بررسی نقش محافظه‌کاری در رابطه سیاست‌های نقدینگی و مدیریت لحن

نوع مقاله : مقاله پژوهشی

نویسندگان

گروه حسابداری، دانشکده علوم اداری و اقتصادی، دانشگاه فردوسی مشهد، مشهد، ایران.

10.22103/jak.2024.23897.4087

چکیده

هدف: هدف پژوهش بررسی رابطه بین دو ویژگی مهم گزارش‌های متنی سالانه (لحن و مدیریت لحن) گزارش فعالیت هیئت‌مدیره و سطح نگهداشت وجه نقد شرکت و نقش تعدیل‌کنندگی محافظه‌کاری در این رابطه است.
 
روش: این پژوهش دارای نمونه‌ای متشکل از 1080 مشاهده با مجموع 120 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران با بازه تحقیق سال‌های 1392 تا 1400 است. فرضیه‌های پژوهش به روش رگرسیون چندگانه آزمون شدند.
 
یافته‌ها: نتایج نشان داد بین لحن و سطح نگهداشت وجه نقد شرکت ارتباط مثبت معناداری و بین مدیریت لحن و سطح نگهداشت وجه نقد ارتباط منفی و معناداری وجود دارد. همچنین، محافظه‌کاری قادر است تا رابطه بین لحن و مدیریت لحن گزارش فعالیت هیئت‌مدیره با سطح نگهداشت وجه نقد شرکت را تعدیل نماید. تجزیه‌وتحلیل آزمون‌های اضافی نشان داد که مدیریت لحن تاریخی نیز اثر معکوسی بر سطح نگهداشت وجه نقد شرکت دارد.
 
نتیجه‌گیری: در حال حاضر استفاده‌کنندگان اطلاعات بازارهای مالی و سرمایه‌گذاری علاوه بر ارقام و اطلاعات کمی بر افشاهای متنی نیز به‌عنوان یک منبع مهم کسب اطلاعات تکمیلی تکیه می‌کنند. از این‌رو تأکید بر الفاظ با بار معنایی مثبت و منفی، دست‌کاری بازنمایی‌ها و تفسیرها در افشاهای کیفی، از اهمیت بسزایی برخوردار است. افزون بر این، محافظه‌کاری قادر است تا رابطه بین لحن افشاهای متنی در گزارش فعالیت هیئت‌مدیره و سطح نگهداشت وجه نقد را تقویت کند. همچنین، محافظه‌کاری قادر است تا رابطه بین مدیریت لحن و سطح نگهداشت وجه نقد را تضعیف نماید. این موضوع به افزایش بینش نسبت به ادبیات مالی کمک می‌نماید.

کلیدواژه‌ها

موضوعات

مراجع

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