فصلنامه بورس اوراق بهادار
پیاپی 36 (زمستان 1395)

In this paper, the ability of a number of main explanatory factors of the idiosyncratic risk utilized in the recent literature, including size, book-to-market, turnover, market leverage, earnings per share and institutional ownership in Tehran Stock Exchange during the period 2009–2016 have been investigated. So, to analyse the relationship between characteristics and idiosyncratic risk in a cross-section of securities Fama-MacBeth regression (1973) and for individual securities, Time-Series regression were used. The results of cross-sectional analysis, it is suggested that only firm size and share turnover are useful in investment analysis as indicators of the relative idiosyncratic risk across all securities. On the other hand, in the analysis of the individual securities, the results show that the proportion of securities with a significant relationship between a given characteristic and idiosyncratic risk, is very small. Therefore, a great number of considered characteristics are poor predictors of the future idiosyncratic risk changes in a given security.

The purpose of this paper is to investigate the effect of cost of good sold (CGS) and selling, general & administrative (SGA) expenses changes on artificial earnings management. We use 88 listed firms from 12 industries on Tehran Stock Exchange from 2005 to 2014. We provide the theoretical foundations and collect data by Archival research method. To analyse the research data, we apply a multivariable regression model. The results show there is a negative and significant relation between cost of good sold changes and artificial earnings management (accruals- based-earnings management). In the other words, the evidence in this study explains whenever because of rising inflation, the cost of good sold increases then it is not possible to maximize earnings by artificial earnings management (accruals-based earnings management). In addition, based on the research results, selling, general & administrative expenses changes are associated positively and significantly with the artificial earnings management. It means that firm’s managers can maximize earnings by artificial earnings management when selling, general & administrative expenses increase.

The right to vote is one of the most important issues in company law. It is the mechanism of voting through which many decisions on company’s daily affairs or on many issues in respect of which there is no provision in the constitution of the company are made. Therefore, the right to vote has been long considered as a mechanism for governing and conducting a company by its owners. For its importance in the life of the company, the right of vote has come to be noticed by the creditors of debtor companies and, as a result, has found a new function. Consequently, the question whether or not giving the right of vote to the creditors of debtor companies can be justified has been raised in the context of the company law. Since some jurisdictions have recognized such a right for the creditors, this article seeks to discuss possibility or non-possibility of giving such a right in Iranian legal system from the viewpoints of general principles of obligations and efficiency. For this purpose, the article shall, after a legal and economic analysis of the right to vote and investigating the necessity or non-necessity between the right to vote and shareholdering, raise some legal challenges confronted by such recognition in Iranian positive law and finally shall conclude.

The purpose of this paper is examining the relation between some of the financial and accounting determinants with dividend payout ratio of the listed companies on Tehran Stock Exchange in different life cycle stages. Hence, firstly we examined the relation between leverage, liquidity, profitability, size and intangible assets with dividend payout ratio. Then, the effects of life cycle stages on those relations were investigated.
We investigate 144 listed companies on Tehran Stock Exchange (TSE) for 1382 to 1394 period. The results show that there is a negative and strong relation between leverage and intangible assets with dividend. Also there is positive and strong relation between profitability, liquidity and size with dividend. In addition, there is a more negative relation between leverage with dividend for companies which are in introduction or growth stages. Also, there is a more positive relation between profitability and size with dividend for companies which are in mature or decline stages. In addition, life cycle stages have no strong effect on the relation between liquidity and intangible assets with dividend.

This study is an attempt to develop the scientific literature on factors influencing real investors’ decision making and offer a strategy to clarify their decisions in the Stock Exchange it, since understanding of real investors’ decision-making criteria which are accounted for amounting to fifty percent of the Stock Exchange’s trading volume and ninety percent of number of trades respectively. This can draw a framework for future modeling and define the Stock Exchange atmosphere more. In this research, after study of the subject literature and theoretical background, the theoretical saturation has been reached as well. Through applying Delphi research method, the whole comments and ideas of experts collected and leads to required convenient questionnaire.
This questionnaire has been distributed and collected among the four hundred people and the received data has been analyzed by using confirmatory factor analysis (CFA) and based on its results about dimensions, components and indexes, finally the model of Stock Exchange real investors’ decision making has been issued.

his paper makes three important assumptions in the course of implementation of the securities regulation and tries to explore the extent of their existence and ways of promoting them as follows: (1)At the national level the enforcement of securities regulation is not possible unless there are sound and practical accounting rules and procedures. (2)The accounting regulation, like any other form of regulation is required to rectify the failure of the accounting profession in producing the right level of information required under securities regulation. (3)The true internationalization of the securities markets or regulation of international securities markets could not be achieved unless there could be uniform accounting standards. This paper attempts to examine the possibility of international accounting standards for the sake of facilitating the emergence of truly international securities markets and the enhancement of the enforcement of national regulatory standards to the international markets.