The Role of Financial Instruments and Derivatives Disclosure on the Excess Return and Company Value Based on Iran Accounting Standards مقاله

نویسنده: Chavoshani، Mojtaba ؛ Ghanbaria، Mehrdad ؛ Baghfalaki، Afshin ؛

Advances in Mathematical Finance and Applications Winter 2021, Volume 6 - Issue 1 رتبه ب (وزارت علوم/ISC (‎18 صفحه - از 125 تا 142 )

کلیدواژه ها: earning management Financial Derivatives Company Value Financial instruments DISCLOSURE LEVEL

چکیده:

Based on IFRS laws, British companies have started providing their reporting systems according to International Standards Requirements regarding disclosing their financial derivatives since January 2005. In 2013, Iran revised its Accounting Standard No. 15 to include the derivative instruments. The present study aims at investigating the effect of this revision on financial derivatives and instruments, and the effect of earning management on the relationship between the level of financial derivatives and instruments and risk-adjusted discount rates. From generalized least squares regression panel data, it was found that based on the first hypothesis, the companies which disclose their financial instruments based on No. 15 internal standard have a lower risk- adjusted discount rate, implying an increase in profit and a price rise in the markets. The findings also confirmed the second hypothesis, attesting to the effect of earning management on the relation-ship between financial derivatives and instruments disclosure and excess return. Findings of the research third hypothesis represent that there is a direct meaningful relationship between disclosure level of financial instruments and company value. So, it can be concluded that instruments` disclosures and financial derivatives can decrease risk-adjusted discount rate and increase companies` values in terms of standard number 15.

خلاصه ماشینی:

From gen- eralized least squares regression panel data, it was found that based on the first hypothesis, the companies which disclose their financial instruments based on No. 15 internal standard have a lower risk- adjusted discount rate, implying an increase in profit and a price rise in the markets. Finally, if earning management in companies which expose their financial derivatives and instruments based on the standards in question leads to reducing risk-adjusted discount rates? H2 : In Iran, earning management in companies that expose their financial derivatives and in- struments according to accounting standard No. 15 reduce discount rate risks. To fit the effect of earning management on in financial derivatives and instruments disclosure level Based on Accounting Standards No 15 of Iran and discount rate risk. 3. 3 Research Models Based on Yekini [35], in the first model (9) at the presence of control variables related to company’s risk (value and financial leverage) and its performance (free cash flow, changes in sale and net profit), the effect of financial disclosure and instruments on excess earning as an index of discount rate was investigated. The results indicated a negative significance between the disclosure level of financial derivatives and instruments (based on standard No. 15) and discount rate risk, and so the first hypothesis was confirmed. Research third hypothesis about instrument disclosure level and financial derivatives based on the Standard No. 15 which causes increase in companies` values are affirmed.

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