The asymmetric effect of discretionary and nondiscretionary components of accruals on the relation between earnings dispersion and excess stock returns
Publish Year: 1403
نوع سند: مقاله ژورنالی
زبان: English
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شناسه ملی سند علمی:
JR_IJNAA-15-9_018
تاریخ نمایه سازی: 29 خرداد 1403
Abstract:
This paper aims to investigate the asymmetric effect of discretionary and nondiscretionary components of accruals on the relation between earnings dispersion and excess returns. With the increase of discretionary and nondiscretionary components of accruals, what behavior does the earnings distribution show and what effect does this issue have on the excess returns? This research presents an asymmetric correlation in terms of method and nature. Using a systematic sampling method from the companies listed in the Tehran Stock Exchange (TSE), ۱۳۷ companies were selected as a sample from ۲۰۱۴ to ۲۰۲۰. After examining the classical assumptions of regressions, the panel data model with fixed effects was determined. The results show that (۱) there is a positive and significant relation between earnings dispersion and excess stock returns, (۲) the accrual's discretionary components have an insignificant effect on the relation between earnings dispersion and excess stock returns, (۳) with the increase of discretionary components of accruals, the relation between earnings dispersion and excess stock returns increases, (۴) the accrual's nondiscretionary components have a negative and significant effect on the relation between earnings dispersion and excess stock returns, (۵) with the increase of accrual's nondiscretionary components, the relation between earnings dispersion and excess stock returns goes up.
Keywords:
Asymmetric Effect , discretionary and nondiscretionary of accruals , earnings dispersion , excess stock returns
Authors
Seyed Kazem Ebrahimi
Accounting Department, Faculty of Economics, Management and Administrative Sciences, Semnan University, Semnan, Iran
Mohammad Amri-Asrami
Accounting Department, Faculty of Economics, Management and Administrative Sciences, Semnan University, Semnan, Iran
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