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Register a new userThe effect of board of directors Independence on Value Relevance of Accounting Earning's Information for decisions by investors in stock exchange market (Empirical Study)
أثر استقلالية مجلس الإدارة في ملاءمة معلومات الأرباح المحاسبية لقرارات المستثمرين في الأسواق المالية (دراسة تطبيقية)
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علي يوسف( باحث )
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هدف هذا البحث إلى دراسة أثر استقلالية مجلس الإدارة في ملاءمة معلومات الأرباح المحاسبية لقرارات المستثمرين في الأسواق المالية، إذ تلقى هذه الاستقلالية أهمية في إطار الدور الإشرافي و التوجيهي الذي يقوم به المجلس على عمل الإدارة و القرارات التي تتخذها، كما تمثل الأرباح المحاسبية المنتج الرئيسي لأساس الاستحقاق في المحاسبة و حجر الزاوية في العمل المحاسبي. و حددت ملاءمة معلومات الأرباح على أساس محددين أساسيين يعكسان استخدام المستثمرين لمعلومات الأرباح في قراراتهم، و هما قدرة الأرباح على التنبؤ بالتدفقات النقدية المستقبلية، و محتواها التقييمي.
The effects of the independence of board of directors on the relevance of earning's information for decisions by investors in stock markets is the subject of this study. This independence is considered very important within the monitoring and directing roles played by boards of directors on the working of and decision making by corporation's management. In addition, accounting earnings represent the key base for accrual accounting in particular and in accounting process in general. Two factors reflecting investors usage of earning relevance in their decision making are employed to determine the relevance of earning information that are (i) the ability of these earning to forecast future cash flows (ii) and valuation contents of these earnings in stock markets.
References used
Adams, R., and D., Ferreira, 2007, "A Theory of friendly boards", Journal of finance, (Vol. LIXII, No.1), PP217-250
Anandarajan, A., and I., Hasan, 2010, "Value relevance of earnings: Evidence from Middle Eastern and North African Countries", Advances in Accounting, incorporating Advances in International Accounting, (Vol. 26), PP 270–279
Ball, R., and, Brown, P., 1968, “An Empirical evaluation of accounting income numbers”, Journal of Accounting Research, (Vol. 6, No. 2, Autumn), PP159-177
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This study examines the relevance-value of accounting information represented by
earnings and book values for firms listed on Damascus Stock Exchange. This study is
based on the Return Model developed by Easton & Harris (1991), and on the Price Mod
el
developed by Ohlson (1995).The researcher uses the annual data of the financial
statements from 2009 to 2012. The results of this study show that accounting earnings are
value-relevant to explaining the changes in stock returns, and that the change-variable in
earnings correlates positively and significantly with cumulative return, but earnings level
variable does not related significantly to cumulative returns. Based on the price model, the
earnings of each share and its book-value relate positively and significantly to share-price.
Therefore, income statements and balance sheets reflect value-relevant information for
investors at Damascus Stock Exchange. This information is represented by accounting
earnings and book values, but the variable of earnings level does not explain the changes in
cumulative returns.
This paper reports a new variable in many aspects, including
knowledge of accounting, Due to the emergence of a changing
technological developments, a this research comes as an attempt to
study the relationship between the quality and presentation
of the
information disclosed electronically in companies listed on the Arab
stock markets, the benefit of accounting information.
The research found through a questionnaire addressed to brokerage
firms in the Arab financial markets under consideration for being one
of the beneficiaries of the Electronic accounting disclosure to a
positive relationship between the presentation and the quality of
information on the Internet to contribute to the benefit of the studied
companies and accounting information.
The research is based on the main idea that the profits
themselves, as many shareholders, lenders and investors think,
are not a true measure of the quality of a company's profits.
This study sought to find out whether there is any significant relationship between
the in trading volume shares of Syrian companies listed in the Damascus market Securities
Exchange, and Volatility of stock returns monthly in that market, during t
he period 1-1-
2010 till 31-8-2014, and to discover what kind of that relationship (positive or negative
correlation) in order to give appropriate weight to them for interpreting fluctuations in the
volume of trading in the stock Damascus market Securities Exchange, or for predicting.
When using the method of Nonlinear regression analysis method GARCH(1,1) to process
the data related to Return on the stock in DSE we found that the relationship between the
trading volume shares and volatility of stock returns wasn't statistically significant. This
volatility in stock returns mustn't be taken into account as an important factor when trying
to explain the reasons for fluctuations in trading volume market or when predicting.
This study aims to find out the reality of the application of corporate
governance in the public sector organizations in Syria, and to
propose a new vision, that guarantees effective application of
corporate governance, through restructuring board
of directors and
contributes to the treatment of financial and administrative
corruption.
The importance of the study comes from the importance of the
public sector in Syria and its leading role in the protecting the
national economy, and also the difficulty of development and
progress of NGOs unless they have clear mechanisms for their
directors and transparency.
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