أثر المحاسبة الخلاقة على قرارات المستثمر في ظل تفاوت كفاءة السوق

دراسة حالة على عينة من المستثمرين في سوق العراق للأوراق المالية

الملخص

Accounting plays a significant role in markets in general and particularly in
the stock markets, sinceit serves investment decisions through the
accounting data which it provide concerning the stance of companies in
these markets and according to which investments and financial analysts
decisions are made. So any manipulated or miseaoling data will be
negatively reflected on the process of investment, as a result, there has to be
some precautionary measures because some crippled companies
administrations resort to manipulate the published accounting figures for the
purpose of showing unreal image of the company in an attempt to influence
investment decisions in away that better serves their personal interests. Many legal and illegal accounting measures are used to perform this kind of
fraud through taking advantage of the flexibility to apply acceptable
accounting principles, accounting measures and policies which can be used
to adjust financial bills in away conforming to the company’s administration
objectives. This process is called the creative accounting. The impact of this
sort of accounting on investors decisions mainly relies on the market
efficiency on the one hand and on the investor’s education and on his degree
of reliance on the financial analysts on the other hand. Creative accounting
is mainly found in inefficient markets rather than efficient ones, but its
impact on investment decisions will surge with increasing market efficiency
and will decline with dwindling market efficiency.