نقش تعديلگري مديريت سود واقعي بر ميزان اثرگذاري افشاي اطلاعات زيست محيطي، اجتماعي، حاكميت شركتي(E.S.G) بر هزينه تأمين مالي شركتهاي پذيرفته شده در بورس اوراق بهادار تهران

The Moderating Role of Real Earning Management on the impact of Disclosure of Environmental, Social, an‎d Corporate Governance (ESG) Information on the Cost of Financing in Firm listed in Tehran Stock Exchange

حسابداري

Abstract Objective: Earnings management can affect the reliability an‎d trustworthiness of ESG information. Creditors an‎d investors may perceive ESG disclosure as a means to legitimize an‎d neutralize the impact of fraudulent practices. The purpose of this study is to examine the moderating role of actual earnings management on the impact of environmental, social, an‎d corporate governance disclosure on the cost of financing of companies listed on the Tehran Stock Exchange. Method: This study is an applied research in terms of its objective. In terms of the implementation process an‎d type of data, it is related to quantitative research, an‎d in terms of the time dimension, it is a longitudinal study using a post-event method. Also, this study is an archival an‎d descriptive-correlational research in terms of data collection. In order to collect information from annual reports an‎d accompanying explanatory notes published in the Kodal Publishers System, 162 companies listed on the Tehran Stock Exchange were examined an‎d analyzed during the period 2018-2023. Conclusion: The results of the hypothesis test indicate that disclosure of environmental, social an‎d corporate governance information has a negative impact on the cost of debt an‎d the cost of equity, an‎d real earnings management can moderate the negative impact of disclosure of environmental, social an‎d corporate governance information on the cost of debt, but cannot moderate the impact of this information on the cost of equity. Based on agency theory, ESG reporting can have a supervisory an‎d control role an‎d direct managersʹ behavior towards creating long-term value an‎d responsibility. This reduces agency costs, thereby increasing investor confidence an‎d reducing the cost of financing. Capital markets an‎d lenders can react to the real earnings management carried out by companies; in particular, it can force them to re-examine the reliability of ESG disclosures. Real earnings management cannot moderate the impact of ESG disclosures on the cost of equity. Keywords: Real earnings management, Cost of debt, Cost of equity, Environmental, Social disclosures, Corporate governance.

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