تعداد نشریات | 25 |
تعداد شمارهها | 916 |
تعداد مقالات | 7,528 |
تعداد مشاهده مقاله | 12,239,040 |
تعداد دریافت فایل اصل مقاله | 8,656,915 |
رابطه ارتباطات سیاسی و هزینه نمایندگی شرکت باتوجه به نقش تعدیلی کیفیت حسابرسی | ||
حسابداری و منافع اجتماعی | ||
مقاله 7، دوره 9، شماره 3 - شماره پیاپی 34، مهر 1398، صفحه 157-184 اصل مقاله (1.63 M) | ||
نوع مقاله: مقاله پژوهشی | ||
شناسه دیجیتال (DOI): 10.22051/ijar.2019.23995.1476 | ||
نویسندگان | ||
alireza matoufi* 1؛ متینه مهرپرور2 | ||
1استادیار گروه حسابداری، واحد گرگان، دانشگاه آزاد اسلامی، گرگان، ایران | ||
2کارشناسی ارشد حسابداری، موسسه آموزش عالی گلستان، گرگان، ایران | ||
چکیده | ||
مدیران، با هدف کسب مزیت هایی برای بنگاه تحت مدیریت خود، معمولاً به برقراری و حفظ ارتباط با دولت میپردازند، اما در بازارهای با چارچوب های نظارتی ضعیف این رابطه می تواند منجر به مساله نمایندگی و هزینه های مرتبط با آن شود. بنابراین، هدف پژوهش حاضر بررسی رابطه ارتباطات سیاسی و هزینه نمایندگی شرکتها، باتوجه به نقش تعدیلی کیفیت حسابرسی، در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران طی سال های 1392 تا 1396 است. برای این منظور، نمونه ای متشکل از 128 شرکت پذیرفته شده در بورس اوراق بهادار تهران انتخاب گردید و با استفاده از الگوی رگرسیون چند متغیره مبتنی بر تکنیک داده های تابلویی، فرضیههای پژوهش مورد آزمون قرار گرفت. نتایج نشان می دهند بین ارتباطات سیاسی و هزینه نمایندگی رابطه مثبت و معناداری وجود دارد. همچنین، کیفیت حسابرسی رابطه بین ارتباطات سیاسی و هزینه نمایندگی را تعدیل میکند. | ||
کلیدواژهها | ||
ارتباطات سیاسی؛ هزینه نمایندگی؛ کیفیت حسابرسی | ||
عنوان مقاله [English] | ||
The Relationship between Political Connections and Agency Costs Considering the Moderating Role of Audit Quality | ||
نویسندگان [English] | ||
alireza matoufi1؛ Matineh mehrparvar2 | ||
1Assistant Prof., Department of accounting, Gorgan Branch, Islami Azad University, Gorgan, Iran | ||
2M.S., Department of accounting, Golestan Institute of Higher Education, Gorgan, Iran | ||
چکیده [English] | ||
Although establishing and retaining the relation with government are usually subject to acquiring the competitive but in markets with poor regulatory frameworks, this relationship can lead to the agency problem and costs associated with it. So, the purpose of the present research is the study of the relationship between the political connections and the agency costs due to the moderating role of audit quality in listed companies in Tehran Stock Exchange between the years 2013 to 2017. In order to conduct this research, a sample consisting of 128 companies was selected. The hypothesis of this research were tested by using multi-variable regression and implementing Panel Data technique. The findings demonstrated that there is a significant relationship between political connections and agency costs, and also audit quality modifies the relationship between political connections and agency costs. | ||
کلیدواژهها [English] | ||
Agency Costs, Audit Quality, Political Connections | ||
مراجع | ||
Abbas, A. , Khwaja, A. I. , Khan, A. Q. , &Singhal, M. (2017). Pilot Study on Effect of Political Influence on Tax Payment Compliance. International Growth Centre (IGC).. Abdul Wahab, E. A. , Ariff, A. M. , Madah Marzuki, M. , & Mohd Sanusi, Z. (2017). Political connections, corporate governance, and tax aggressiveness in Malaysia. Asian Review of Accounting, 25 (3) , 424-451. Adhikari, A. , Derashid, C. , & Zhang, H. (2006). Public policy, political connections, and effective tax rates: Longitudinal evidence from Malaysia. Journal of Accounting and Public Policy, 25 (5) , 574-595. Agrawal, A. , and Knoeber, C. R. (2001). Do some outside directors play a political role?. Journal of Law and Economics, 44 (1) , 179-198. Alam, Q. , & Teicher, J. (2010, April). State of governance in a transitional democracy: the case of Bangladesh. In 14th IRSPM Conference, Berne, Switzerland (pp. 7-9). Ang, J. S. , Cole, R. A. , & Lin, J. W. (2000). Agency costs and ownership structure. the Journal of Finance, 55 (1) , 81-106. Badavar Nahandi, Y. , & dadashzade, G. (2015). The Relationship between Agency Costs and Stock Mispricing with Emphasis on the Role of Intermediate Compensation of the Board. Journal of Financial Management Strategy, 3 (4) , 51-71 (In Persian). Badavar Nahandi, Y. , & Taghizadeh Khanqah, V. (2018). The Impact of Political Connections on Overinvestment and Firm Performance. Journal of Accounting and Auditing Review, 25 (2) , 181-198 (In Persian). Bartels, L. M. , & Brady, H. E. (2003). Economic behavior in political context. American Economic Review, 93 (2) , 156-161. Bencheikh, F. , & Taktak, N. B. (2017). The Effect of Political Connections on the Firm Performance in a Newly Democratised Country. Mediterranean Journal of Social Sciences, 8 (4) , 40-46. Bertrand, M. , Kramarz, F. , Schoar, A. , & Thesmar, D. (2018). The cost of political connections. Review of Finance, 22 (3) , 849-876. Bliss, M. A. , & Gul, F. A. (2012). Political connection and cost of debt: Some Malaysian evidence. Journal of Banking & Finance, 36 (5) , 1520-1527. Boubakri, N. , Guedhami, O. , Mishra, D. , & Saffar, W. (2012). Political connections and the cost of equity capital. Journal of corporate finance, 18 (3) , 541-559. Bunkanwanicha, P. , & Wiwattanakantang, Y. (2008). Big business owners in politics. The Review of Financial Studies, 22 (6) , 2133-2168. Bushman, R. M. , & Piotroski, J. D. (2006). Financial reporting incentives for conservative accounting: The influence of legal and political institutions. Journal of accounting and economics, 42 (1-2) , 107-148. Chaleshgari, A. & Gafari, A. (2016). Investigating the effect of holding cash and company's political relations on the quality of earnings in listed companies in Tehran Stock Exchange. The first international accounting and management conference in the third millennium, Rasht (In Persian). Chaney, P. K. , Faccio, M. , & Parsley, D. (2011). The quality of accounting information in politically connected firms. Journal of accounting and Economics, 51 (1-2) , 58-76. Chowdhury, F. D. (2009). Problems of women's participation in Bangladesh politics. The Round Table, 98 (404) , 555-567. Choy, H. , Gul, F. A. , & Yao, J. (2011). Does political economy reduce agency costs? Some evidence from dividend policies around the world. Journal of Empirical Finance, 18 (1) , 16-35. Claessens, S. , Feijen, E. , & Laeven, L. (2008). Political connections and preferential access to finance: The role of campaign contributions. Journal of financial economics, 88 (3) , 554-580. Cull, R. , Li, W. , Sun, B. , & Xu, L. C. (2015). Government connections and financial constraints: Evidence from a large representative sample of Chinese firms. Journal of Corporate Finance, 32, 271-294. Davoudi Nasr, M. and Habibi, F. (2016). Investigating the Effect of Political Relationships on True Profit Management and Accrual Based Accrual Management in Companies Acquired in Tehran Stock Exchange. International Conference on Management and Social Sciences, Dubai (In Persian). DeAngelo, L. E. (1981). Auditor size and audit quality. Journal of accounting and economics, 3 (3) , 183-199. Ding, S. , Jia, C. , Wilson, C. , & Wu, Z. (2015). Political connections and agency conflicts: the roles of owner and manager political influence on executive compensation. Review of Quantitative Finance and Accounting, 45 (2) , 407-434. Faccio, M. (2006). Politically connected firms. American economic review, 96 (1) , 369-386. Faccio, M. (2010). Differences between politically connected and nonconnected firms: A cross‐country analysis. Financial management, 39 (3) , 905-928. Fan, J. P. , & Wong, T. J. (2005). Do external auditors perform a corporate governance role in emerging markets? Evidence from East Asia. Journal of accounting research, 43 (1) , 35-72. Fan, J. P. , Wong, T. J. , & Zhang, T. (2007). Politically connected CEOs, corporate governance, and Post-IPO performance of China's newly partially privatized firms. Journal of financial economics, 84 (2) , 330-357. Francis, B. B. , Hasan, I. , Sun, X. , & Wu, Q. (2016). CEO political preference and corporate tax sheltering. Journal of Corporate Finance, 38, 37-53. Goldman, E. , Rocholl, J. , & So, J. (2013). Politically connected boards of directors and the allocation of procurement contracts. Review of Finance, 17 (5) , 1617-1648. Gul, F. A. (2006). Auditors' response to political connections and cronyism in Malaysia. Journal of Accounting Research, 44 (5) , 931-963. Hassan, T. , Kabir Hassan, M. , Mohamad, S. , & Chaw Min, C. (2012). Political patronage and firm performance: Further evidence from Malaysia. Thunderbird International Business Review, 54 (3) , 373-393. Hillman, A. J. (2005). Politicians on the board of directors: Do connections affect the bottom line?. Journal of Management, 31 (3) , 464-481. Johnson, S. , & Mitton, T. (2003). Cronyism and capital controls: evidence from Malaysia. Journal of financial economics, 67 (2) , 351-382. Kamiabi, Y. and Shokrian, M. (2016). The Effect of Real Profit Management on the Relationship between Accrual Management and Political Communication. Fourth International Conference on Economics, Accounting and Management, Kuala Lumpur, Malaysia (In Persian). KHAJAVI, S. E. , & HOSSEINI, S. H. (2010). Capital Structure and Political Patronage in Tehran Stock Exchange. Journal of Accounting Advances, 2 (1) , 67-84 (In Persian). Khan, A. , Mihret, D. G. , & Muttakin, M. B. (2016). Corporate political connections, agency costs and audit quality. International Journal of Accounting & Information Management, 24 (4) , 357-374. Khwaja, A. I. , & Mian, A. (2005). Do lenders favor politically connected firms? Rent provision in an emerging financial market. The Quarterly Journal of Economics, 120 (4) , 1371-1411. Kochanek, S. A. (1996). The rise of interest politics in Bangladesh. Asian Survey, 36 (7) , 704-722. Kusnadi, Y. , & Wei, K. J. (2011). The determinants of corporate cash management policies: Evidence from around the world. Journal of Corporate Finance, 17 (3) , 725-740. La Porta, R. , Lopez-de-Silanes, F. , Shleifer, A. , & Vishny, R. (2000). Investor protection and corporate governance. Journal of financial economics, 58 (1-2) , 3-27. Lee, W. , & Wang, L. (2017). Do political connections affect stock price crash risk? Firm-level evidence from China. Review of Quantitative Finance and Accounting, 48 (3) , 643-676. Leuz, C. , & Oberholzer-Gee, F. (2003). Corporate transparency and political connections. Office of Research, Singapore Management University. Li, S. , Wu, H. , & Jiang, X. (2018). Rent-seeking and firm value: Chinese evidence. Business and Politics, 20 (2) , 239-272. Maaloul, A. , Chakroun, R. , & Yahyaoui, S. (2018). The effect of political connections on companies’ performance and value: Evidence from Tunisian companies after the revolution. Journal of Accounting in Emerging Economies, 8 (2) , 185-204. Mahmoudabadi, H. & Najafi, Z. (2015). The role of corporate transparency in determining the relationship between government political support and the performance of the companies listed on Tehran Stock Exchange. Journal of Management Accounting, 6 (18) , 57-71 (In Persian). Mehrabanpour, M. , Jandaghi Ghomi, M. , & Mohammadi, M. (2017). Political connections and abnormal transactions by related parties. Valued and Behavioral Accountings Achievements, 2 (3) , 147-168 (In Persian). MOHSENI, A. (2018). Political connections and the cost of equity capital in listed firms on Tehran Stock Exchange. Journal of Financial Engineering and Securities Management, 9 (34) , 273-291 (In Persian). Muttakin, M. B. , Monem, R. M. , Khan, A. , & Subramaniam, N. (2015). Family firms, firm performance and political connections: Evidence from Bangladesh. Journal of Contemporary Accounting & Economics, 11 (3) , 215-230. Nikomaram, H. , BaniMahd, B. , Rahnamaie Roodposhti, F. And Kayyai, A. (2012). Economics based on relationships, political relations and quality of accruals. Audit Knowledge, 6 (18) , 56-43 (In Persian). Nikoumaram, H. and Ahmadzadeh, H. (2012). Investigating the relationship between the quality of accounting information and the choice of the type of auditor in the companies admitted to the Tehran Stock Exchange. Quantitative studies in management, 4 (4) , 154-135 (In Persian). Palangi, G. & Pouraghgan Sarhamami, A. (2017). Investigating the Effect of the Political Relationship of the Board on the Relationship between Cash and Profit Quality. International Conference on Management and Accounting, Tehran (In Persian). Pfeffer, J. , & Salancik, G. R. (2003). The external control of organizations: A resource dependence perspective. Stanford University Press. Qu, J. , Cao, J. , Wang, X. , Tang, J. , & Bukenya, J. O. (2017). Political connections, government subsidies and technical innovation of wind energy companies in China. Sustainability, 9 (10) , 1-13. Rafinia, M. (2014). The Impact of Political Relationship on the Relationship of Financial Leverage with the Combination of the Board of Directors in Financially Eligible Companies. International Conference on Accounting, Economics and Financial Management, Tehran (In Persian). Rafizadeh, H. and Barzegar, G. (2017). Investigating the Effect of the Political Relationship of the Board on the Relationship between Audit Committees and Audit Fees of Companies Accepted in the Stock Exchange of Tehran. International Business Conference: Opportunities and Challenges, Rasht (In Persian). RAHNAMAY, R. F. , & MOHSENI, A. (2018). Political connections, dividend and stock return in listed firms on Tehran Stock Exchange. Financial Knowledge of Securities Analysis, 11 (38) , 129-144 (In Persian). Rezaei, F. , & Weysihesar, S. (2014). The effect of political connections with the government on the relationship between ownership concentration with quality of financial reporting and the cost of equity capital. Journal of Accounting and Auditing Review, 21 (4) , 449-470 (In Persian). Rezaei, F. and Afrouzi, L. (2015). The Relation between Cost of Debt and Corporate Governance in Firms with Political Connections. Journal of Accounting Researches, 5 (1) , 85-112 (In Persian). Saeed, A. , Belghitar, Y. , & Clark, E. (2016). Do political connections affect firm performance? Evidence from a developing country. Emerging Markets Finance and Trade, 52 (8) , 1876-1891. Sari, R. N. , & Anugerah, R. (2011). The Effect of Political Influence and Corporate Transparency. Journal of Modern Accounting and Auditing, 7 (8) , 773-783. Shleifer, A. , & Vishny, R. W. (1994). Politicians and firms. The Quarterly Journal of Economics, 109 (4) , 995-1025. Shleifer, A. , & Vishny, R. W. (1997). A survey of corporate governance. The journal of finance, 52 (2) , 737-783. TIB. (2000). Corruption in Public Service Departments. Transparency International Bangladesh, Available at http: //www. ti-bangladesh. org. Uddin, S. , & Choudhury, J. (2008). Rationality, traditionalism and the state of corporate governance mechanisms: Illustrations from a less-developed country. Accounting, Auditing & Accountability Journal, 21 (7) , 1026-1051. Uddin, S. , & Hopper, T. (2003). Accounting for privatisation in Bangladesh: testing World Bank claims. Critical perspectives on accounting, 14 (7) , 739-774. Wang, Z. , Chen, M. H. , Chin, C. L. , & Zheng, Q. (2017). Managerial ability, political connections, and fraudulent financial reporting in China. Journal of Accounting and Public Policy, 36 (2) , 141-162. World Bank (2009). Bangladesh: corporate governance country assessment. Report on the observance of standards and codes (ROSC). Wu, W. , Wu, C. , Zhou, C. , & Wu, J. (2012). Political connections, tax benefits and firm performance: Evidence from China. Journal of Accounting and Public policy, 31 (3) , 277-300. Young, M. N. , Peng, M. W. , Ahlstrom, D. , Bruton, G. D. , & Jiang, Y. (2008). Corporate governance in emerging economies: A review of the principal–principal perspective. Journal of management studies, 45 (1) , 196-220. | ||
آمار تعداد مشاهده مقاله: 648 تعداد دریافت فایل اصل مقاله: 621 |