Modern Studies in Management and Organization

Modern Studies in Management and Organization

The moderating role of board diversity on the relationship between ownership structure and real earnings management in companies listed on the Tehran Stock Exchange

Document Type : Original Article | Persian

Authors
1 Master's Graduate, Department of Accounting, Faculty of Management, Islamic Azad University, Tehran North Branch, Tehran, Iran.
2 Assistant Professor, Department of Accounting, Faculty of Management, Islamic Azad University, Tehran North Branch, Tehran, Iran.
Abstract
This study investigates the moderating role of board diversity on the relationship between ownership structure and real earnings management among firms listed on the Tehran Stock Exchange. The primary objective was to assess the extent to which board diversity influences the effect of various ownership structures on real earnings management practices. Employing a post-event research design with a longitudinal-cross-sectional (panel) framework, the study drew its statistical population from all listed companies over the period 2018 to 2023. A final sample of 131 firms was selected through systematic screening. Data were analyzed using regression modeling via Stata/SE 17.0. The empirical findings reveal that board diversity does not exert a significant moderating effect on the relationship between ownership structure and real earnings management. Nevertheless, ownership concentration, managerial ownership, and institutional ownership each exhibit a significant and negative association with real earnings management. These results suggest that ownership structure plays a meaningful role in curbing real earnings management tendencies, whereas board diversity does not appear to moderate this relationship in a statistically significant manner.
Keywords
Subjects

Article Title Persian

نقش تعدیل‌کننده تنوع هیأت‌ مدیره بر رابطه بین ساختار مالکیت و مدیریت سود واقعی در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران

Authors Persian

زهرا نصیری 1
ابراهیم نادری 2
1 دانش آموخته کارشناسی ارشد، گروه آموزشی حسابداری، دانشکده مدیریت، دانشگاه آزاد اسلامی واحد تهران شمال، تهران، ایران.
2 استادیار، گروه آموزشی حسابداری، دانشکده مدیریت، دانشگاه آزاد اسلامی واحد تهران شمال، تهران، ایران.
Abstract Persian

این پژوهش به بررسی نقش تعدیل‌کننده تنوع هیأت ‌مدیره در رابطه بین ساختار مالکیت و مدیریت سود واقعی در شرکت‌های پذیرفته‌ شده در بورس اوراق بهادار تهران پرداخت. هدف مطالعه، ارزیابی تأثیر تنوع هیأت ‌مدیره بر چگونگی اثرگذاری انواع ساختار مالکیت بر مدیریت سود واقعی بود. روش پژوهش، پس‌رویدادی با طراحی ترکیبی طولی-مقطعی بود. جامعه آماری شامل کلیه شرکت‌های پذیرفته‌ شده بین سال‌های ۱۳۹۷ تا ۱۴۰۲ بود و نمونه‌ای متشکل از ۱۳۱ شرکت به روش غربالگری سیستماتیک انتخاب شد. داده‌ها با مدل رگرسیون و نرم‌افزار Stata نسخه ۱۷ تحلیل شدند. نتایج نشان داد که تنوع هیأت‌مدیره اثر معناداری بر رابطه بین ساختار مالکیت و مدیریت سود واقعی نداشت. با این حال، تمرکز مالکیت، مالکیت مدیریتی و مالکیت نهادی هرکدام رابطه‌ای معکوس و معنادار با مدیریت سود واقعی داشتند. این یافته‌ها نشان داد که ساختار مالکیت در کاهش تمایل به مدیریت سود واقعی نقش مؤثری ایفا کرده است، در حالی که تنوع هیأت‌ مدیره در تعدیل این رابطه تأثیرگذار نبود.

Keywords Persian

مدیریت سود واقعی
تنوع هیأت مدیره
ساختار مالکیت
تمرکز مالکیت
مالکیت نهادی
Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291–309.
Ahmadi, M. (2014). Investigating the relationship between ownership characteristics and board management with earnings management in companies listed on the Tehran Stock Exchange [Master's thesis, Shahid Chamran University of Ahvaz]. [In Persian]
Akter, A., Yusoff, W. F. W., & Abdul-Hamid, M. A. (2024). The moderating role of board diversity on the relationship between ownership structure and real earnings management. Asian Journal of Accounting Research, (ahead-of-print).
Al‐Jaifi, H. A. (2017). Ownership concentration, earnings management and stock market liquidity: Evidence from Malaysia. Asian Journal of Business and Accounting, 10(2), 167–198.
Andarz Jadeh Kenari, F. (2021). Complex ownership structure, real earnings management and free cash flows in companies listed on the Tehran Stock Exchange [Master's thesis, Islamic Azad University, Someh Sara Branch]. [In Persian]
Bushee, B. J. (1998). The influence of institutional investors on myopic R&D investment behavior. The Accounting Review, 73(3), 305–333.
Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial Review, 38(1), 33–53.
Chen, X., Cheng, Q., & Wang, X. (2015). Incentives for earnings management in emerging markets: The role of managerial ownership. Journal of International Accounting Research, 14(2), 59–84.
Cornett, M. M., Marcus, A. J., Saunders, A., & Tehranian, H. (2008). The impact of institutional ownership on corporate operating performance. Journal of Banking & Finance, 31(6), 1771–1794.
Daraabi, R., Mohammadi, M., & Karimi Deldar, B. (2022). Investigating the relationship between managerial ownership, institutional ownership and sustainability reporting and its effect on earnings management. Journal of New Research Approaches in Management and Accounting, 6(23), 42–64. [In Persian]
Delbari, N., & Ghasemi, G. (2023). The moderating effect of gender diversity in the board of directors on earnings management and overinvestment. Quarterly Journal of Research in Accounting and Economic Sciences, 7(3), 351–363. [In Persian]
Ding, Y., Zhang, H., & Zhang, J. (2007). Ownership concentration and real earnings management: Evidence from China. China Accounting and Finance Review, 9(1), 1–30.
Faccio, M., & Lang, L. H. P. (2002). The ultimate ownership of Western European corporations. Journal of Financial Economics, 65(3), 365–395.
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301–325.
Farhadfar, Z., Mehrabizadeh, M., & Mohammadi, Z. (2024). The relationship between gender diversity of the board of directors and real and accrual earnings management practices. Specialized Scientific Quarterly of New Research Approaches in Management and Accounting, 8(31), 1877–1894. [In Persian]
Gul, F. A., Srinidhi, B., & Ng, A. C. (2011). Does board gender diversity improve the informativeness of stock prices? Journal of Accounting and Economics, 51(3), 314–338.
Habbash, M. (2016). Corporate governance and earnings management: An empirical analysis of firms listed in the Saudi Stock Exchange. International Journal of Accounting, Auditing and Performance Evaluation, 12(2), 122–147.
Han, M., Ding, A., & Zhang, H. (2022). Foreign ownership and earnings management. International Review of Economics & Finance, 80, 114–133.
Hassas Yeganeh, Y., & Karami, S. (2018). A model for the effect of corporate social responsibility and tax management costs on tax avoidance and evasion. Empirical Studies in Financial Accounting, 15(58), 27–58. [In Persian]
Hillman, A. J., Cannella, A. A., & Paetzold, R. L. (2000). The resource dependence role of corporate directors: Adaptation of board composition in response to environmental change. Academy of Management Journal, 43(6), 1041–1056.
Holderness, C. G. (2009). The myth of diffuse ownership in the United States. Review of Financial Studies, 22(4), 1377–1408.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Johnson, L. (2021). Gender diversity in board and real earnings management. Journal of Business Ethics, 167(2), 363–381.
Koh, P. S. (2007). Institutional investor type, earnings management and benchmark beaters. Journal of Accounting and Public Policy, 26(3), 267–299.
Krishnan, G. V., & Parsons, L. M. (2008). Getting to the bottom line: An exploration of gender and earnings quality. Journal of Business Ethics, 78(1-2), 65–76.
La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471–517.
Layini, Z. (2020). Investigating the effect of audit quality on the relationship between board characteristics and earnings manipulation in the Tehran Stock Exchange [Master's thesis, Sarviyeh Higher Education Institute]. [In Persian]
Le, Q. L., & Nguyen, H. A. (2023). The impact of board characteristics and ownership structure on earnings management: Evidence from a frontier market. Cogent Business & Management, 10(1), 2159748.
Lückerath-Rovers, M. (2013). Women on boards and firm performance. Journal of Management & Governance, 17(2), 491–509.
Makari, M. (2023). The effect of ownership structure (ownership concentration) on real earnings management with emphasis on economic recession. Journal of Accounting and Management Perspective, 1(1), 140–152. [In Persian]
Mashayekh, S., & Pourfakhrian, P. (2022). Investigating the relationship between earnings management and board composition with earnings persistence in companies listed on the Tehran Stock Exchange. Financial Accounting Research Journal, 14(4), 137–158. [In Persian]
Milliken, F. J., & Martins, L. L. (1996). Searching for common threads: Understanding the multiple effects of diversity in organizational groups. Academy of Management Review, 21(2), 402–433.
Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293–315.
Namdari, M., Fallah Shams, M., Kordlouei, H., Khanmohammadi, M. H., & Ahmadi, F. (2023). Ownership structure, audit quality and real earnings management (Recognizing simultaneous interactions). Quarterly Journal of the Stock Exchange, 16(61), 181–200. [In Persian]
Naseem, M. A., Xiaoming, S., Riaz, S., & Rehman, R. U. (2020). Ownership structure and earnings management: A comparison of conventional and Islamic banks of Pakistan. International Journal of Finance & Economics, 25(1), 44–57.
Nazemi, H., Rezaei, M., & Mohammadi, A. (2019). Investigating the effect of institutional ownership on real earnings management in companies listed on the Tehran Stock Exchange. Financial Accounting Research Quarterly, 11(2), 75–92. [In Persian]
North, R. J., & Adams, M. (2024). Ownership concentration, gender diversity, and real earnings management. Management Decision, 62(2), 512–530.
Osta, S. (2011). Investigating the relationship between ownership structure and earnings management. Journal of Financial Accounting Research, 3(2), 93–106. [In Persian]
Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370.
Sabooti, V. (2018). The effect of management ability on the relationship between ownership structure and earnings management in companies listed on the Tehran Stock Exchange [Master's thesis, Takestan Institute of Higher Education]. [In Persian]
Sajadi, Z., Pariyad, A., & Balani, A. (2022). The effect of board characteristics on the relationship between ownership structure and earnings classification shifting. Journal of Accounting Knowledge, 13(1), 167–184. [In Persian]
Smith, A. (2021). Ownership structure and real earnings management: The moderating role of board diversity. International Review of Financial Analysis, 74, 101761.
Srinidhi, B. N., & Gul, F. A. (2007). The differential effects of auditors’ non-audit and audit fees on accrual quality. Contemporary Accounting Research, 24(2), 595–629.
Srinidhi, B., Gul, F. A., & Tsui, J. (2011). Female directors and earnings quality. Contemporary Accounting Research, 28(5), 1610–1644.
Velury, U., & Jenkins, D. S. (2006). Institutional ownership and the quality of earnings. Journal of Business Research, 59(9), 1043–1051.
Warfield, T. D., Wild, J. J., & Wild, K. L. (1995). Managerial ownership, accounting choices, and informativeness of earnings. Journal of Accounting and Economics, 20(1), 61–91.
Zare, L., Valipour, H., & Khorram, E. (2019). The moderating role of board diversity on the relationship between ownership structure and firm value. Management Accounting Quarterly, 6(16), 61–74. [In Persian]
Volume 2, Issue 2 - Serial Number 6
Summer 2025
Pages 117-135

  • Receive Date 08 August 2025
  • Accept Date 05 October 2025
  • Publish Date 23 August 2025