فصلنامه بررسی های حسابداری و حسابرسی
پیاپی 72 (تابستان 1392)

Performance evaluation is a process which helps shareholders to make decisions of optimal investment. So the present study investigates the economic value added of relative and additive information content toward traditional criteria، shareholder salary efficiency- net profit after subtracting tax and the interest of each share on value added of market. Analyzing the findings of the study is based on panel data methodology for 140 listed firms in Tehran Stock Exchange (TSE) over 2006-2010 employing Eviews6 econometric software. Results show that economic value added information content is not greater than information content of Return on Equity، Net Operating Profit after Tax and Earning Per Share - in stating value added of market، but concurrent entrance of economic value added along with traditional criteria increase the explanatory power of added value of the market. In the other word، economic value added has incremental information content.

Following the separation of the firm management from their ownership and arising agency and also increase of the information asymmetry between managers and owners، the quality of audit services has found huge importance and it can serve as a tool to take care of the interests of groups concerned and provide proper use of resources by management for optimal investment and maximization of the owners. This research aims to study the economic concequences of audit services in Iran to investigate the relationship between audit quality and investment efficiency of listed companies in Tehran Stock Exchange. We use four proxies for determining quality audits which include auditor industry specialization، auditor reputation، auditor independence and auditor tenure، and we use Richardson (2006) model for measuring investment efficiency. This study is applied and iths research method is correlation and post facto. By deletion sampling method and considering criteria for samples، finally 100 firms were selected as samples of research for the period 2006-2011. To test the hypotheses panel data has been used. The results show that there is a significant positive relationship between audit quality and investment efficiency. Thus، improve of the audit causes to increase investment ffficiency by reducing information asymmetry between management and owners and mitigating the agency problems.

Debt capacity means the amount of debt in which a company can pay its obligation without any shortage of funds. In this paper all the Tehran Stock Exchange (TSE) listed companies have surveyed for the year from 2005 to 2009. The purpose of this paper is to provide empirical support for micro-economic theory respecting debt capacity and to develop a practically useful model for assessing debt capacity for firms seeking to minimize credit risk and the cost of debt. Theoretically important factors explaining the variation in debt capacity are identified and tested، namely: the proportion of property، plant and equipment over total assets، industry group (highlighting asset specificity)، sales، market value، and debt ratio of previous financial year. The model developed provides a basis for firms to assess their debt capacity. Firm’s whose actual debt to asset ratio is less than their debt capacity can borrow more if needed and if additional leverage is justified. Creditors can also use the estimated debt capacity when deciding the terms (including the interest rate) of extending credit. Investors can shy away from companies with very little or no unused debt capacity to reduce their portfolio risk. Data were collected from the TSE Disclosure Database. Using the Eviews software، this paper’s theoretically based constructs were tested by developing a Generalized Least Square (GLS) model

In this study، the relationship between earnings quality and stock returns has been studied with the mediation of institutional ownership. Present study is evaluating the earning quality and stock return and influence of institutional ownership on the relationship between earning quality and stock return. Earning quality based on five criteria: predictive value of earnings، accruals، representational faithfulness of earning، representational timeliness of earning and persistence of earning and of institutional ownership rate at three levels- high institutional ownership، medium institutional ownership and low institutional ownership is classified. Test hypothesis of this Research by applying multiple regression analysis and panel method for 96 firms during 2007 to 2011 has been performed. The results indicate the meaningful relation between earning quality and stock return and rising of investor’s institutional ownership rate create stronger relation between earning quality and stock return.

Investment Strategies including fundamental analysis، technical analysis and behavioral finance are discovered explain factors over stock price behavior. These approaches with direct evaluation of each factors related to shares investing، neglected interactions of these factors. In this paper we try firstly considering effective factors on investors decision based on expert`s ideas and then by conduct DEMATLE approach، Hierarchical structure of the factors by influencing and influenced mutual relationships recognized and Finally، the most important factors influencing investment decisions on stock selection extracted. Research population، were brokers in Mashhad city during August and September 2012، and questioner was selected as the primary means of gathering data. The results showed that the investment Strategy of fundamental analysis elected as the primary and influencing causal to another factors. Based on results، fundamental analysis constructs 46% of interaction between Strategies and includes 100% of the positive values.

This research explores the influence of additional investment inworking capital on stock’s excess return as stockholders’ index of Value creation. To do this، the effect of additional investment in cash holding and net operating working capital were examined individually. Sample of the study included 66 companies accepted in Tehran Stock Exchange between 2004- 2011 (1383-1390). Test of hypothesis was carried out by multiple regression analysis byEstimatedgeneralized least square (EGLS). The results show that there is a negative significant relationship between additional investment in net operating working capital and stock’s excess return. The results also indicate that in Leveraged companies، cash holding compared with additional investment in net operating working capital، increase shareholders’ wealth.

The present study attempts to consider the relationship between disclosure quality (including reliability and timeliness) on stock value of companies listed on the Tehran Exchange. This relationship as main hypothesis، and reliability and timeliness as the sub- hypothesis can control the inflation impact. The publication of information on market increase the volume of traded securities، and thus the investors can achieve the optimal portfolio، therefore this leads to an increase in their wealth and prosperity. To measure disclosure quality variable، the scores assigned to each company are used. These points are published by Tehran stock Exchange and through the statement “disclosure quality and proper information”، stock market value has been used after not price increasing. By using historical data of 1386-1390 related to 50 top companies in stock and in the quality of disclosure، The findings of this research from the regression method of Inter، and Pearson annual test by SPSS software show that there is no significant relationship between disclosure quality of companies and the value of de- swelling stock market. Also the findings suggest that there is no significant relationship between reliability and timeliness with value of de- swelling stock.