An Analysis of the Stock Price Impact on the TSE and Accrual Management

Document Type: Research Paper

Authors

1 Faculty of Management and Economics, Department of Accounting , Shahid Bahonar University of Kerman, Kerman, Iran

2 Faculty of Economics and Administrative Sciences, Department of Accounting, University of Mazandaran, Babolsar, Iran

Abstract

This study examined the role of positive and negative discretionary accrual management in the stock price impact. A sample of 66 firms listed in Tehran Stock Exchange was selected for a ten-year period (2008-2017). Accrual management was found to lead to significant changes in stock prices, and uninformed investors incur trading costs caused by the stock price impact. The results showed two key points. First, the mispricing of discretionary accrual components in the market leads to an increase in the stock price impact, and second, the management of positive discretionary accruals has a greater effect on stock price impacts than negative discretionary accruals. Using positive discretionary accruals, investors overvalue the firm and engage in trading stocks. Due to the mispricing of positive discretionary accruals, an asymmetric behavior is formed in the stock price impact.

Keywords

Main Subjects


Article Title [Persian]

تجزیه و تحلیل اثرات قیمت سهام در بورس اوراق بهادار تهران و مدیریت اقلام تعهدی

Authors [Persian]

  • احمد خدامی پور 1
  • اسماعیل امیری 2
1 گروه حسابداری، دانشکدة مدیریت و اقتصاد، دانشگاه شهید باهنر کرمان،کرمان، ایران
2 گروه حسابداری، دانشکده اقتصاد و علوم اداری، دانشگاه مازندران- بابلسر، بابلسر، ایران
Abstract [Persian]

این پژوهش نقش اجزای اقلام تعهدی اختیاری مثبت و منفی بر تاثیرات قیمت سهام را بررسی کرده است. به منظور انجام این کار نمونه ای متشکل از 66 شرکت فهرست شده در بورس اوراق بهادار تهران طی دوره ده ساله (2017-2008) انتخاب شدند. ما دریافتیم با مدیریت اقلام تعهدی قیمت سهام تغییرات زیادی از خود نشان می‌دهد و سرمایه گذاران هزینه معاملاتی حاصل تاثیرات قیمت سهام را متحمل می­شوند. نتایج ما به شدت دو موضوع را برجسته کرد اول، خطای ارزش­گذاری اقلام تعهدی اختیاری در بازار منجر به افزایش تاثیرات قیمت سهام می شود و دوم، اقلام تعهدی اختیاری مثبت نسبت به اقلام تعهدی اختیاری منفی با تاثیرات قیمت سهام در ارتباطند. همچنین ما دریافتیم سرمایه‌گذاران با تکیه بر اقلام تعهدی اختیاری مثبت، ارزش شرکت را بیشتر ارزیابی می‌کنند و دست به مبادله سهام می‌زنند. به سبب قیمت‌گذاری نادرست اقلام تعهدی اختیاری مثبت، رفتار نامتقارنی بر تاثیر قیمت سهام بوجود می‌آید.

Keywords [Persian]

  • اقلام تعهدی اختیاری
  • مدیریت اقلام تعهدی
  • تاثیر قیمت سهام
  • عدم نقدشوندگی
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