نوع مقاله : مقاله پژوهشی
نویسنده
استادیار گروه حسابداری، دانشگاه پیام نور، تهران، ایران
چکیده
کلیدواژهها
موضوعات
عنوان مقاله [English]
نویسنده [English]
Financial reporting quality constitutes a key pillar of capital-market transparency and plays a critical role in reducing information asymmetry and enhancing market efficiency. Employing an ordered logit regression model, this study investigates the determinants of financial reporting quality rankings among firms listed on the Tehran Stock Exchange over the period 2018–2024. The objective is to provide a comprehensive and contextually grounded perspective for improving financial transparency.
The sample consists of 125 firms selected through purposive sampling from major industries (petrochemicals, banking, automotive, and basic metals). Financial reporting quality is measured as a composite index based on three criteria: accuracy, timeliness, and transparency. These criteria are normalized using the min-max method and averaged to generate a score ranging from 0 to 1, which is subsequently classified into three ordinal levels using predefined thresholds (below 0.40 = low, 0.40–0.70 = medium, and 0.70 and above = high).
The independent variables comprise firm size (natural logarithm of total assets), board independence (proportion of non-executive directors), and market competition (Herfindahl–Hirschman Index). Control variables include financial leverage, profitability, auditor size, and industry type. The main model was estimated in Stata, while ordered probit and robustness checks were conducted in R.
The results indicate that firm size, board independence, and market competition significantly increase the probability of assignment to higher reporting-quality categories. Larger firms, owing to greater resources and more intensive oversight, produce more transparent reports. Board independence mitigates conflicts of interest, whereas market competition encourages voluntary disclosure. The negative effect associated with the banking industry is likely attributable to regulatory complexities. The ordered probit model, yielding a pseudo-R² of 0.245, confirms the robustness of the findings. These results are consistent with agency and signaling theories and support policy efforts aimed at strengthening investor confidence in Iran’s capital market.
کلیدواژهها [English]
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