The pattern of effective financial and governance factors on incorrect pricing in public sector companies

Document Type : Research Paper

Authors

1 PhD student, Accounting Department, Faculty of Humanities, Khomein Branch, Islamic Azad University, Khomein, Iran.

2 Assistant Professor, Accounting, Khomein Islamic Azad University, Khomein, Iran

3 Assistant Professor, Department of Accounting, Faculty of Management, Economics and Accounting, Payam Noor University, Tehran, Iran

4 Assistant Professor, Accounting, Arak Islamic Azad University, Arak, Iran.

Abstract

Incorrect pricing of securities shows the inefficiency of the market, and determining the influencing factors and providing a pattern of factors affecting incorrect pricing can help to resolve pricing disorders. For this purpose, the aim of this research is to identify and present a pattern of factors affecting incorrect pricing in public sector companies. The data was collected using a qualitative method and using a questionnaire from the researcher's research process, from two groups of academic experts and professional experts, and was analyzed using SPSS and LISREL statistical software. In order to identify the factors affecting incorrect pricing, confirmatory factor analysis was used and structure analysis was used for modeling. The results indicate that weakness in the 6 components of the board of directors, ownership, stakeholder theory, audit, disclosure quality, and shareholders' rights are among the governance criteria, as well as weakness in the other 6 components, market, sustainability, profitability, fulfillment of obligations, and activity among the influential financial criteria. respectively, it has the greatest impact on the incorrect pricing of public sector companies, and the impact of weakness in governance criteria is more than financial criteria. Considering that so far no research has been done to model the factors affecting incorrect pricing from the point of view of financial and governance criteria from the point of view of experts and also to examine this issue in public sector companies, the aspect of innovation and knowledge enhancement is the present research.

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History

  • Receive Date: 24 January 2024
  • Revise Date: 14 May 2024
  • Accept Date: 26 May 2024

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