فصلنامه مطالعات تجربی حسابداری مالی
پیاپی 26 (تابستان 1389)

This paper has studied the predictive ability of operating cash flow. By using information of cash flow statement, the investors can predict the future cash flows. In this study, by using of 128 firm’s data from 1378 to 1384, we compare the predictive ability of operating cash flow based on Iranian accounting standard and operating cash flow based on SFAS # 95. The criterion for this comparison is the determinant of coefficient (R2). The results show that, the predictive ability of operating cash flow based on Iranian accounting standard is grater than operating cash flow based on IAS # 7.

This paper studies the ability of accruals in predicting future cash flows. The purpose of this paper is assessing whether accruals have additional predictive ability than current cash flow alone in predicting future cash flows. And whether disaggregating accruals into their components improves predicting future cash flows. To answer these questions we use four regression models wherein cash flows are predicted by 1) cash flow from operations 2) cash flow from operations and total accruals 3) operating profits 4) cash flow from operations and accrual components, and finally we compare mean absolute prediction errors of these models together. In this paper the market value of equity, as the best proxy for the present value of all future cash flows, is dependent variable. Research hypotheses were examined by using data of 132 listed companies in Tehran stock exchange for the period of 1380 to 1387.The results showed that accruals have additional predictive ability than current cash flow alone in predicting future cash flows, however, when accrual components were used instead of total accruals no changes were observed in predictive ability. Also the results of this paper showed that operating profits are better predictor of future cash flows than cash flow from operations.

These articles investigated the associations between auditing qualities, cost of equity capital and earnings management. Prior researches are documented the negative relation between auditing quality, cost of capital and earnings management (Lisa, 2005; Hanwen, et. al.2008; Krishnan, 2003; Zhou and Elder, 2002). In order to examine the relation between auditing qualities, cost of equity capital and earnings management in Tehran Stock Exchange (TSE), we select the sample include 101 firms for period 1378-1386. Ours finding indicated that there is not significant associate between auditing quality, cost of equity capital and earnings management.

Forecasting future events, always have an especial interest for human. Having knowledge about future will empower us to control the future conditions. According to this need, in the capital market all parties are attempting to predict the future economic situation of companies. One of the most important factors that has been considered in these predictions was forecasting future net income of companies, which is very important for creditors. In regard to significance of net income for creditors, in many researches that have been done in accounting and financial management fields, Different models have been developed to predict future net income, although most of them is based on using past net income. But, some other researches have considered the price leading hypothesis in regard to the effecient market hypothesis and they believe information content of stock price has a great power for prediction of future net income. Considering these evolutions in the field of accounting, in this research and according to the price leading hypothesis, We are about to test the capability of market model in predicting the future net income and comparing the results with past models. In this research we examined a sample of firms listed in TSE's during 1382-1386, with 440 year/companies. This research’s findings showed elder models still result in better forecast of future earnings rather than our model. On the other side, as the size of companies increase, forecast errors decrease.

Dividend is one of issues that have long been regarded researches and despite these many efforts; it has still remained controversial issues in the area of financial literature. There are many reasons for paying or not-paying dividend. Accurate detection and identification of factors affect on dividend policy can be useful for corporate managers and shareholders. In this paper after searching in literature review we try to find factors that determine the ability of companies to paying dividend. The final model was estimated by OLS regression, showed that among the factors considered, uncertainty of cash flow, investment opportunities, profitability and conflict of interest influence on the dividend payments of firms listed in Tehran Stock Exchange.