مجله پیشرفت های حسابداری
سال سوم شماره 2 (پیاپی 61، پاییز و زمستان 1390)

IntroductionThere are two types of earnings management: efficient and opportunistic. Earnings management is efficient if managers use their discretion to communicate private information about firm profitability, while it is opportunistic if managers use their discretion to maximize their utility, thereby garbling earnings.Firm Size:Managers of small companies are able to retain their private information more successfully than managers of large companies. As firm grows in size, the information on that firm becomes more publicly available which makes more difficult for large firms to manage earnings opportunistically than for small firms.

One of the challenging issues today is economic development. With regard to this subject, the measure of investment is very important; so that, decisions about investment and capital allocation are some of the key and essential decisions in the company. Hence, an entity for investing in various projects, should considers limits or measure of investment according to limited resources. In an inefficient market, information asymmetry and agency conflicts prevent optimal investment and desirable decisions. Overinvestment is an example of a non-optimal investment the main reason for it being the free cash flow of company. Hence, the main object of this research is related to overinvestment of free cash flow of companies. In order to solve or reduce this problem and according to the significant role of the quality of accounting information to reduce information asymmetry, in this study, the role of accounting information quality to reduce overinvestment was studied.

IntroductionThis study investigated the relationship between earnings volatility and earnings predictability. The motivation for this topic comes from several sources. First, a number of applications require the prediction of earnings while our knowledge in this area remains limited, especially for long-run forecasts of earnings. Second, recent survey evidence reveals widely held managerial beliefs that earnings volatility reduces earnings predictability. Thus, this study can be viewed as a test of the validity and utility of these beliefs. Third, existing findings offer some conjectures about the possible mechanisms which drive the relation between earnings volatility and earnings predictability. Economic factor is including economic environment that contains all of the individuals and institutions and other forces whose functions are affected. The accounting factors effecting on the above mentioned relationship are: matching quality, accrual quality, earnings smoothing.MethodsThe sample includes 165 companies in Tehran Stock Exchange (TSE) with data available from 1374-1378. In order to obtain the required data yearly and seasonally financial reports from Stock Exchange database and tadbirpardaz software were employed.

IntroductionStock Exchange has an important role in the development of each country through directing the investment of personal saving to productive activities. The investor's main goal is getting a reasonable return of their investments. Thus, the investigation into the behavior of stock returns is an important subject in which area researchers conducted a valuable amount of research. According to Capital Asset Pricing Model (CAPM), systematic risk (beta coefficient) is the only factor that can explain stock returns. However, experimental evidences are documented that show beta as the index of systematic risk cannot explain all aspects of stock return. Experimental evidence shows that in addition to beta some other factors such as firm's size and book value to Market value ratio of equity play a vital role in explaining the stock return. Consequently, financial theory has started a new era and a new theory is born called “Behavioral Finance Theory”. Behavioral finance theory tries to explain those aspects of stock return behavior which are not explainable by CAPM, by applying psychology and studying the investor's behavior. In this research, based on behavioral finance theory “the relationship between stock return and Net Operating Assets” as an influential factor in explaining of stock return behavior, is investigated.

The main purpose of this study is to investigate the relationship between accounting conservatism and investment efficiency, to inform managers, investors and professional accounting bodies about the good quality of accounting conservatism as a qualitative characteristic of accounting information. Conservatism is expected (1) to improve the monitoring process over managerial investment decisions, decreasing investment in settings where managers are likely to over-invest, and (2) to facilitate the access to external financing at lower cost, increasing investment in settings where managers are likely to under-invest. This study highlights the informational benefits of conservatism, which is predicted to reduce information asymmetries. We find that more conservative firms are less likely to over- and under-invest.

To overcome the competition, a company not only focuses on physical capital, but also focuses on intellectual capital. A company can achieve a competitive advantage and earn profit by owing intellectual capital. Intellectual Capital (IC) performance is the efficiency of investments in tangible and intangible resources in value creation activities. The performance of intellectual capital (IC) is important because it would contribute to the company’s long term competitive advantage.Our review of literature suggests that this is the first study that investigates the relationship between Institutional Stock Ownership and IC performance. This study contributes to the literature by giving additional insights into the role and incentives of the firm owners that could affect the attention of the company towards activities that can increase company’s value (value creation activities).

The purpose of this research is to explore the contribution of intellectual capital and its components to the financial performance of the listed companies in the Tehran Stock Exchange. Research Hypothesis: In this study the following hypotheses are formulated based upon the components of the intellectual capital:A.The relationship between intellectual capital and return on equity:1. There is a significant relationship between intellectual capital and return on equity.2. There is a significant relationship between the components of the intellectual capital and return on equity.B.The relationship between intellectual capital and return on assets:3.There is a significant relationship between the intellectual capital and return on assets.4.There is a significant relationship between the components of the intellectual capital and return on assets.C.The relationship between intellectual capital and earnings per share:5.There is a significant relationship between the intellectual capital and earnings per share.6.There is a significant relationship between the components of the intellectual capital and earnings per share.