نشریه چشم انداز مدیریت مالی
پیاپی 15 (پاییز 1395)

Todays, the issue of earnings management, has attracted the attention of many researchers in such a way that the researchers follow more their reasons and motivations in earnings management. One of the factors on Earnings management, more confidence in management. Overconfidence is an important feature of managers who are optimism about future earnings and cash flows and have a positive view of potential risk and return. Hence, we are going to investigate the effect of manager's overconfidence on earnings management. To do so, the financial data between the years 2010 to 2015 of listed companies in Tehran stock exchange was sampled with systematic deletion analysis in which 107 companies were sampled. To analyze the research hypotheses, multiple regression with the use of panel data was appliedThe results. The results showed that the more trust management andReal earnings management standards. There is a significant positive relationship...

Behavioral finance is a new branch of finance that has been added valuable points of view on financial subjects, including the impact of special days on the financial market indexes. Hence, examining the effects of the religious months in Iran - the months of Ramadan and Muharram - is particularly important and has considerable results. In this paper examined the effects of the months of Ramadan and Muharram on the return and the return volatility of investment industry on the Tehran Stock Exchange. For this purpose, GARCH models and data in the period of 08/22/2009 till 08/21/2015 was used. The achieving results indicate that if the time trend effect doesn’t take into account, the investment industry volatility decreases in the months of Ramadan and Muharram. But by taking into account the time trend, the return and the return volatility of investment industry increases with the start of the month of Ramadan and the effect gradually decreases during the Month.

The main purpose of this paper is investigating the effect of corporate governance mechanism such as stock institutional ownership, ownership concentration, free flow stock, and non-executive directors on capital structure adjustment speed in TSE. In this way, we use data for 114 firms listed on TSE during 2006-2014 and Partial Adjustment models and generalized method of moments for testing hypothesizes. Our findings show that there is a significant indirect relationship between free float stock and non-executive directors with capital structure adjustment speed. But the direct relationship between ownership concentration and stock institutional ownership wasnt significant. The results suggest that adjustment speed for Iranian firms was 57% that's relatively high speed.

One of the risk factors of financial assets is liquidity. Identifying factors affecting liquidity helps us to predict stock liquidity and to control the risk of investing. The purpose of this research is to identify these factors in Tehran Stock Exchange. We use the data of 48 companies between 1388 and 1392. After estimating the coefficients of these factors in regression for each stock, we check that whether the cross section average of coefficients are statistically significant or not. The results show that the liquidity follows a weekly and a monthly cycle. Stock return, market return, stock return volatility, market return volatility and trading volume are among the factors which affect stock liquidity. In addition, the reaction of liquidity changes to positive or negative stock return is asymmetric, and the effect of negative stock return is more influential. Our results also show that large negative stock shocks and market shocks influence liquidity changes more in comparison to positive shocks.

Today, experts consider corporate governance as the best mechanism to improve relations between shareholders and management. Hence, its improvement can affect the situation of liquidity and the performance of companies that is related to the shareholders and management performance. On the other hand, improve liquidity and corporate performance can be considered an incentive to increase the absorption and the attention of shareholders and management and accelerates the process of improving liquidity and performance through stimulating corporate governance again. Hence, these variables should be studied in the same cycle. The aim of this study is to investigate the Interrelationships between corporate governance, liquidity and performance of companies listed on the Tehran Stock Exchange. Therefore, corporate governance is measured based on Brown and Kaylor's (2006) rating procedure adjusted according to the draft corporate governance Tehran Stock Exchange (1386), with 7 mechanisms including CEO duality, board independence, board size directors, institutional ownership, size of auditing firm, auditor tenure and the tenure of the Director; Liquidity is measured using Stock turnover rate and performance has been measured with an emphasis on growth opportunities (Q Tobin). Sample is selected from the Tehran Stock Exchange using knockout sampling procedure in the time domain 1388 to 1392. Models in a system of simultaneous equations is discussed according to the theoretical foundations of corporate governance, liquidity and performance. The results of regression models in the form of simultaneous equations show that the impact of some mechanisms of corporate governance on corporate performance is negative and significant regardless of liquidity mediator. There is a two-way relationship between performance and liquidity regardless of Corporate Governance mediator and with regard to it, the effect of liquidity on performance is only significant. Finally, there is no significant relationship between corporate governance and liquidity.

This research tries to assess the effect of auditing and the quality of mid-term audit on the improvement of information quality and the stock turnover of the listed companies on stock exchange. A study conducted between 1388 to 1393 SH (2009-2014 AD) on a sample group of some listed companies revealed that there was no significant relationship between auditing or quality of the audit and the improvement of mid-term information quality; However conciseness of the mid-term audit could have attributed this result. Other findings of the research show that whether the published information about companies is audited or not can lead to reactions from shareholders and also affect the stock turnover ratio of the company. Results on the effect of audit quality on stock turnover ratio, shows no significant relationship between the audit quality criterions and stock turnover ratio after the issuance of the financial statements. Actually results indicate that “the fact that companies’ midterm financial statements have been audited is of a higher interest to the shareholders than the quality of the audit” and they have had more reactions towards the audit itself than its quality. Altogether these results show that even though there is a significant relationship between the audit and stock turnover ratio, the same cannot be said about quality of the audit and the turnover ratio.

This study examines the impact of information asymmetry on abnormal changes in cash of companies listed in Tehran Stock Exchange. This research has performed on 111 companies over the period 1388 to 1392. Research findings show that over the course of the study, information asymmetry significantly positive effect on abnormal changes in cash and cash positive abnormal changes. The results suggest that information asymmetry no significant effect on negative abnormal changes in cash.