فصلنامه بررسی های حسابداری و حسابرسی
پیاپی 76 (تابستان 1393)

This paper investigates the effects of working capital management (WCM) on shareholders wealth of 401 firms listed at Tehran Stock Exchange (TSE) during 2001-2012. To measure criteria for WCM، financial data produced by the accounting system and some financial statement items were used. Based on portfolios formed، a market adjusted stock return is used to measure shareholders wealth and conditional distribution of variables. Also، panel regression analyses are conducted to infer the results. Conditional distribution of variables show that common measures of working capital management، like average receivable period and average inventory period، have a significant relation with stock returns. We also find that there is a positive significant relation between adjusted stock returns and a composite measure of working capital management optimality (WCMO) and working capital components.

Managerial overconfidence behavioral factor causes cost asymmetric. Prior literature focuses on economic and agency explanations about cross sectional variation in the degree of cost stickiness. In this research، it has been explained managerial overconfidence as a behavioral explanation for cost stickiness in listed companies in Tehran stock exchange over the period of 2002 to 2012، as statistical population. For testing the hypothesis، Anderson basic model in five situations has been used. Anderson basic model used without considering economic and agency factors and year and industry fixed effects. Research results shown managerial overconfidence factor effect on cost stickiness from first model to fifth model decreased from 76 to 62. 7 percentages. Thus، managerial overconfidence as a behavioral explanation for SG&A cost stickiness is relevant.

One of the most important factors in selecting the best investment is stocks return. Considering the relationship between stock return and other accounting information، investors are able to allocate their own resources in the best manner. Accruals quality is one of the factors which affects on stocks return. For so doing، a sample of 79 firms listed in Tehran Stock Exchange has been investigated in 2001-2012 time interval. In the current research، using a simple method based on Earning Response Coefficient (ERC)، established stocks returns have been divided into non- cash flow shock and cash flow shock. The results indicate that stocks with good (poor) accrual quality are subject to relatively lower (higher) non-cash flow shocks. Overall، this study underscoperes the importance of controlling for cash flow shocks in asset-pricing tess that use realized returns.

This study has been carried out with purpose to present the method of meta analysis as a tool to aggregate and reprocessing findings and investigate its ability to assess field studies of accounting and financial. In this respect، studies on the topic of bankruptcy predictions were evaluated، which indicate that the lack of integrity and agreement on bankruptcy predictor variables as the fundamental basis of these studies. Accordingly، regardless of the techniques used and the purpose of them، extracting a set of predictor variables and integration them in this area is necessary Therefore، three studies were assessed by using Meta analysis. The main reason for the use of these three studies was lack of sufficient data for Meta analysis of studies that provide evidence of weakness in standard presentation and reporting of studies by researchers. Among of techniques of quantitative Meta analysis for aggregating the results، is used combining result approach and effect size r. After reviewing studies and extraction 42 unique variables، finally the seven variables were selected based on the four classification of r.

Dividend Policy and its major factors are one of the most important matters in financial literature that have been widely investigated. The authors have mentioned some of the firm features that have a positive impact on dividend policy. One of these features is the company''s financial position and liquidity. In recent years، attention to cash flow reports increased and worldwide legislative and regulatory bodies، emphasized on the importance of cash flow information in capital markets. In this paper، we aim to investigate the impact of cash flow volatility and cash flow sensitivity of cash on firm''s dividend policy with using data from 116 listed companies in Tehran Stock Exchange، during a period of 2007-2012 years. The results showed that there is no significant relationship between cash flow volatility and dividend policy and also the results showed no significant relationship between the cash sensitivity and dividend policy.

This study is an empirical investigation of myopic management and its short and long-term outcomes to examine the market ability in evaluating such activities for the firms which decreases marketing and R&D expenditures to increase their earnings. The methodology applied to this research is correlational and in order to test the research hypotheses، a sample including 78 firms accepted in Tehran Stock Exchange (TSE) from 2007 to 2011 (to calculate the prospect return of firms، stock return of 2012 is considered، too) is selected and examined. The results show that while myopic management has a short-term positive return، it has a great negative impact on firm''s long-term return. Furthermore، regarding long-term outcomes، myopic management has more negative outcomes for long-term horizons in comparison with earnings management.

Intellectual capital (IC) is one of the most precious assets of companies. In accounting literature a huge amount of attention has been paid to IC and its effects but disclosure of IC is a missing topic in the accounting studies. This paper tries to fill this gap and create a proper area for creation and development of IC. In this paper، the influential factors on disclosure of IC have been studied. For this purpose 63 companies (189 year–company)، between period of 2010-2012، are investigated and the result shows a significant positive relationship between growth opportunity and age of company with IC disclosure، however، for profitability and financial leverage the result is in the opposite side. According to IC components، human capital disclosure has a significant negative relation with profitability، growth opportunity and age of company. Customer capital disclosure and structural capital have significant positive relations with growth opportunity and age of company، however، this result is not the same for financial leverage.