فصلنامه مطالعات تجربی حسابداری مالی
پیاپی 40 (زمستان 1392)

This study aims to investigate to the effect of board composition on performance of companies Tehran Stock Exchange listed with emphasis on efficiency of value added by a firm’s total resources and efficiency of value added by a firm’s physical capital and intellectual capital resources separately. For this purpose, a sample consisting of 64 companies between 2001 and 2010 was selected. The results of testing hypotheses by applying the ordinary least square regression model statistically show that there is a weak positive and meaningful relationship between the variable of the presence of one of the non-executive members in the chairman position and the efficiency of value added by a firm’s total resources and efficiency of value added by a firm’s physical capital and intellectual capital resources. However, no meaningful relationship was found between variables of the percentage of non-executive directors on the board and presence of at least three non-executive members in the board composition and the efficiency of value added by a firm’s total resources and efficiency of value added by a firm’s physical capital and intellectual capital resources.

Firms experiencing positive cash flow have substantially more investment opportunities. When facing negative cash flows, a firm would not save the same magnitude of cash holdings, which leads to a cash flow sensitivity of cash. The present research, examines the Asymmetric cash flow sensitivity of cash holdings. In this order, The samples included over 120 sample of companies listed in Tehran Stock Exchange During the years of 2003-2012 was chosen. In order to estimate the statistical model, regression method with panel data has been used. For classification companies in two groups financial constraints and unconstrained, the ww index, Payout ratio and Firm size be used. The results show that, the Positive and negative cash flow sensitivity of cash holdings is different. According to ww index and Firm size, The magnitude of the asymmetry of the cash flow sensitivity of cash is less for a financially constrained firm than for a financially unconstrained firm. Also, The magnitude of the cash flow sensitivity of cash is larger for firms with stronger outside monitoring.

This paper studies the behavior of managers in annual Earnings Forecasts. According to SEC regulations, annual earnings forecasts for companies listed in Tehran the Stock Exchange are mandated but manager have considerable latitude over the numbers they release. In this study has been investigated the management bias in annual earnings forecast and effect of the three-variable: past performance, management approach in last year's forecast earnings, and type of ownership of listed companies in Tehran Stock Exchange. In this study Management bias is measured by using two criteria, forecast innovation and forecast errors. The sample includes the 1135announcements of annual earnings forecasts during the period 1386-1390 (Iranian Calendar). The analysis performed shows, managers initial forecast optimism is inversely related to firm performance, and is more pronounced for firms with higher levels ownership, and with a history of forecast optimism.

Capital expenditure for the success of the company is valuable and important. Because the state and amount of the expenditure reflects the company's status in the future. Such decisions are often a major financial commitment that related long-term policies and policy of organizations and management decisions about the type and level of earnings management. This study examines the impact of earnings management on firm investment behavior. information quality using earnings management practices are declined. Decisions of enterprise managers based on this information will include important consequences. The period of this study is 2004 to 2012, and the methodology of this study is correlation and multiple regression analysis used panel data method. The findings show that firms with aggressive earnings management increases investment opportunities in future periods. Also, companies with aggressive earnings management practices have higher levels of investment and more using of external financing. The results of this study show, the quality of accounting information for internal decision is important and it is useful for information providers and standard-setting.

In this study we investigate the relationship between earnings volatility and earnings predictability (short and long-term), in addition we investigate information content of earnings volatility. Our framework is based on Dichev and Tang (2009). There is a belief that higher earnings volatility indicates lower earnings predictability. So according to their framework, financial information of the 400 companies listed in the Tehran Stock Exchange (TSE) from 2002 to 2012 were investigated. Although the predictability trend is not to be strict lower, But the results of this section suggest that earning volatility reduces the predictability of earnings. Moreover, the strength of long-term predictability is reduced. Additionally the loss company (Based on the theoretical framework that losses causes earnings volatility.) excluded and the tests were repeated but similar results were obtained. In the second section of the paper the relationship between the market reaction and earnings volatility was examined. Evidence suggests that the market will demand a higher return for companies with high volatility (higher risk).

Manager's tendency to overinvestment is one of the agency costs that due to conflict of Interests between managements and shareholders the firms are encountered with. Whilesuchactivities increase personal interestsof managements, they will reduce the firm value. Increasing the debt is a potential solution for the overinvestment problem. This study investigates the impact of long term debts on overinvestment (with respect to cash and capital expenditures) and also, it examines the impact of growth opportunities on this overinvestment.The statistical society of this research includes companies accepted in Tehran Stock Exchange (TSE) andthe sample consists of 90 firms which are selected based on some constraints for the period of 1379 to 1389. Regression analysis and t-test are utilized to examine the hypothses.The resultsshow that there is a negative and significant relationship between long-term debt changes and overinvestment (in cash and capital expenditure) and the mean of overinvestment in cash and capital expenditure in firm with less growth opportunities, is more.

Cash is one of the most crucial resources in every enterprise and making a balance between available cash and its requirements is the most important criteria for safety economic in every entity. All the companies that have enough cash for their operation and those that hold cash more than their need, have some troubles. So in this study the elements that may have influence on cash holding and the association between persistent excess cash holding on the Tehran stock exchange were examined for achieving this target. Regard to existing constraints. 73 companies for a seven years period (1384-1390) were selected as sample. With respect to the data, fixed effect regression was used. Our result show that there is a positive and significant association between firm size, net working capital, operating cash flows and financing cash flows with cash holding and variables such as leverage, growth option, variability of cash flows, close cash substitutes and level of investment opportunities have no significant relationship with cash holding. Furthermore the results of second part of this research shows that excess cash holing in both form of transitory and persistent have no influence on shareholder value.