مجله بررسی های حسابداری
پیاپی 19 (تابستان 1397)

The purpose of this study is to investigate the relationship between investment opportunity of companies and audit report lag in companies accepted in Tehran Stock Exchange. In order to measure the investment opportunity, the method of ranking the companies is used which is based on three criteria of the ratio of market value to book value of assets, the ratio of market value to book value of equity and Gross property, plant and equipment ratio. The statistical population of this study included 77 active companies in Tehran Stock Exchange, which was studied during the period 2003-2016. The research hypotheses were tested using regression analysis of data panel. The results of the research show that companies with more investment opportunity than other companies have shorter audit report lag. Moreover, based on the sensitivity analysis, the results confirm a negative and significant relationship between the abnormal investment opportunity of the companies and the abnormal audit report lag.

Accounting earnings include cash and accrual components. Accrual components can be classified as discretionary accruals and non-discretionary accruals. In dominant literature of earnings management, discretionary accruals have been identified as opportunistic items; a feature that weakens earnings informativeness. However, managers can also use discretionary accruals to signal unaccessible private information to outsiders to allow them to have a better assessment of firm’s future economic value. Since the reliability of financial statements, including earnings, heavily depends on the quality of audit work, understanding how the capital market focuses on the audit quality during valuation of accounting earnings and its components, is very important. For this purpose, panel data of 125 firms listed in Tehran Stock Exchange (TSE) for the period of 2011 to 2015, have been used to investigate the impact of audit quality on valuation of earnings and its components by capital market in Iran. The results showed that accounting earnings have a positive and significant impact on stock returns. The findings also showed that audit quality mitigates the positive relationship between accounting earnings and stock returns; and audit quality does not affect the relationship of total accruals, discretionary and non-discretionary accruals, and operating cash flows with stock returns.

The main propose of this research is the analyses of effect of Ownership concentration and firm size on the relationship between conditional conservatism and audit fees. In this study, the effect of conditional conservatism based on three models of a) Basu (1997) Profit and returns standard regression, b) the accruals–cash flows–based model, and c) the earnings persistence model for the 109 companies listed on the tehran Stock Exchange, between the years 2010-2017, which were selected by random removal method, Has been investigated. The results based on fixed effects model and multiple regression method show that the Conditional conservatism (only based on the Basu (1997) standard regression and earnings persistence), in large companies are significant effect on audit fees and in small companies do not have significant effect on audit fees. And the interaction between ownership concentration and conditional conservatism index only based on earnings persistence and Profit and returns models are significant effect (Positive and Negative Respectively) on audit fees.

Investors and creditors and other users of financial statements are to achieve their goals for their earnings forecasts. Hence to understand this problem, which is a component of profit on the earnings forecasts is more effective and Persistence. In this study, the persistence of the components of earning perspective economic fundamentals, including systematic earnings and unsystematic earnings and comparison with the basics of accounting, including cash earning  and accrual earning during the period of 8 years between 1388 to 1395 companies listed on Tehran Stock Exchange (classified in 13 industries and include 1000 year-Company) has been paid. By examining the data and analyzing the regression model of the research, the results shows that first hypothesis based on economic foundations of, systematic earning of unsystematic earning is persistences. Also the results of the second hypothesis shows that the basis of accounting fundamentals, cash Component of earning of accrual component of earning is persistences. The results of additional tests based on annual regression indicate that components earning in economic fundamentals more Persistence of components earning in accounting fundamentals. In other words, profits arising from general economic factors (systematic earning) have most persistence and accrual parts of earning have lowest persistence earning. Also Mining metal industry, ceramic tile, chemicals and non-metallic minerals have the highest coefficient sensitivity to general economic factors.

The present study examines the effect of conditional and unconditional conservatism on the auditor's opinion in the companies listed in Tehran Stock Exchange. For this purpose, 87 companies were surveyed during the period from 2009 to 2014. In this research, the conditional conservatism was assessed by two Khan and Watts and Ahmad and Dolman criteria and Givoly and Hayn and Ahmad and Dolman criteria were used to measure the unconditional conservatism. The results of the study of the relationship between conditional conservatism and the auditor's opinion show that there is no significant relationship between conditional conservatism and modifying the auditor's opinion. On the other hand, based on the results of the study on the relationship between non-conditional conservatism,following Ahmad and Dolman's model and the auditor's opinion, it can be said that there is a significant negative relationship between unconditional conservatism and the auditor's opinion; in other words, by increasing unconditional conservatism, the possibility of offering modified opinion decreases.

The purpose of this paper is to examine the explanatory power of Hou et al. four-factor model and Fama and French’s five-factor model to predict the expected stock return in listed companies in Tehran Stock Exchange. For this purpose, a sample consisting of 147 firms during the period of 2006 to 2015 has been selected. To analyze the data, descriptive and inferential statistics were incorporated and to test the research hypotheses, multiple regression approach with the pooled data approach through the software’s Eviews and Stata has been used. The findings indicate that the adjusted coefficient of determination, which shows the explanatory power of their two models together, is equal. The mean squared error and mean absolute error of both models also are not significantly different. Thus, the results demonstrated that in the course of the study, the explanatory power of the French’s five-factor model with Hou et al. four-factor model, in anticipation of expected returns is not significantly different from each other.  Therefore, investors can use both models to predict expected returns to form their investment portfolio.