فصلنامه دانش حسابداری
پیاپی 8 (بهار 1391)

The purpose of this study is to investigate the using methods of management discretions in future profitability reporting of companies listed on the Tehran Stock Exchange (TSE). Accordingly, we investigate the type of earnings management in these companies in terms of opportunistic or efficient earnings management. In addition, in this research we investigate the effect of five characteristics including firm size, deviance in operating activities, predict of future profits growth, debts contracts and growth of sales on the type of earnings management in companies listed on the TSE. For this purpose, we develop and test six hypotheses in four different modes by using multiple regressions. The results of testing first hypothesis show that managers of stock companies use of own discretions to communicate private information about firm’s future profitability, and this is in accordance with definition of efficient earnings management. Also, results of the second to sixth hypothesis tests indicate that the in some of four different modes, efficient earnings management has a positive and significant relationship with deviance in firm operating activities.

This research aims to examine the effects of corporate governance on earnings informativeness of the companies listed in Tehran Stock Exchange. The study takes the variables of ownership concentration, management ownership, institutional ownership, corporate ownership, board composition and size of the board to analyze earnings response coefficient. The sample consists of 70 companies in the years 2002 to 2008. The statistical model used for testing the hypothesis is ‘panel data’. The results show that earnings informativeness has a positive and significant relationship with ownership concentration and institutional ownership, while there is no evidence indicative of a meaningful relationship between variables of management ownership, corporate ownership, board composition and size of the board and earnings informativeness.

This study examines the impact of financial flexibility on firm's capital structure for the firms accepted in Tehran Stock Exchange for the period of 1378 to 1386. The financial flexibility is defined by the stages in life cycle including birth, growth and maturity, and data analysis is performed by multiple regression method. The results show that rising firms issue equity and safe debt and maintain moderate leverage ratios. Firms in growing stage use debt financing mechanism and maintain high leverage ratios, and firms in mature stage rely on internal equity and maintain lower leverage ratios. The results of this research are consistent with the trade off theory, but not with the pecking order theory in the field of developing firms.

This study aims to investigate the relationship between intellectual capital and board structure of Pharmacy Firms by fuzzy approach. The intellectual capital is measured by the questionnaire with standard arrangements and 96% reliability coefficient, and the board structure is recognized by companies’ financial statements. The results show that the independent variable of the size of board directors has positive effects by a 0.133 value on intellectual capital, and that the variables of the ratio of outside directors to firm's board of directors and the ownership concentration of firm's board of directors do not have significant effects on intellectual capital.

This research examines the relationship between corporate eco-efficiency and financial performance. A database has been created for environmental and financial information of the selected corporations in which eco-efficiency of the corporations has been determined, using 11 eco-efficiency measures, and firm’s value and asset return have been regarded as financial performance measures. Statistical population of the research consists of the companies listed in Tehran Stock Exchange (TSE), and sampling has been done using systematic deletion method. Data analysis has been carried out, using correlation and regression tests. The results of hypotheses tests indicate that there is no significant relationship between eco-efficiency and financial performance measures.

The purpose of this study is to examine the relationship between informativeness of earnings as proxy for earning-return relationship and levels of transparency of financial information in Iran. We select 184 firms listed in Tehran Stock Exchange (TSE) for the years 1386 and 1387. Then, the sample firms were divided into firms with low and firms with high financial information transparency. The study uses Multiple Liner Regression Models to test the relationship between financial information transparency and the informativeness of earnings. The results show that there are significant reductions on earnings response coefficient for the firms with higher financial information transparency. The results verify that in more transparent firms the relevant information earnings could be reflected in advance in stock prices. Therefore, earnings informativeness in such firms is lower than the others.

This study examines two conflicting hypotheses. First, based on Myers and Majluf (1984), cash holdings in combination with a higher level of information asymmetry have a positive influence on firm value because the adverse selection costs arising from external finance can be avoided. Second, Jensen's free cash flow theory coupled with a higher level of information asymmetry leads to extreme moral hazard. Instead of paying out the free cash flow to shareholders, managers tend to waste these funds on inefficient investments or on their own pet projects. This study examines the relationship between cash holdings and firm value under information asymmetry assumption. The sample data consists of financial reports of the companies listed in Tehran Stock Exchange (TSE). The data is selected from 105 companies from 1382-1387, using panel data and Least Squares method for coefficients estimation and hypotheses testing. The results show that there is a significant and negative relationship between cash holdings and firm value, holding information asymmetry assumption. The results indicate that agency costs based on the theory of free cash flow outweigh the benefits of financial slack in mitigating adverse selection costs when raising external funds.

This study aims to examine the financial criteria taken in decision making by investors in Tehran Stock Exchange. The research literature and market analysts and experts suggest 15 effective factors for investors’ decision making. The required data were collected from a sample of 204 investors selected by random sampling procedure, using questionnaire for the proposed data. The proposed factors were classified into groups of financial criteria and, at the same time, they were examined case by case to explore their importance from the investor's viewpoints. In each group, based on the type of data, appropriate statistical tests including T-test, Kruskal-Wallis, Chi Square, Fischer precise, Wilcoxson, and Friedman tests were conducted. The results from hypotheses testing indicate that financial criteria are important for investors in the market. The results from case by case examination of each of the 15 factors in the question show that factors such as speed of liquidity, price trends, and market conditions have been more significant than well-known factors such as earning per share and the price-earnings ratio.