variable we referred to Di Franco et al. (2011). For assessment of the cash holdings, we used the model by Ozkan and Ozkan (2002).   4 Results The results revealed that there is a negative and significant relationship between financial statement comparability and corporate cash holding. In addition, among the moderating variables in this research, financial reporting quality has a moderating role in influencing the Financial statement comparability with cash holdings.   5 Discussion and Conclusion The negative relationship between the ability to compare financial statements and remuneration through the theory of representation is justifiable. Representative theory states that opportunistic managers spend on investing in projects with a net negative net worth.