فصلنامه بررسی های حسابداری و حسابرسی
پیاپی 70 (زمستان 1391)

The auditor’s report، in decision making process of financial statements’ users is considered as a profitable means; one of these effective factors on independent auditor’s opinion is management performance of entity. Moreover، performed studies indicate the effect of management performance on independent auditor’s opinion. The purpose of this study is investigating effectiveness of management performance، such as، profitability، dividend per share، the rate of return on owner’s equity، assets return rate، on independent auditor’s report and clauses of qualified report. Statistical universe of research is 560 company years that include 112 listed companies of Tehran Stock Exchange، since2007-2011. We have tested hypothesizes of research، by using Logistic Regression. Resultant findings of testing hypothesizes indicate that the effect of dividend per share measures on accepted report of independent auditor and، in addition، profitability scales has influenced the clauses of investment entry by flat cost technique، instead of net cost. Measures of dividend per share، assets return rate، and the rate of return on owner’s equity altogether، affect the clause of taking verification of qualified report of independent auditor. According to research findings، one can state، improving management performance will reduce issuing qualified report. As a result، measures of accounting of management performance will affect the independent auditor’s opinion.

The intellectual capital (IC) is viewed by resource-based theory as a strategic resource that allows companies to create value added (VA). Taking into consideration the role played by IC in value creation، this paper analyse the role of value added (VA) as an indicator of IC، and its impact on the firm’s financial، economic and stock market performance. The investigation of the companies listed on the Stock Exchange during the years 1384 to 1387، using multiple regression analysis was performed. The results show that there is Positive and significant relationship between the value added intellectual capital and firm’s financial، economic and stock market performance.

We exmine the relationship between earnings management، measured by Abnormal accruals and auditor reporting، measured by type of audit firm and audit opinion. Our sample comprises of firm، listed on the Tehran Stock Exchange، for the period 2005-2011. The results provide no evidence for the relationship between type of audit firm and Abnormal accruals. However، there is a significant positive relationship between Abnormal accruals and unqualified audit opinions، and between big audit firms and unqualified audit opinions for our full sample estimation from the control variables، profitability، current ratio and size are positively related to discretionary accruals. Also، profitability is positively related to unqualified audit opinions. But size is negatively related to unqualified audit opinions. We conclude that big audit firms issue unqualified opinions، in spite of the level of earnings management employed

Stock liquidity is one of the criteria that the investors consider in their portfolio decisions. The earning management is one of the other factors that influences stock liquidity. This could examine in terms of discretionary-related earning management and the real earning management. Therefore the main purpose of this study is to estimate earning management based on the abnormal discretionary costs and also examine its effect on stock liquidity of companies listed in Tehran Stock Exchange. This study conducted through regression model based on panel data and then hypotheses tested through this. The results of data analysis and hypotheses test indicated that the abnormal discretionary costs significantly influence stock liquidity negatively. Also effect of mediator factors on abnormal discretionary costs and stock liquidity has been examined. These factors include standard deviation of daily stock returns، the average daily turnover of stocks، the average closing price of stocks traded، the average number of daily transactions of stocks، and market value of company. Also the results indicated that effects of these factors haven’t been accepted.

Free cash flow allied to low-growth opportunities has been identified as a major agency problem where managers make expenditures that reduce shareholder wealth. To hide the effects of the non-wealth-maximizing investments، managers can use earnings manipulation to increase reported earnings. We argue that low-growth companies with high free cash flow will use real earnings management (REM) to offset the low or negative earnings that inevitably accompany investments with negative net present values (NPVs). Using 515 company year observations over the period 1383–1387، with applying panel data analysis which consider fixed effect of firms، our results suggest that there is a positive relation between free cash flow and proxies for real earnings management. These findings are use full for auditor and policy maker in financial market

This paper investigates the application of accounting variables in measuring abnormal return of stock in event studies. In order to calculate the expected return three type of measures are employed including measures based on accounting variables، market variables and firm size. For evaluation of usefulness of these measures in measuring abnormal return and comparing them together، three test statistics are applied including test statistic of Patell، Boehmer et al. and cross-sectional. The research sample is consisted of 183 firms in which the time period of (Iranian calendar) 1385:1389 is selected to measure the variables. Also، the abnormal return is calculated by selecting 250 portfolios including 50 elements. The results of simulation denotes that the power of statistics based on accounting variables in measuring abnormal return is similar to market variables. The power of all statistics for rejecting the zero hypotheses in lumped return procedure is greater than uniform procedure.

One of the possible scales of stock market development is evaluating its efficiency. If stock markets are efficient، the current market price accurately reflects the fundamental or intrinsic valueof the asset. The examination of the behavior of asset returns and the predictability of their prices، in the context of a weak form efficient market، is of interest to both academics and practitioners. In this study، the efficient market hypothesis and especially the random walk hypothesis in Tehran stock markethas been investigated using recently developed variance ratio tests، in addition to Lo-MacKinlay variance ratio test. For thispurpose the random walk behavior has been studied in three indexes ofTEPIX، TEDPIX، and 50 most traded at period 80-89. According to the results of this study،following the data from random walk process in this time interval in Tehran stock market is not approved.