چکیده:
According to the theory of dynamic parallelism, companies are always looking to bring their real leverage ratio closer to the optimal ratio. The speed at which a company's real leverage ratio approaches a target leverage ratio depends on various internal and external factors. Financial reporting Reliability and timeliness of financial reporting are among the factors that can affect the speed of adjustment of leverage ratio by reducing information asymmetry and increasing information transparency. Therefore, using the dynamic combined data method, the effect of reliability and timeliness of financial reports on the leverage ratio adjustment speed was investigated. For this purpose, 167 companies listed on the Tehran Stock Exchange in the period 1384 to 1396 have been reviewed. And office and market leverage ratios have been used as leverage ratios. The results show that with increasing reliability and timeliness of financial reports, the speed of adjusting the leverage ratio also increases significantly.
خلاصه ماشینی:
2241 The Effect of Reliability and Timeliness of Financial Reporting on the Speed of Leverage Ratio Adjustment: A Generalized Moment Approach 3 Vahid Shahbazi *1, Abbas Aflatooni 2, Hassan Zalaghi Based on the dynamic tradeoff theory, companies are always seeking to bring their actual leverage ratio closer to the optimal ratio.
In this research, using the dynamic panel data method (generalized moment approach), the effect of reliability and timeliness of financial reporting on the speed of leverage ratio adjustment in 167 companies listed on the Tehran Stock Exchange, in the time period 1384 to 1396, has been investigated.
, 1395; Hemmati and Amiri, 1397; Aflatooni and Nikbakht, 1396; Ramesheh, 1398; Aflatooni and Tamjedi, 1400; Asadi Tajvidi and Esmaeili Pour, 1400 and Moradi and Malekabad, 1400), factors affecting the speed of leverage ratio adjustment (such as cash surplus and deficit, quality of institutional factors of companies, company size and growth, product market competition, effect of trade credit, disclosure quality and accruals quality, entropy effect of financial statements, information asymmetry of earnings management, inflation rate risk and specific risk, financial position and industry characteristics, dividend policies and financing strategies) have been measured.
Since financial reporting quality (timeliness and reliability) leads to a reduction in information asymmetry (Hemmati and Amiri, 1397) and that the reduction in information asymmetry causes an increase in the speed of adjusting leverage ratios (Aflatooni and Khazaei, 2020).
Based on the discussed topics, the present research attempts to study the effect of reliability and timeliness of financial reports on the speed of leverage ratio adjustment in the field of capital structure dynamics.
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