جستجوی مقالات مرتبط با کلیدواژه "فرهنگ کنفوسیوس گرایی" در نشریات گروه "حسابداری"

Investment plays an important and key role in economic growth and development. One of the basic components that has an undeniable effect on the subject of investment is the phenomenon of Confucianism culture. According to research Jebran and et al (2019), one of the factors that can affect the corporate investment inefficiency, is the Confucianism culture (managers), which has not been considered in the financial and accounting research literature. Confucianism culture as an informal institution reduces representation problems and curbs over-managerial behaviors. Also, state ownership as corporate governance can attenuation the link between the Confucianism culture and over-investment. Therefore, the purpose of this research is to investigate the role of State Ownership on the relationship between Confucianism Culture (Managers) and Corporate Over-Investment. The research method is descriptive-correlation and the analysis of research hypotheses has been done using logit regression method. The present research is applied in terms of purpose. The number of statistical research samples of 132 listed companies in the period 2010 to 2020, which has been selected using systematic elimination sampling method. To measure the Confucianism Culture, the criterion of Geographical Proximity-Based from model Du (2015) has been used. The results show that there is a positive and significant relationship between the Confucianism Culture and over-investment and state ownership intensifies the relationship between the Confucianism Culture and Corporate Over-Investment. With the rise of the phenomenon of Confucianism Culture, the investment behavior of companies leads to non-optimal; this means that the closer the Corporate are to the cultural centers in terms of Geographical Proximity-Based, the managers of Iranian companies cannot correctly identify valuable investment opportunities (projects with positive net present value) in the market and invest properly that this becomes more challenging with government intervention, and as a result, investors are harmed and social resources are wasted.

According to the research of Jebranet et al (2019), one of the factors that can affect the Stock Price Crash Risk of companies, is the Confucianism Culture (managers) that so far, this attention has not been considered in the financial and accounting research literature. Managers of companies based in Confucianism are more influenced by social norms and they spread bad news in a timely manner as a result, unethical managerial approaches (Moral hazards) are curbed, and even this will lead to the immunization of managerial behaviors, leads to a reduction in the Stock Price Crash Risk of companies and also institutional ownership be used as a corporate governance mechanism can weaken the negative relationship between the culture of Confucianism and the Stock Price Crash Risk of companies. Therefore, the purpose of this research is to investigate the Moderating role of Institutional Ownership on the relationship between Confucianism Culture and Stock Price Crash Risk. To achievement this research, Information on financial statements of 116 listed companies has been collected in the period of 2009 to 2020. To test the research hypotheses, the logit and multivariate regression model with panel data using fixed and random effects methods has been used. To measure the Confucianism Culture, the criterion of Geographical proximity-based from model Du (2015) has been used. The results show that there is not relationship between the Confucianism Culture and the Stock Price Crash Risk. Also, Institutional Ownership does not weaken the negative relationship between Confucianism Culture and the Stock Price Crash Risk of companies. The Stock Price Crash Risk does not realize the consequences of the Confucianism Culture which is due to the prevailing conditions in the Iranian capital market and also, the variable of Confucian culture is a new issue and its theoretical foundations as well as its importance have not been tangible or obvious to managers, shareholders and other stakeholders of companies. In Iranian companies, institutional ownership has not been able to play an effective role in explaining the relationship between the Confucianism Culture and the Stock Price Crash Risk.