خلاصة:
Given the research conducted in the field of accruals, how managers use discretionary choices and its role in companies' financial decision-making is not well understood. Limited companies with valuable projects can use discretionary choices as positive aspects of their activities in the market. In this way, they can signal the positive aspects of their activities to the market through discretionary choices, thereby increasing their stock price in the short term and escaping financing problems for the future period. Accordingly, the aim of the present research is to investigate the role of signaling accruals to the market on the financial constraints of limited and unlimited companies. The statistical population of the present study includes all companies admitted to the stock exchange during the period 1389-1397. Using the systematic elimination method, 117 companies were selected as the sample size, which, based on the research objective of investigating the comparative effect of the signaling role of accruals to the market on financing constraints in limited and unlimited companies, using the propensity score matching technique, specified 8292 company-years for limited companies and 10428 company-years for unlimited companies to test the research hypothesis and fit the research model. The software used to implement the propensity score matching technique is Oxmetrics6, and the testing of the research hypothesis was fitted using Stata12 software. The research evidence indicates that signaling accruals to the market by managers leads to a reduction in financing constraints in limited companies compared to unlimited companies. The results provide supporting evidence that the use of discretionary accruals can help limited companies with valuable projects reduce constraints and increase company value. However, in unlimited companies, the use of these items is not very important. In fact, unlimited companies do not need to show the positive aspects of their activities using discretionary accruals. On the contrary, limited companies need to signal accruals to the market to prevent the exit of shareholders' and investors' capital and to avoid lack of credit from banks.
ملخص الجهاز:
Using the systematic elimination method, 117 companies were selected as the sample size, which, based on the research objective of a comparative investigation of the impact of the role of signaling accruals to the market on financing constraints in limited and unlimited companies, using the propensity score matching technique, identified 8292 company-years for limited companies and 10428 company-years for unlimited companies to test the research hypothesis and fit the research model.
Introduction In today's world, there are many companies that, despite facing financing constraints, possess valuable projects and, given this fact, can use discretionary accrual choices to signal the positive aspects of their activities to the market and thereby increase their equity stock price in the short term; because changes in stock prices are related to systematic changes in the fundamental values of the company (Bekhradinasab et al.
The model under investigation The research model, based on the comparative propensity score for 8292 company-years for limited companies and 10428 company-years for unlimited companies, is the effect of accrual signaling to the market on financial constraints using the logistic regression model as described in Equation (16).
In other words, this research intends to use the propensity score matching technique to compare an unlimited company with a limited company that has many similarities in terms of company size and age, financial leverage, free and operational cash flow, and dividend payment.
The results of the research based on the Logit model test indicated that signaling discretionary accruals to the market by managers will lead to a reduction in financial constraints in limited companies compared to unlimited companies.
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