واکاوی تأثیر محتوای اطلاعات چارچوب گزارشگری یکپارچه بر هزینه سرمایه حقوق مالکانه تحت شرایط تضادهای نمایندگی

نوع مقاله : مقاله پژوهشی

نویسندگان

1 استادیار، گروه حسابداری و حسابرسی، دانشکده مدیریت، واحد تهران شمال، دانشگاه آزاد اسلامی، تهران، ایران

2 دانشجوی دکتری، گروه حسابداری و حسابرسی، دانشکده مدیریت، واحد تهران شمال، دانشگاه آزاد اسلامی، تهران، ایران.

چکیده

هدف: گزارشگری یکپارچه از پیشرفت‌های جدید گزارشگری شرکتی قلمداد می‌شود که به دنبال رفع کاستی‌های گزارشگری فعلی است. از زمان انتشار چارچوب گزارشگری یکپارچه، تمایل جهانی به پیروی از گزارشگری یکپارچه در حال رشد است و به طور فزاینده‌ در دستور کار نهادهای نظارتی قرار گرفته است. پیروی از رویکرد گزارشگری یکپارچه سبب بهبود شفافیت، افشای اطلاعات و پاسخگویی برای سهامداران و ذینفعان می‌شود؛ علیرغم اهمیت ارزیابی پیامدهای رویکرد گزارشگری یکپارچه در بازار سرمایه جهت بهبود محیط اطلاعاتی از مجرای یکپارچه‌سازی اطلاعات مالی و غیرمالی، اما تأثیر پیروی از افشای اطلاعات عناصر محتوا در چارچوب گزارشگری یکپارچه بر هزینه سرمایه حقوق مالکانه در شرایط وجود تضاد نمایندگی چندان مورد توجه قرار نگرفته است. هدف این مقاله، ارزیابی تأثیر تحول بالقوه در فرآیند گزارشگری از مجرای حرکت به سمت چارچوب گزارشگری یکپارچه بر هزینه سرمایه حقوق مالکانه تحت شرایط تضادهای نمایندگی است.
روش: شاخص حرکت به سمت گزارشگری یکپارچه بر اساس چک لیست طراحی‌شده طبق عناصر محتوایی چارچوب بین‌المللی گزارشگری یکپارچه ارزیابی شده است. هزینه­ سرمایه حقوق مالکانه بر اساس نرخ بازده مورد انتظار سهامداران مبتنی بر الگوی قیمت‌گذاری دارایی‌های سرمایه‌ای استخراج شده است. همچنین، تضاد منافع ناشی از مشکلات نمایندگی بر اساس معیار نسبت هزینه‌های عملیاتی به درآمدهای عملیاتی به عنوان نماد هزینه نمایندگی ارزیابی شده است. جامعه آماری غربال شده پژوهش شامل تعداد 144 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران طی بازه زمانی 7 ساله در دامنه سال‌های 1395 تا 1401 است. به دلیل ماهیت موضوع مورد بررسی، از مدل‌های رگرسیونی چندمتغیره بر حسب مشاهده‌های ترکیبی شرکت-سال جهت تحلیل داده‌ها استفاده شد.
یافته‌ها: یافته‌ها بیانگر آن است که حرکت به سمت چارچوب گزارشگری یکپارچه تأثیر کاهنده بر هزینه سرمایه حقوق مالکانه دارد. گزارشگری یکپارچه با ارائه سطح بالاتر کیفیت اطلاعات، کاهش عدم تقارن اطلاعاتی و ارسال علامت مثبتی در مورد عملکرد و چشم‌انداز شرکت به بازار سبب کاهش هزینه سرمایه می‌شود. از طرفی، هزینه­ نمایندگی سبب افزایش هزینه سرمایه حقوق مالکانه می‌شود. با این حال، افشای اطلاعات به پیروی از رویکرد گزارشگری یکپارچه تحت‌ شرایط تضادهای نمایندگی سبب تضعیف رابطه شده و منجر به کاهش هزینه سرمایه حقوق مالکانه می‌شود. گزارشگری یکپارچه به واسطه نقشی که در محدود کردن رفتارهای فرصت‌طلبانه مدیران، بهبود کیفیت اطلاعات و افزایش شفافیت از طریق نظارت مؤثر دارد، با تمرکز بر دیدگاه بلندمدت و پیروی از تفکر یکپارچه سبب کاهش هزینه‌ نمایندگی می‌شود. از طرفی، پیروی از چارچوب گزارشگری یکپارچه از مجرای کاهش عدم تقارن اطلاعاتی به واسطه تضادهای نمایندگی سبب کاهش هزینه سرمایه حقوق مالکانه می‌شود.
نتیجه‌گیری: طبق استنتاج حاصل از یافته‌ها، هرچند تضادهای نمایندگی می‌تواند هزینه سرمایه حقوق مالکانه را افزایش دهد، اما بهبود افشای اطلاعات ناشی از حرکت به سمت گزارشگری یکپارچه ضمن محدود کردن تضادهای نمایندگی سبب تعدیل انتظارات سهامداران شده و این امر کاهش هزینه سرمایه حقوق مالکانه را به دنبال دارد. یافته‌ها بیانگر مزایای بالقوه افشای اطلاعات در چارچوب گزارشگری یکپارچه در بازار سرمایه از ابعاد بهبود شفافیت، کاهش عدم تقارن اطلاعاتی، کنترل تضادهای نمایندگی و کاهش هزینه تأمین مالی است. این یافته منطبق با استدلال نظریه علامت‌دهی در توجیه منطقی اهمیت گزارشگری یکپارچه است.
نوآوری: اثربخشی گزارشگری یکپارچه به عنوان چشم‌اندازی از پیشرفت‌های جدید گزارشگری در شرکت‌های مختلف، متفاوت است و از این رو، ارزیابی پیامدهای حرکت به‌ سمت پذیرش و اجرای این رویکرد گزارشگری اهمیت دارد. افشای تفصیلی و شفاف اطلاعات طبق گزارشگری یکپارچه، شفافیت و کیفیت اطلاعاتی بهتری برای تصمیم‌گیری فراهم می‌کند. هر چند برخی مطالعات تجربی با اتکا به مبانی نظری، شواهد مستند از جایگاه گزارشگری یکپارچه در راستای بهبود شفافیت محیط گزارشگری و افشای اطلاعات ارائه کرده‌اند، اما نقش رویکرد گزارشگری یکپارچه بر تصمیمات تأمین‌ کنندگان سرمایه و مشکلات نمایندگی بین تهیه ‌کنندگان و استفاده‌ کنندگان اطلاعات کمتر مورد توجه قرار گرفته است. این مطالعه به درک واکنش‌های سرمایه‌گذاران به گزارشگری یکپارچه کمک می‌کند. این موضوع با تمرکز بر نظریه علامت‌دهی مورد واکاوی قرار گرفته است.

کلیدواژه‌ها

عنوان مقاله [English]

The effect of Integrated Reporting Information Content on the Cost of Equity Capital under Agency Conflicts

نویسندگان [English]

  • Mohammad Hassani 1
  • Hassan Badri Gamchi 2
1 Department of Accounting & Auditing, Faculty of Management, NT.C., Islamic Azad University, Tehran, Iran
2 Department of Accounting, Faculty of Management, NT.C., Islamic Azad University, Tehran, Iran
چکیده [English]

Objective: Integrated reporting is considered one of the new developments in corporate reporting that seeks to eliminate the shortcomings of current reporting. Since the issuance of the integrated reporting framework, the global desire to follow integrated reporting has been growing steadily and risen increasingly on the agenda of regulatory bodies. Following an integrated reporting approach improves transparency, information disclosure, accountability for shareholders and stakeholders; Despite the importance of assessing integrated reporting approach consequences in capital market to improve the information environment through the integration of financial and non-financial information, the impact of content elements disclosure related to integrated reporting framework on the cost of equity capital under interest conflicts has not been given much attention. This research investigated the impact of potential transition in reporting process by moving towards an integrated reporting framework on cost of equity capital under agency conflicts.
Methods: The index of reporting convergence towards an integrated reporting framework has been assessed based on the checklist designed according to content elements of the international integrated reporting framework. The shareholders’ expected rate of return is used to measure the cost of equity capital which is derived from the capital assets pricing model. Also, the interest conflict caused by agency problems has been measured using the operating expenses to operating revenues ratio as an agency cost proxy. The research population includes 144 firms listed in the Tehran Securities & Exchange over 7 years period during March 2016 till March 2023. The multivariable panel regression models based on firm-year observations were used to test research hypotheses.
Results: The findings indicate that moving towards an integrated reporting framework has a reducing impact on the cost of equity capital. Integrated reporting reduces the cost of equity capital by providing a higher level of information quality, reducing information asymmetry, and sending a positive signal to the market about the firm's performance and outlook. On the other hand, agency costs increase the cost of equity capital. However, disclosing information following the integrated reporting approach under agency conflicts weakens this effect and leads to a reduction in the cost of equity capital. Integrated reporting reduces the agency costs by focusing on long-term perspective, integrated thinking, limiting the manager’s opportunistic behaviors, improving information quality and increasing transparency through effective monitoring. Also, following the integrated reporting framework reduces the cost of equity capital by reducing information asymmetry due to agency conflicts.
Conclusion: According to the findings, although agency conflicts can increase the cost of equity capital, but the information disclosure improvement resulting from moving towards integrated reporting, while limiting agency conflicts, modulates the shareholders’ expectations and lead to decrease the cost of equity capital. The findings showed that improving transparency, reducing information asymmetry, controlling agency conflicts, and reducing financing costs are the potential benefits of information disclosure using integrated reporting framework in capital market. This result is consistent with signaling theory in rationalization the importance of integrated reporting.
Innovation: The effectiveness of integrated reporting as a perspective of new reporting developments varies across firms, and therefore, it is important to assess the implications of moving towards the adoption and implementation of this reporting approach. Detailed and transparent disclosure of information under integrated reporting provides better information quality for decision-making. Although some empirical studies, relying on theoretical foundations, have provided documented evidence of the integrated reporting role in improving the information transparency of reporting environment, the role of the integrated reporting approach on the decisions of capital providers and agency problems between information providers and users has received less attention. This study contributes to the understanding of investors' reactions to integrated reporting. This issue has been assessed by focusing on signaling theory.

کلیدواژه‌ها [English]

  • Integrated Reporting
  • Agency Costs
  • Cost of Equity Capital
  • Signaling Theory

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  • تاریخ دریافت: 31 تیر 1403
  • تاریخ بازنگری: 06 شهریور 1403
  • تاریخ پذیرش: 05 آبان 1403
  • تاریخ اولین انتشار: 01 شهریور 1404
  • تاریخ انتشار: 01 شهریور 1404

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