Earnings Management and the Effect of Earnings Quality in Relation to Bankruptcy Level (Firms Listed at the Tehran Stock Exchange)

Document Type: Research Paper


1 Faculty of Administration & Economic Science, University of Mazandaran, Babolsar, Iran

2 Department of Accounting, Kosar University of Bojnord, Bojnord, Iran


This paper investigates the relationship between earnings management and quality of earnings for the bankrupt and non-bankrupt firms listed in the Tehran Stock Exchange from 2007 to 2012.The earnings quality  is measured by four separate accounting-based earnings attributes: accruals quality, earnings persistence, earnings predictability; earnings and is also examined by testing the relationship between discretionary accruals as a measure of earnings management, being opportunistic or efficient earnings management. Also, the future profitability was measured by each of the three variables, future change of earnings, future cash flow from operation, and future non-discretionary earnings. The results of estimating unbalanced panel data technique for 55 firms subjected to bankruptcy of Altman's model, and 198 non-bankrupt firms, shows that the bankrupt firms tend to use opportunistic earnings management, and the non-bankrupt choose efficient earnings management. Moreover, the results show that earnings management performs better than earnings quality in predicting future profitability. Meanwhile, the non-discretionary earnings more effectively than future change of earnings and future cash flow from operation for providing a picture of the future profitability of the firm.


Main Subjects

Article Title [Persian]

مدیریت سود و تأثیر کیفیت سود مرتبط با سطح ورشکستگی (شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران)

Authors [Persian]

  • احمد احمدپور 1
  • معصومه شهسواری 2
1 دانشکدة علوم اقتصادی و اداری، دانشگاه مازندران، بابلسر، ایران
2 گروه حسابداری، دانشگاه کوثر بجنورد، بجنورد، ایران
Abstract [Persian]

در این پژوهش ارتباط بین مدیریت سود و کیفیت سود شرکت‌های ورشکسته و غیرورشکستة بورس تهران بین سال‌های 1385 تا 1389 ارزیابی شد. کیفیت سود با استفاده از چهار ویژگی سود مبتنی بر داده‌های حسابداری شامل کیفیت اقلام تعهدی، پایداری، قابلیت پیش‌بینی و هموار بودن (به طور جداگانه) اندازه‌گیری شده و با آزمون رابطة اقلام تعهدی اختیاری به عنوان شاخص سنجش مدیریت سود و سودآوری آتی، کارا یا فرصت‌طلبانه بودن مدیریت سود بررسی شده است. همچنین، سودآوری آتی با استفاده از هر یک از سه متغیر تغییرات در سود خالص، وجه نقد عملیاتی و سود خالص عاری از اقلام تعهدی اختیاری آتی اندازه‌گیری شد. نتایج برآورد مدل با تکنیک داده‌های تابلویی نامتوازن برای شرکت مشمول آستانة ورشکستگی مدل آلتمن و 198 شرکت غیرورشکسته، حاکی از این است که مدیریت سود در شرکت‌های ورشکسته گرایش به فرصت‌طلبانه داشته و برای شرکت‌های غیرورشکسته کارا بوده است. علاوه‌بر این یافته‌ها نشان می‌دهد در گزارشگری سودآوری آتی شرکت‌های بورسی، مدیریت سود بهتر از کیفیت سود عمل کرده است. در این میان سود خالص عاری از اقلام تعهدی اختیاری سال آتی، کاراتر از تغییرات در سود خالص و وجه نقد عملیاتی سال آتی، برای ارائة تصویری از قدرت سودآوری آتی است.

Keywords [Persian]

  • سطح ورشکستگی
  • کیفیت سود
  • مدیریت سود
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