Accounting Comparability, Stock Liquidity, and Firm Value

Document Type : Research Paper

Authors

1 Humanities Faculty, Meybod University

2 Department of Management, Humanities Faculty, Meybod University

3 Department of Economics, Humanities Faculty, Meybod University

Abstract

The main purpose of this study is to test the impact of accounting comparability on stock liquidity and firm value. This study uses panel data analysis to test hypotheses for a sample of 108 firms listed on the Tehran Stock Exchange during 2016-2020. Our empirical results show a positive relationship between accounting comparability with free float ratio and stock turnover ratio. But there is no significant relationship between accounting comparability and the Amihud ratio. The interpretation of this result can be attributed to how the Amihud ratio is calculated. Based on the constraints imposed on the Iranian capital market, the daily return in calculating the Amihud ratio has a certain fluctuation range and is not able to reflect all the dimensions of the market. In addition, our results document a positive relation between accounting comparability and firm value. Finally, accounting comparability does not moderate the association between stock liquidity and firm value. In addition, the cost of capital (CoC) intensifies the relationship between accounting comparability and firm value. We interpret these results as accounting comparability improves transparency, and reduces information asymmetry. These results also show that the capital market is incomplete.

Keywords

Main Subjects


Article Title [فارسی]

قابلیت مقایسه حسابداری، نقدشوندگی سهام و ارزش شرکت

Authors [فارسی]

  • مجتبی گل محمدی 1
  • فاطمه زارعی 2
  • احسان سلیمی 3
1 دانشکده علوم انسانی ، دانشگاه میبد ، میبد، ایران
2 گروه مدیریت، دانشکده علوم انسانی، دانشگاه میبد، میبد، ایران
3 گروه اقتصاد، دانشکده علوم انسانی، دانشگاه میبد، میبد، ایران
Abstract [فارسی]

هدف اصلی این پژوهش، آزمون تأثیر قابلیت مقایسه حسابداری بر نقدشوندگی سهام و ارزش شرکت است. این مطالعه از داده های ترکیبی برای آزمون فرضیه ها و نمونه ای شامل 108 شرکت پذیرفته شده در بورس تهران طی سال های 1395 تا 1399 استفاده می کند. نتایج، رابطه مثبت بین قابلیت مقایسه با درصد سهام شناور آزاد و نسبت گردش سهام را نشان می دهد. اما بین قابلیت مقایسه و نسبت آمیهود رابطه معنی داری وجود ندارد. تفسیر این نتیجه را می توان به نحوه محاسبه نسبت آمیهود نسبت داد. بر اساس محدودیت های موجود در بازار سرمایه ایران ، بازده روزانه در محاسبه نسبت آمیهود دارای محدوده نوسان خاصی است و قادر نیست همه ابعاد بازار را منعکس کند. بعلاوه ، نتایج رابطه مثبت بین قابلیت مقایسه و ارزش شرکت را مستند می کند. در نهایت ، قابلیت مقایسه ارتباط بین نقدشوندگی سهام و ارزش شرکت را تعدیل نمی کند. بعلاوه ، هزینه سرمایه رابطه بین قابلیت مقایسه و ارزش شرکت را تقویت می کند. ما نتایج را اینگونه تفسیر می کنیم که قابلیت مقایسه شفافیت را افزایش و عدم تقارن اطلاعاتی را کاهش می دهد. این نتایج همچنین نشان می دهد که بازار سرمایه ناکارا است.

Keywords [فارسی]

  • قابلیت مقایسه حسابداری
  • نقدشوندگی سهام
  • ارزش شرکت
  • هزینه سرمایه
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