caerCentral Asian Economic ReviewCentral Asian Economic Review2789-43982789-4401Университет Нархоз10.52821/2789-4401-2023-5-99-109caer-961Research ArticleИНВЕСТИЦИИ, ФИНАНСЫ И УЧЕТINVESTMENT, FINANCE AND ACCOUNTINGКАЧЕСТВО ФИНАНСОВЫХ ДАННЫХ В ПЕРИОД COVID-19: КЕЙС ЦЕНТРАЛЬНОЙ АЗИИEARNINGS QUALITY DURING COVID-19: CENTRAL ASIAN CASEНаурузбаевА. А.NauruzbayevA. A.

Алматы

Nauruzbayev Alibek Anuarbekovich – doctoral student

Almaty

alibek.nauruzbayev@kimep.kzБерниязоваМ. Ж.BerniyazovaM. Zh.

Алматы

Berniyazova Marzhan Zhigerovna – doctoral student

Almaty

 

marzhan@kimep.kzУниверситет КИМЭПРоссияKIMEP UniversityRussian Federation2023200120240599109Copyright © Наурузбаев А.А., Берниязова М.Ж., 20242024Наурузбаев А.А., Берниязова М.Ж.Nauruzbayev A.A., Berniyazova M.Z.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://caer.narxoz.kz/jour/article/view/961Цель исследования

Цель исследования. 2021 году Gong & Choi исследовали влияние государственной структуры собственности на качество финансовых данных. Положительная связь между структурой собственности и качеством финансовых данных в последние годы ослабла, что является результатом эффективной реформы смешанной собственности [1]. Наше исследование представляет собой анализ событий, направленный на оценку влияния COVID-19 на результаты Народной программы IPO/SPO с точки зрения изменения качества данных на предприятиях со смешанным государственным участием.

Методология

Методология. Мы проанализировали 572 несбалансированных панельных наблюдения за период 2009-2021 гг. Данные выборки выгружены с сайта фондовой биржи KASE по предприятиям в различных отраслях экономики, за исключением финансовых учреждений и инвестиционных холдингов. Для оценки качества данных мы следуем 1) модели денежных потоков для расчета манипуляций данных на основе метода начислений, совместно с 2) совокупной моделью для расчета манипуляций данных на основе метода реальной деятельности [2; 3].

Результаты исследования

Результаты исследования. Мы обнаружили, что COVID-19 положительно повлиял на качество данных на предприятиях со смешанным государственным участием, и его эффект был сильнее по сравнению с влиянием на качество данных в частных компаниях и предприятиях со 100 % государственным участием. Несмотря на такую немедленную и положительную реакцию, в 2021 году качество данных на предприятиях со смешанным (50-99 %) государственным участием ухудшилось и опустилось до уровня частных и государственных (со 100 % участием) компаний.

Оригинальность / ценность исследования. Наше исследование является одной из первых попыток проанализировать динамику изменений качества финансовых данных в Казахстане в течение 2009-2021 гг., с оценкой влияния COVID-19. В качестве практической рекомендации, результаты нашего исследования могут быть интегрированы в Народную программу IPO/SPO в качестве предупреждающего индикатора, который повлияет на последующие изменения качества данных на предприятиях со смешанным государственным участием.

The purpose of this research. In 2021 Gong & Choi investigated the eff ect of State ownership on Accounting quality. Positive relationship between State ownership and Earnings management has weakened in recent years, which is the result of the eff ective mixed-ownership reform [1]. Our research is an event study to assess the impact of COVID-19 on the National IPO/SPO Program results in terms of Earnings quality changes in partial state-owned enterprises.

Methodology

Methodology. We analyze 572 unbalanced panel fi rm-year observations during 2009-2021period. Sample data is extracted from KASE Stock Exchange population across diff erent industries excluding fi nancial institutions and investment holdings. To estimate Earnings quality, we combine Kasznik cash fl ow model for accrual-based Earnings management and Roychowdhury aggregate model for real activity Earnings management [2; 3].

Findings

Findings. We found that COVID-19 positively aff ected Earnings quality in partially state-owned companies and its eff ect was stronger compared to Earnings quality in 100 % owned private and state enterprises. Despite such the immediate and positive reaction, in post COVID-19 2021 year, Earnings quality deteriorated in partial state-owned companies (with 50-99 % Government ownership) up to the level of 100 % private/state companies.

Originality / value of the research. Our study is among the fi rst attempts to analyze Earnings quality dynamics over 2009-2021 horizon in Kazakhstan with the assessment of COVID-19 impact. As a practical recommendation, our research fi ndings could be integrated into the National IPO/SPO Program as a red fl ag to impact Earnings quality trend in partial state-owned enterprises.

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The authors declare that there are no conflicts of interest present.