Investigate Relation between Available infrastructure of Internet Financial Reporting and Corporate Governance Structure

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1 nvestigate Relation between Available infrastructure of nternet Financial Reporting and Corporate Governance Structure Mohsen Moradi 1, Mostafa Hashemi 2 * 15, Ali Sohrabi 3, Ali Alizadeh 4 1. Assistance Professor Department of Management, nternational University of Emam Reza, Mashhad, ran. 2. Accounting Department, Mashhad Branch, slamic Azad University, ran. 3. Accounting Department, Mashhad Branch, slamic Azad University, ran. 4. Accounting Department, Mashhad Branch, slamic Azad University, ran. Abstract: n this study, we sought to examine relationship between eight variables of political environment, legal condition, market environment, physical infrastructure, firm size, financing, profitability and shareholders' structure with internet financial reporting in companies listed in Tehran Stock Exchange Organization (TSEO). The research sample included 8 industries in companies listed in Tehran Stock Exchange Organization during 2006 and The results of this study which was conducted between Companies listed on the Tehran Stock Exchange indicated that significant relationship exists between some factors like political environment, legal environment, market environment, physical infrastructure and shareholders' structure with nternet financial reporting, whereas, there was not a significant relationship between firm size and profitability with internet financial reporting. Keywords: nternet financial reporting, infrastructure, corporate governance, information asymmetry ntroduction: nternet financial reporting (FR) is described as publishing financial information of companies by their website. When companies use the nternet financial reporting, their websites have a comprehensive set of financial statements including the notes of the financial statements and auditor's report. nternet content can include annual reports, quarterly financial reports, and stock prices, articles published in the press, analysts' reports and operational management report. n general, companies that use the nternet financial reporting; publish their annual reports along with auditors' reports. Experimental research shows that companies, which are larger and more profitable, use nternet financial reporting. The nternet is a fascinating research topic and researchers are increasingly more eager to it. A lot of research has been done in this case and initial research was conducted during 1996 and Various scholars have investigated relation between how publishing information and making decision of users. * Corresponding Author: Mostafa Hashemi COPY RGHT 2013 nstitute of nterdisciplinary Business Research 822

2 Recently, nternet has provided new condition for publishing financial information like financial statements and annual reports. Accounting information systems as part of a management information system providing useful information for decision-making, however, information can be useful when it is along with qualitative features like "relevance" and "timeliness. The nternet revolution change traditional accounting, auditing and accountability into different groups. Many studies suggest that internet reporting in highly developed countries is very common. As result of less cost, get more information and enabling access of consumers to distributed information can be led to tremendous growth in online information. One important feature of using the nternet instead of traditional paper-based reporting is reducing the costs of collecting, processing and disseminating information that can be led to percent savings costs of variety activities such as financial and business environment in developing countries, including ran. Developing countries should expand their vision beyond of traditional accounting and reporting. Consequently, this study seeks to examine the impact of corporate governance and financial reporting on the nternet in among companies is listed on the Tehran Stock Exchange. Corporate Governance: Corporate governance is the policies and procedures a company implements to control and protect the interests of internal and external business stakeholders. t often represents the framework of policies and guidelines for each individual in the business. Larger organizations often use corporate governance mechanisms to manage their businesses because of their size and complexity. Publicly held corporations are also primary users of corporate governance mechanisms. The conceptual framework t is necessary to note that implementation nternet financial reporting reduce and balance asymmetry information between managers of the firms and stakeholders outside the firms. n other words, it leads to increase market efficiency and reduce capital costs and investment risks will be reduced. t must be said that corporate governance structure has impact on expanding and implementing of the nternet financial reporting. Furthermore, physical and organization infrastructure has impact on expanding of nternet financial reporting. The most important thing that should be stated in terms of financial reporting and nternet publication is reducing information asymmetry between managers and shareholders of the company. t is important to solve the problem of agency theory. The issue occurs when the agency theory of the management of a firm is not seeking to create wealth. n fact, the transparency of financial reporting information derived from the nternet will allow for more accurate management decisions and shareholders and costs of agency theory will bw reduced. Finally, there is an inverse relationship between nternet financial reporting and information asymmetry between managers and other stakeholders. Literature review: Tong (2007) stated in his research that nternet financial reporting is the best suitable way to provide information of shareholders in business unit. Stieglitz (1985), Diamond and Verrocchio (1991), Levitt [5] COPY RGHT 2013 nstitute of nterdisciplinary Business Research 823

3 (1999), Laporta and et al (2000) and Mishkin (2006) explained that require more detailed and related financial information on the nternet has accelerated the process of financial reporting. Some scholars, such as al Ashbuagh et al (1999), Debrecency and Gray (1999), Lymr (1999), Debrecency and et al (2002), Ettredge et al (2002) Wagenhofer (2006) have researched about financial reporting needs of stakeholders and customers and increasing attention to the subject of nternet financial reporting. Hypotheses and Variables: H 1 : Significant relationship exists between political environment and nternet financial reporting. H 2 : Significant relationship exists between legal condition and nternet financial reporting. H 3 : Significant relationship exists between market environment and nternet financial reporting. H 4 : Significant relationship exists between physical infrastructure and nternet financial reporting. H 5 : Significant relationship exists between firm size and nternet financial reporting. H 6 : Significant relationship exists between financing and nternet financial reporting. H 7 : Significant relationship exists between profitability and nternet financial reporting. H 8 : Significant relationship exists between shareholders' structure and nternet financial reporting. Models and variables: Statistical model of the research is Regression model. n order to investigate the hypothesis of the study, the following general regression equation (1) to determine the factors influencing the assumptions expressed on this website will be used for financial reporting. Following formula will be used in order to calculate the rate and degree of external finance firms: Using equation (2) is examining the relationship between nternet financial reporting and structure of shareholders. n this equation, CGM is categorized in four coefficients. Coefficient of 0, 1, 2 and 3, the coefficient 3 for countries that enacted rules they set and the information asymmetry between shareholders and management is moderate to low. Factor 1 and 2 for Europe (varies by country Scandinavian, French or German rules in the financial sector) and Coefficient of 0 for countries that are not included in these groups are less developed and developing countries. Finally, equation (3) will be used to examine the relationship between market efficiency (including combinations of variables) and nternet Financial Reporting. COPY RGHT 2013 nstitute of nterdisciplinary Business Research 824

4 Political Environment (Pe): it is average of three factors included lack of chaos, political stability, government effectiveness and government accountability. This variable is taken into account for calculating the range between -2.5 and 2.5, which is the lowest score and the highest score respectively (Classified by the World Bank). Legal environment (Le): nformation published online by research criteria such as speed limits, filtering, limits and warrants that the information published by the companies providing nternet service are considered in order to quantify the effects of the legal environment, the political environment between 2.5 and -2.5 is the lowest score and the highest score to the lowest limits and maximum legal limits. Market environment proves that legal environment of countries make them to publish financial environment and how companies provide required financial information. Target information and market environment is calculated by average market value of companies listed in the stock exchange average (FM). Physical infrastructure: physical infrastructure of the nternet in the country refers to the percent coverage rate. For example, the United States of America and Japan have the best position in the world. Furthermore, other factors like speed of data transfer over the nternet are considered include the physical infrastructure for measuring the speed of data transfer over the nternet is considered. Size of business unit (Size): Measure this variable by calculating the logarithm of total assets and shareholders' equity of the company. Profits: A measure of the profitability of the business unit or the rate of operating profit to total assets that is a business unit of measurement data in the entity's financial statements in the Tehran Stock Exchange. Structure of shareholders (CGM): Structure of shareholders is measured by the standard variable rate of the four-shareholder structure. Coefficient of 0, 1, 2 and 3, the coefficient 3 for countries that enacted rules they set and the information asymmetry between shareholders and management is between moderate and low. Factor 1 and 2 for Europe (Scandinavian countries which have French or German rules in the financial sector) and Coefficient of 0 for countries that are not included in these groups are less developed and developing countries like ran. The study sample n this study, we selected a set companies of 8 ndustries listed in Tehran Stock Exchange. 1 - Banking industry (57 companies) 2 - Engineering Services industry (74 companies) 3 - ndustry investment companies (56 companies) 4 - Manufacture of pharmaceutical production companies (43 companies) 5 - Auto industry (34 companies) 6 - Ceramic tile industry (49 companies) 7 - Mass industry (70 companies) 8 - Transportation (60 companies) COPY RGHT 2013 nstitute of nterdisciplinary Business Research 825

5 Total of 443 firms participated in this trade during 2006 and 2010 which were active continuously Tehran Stock Exchange. Analysis (research findings): Table 1: Descriptive statistics and variable Variables Average Middle SD Statistics Skewness Statistics Kurtosis Min Max Political Environment Legal environment Objectives of financial market Physical infrastructure Logarithm of earnings Log of dependence on external finance Log of capital expenditures Complete the nternet Financial Reporting Minor nternet financial reporting Corporate governance structure Size of business unit Profit External financing Capital costs / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / 4 111/ / / / 1862 n according to time series (5 years) and as result of unsteady characteristics of market and business variables can be led to spurious regression in the empirical study. Therefore, reliability of the variables has COPY RGHT 2013 nstitute of nterdisciplinary Business Research 826

6 been tested by the augmented Dickey Fuller (ADF) Unit Root Test. Results show that variables and other variables in the first differences are permanent. Table 2: Results of Dickey Fuller (ADF) Unit Root Test Row Variables Static test Collective Degree 1 Political Environment ) 1( 2 Legal Condition ) 1( 3 Market environment ) 1( 4 Physical infrastructure ) 1( 5 Size of firm ) 1( 6 Financing ) 1( 7 Profitability ) 1( 8 Structure of shareholders ) 1( Hypothesis testing are done through the interrupt vector regression method, because the aim of this study was investigating short term relationship between nternet financial reporting and the internet activities of some selected companies in Tehran Stock Exchange, as well as in according to different collective degree of variables by using outputs of SPSS software and also Software Microfit 4 and Schwartz-Byzn standard. n addition, the best model of suitable interrupting is estimated by (ARDL) method. Table 3: Relationship between nternet financial reporting and investigation variables Row Variables Coefficient SD Statistics Sig 1 Political Environment : Legal Condition Market environment Physical infrastructure Size of Firm (4) Financing Profitability Structure of shareholders DW = 2.14 PROB (F-STATE) = 0.00 A: Serial Correlation CHSQ (4) = [0.15] B: Functional Form CHSQ (2) = [0.18] C: Normality CHSQ (1) = [0.001] D: Heteroscedasticity CHSQ (1) = [0.09] At the bottom of scalar quantity (Table 2), indicating their lack of correlation between the variables and no explicit error model of heteroskedasticity in the model. Quantity of F statistics show significance level of 5%. The overall regression equation is statistically not rejected. n addition, the explanatory power of the COPY RGHT 2013 nstitute of nterdisciplinary Business Research 827

7 model is 99%. Before estimating short-term coefficients (ARDL); cointegration test should be done in order to investigate relationship between short-term financial reporting and specification and internet activities of some selected companies in Tehran Stock Exchange. n order to perform this test, the sum of the coefficients of the continuous variables FR ((1 -), a fraction of the number of standard deviations and the sum is divided as follows: t p i 1 ˆ 1 ˆ i i i 1 p S 4.42 Given the absolute t Obtained from the absolute critical values presented by Banerjee, Dola and Master is larger than (3.9-), therefore the null hypothesis that there is no short-term relationship with the 95%, is rejected. Consequently, significant short-term relationship exists between financial reporting and internet activities of some selected companies in Tehran Stock Exchange. Table 4: short term relationship was tested by ARDL Variables Coefficient SD Sig Political Environment Legal Condition Market environment Physical infrastructure Size of Firm Financing Profitability 27, Structure of shareholders According to statistics t in table 4, the coefficient of variation political environment, legal condition, market structure, physical infrastructure and shareholder structure have significant level of 95 percent, however, size, the amount of funding and profitability is rejected at ninety percent confidence. Political environment variables, legal conditions, market environment, physical infrastructure and shareholder structure have significant relationship with nterner financial reporting. Furthermore, numerical coefficients of quantify short-term variations show that political environment, legal condition, market environment, physical infrastructure and shareholder structure are correlated with financial reporting. COPY RGHT 2013 nstitute of nterdisciplinary Business Research 828

8 Table 5: Short-term dynamic structures Variables Coefficient SD Statistics Sig Political Environment (4) Legal Condition Market environment Physical infrastructure (3) Size of Firm Financing Profitability Structure of shareholders ecm(-1) Conclusions: t is believed that nternet financial reporting by some environmental factors such as the characteristics of finance of the firms, political environment, legal condition, market environment, and physical infrastructure, size of firm, amount of financing, profitability and share holders structure. n this study, ARDL model is used in order to estimate and predict short-term relationship. Test results indicate that, there is a relationship between political environment, legal condition, market environment, physical infrastructure and the nternet financial reporting and shareholders structure. Thus, hypotheses of one, two, three, four, and eight of the research are approved. Hypotheses of five, six and seven of the research which based on relationship between the size of the nternet financial reporting and amount of financing, profitability are rejected. The results of this study which was conducted between companies listed in Tehran Stock Exchange suggests that there is a significant relation between environmental factors, political, legal, market environment, physical infrastructure with nternet financial reporting. Among other results, it can be noted that by expanding financial reporting will improve market efficiency and transparency the financial reporting. Limitations and Recommendations: One of the fundamental problems in financial reporting in the nternet environment is a mismatch between customer orientation and assimilation in a way that had not been determined for this standard or framework. n according to the nternet is the global network and anyone can easily enter as well as financial issues are the most sensitive to fraud. Therefore, actions must be done for solving the problem. The perception that the nternet is an unsafe environment for electronic commerce is one of the main obstacles to the widespread adoption of electronic commerce. However, there must be new business network for e-business provides unique opportunities. n addition, high-performance network reporting also COPY RGHT 2013 nstitute of nterdisciplinary Business Research 829

9 saves costs. The network further by removing barriers can make it smoother for entering new companies with new ways of advertising and marketing offers. COPY RGHT 2013 nstitute of nterdisciplinary Business Research 830

10 References: 1. Ball, R., Robin, A., Wu, J., (1999), Properties of Accounting Earnings under the Enforcement nstitutions of East Asian Countries, and mplications for Accepting Earnings under the AS,Working Paper. University of Rochester, USA. 2. Ball, R., Robin, A., Wu, J., (2000), Accounting standards, the nstitutional Environment and ssuer ncentives: effects on Timely Loss Recognition in China. Asia Pacific Journal of Accounting and Economics 7, Baltagi, B., (2001). Econometric Analysis of Panel Data, JohnWiley, Chichester. Bass, F., 1996.A newproduct growth model for consumer durables. Management Science 15, Debreceny, R., Gray, G., 1999.Financial reporting on the internet and the external audit. European Accounting Review 8 (2), Debreceny, R., Gray, G., Rahman, A., (2002).The determinants of nternet financial reporting.journal of Accounting and Public Policy 21, Diamond, D., Verrecchia, R., (1991). Disclosure, liquidity, and the cost of capital. Journal of Finance 46, Ettredge, M., Richardson, V., Scholz, S., (2002), Disseminating of information for investors at corporate web-sites. Journal of Accounting and Public Policy 21, Levitt, A., (1999). Quality nformation: The Lifeblood of Our Markets, Security Exchange Commission Lymer, A., (1999), The nternet and the future of corporate reporting in Europe. European Accounting Review 8 (2), Lymer, A., Debreceny, R., (2003). The auditor and corporate reporting on the nternet: challenges and institutional responses.nternational Journal of Auditing 7, Tong, H., 2007.Disclosure standards and market efficiency: evidence from analysts' forecasts.journal of nternational Economics 72, Wagenhofer, A., (2003), Economic consequences of nternet financial reporting. Schmalenbach Business Review 55, COPY RGHT 2013 nstitute of nterdisciplinary Business Research 831

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