فصلنامه مطالعات تجربی حسابداری مالی
پیاپی 47 (پاییز 1394)

The purpose of this research is to understand the factors that affect the pricing of audit services and measurement of competition in audit services market through examination of audit fee stickiness. The study helps to explain why the audit fee model does not fully explain the level of audit fees. For this purpose, a sample of 61 companies listed in TSE from 2009 to 2014 is selected. Hypotheses have been examined using panel data and cross-sectional data regression. Research evidence shows that audit fees are sticky. That is, audit fees do not immediately or fully adjust to changes in their determinants. Furthermore, audit fees also respond to changes leading to an increase more quickly than they respond to changes leading to a decrease. This means that audit clients respond less to the increase in the amount of audit fee. These results indicate that Audit services market in Iran is Non-competitive and is not determined on the basis of all available information.

The purpose of this research is the empirical test of idiosyncratic risk pricing in Tehran Stock Exchange during 1378 to 1389. The research is considered as “Ex-post facto” that has been done using “portfolio study approach” and is based on observational data. The statistical sample composed of 11880 firms/season observations from 270 listed companies in Tehran Stock Exchange. Results show that investors expect to compensate (obtain risk premium) for bearing idiosyncratic risk. The performance of momentum portfolios based on idiosyncratic risk always is positive and statistically significant. Furthermore, the robustness tests confirm that this positive performance is not influenced by weak trading effects, change in idiosyncratic volatility estimation method and weighting scheme of return computation.

Behavioural finance approach gives us the possibility that in addition to the traditional concept of finance, human behaviour and psychological factors also result in variances in stock prices. In fact, this paper uses behavioural approach to transparency and understanding the impact of accidental and non-rational factors such as emotions on decision making process, to help decision makers. The research tries to answer these questions: Do mutual funds active in the Tehran Stock Exchange act according to herding behaviour? If they do, what kind of stocks (growth or value) and what kind of companies stock (in term of size, large or small) are the target of these acts? The hypotheses are as follows:− Mutual fund joint venture between herding behaviour exists in the Tehran Stock Exchange.
− Herding behaviour of mutual fund is more common on smaller companies.
− Herding behaviour of mutual fund shares on further growth.
− Herding behaviour of mutual fund when purchasing less than sales growth is in stock.
Herding behaviour of mutual fund when purchasing more than sales degrade is in stock

The present study examines the relationship between net operating assets and conservatism. To this end, the data of about 130 firms listed in Tehran Stock Exchange (TSE) from 1386 to 1390 has been collected and statistically analyzed with multiple variable regression models based on combination data. This research uses Givoly and Hayn model to define operating assets and measure conservatism. In this study net operating assets is considered to be the subcategory of net working capital and net non-current operating assets. It was hypothesized that there is the significance relationship between net working capital assets and conservatism and also between net non-current operating assets and conservatism. Findings indicate that there are no significant relationship between net working capital assets and conservatism and also between net non-current operating assets and conservatism. The results also suggest that considering conservatism, there is a significant and negative relationship between leverage, growth and return on assets.

This study examines the factors affecting the quality of corporate governance in listed companies in Tehran Stock Exchange. In order to achieve this goal a comprehensive index of 18 factors related to corporate governance, which are compatible with Iran's reporting environment as a measure of the quality of corporate governance, was prepared. By using a sample consists of 101 firms listed in Tehran stock exchange in the period of 1388 to 1392 and by taking advantage of multivariate regression techniques based on the pattern of the data grew, results showed that firm size, leverage and profitability have a significant positive effect on the quality of corporate governance. But firm's investment opportunities and quality of auditing don’t have a significant effect on the quality of corporate governance. Findings While filling the research gap in this area, Can be helpful for investors, securities and stock exchange organization, and other users of accounting information, In decision-making.

Because of specific characteristics of companies in specific industries such as construction industry, whose operation cycles are usually more than one fiscal year, there are different methods and policies for revenue recognition. Errors in accounting estimates in specific industries reduce the usefulness of accounting information. It makes reported profit in the financial statements vary from actual earnings and consequently causes volatility in companies’ stock prices. In this research we examine Specific Factors Affecting Earnings Quality and Stock Prices in Construction Industry. In this regard, a sample of 126 manufacturing companies and 11 Construction companies listed in Tehran stock exchange over the period of 2007- 2012 have been selected. In this study two main hypotheses and two subhypothesis to intensification the reliability were developed. The first main hypothesis results show Earnings response coefficients in Construction companies are weaker than manufacturing companies. The result of the second main hypothesis shows there was no significant difference between stock prices after general assembly and stock prices before general assembly because of dividends or other factors. The first sub-hypothesis results shows operating cash flow can bepredicted by operating profit in Construction Companies, but the adjusted coefficient determination indicate the relationship is too weak. The second subhypothesis results indicate nonlinear relation between stock prices and earnings per share. The main result of this research shows that in pricing of Construction Companies in capital markets, dividend factor is much weaker than other companies’ share pricing, and so other factors like net current asset value, replacement cost and etc play significant role in pricing.

One of the consequences of political economy is the government's influence oneconomic units. Companies that have a good relationship with government; pay less tax, have a greater market share, receive additional bank loans, In comparison with the other companies use the government concessions and in the process of public offering, Government help them. Thus political patronage may lead to creation of additional value and growth opportunities for these companies. In our country, the government has a widespread presence in economic activities and its influence on the financial and operating policies of most industries in Tehran Stock Exchange is regulated. Therefore, in this research we investigation the relationship of political costs with growth opportunities using structural equation modeling approach. The research population consisted of 68 companies for the period of 2003 to 2012. Our finding indicates that the relationship between political costs and growth opportunities is positive and significant.