جستجوی مقالات مرتبط با کلیدواژه « Managers overconfidence » در نشریات گروه « حسابداری »

Companies use different financing sources to carry out their operational and investment activities. Available debt capacities is one of these financial resources. One of the emerging sources of financing for companies in the country's capital market is the issuance of Islamic debt securities (sukuk) which have significant benefits for them. Therefore, the purpose of this research is to examine the relation between the amount of sukuk issuance and the company's financial performance. Also, considering that the members of the company's board of directors, as one of the main factors of corporate governance, have significant effects on the company's strategic decisions, in this research, the effect of financial expertise and overconfidence of managers as a moderating variable on the relation between the amount of sukuk issuance and the company's financial performance are examined. The statistical population of this research is the companies listed on the Tehran Securities Exchange and Iran Fara Bourse between 2011 and 2022. In order to test the hypotheses of the research, multivariable linear regression was used.The results of the research have shown that there is a significant positive relation between the amount of sukuk issuance and the company's performance. Also, according to the obtained results, the financial expertise of managers intensifies the positive relationship between the amount of sukuk issuance and company performance; This is while managers' overconfidence weakens the relationship between the amount of sukuk issuance and the company's performance. The findings of this research can be used by all companies applying to use sukuk, as well as the Securities and Exchange Organization as the body that oversees the process of issuing said bonds.

The purpose of this study is to investigate the effect of real profit management in increasing the risk of falling stock prices by considering the role of managers' overconfidence. The current research is applied and from the methodological point of view, the correlation is causal type (post-event). The statistical population of the research is all the companies admitted to the Tehran Stock Exchange and using the systematic elimination sampling method, 146 companies were selected as the research sample and were examined in a 6-year period between 1396 and 1401. The results of the research hypotheses test showed that profit management has an effect on the risk of falling stock prices and managers' overconfidence moderates this relationship.

The purpose of this study is to investigate the impact of business strategy and profitability of the firm's internal transactions and also to investigate the moderating effect of managers' overconfidence on this relationship.

Bentley et al.'s (2013) combined scoring system has been used to determine the strategy of each firm. In this research, 74 of the firms listed on the Tehran Stock Exchange during the period 2014-2020 have been examined. To test the hypotheses, were used the test of comparing two independent societies (defensive firms and aggressive firms) and t-test (Wilcoxon rank-sum tests).

The main results of the study show that the profitability of internal transactions in offensive firms is higher than defensive firms, but in firms with overconfidence of managers, the profitability of internal transactions in defensive firms is higher than offensive firms. Additional tests show that the relationship between business strategy and the profitability of internal transactions is more pronounced in these cases: domestic sales, internal transactions by men (relative to women), firms that are not covered by Act 141 of the Commercial Code in Iran, and are under family control and have significant distortions in reporting and the high level of information asymmetry.

This study empirically shows that business strategy can affect the profitability of internal transactions and managers' overconfidence is an effective indicator in adjusting this relationship. Understanding the impact of business strategy on the profitability of internal transactions can help foreign investors cautiously allocate resources among firms with a distinct business strategy.

Contribution: 

This study provides interesting evidence of the impact of business strategy on the profitability of internal transactions as well as the moderating effect of managers' overconfidence as one of the behavioral biases on the relationship between business strategy and profitability of internal transactions. These cases have not been studied so far and the results of this study develop the theoretical literature in this regard.mThe findings can also be useful in understanding the characteristics of firms that seek profitability through internal transactions, and also useful for those seeking to reduce the benefits of internal transactions (e.g., legislators).

The purpose of this study is Investigating the effect of management behavioral strains on the relationship between entropy of financial statements and stock returns in companies listed on the Tehran Stock Exchange. The present study is applied in terms of purpose and regression correlation analysis in terms of method. To achieve the purpose of the study, 94 companies listed on the Tehran Stock Exchange during the period 1392 to 1399 were surveyed. Combined data analysis and multivariate linear regression were used to test the research hypotheses. the research findings show that the entropy of financial statements has a negative and significant relationship with stock returns. Also, the research findings indicate that the management behavioral strains (narcissism and overconfidence of managers) intensify the negative relationship between the entropy of financial statements with stock returns. The entropy of financial statements increases the risk of information and consequently discourages investors and creditors in their decisions to invest or lend and leads to a decrease in stock returns. On the other hand, the tendency of narcissistic managers and overconfidence in biased financial reporting reduces the quality and credibility of financial statements as one of the most important sources of information for users of financial statements and leads to Intensify the negative relationship between the entropy of financial statements and stock returns.

One of the most pervasive biases is overconfidence, which causes people to overestimate their knowledge and skills and underestimate their risks, and feel that they have control over issues and events, when in reality this may not be the case. Overconfident CEOs use their position and influence in their companies to achieve personal ambitions, which can be accompanied by aggressive tax policies, paying lower taxes, and showing higher earnings associated with CEO compensation. Therefore, overconfident CEOs are more prone to aggressive decisions. Meanwhile, audit committees are designed to act independently and resolve conflicts between managers and external managers regarding financial information and choices of accounting methods. Hence, the purpose of the research is to investigate the impact of the audit committee on the relationship between managers' overconfidence. And the tax avoidance of companies admitted to Tehran Stock Exchange is between 2014 and 2019. To test the hypotheses, multivariate linear regression and combined data were used, and the results showed that managers' overconfidence has a significant relationship with tax avoidance, and this relationship is direct, that is, with the increase of managers' overconfidence, the company's tax avoidance also increases. Also, in other findings of the research, it was observed that the audit committee (financial expertise of the audit committee) has a significant effect on the relationship between overconfidence of managers and tax avoidance of the company, and this effect is reversed, that is, the more the audit committee uses financial expert members, the relationship between overconfidence Directors and corporate tax avoidance will decrease.

In general, it has been reported that the stronger the managerial overconfidence, the greater its negative impact on the firm. This study empirically analyzes the relationship between managerial overconfidence and audit report delay. In other words, the purpose of this research is to investigate the relationship between managers' overconfidence and audit report delay in companies listed on the Tehran Stock Exchange. For sampling, the systematic elimination method was used, and the required data was tried to be collected in the period of 2015 to 2019 using the classic regression analysis method. The data of the present research was prepared from Rahvard Navin software. Two models of overinvestment and predicted profit were used to measure overconfidence, and Stata software was used to analyze the data. The results show that there is no relationship between managers' overconfidence and audit report delay in companies listed on the Tehran Stock Exchange; In other words, no relationship was found between the managers' overconfidence and the delay in the audit report of the companies admitted to the Tehran Stock Exchange.

Comparability is also one of the key quality features of accounting information that facilitates the comparison of financial statements, comparability in the capital market and debt is very important for investors and creditors; Because investment and lending decisions are based on evaluating alternative opportunities or projects, without this comparable information, no optimal decision can be made. Due to the importance of this issue, in this study, the effect of comparability of financial statements on debt maturity structure with emphasis on the role of managers' overconfidence in the Tehran Stock Exchange in the period 2014 to 2020 using the information of 144 companies using the generalized least squares and generalized moment procedure regression has been investigated. The research method is applied, descriptive and with deductive-inductive approach. To measure the comparability of financial statements, the model of De Franco et al. (2011) and following the research of Ahmed and Duellman (2013) to measure managers' overconfidence, over-investment has been used. The results using both methods show that the comparability of financial statements reduces the debt maturity structure and managers' overconfidence leads to an increase in the debt maturity structure. Managers' overconfidence also increases the negative relationship between the comparability of financial statements and debt maturity structure and increases its severity.

The narcissistic managers try to be active and active in the field of social activities in order to gain fame and magnification, and in this way, they cover their weaknesses and gain more benefits. On the other hand, narcissistic managers are more likely to have overconfidence in their attitudes and abilities. According to this ,The purpose of this study is to investigate the narcissism of managers and internal and external social performance with emphasis on overconfidence. For this purpose, a sample of 129 companies listed on the Tehran Stock Exchange during the years 2014 to 2021 were reviewed. Research hypotheses were tested using combined data and using multiple and Logit regression in Stata and Eviews software. Findings from the test of research hypotheses show that managers 'narcissism has a positive and significant effect on managers' social performance in the internal and external field. Narcissistic managers participate in social activities in order to show off and attract the attention of internal and external stakeholders. The findings also showed that overconfidence has a negative and significant effect on the relationship between managers' narcissism and internal and external social performance. Accordingly, managers' false self-confidence reduces the positive effect of managerial narcissism on social performance.

Corporate diversification is a form of corporate strategy that many managers use to improve company performance. According to agency theory, managers have more information than shareholders and may make decisions that are not in the best interests of shareholders, and managers tend to overestimate their abilities when evaluating their relative skills. Managers often manage profits in order to mislead shareholders into the actual economic performance of the company. One of the important factors that affect profit management can be the company's diversification strategy. The purpose of this study is to investigate the relationship between managers' overconfidence and corporate diversification. For this purpose, 119 companies listed on the Tehran Stock Exchange for the years 92 to 98 were selected. Multiple regression analysis was used to test the hypotheses. The results show that there is a negative relationship between managers' overconfidence and company diversification.

Descriptive expression of financial statements can be very important because of the ability to express positive or negative of news and information and ultimately affect users. Managers can distract users' perceptions of explanatory reports using text tone management. Therefore, the purpose of this study is to investigate the effect of managers' overconfidence on the financial reporting tone. For this purpose, a sample of 129 companies listed on the Tehran Stock Exchange during the years 2014 to 2020 were reviewed. In this study, managers' overconfidence was measured in terms of three methods of capital expenditure, over investment and debt ratio, and research hypotheses were tested using combined data and multiple regression in SATA and EVIEWS software. Findings from the test of research hypotheses show, that when managers' overconfidence is in the form of over-investment and increase in capital expenditures, has a positive and significant relationship with using of positive words in financial statements. Therefore, in this case, due to the overconfidence and optimism of the manager, the simple and unexpected tone of financial reporting has more positive words and becomes optimistic. But if the overconfidence behavior of manager occurs in the form of increasing the amount of debt and receiving bank facilities, it has a negative and significant relationship with the simple and unexpected tone of financial reporting. Therefore, in this case, due to the increase in financial risk of the company, the use of positive words in financial reporting is less.

The purpose of this study is to investigate the relationship between managers' overconfidence and return on investment. The research sample was selected using systematic elimination sampling method and applying the conditions of research variables to 138 companies during the years 1390-1391. The research done in terms of the type of purpose is part of applied research and the research method is correlation in terms of nature and content. The research was conducted in the framework of deductive-inductive reasoning and panel analysis was used to analyze the hypotheses. The results showed that managers' overconfidence has a significant and positive relationship with return on investment.

The aim of this research is to investigate the economic consequences of managers’ overconfidence in companies listed in Tehran Stock Exchange during 2006-2016. For doing the study, 77 companies were selected as statistical sample. The pooled/paned regression models were applied to analyze of research data in econometric software EViews 9. In the study, dummy variable of Capital Expenditure (CAPEX) was used to measure of the managers’ overconfidence. Also, to calculate of the economic consequences of managers’ overconfidence such as reducing the quality of financial reporting, from the earnings management criterion, increasing the audit expenses, from the natural logarithmic criterion of audit fees, devaluation of the company’s market value, from the index of market value to book value, and increasing financial distress, from the Kurdestani and Tatli indigenous model were exerted. Financial leverage, company size, return on assets, and cash flow from operating were applied as other effective factors on the economic consequences of managers’ overconfidence, too. Findings indicate that the capital expenditures as index of the managers’ overconfidence have a positive and significant effect on the earnings management, as well as on the increase of audit expenses resulting from the decrease in the quality of financial reporting, and have a negative and significant effect on the decrease in the ratio of market value to book value following the reduction of the quality of financial reporting, too. However, the financial distress of companies is independent from the managers’ overconfidence and the reduction in the quality of financial reporting following it.