بررسی رابطه بین کیفیت حسابرسی و بازده تعدیل‌شده بازار در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران

امیررضا  برگی; امید فرهاد توسکی

Authors

Amirreza Bargi Department of Accounting, SR.C., Islamic Azad University, Tehran, Iran Author https://orcid.org/0009-0000-9157-4904
Omid Farhad Touski Department of Accounting, Khor.C., Islamic Azad University, Khorramabad, Iran Corresponding author https://orcid.org/0000-0002-2946-5608

Keywords:

Audit Quality, Market, Adjusted Return, Discretionary Accruals, Abnormal Return, Tehran Stock Exchange

Abstract

This study aimed to examine the relationship between audit quality and market-adjusted returns among companies listed on the Tehran Stock Exchange. This applied study employed a descriptive-correlational and ex post facto design. The statistical population consisted of companies listed on the Tehran Stock Exchange during 2019–2024. After applying systematic screening criteria, 720 firm-year observations were included in the final analysis. Market-adjusted return was considered the dependent variable and was measured based on abnormal stock returns relative to market returns. Audit quality was the main independent variable and was primarily measured using discretionary accruals estimated through the modified Jones model; audit firm size was also employed as an alternative proxy in sensitivity analyses. Firm size, financial leverage, market-to-book ratio, loss status, and asset tangibility were included as control variables. The data were analyzed using fixed-effects panel regression in EViews. Fixed-effects regression results showed that audit quality had a positive and statistically significant relationship with market-adjusted returns (β=0.052, t=2.74, p=0.008). The market-to-book ratio was also positively and significantly associated with market-adjusted returns (β=0.008, p=0.035), whereas firm size, financial leverage, loss status, and asset tangibility were not statistically significant. The adjusted coefficient of determination was 0.31, and the overall regression model was statistically significant (F=12.45, p<0.001). Sensitivity analyses using alternative audit quality measures and excluding outlier observations confirmed the robustness of the main findings. Higher audit quality is associated with higher market-adjusted returns and may contribute to more favorable market responses by improving the credibility of financial reports, reducing information asymmetry, and strengthening investor confidence.

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