Модерируемое посредничество в управлении прибылью и стоимостью компании: изучение роли раскрытия информации о КСО и бухгалтерского консерватизма

В данном исследовании рассматривается взаимосвязь между управлением доходами и стоимостью компании, подчеркивается опосредующая роль раскрытия информации о корпоративной социальной ответственности (КСО) и модерирующий эффект консерватизма бухгалтерского учета. Анализируя выборку из 731 нефинансовой компании, зарегистрированной на Индонезийской фондовой бирже в период 2016–2023 гг., с 5848 наблюдениями за год, авторы используют панельную регрессию и моделирование условных процессов для проверки эффектов умеренного опосредования. Результаты показывают, что управление прибылью негативно влияет на стоимость компании, поскольку манипулирование прибылью подрывает доверие инвесторов и снижает надежность финансовой отчетности. Раскрытие информации о КСО полностью опосредует эту взаимосвязь, смягчая негативные последствия управления прибылью, сигнализируя о приверженности компании социальной ответственности и повышая доверие заинтересованных сторон. Более того, бухгалтерский консерватизм выступает модератором этих отношений, ослабляя негативную связь между управлением прибылью и стоимостью компании и усиливая положительный эффект раскрытия информации о КСО на стоимость компании.

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