فصلنامه تحقیقات حسابداری و حسابرسی
پیاپی 39 (پاییز 1397)

paper is concerned with examining the relationship between cash holdings and firm value with an emphasis on the moderating role of managerial ownership. The research hypotheses were analyzed based on a sample of 76 firms listed in Tehran stock exchange during the years 1389-1393 and using multivariate regression model based on the panel data techniques. The results reveal that there is a significant and negative relationship between firm value and cash holdings while a significant and positive relationship was observed between firm value and managerial ownership. In addition, the results showed that managerial ownership has no effect on the relationship between cash holdings and firm value

purpose of this research is to study the mediate effect of voluntary disclosure and earnings quality on the relation between corporate governance and information asymmetry of the companies listed on Tehran Stock Exchange (TSE). Research statistical population consists of 124 companies listed on the TSE during 2007 to 2013. Collected data was analyzed via SPSS-19 and also AMOS-20 and data was evaluated using path analysis. The results suggest that there is a negative significant relationship between board size and information asymmetry. In addition, there is a positive significant relationship between board size, earnings quality and voluntary disclosure. The results showed that there is no significant relationship between board independence, information asymmetry, earnings quality and voluntary disclosure. Also, there is a negative significant relationship between information asymmetry and voluntary disclosure. But, there is no significant relationship between earnings quality and information asymmetry. Also, a linear combination of board size and voluntary disclosure could predict information asymmetry. The results also indicated that voluntary disclosure mediated the relationship between board size and information asymmetry

Industry beta has great role and applications in corporate finance such as equity cost, assets pricing, services pricing, portfolio management and risk management procedures. Here we propose jump-continuous pricing model as an efficient factor model for abovementioned applications, then scrutinizing industry jump beta and industry continuous beta according the model. Consequently, supremacy of jump beta on continuous beta in all studied industries is resulted. Moreover, descriptive and statistical recognition about the stance of industries jump and continuous beta achieved. Subsequently, effect of company characteristics on industry betas studied using panel data regressions, and then their effect on jump beta supremacy studied by probit regression. Company characteristics influence on betas aggressiveness and finally their effect on beta’s deviation from industries beta were investigated. Along with some general results about most of industries, like firm’s size effect on both betas aggressiveness and its effect on deviation from industry continuous beta, we gather some results about some industries, which should be interpreted by based on the industries circumstances

Nowadays it is proved that organizations’ success would be achieved through respect to the ethical value, people, society, and environment. On the other hand, narcissism which is considered as a personality structure could affect the managers’ judgement and decision making of various probability. According to the recent studies, narcissism plays a vital role on doing the corporate social responsibilities activities among the managers. In this regard, the main goal of this research is to empirical study of the moderating role of managers’ narcissism on the relationship between social responsibilities and financial performance of 54 listed companies of Tehran Stock Exchange during 2004 to 2015. Thus, by using structural equation modeling (path analysis) as statistical analysis, results showed that there is a there is a significant and positive relationship between managers’ narcissism, social responsibilities and financial performance. Moreover, the results suggested a significant and positive relationship between social responsibilities and financial performance. Besides, the moderating role of managers’ narcissism in explaining the relationship between social responsibilities and financial performance was confirmed

of the examined indices in reporting the World Bank Business is the investor protection index. With regard to the fact that controllers' misuses in the public share companies has always been one of the discussed subjects in corporate governance and one of particular concerns of small investors, ه t is necessary to protect the small shareholders against managers and controlling shareholders' misuses. After notifying the general policies of resistance economy by Iran's Supreme Leader and focusing on issues such as democratizing economy, reforming and strengthening the overall financial system, and the transparency of economic activities, it seems necessary to pay more attention to supporting and protecting the rights of small shareholders. This paper examines how and why to protect the rights of small shareholders, greater recognition of the resistance economy and the role of the capital market in the implementation of the resistance economy policies, and improving the business condition. Using grounded theory, the Supreme Leader's remarks on the resistance were researched and the research model on the issue of "development and empowerment of the capital markets in order to fulfill the objectives of the resistance economy" was extracted. Since each segment of the model is somehow associated with the rights of the small shareholders and one of the consequences of capital market development, according to this model, is the presence of the public, private sectors, and cooperatives in the country's economy, suggestions and strategies are presented for the development of some mechanisms and instruments in corporate governance in order to support and protect the rights of small shareholders to improve the business condition, to create confidence for investors and to reach the objectives of the resistance economy

study aims to contribute to the literature of dividend and empirical research investigating the effects of dynamic factors on dividend policy in Tehran Stock Exchange. Based on some criteria, the study contains 133 non-financial listed firms over 10-year period from 2001 to 2010. To test the research hypotheses, this study uses Fixed Effect model as a static and Generalized Method of Moments as a dynamic regression models. The results show that the most important determinants of dividend are market risk with a negative association, followed by market to book value and then firm size with positive associations respectively. The variable of the government ownership has a negative coefficient and statistically insignificant. It means that affiliated firms to the governments generally tend to pay less dividend but not significantly. Therefore, the determinants of dividend decisions are not significantly different between the two groups of firms

research suggests that the Industry specialization auditors increase audit quality. Also, expected auditors through their information intermediary and corporate governance roles, decrease crash risk by decreasing agency costs, aligning interests of managers and investors, decreasing malfeasance by managers, improving operations, quality financial reporting. So, the aim of this study is to investigate the effect of Industry specialization on auditor connection with accounting opacity and stock price crashes of listed companies in Tehran Stock Exchange. For this purpose three hypotheses are developed and data on the 99 companies in Tehran Stock Exchange for the period of 1384 to 1393 were analyzed. This regression model using panel data with fixed effects approach, reviews and tests. The results showed that the concentration Accounting opacity has significant positive impact and Industry specialization on auditor has a significant negative impact stock price crashes .also Industry specialization on auditor has significant negative impact the relationship between Accounting opacity and stock price crashes

When investors apply the accounting earnings (and its components) to stock exchange and earn the abnormal returns, it is said that the pricing of stocks is irrational. On the other hand, in this condition it is said that the stock market is not efficient relative to earnings and its components' information. This paper investigates the rational pricing of stocks in firms listed in Tehran Stock exchange using earnings and its cash and accruals components from 2002 to 2012. To this end, the non-linear regression analysis using simultaneously equations system and Mishkin (1983) test, are applied. Overall, the results of data analysis show that the pricing of stocks using accounting earnings and its components is irrational. In other words, the Tehran capital market is not efficient relative to earnings and its components and do not reflect the mentioned information in stock prices

The aim of the present study, Investigate real earnings manipulation by management activities in firms listed in the Tehran Stock Exchange And its impact on investors perception of the sustainability of earnings components. For the analysis of research data of the method Regression analysis with panel data and also simultaneous equations by Mishkin test (1983) has been used in the Eviews software. The statistical population is consist of firms listed in the Tehran Stock Exchange. The duration of the research is five years since 1388 to 1392. The results of the study indicate that companies suspected of manipulating earnings from management Discretionary expenses and also manage production costs used as a strategy to manipulate the results of their financial statements. But their use of operating cash management as a strategy to manipulate their financial statements were not confirmed. The results also showed that the real management activities to manipulate earnings at all three levels, will causing incorrect understanding investors of earnings sustainability components

purpose of this study is to identify effective factors and explain the corporate social responsibility reporting model and the impact of corporate social responsibility on the earnings quality. In order to achieve this goal, using various dimensions of social responsibility based on Carroll's theory were considered indicators for the economic, legal, ethical, environmental and social dimensions. By using a confirmatory factor analysis method, suitable indicators for each of these dimensions were selected. A sample of 87 companies during the period of 2005 to 2014 based on the data envelopment analysis method, the rate of corporate social responsibility was calculated. Then, in order to study the effect of corporate social responsibility on earnings quality by employing panel data and multivariate linear regression, the results show that corporate social responsibility plays a significant and positive relationship with the earnings quality

Earnings smoothing is management attempt to reduce the volatility of earnings deliberatly. Smoothing by accounting option improved or distorted information about the real earning. otherwise, the recent literature shows that companies with social responsibility work differently than any other company in smoothing and financial reporting. the purpose of this study is investigating the effect of earning smoothing and company's social responsibility on the Tobin's Q as the proxy of firm value. In this study, the two indicators used for smoothing: total accruals smoothing (TAS) and discretionary accruals smoothing (DAS).By a careful study of literature, two hypotheses is defined and a sample of 120 companies, including the companies listed in Tehran Stock Exchange for a period of 4 years from 2010 to 2014 have been selected. In this study, pooling data techniques have been used to estimate models and hypothesis testing; and using t-test and F for checking significant of model and coefficients.The results of the study indicated that there is a significant relationship between earnings smoothing and social responsibility with Tobin's Q in smoothers companies listed on the Stock Exchange with high social responsibility. Earnings smoothing firms with a higher CSR score are more value than nonsmoothers with a lower CSR score