فصلنامه دانش حسابداری مالی
پیاپی 3 (زمستان 1393)

This study examines the declining association between earnings، cash flows and returns due to market noise in companies listed in Tehran stock exchange. The receiver samples are the 104 companies listed in Tehran Stock Exchange during the 10-year period (2001-2010). Assumptions of linear regression model with stationary significant level %5 have been tested. The results show that the correlation between current-year returns and current-year earnings R 2 (Rt، Et) is positively associated with correlation between current-year returns and future earnings R 2 (Rt، Et +1) when noise in stock returns is the primary source of temporal reduction in the value relevance of earnings. And correlation between current-year returns and current-year earnings R 2 (Rt، Et) is not positively associated with correlation between last- year returns and current-year earnings R 2 (Rt-1، Et) when noise in earnings is the primary source of temporal reduction in the value relevance of earnings. Also correlation between current-year returns and current-year cash flow R 2 (Rt، Ct) is positively associated with correlation between current-year returns and future cash flow R 2 (Rt، Ct +1) when noise in stock returns is the primary source of temporal reduction in the value relevance of cash flows. And correlation between current-year returns and current-year cash flow R 2 (Rt، Ct) is positively associated with correlation between last- year returns and current-year cash flows R 2 (Rt-1، Ct) when noise in cash flows is the primary source of temporal reduction in the value relevance of cash flows.

This study investigates the effect of financial distress and market share on working capital policy with regard to product market competition. For this purpose، the research regression models are examined based on panel data with fixed effects by using data from 122 companies listed on Tehran Stock Exchange for the period of 2007 to 2013. The results suggest that financial distress has an insignificant relationship with working capital requirement، but market share has a significant negative relationship with it. In other words، the firms with high market share will adopt working capital aggressive policy. Furthermore، other results reveal that product market competition does not have a significant effect on the relationship of financial distress and market share with working capital requirement. In fact، it can be concluded that working capital policy is not affected by product market competition. So، market competition like financial distress is not regarded as an important and effective factor on Iranian firm’s working capital policy.

The recent researches in agency theory focus on imperfect information. In agency theory، the imperfect information means that shareholders cannot see the managers’ all activities، and this leads to information asymmetry. In this condition، the firm’s information risk increases and this leads to distaste of shareholders to shift the financial resources to the firm and increases the firm’s cost of capital، because the shareholders request the higher rate of return in risky situations. The elements of information risk include disclosure quality and accruals quality. In this research، using data for 103 firms listed firms in Tehran Stock Exchange from 2003 to 2013 and apply the Fama-MacBeth (1973) regression approach، the relationship between the elements of information risk and risk premium is investigated. The research results show that the increase in information risk (due to low disclosure and accruals quality) leads to the higher risk premium. Also، the results indicate that accruals quality risk factor has higher impact on risk premium than that of disclosure quality.

This paper examines the Effect of capital structure on firm performance due to product market competition deals. To achieve this goal using new indicators of competition called the Boone indicator، Herfindahl-Hirschman Index، a measure of Lerner and Adjusted Lerner competition، the Effect of capital structure on firm performance is investigated. The research sample consisted of 91 Participate in the period 1383-1390. Statistical method for testing hypotheses in the present study is «panel data». Research findings show that using the Herfindahl- Hirschman index & Boone indicator As the criteria for measuring product market competition،a significant positive relationship between capital structure and Firm performance exist. But Lerner and the Lerner index adjusted by using such a relationship was not observed.

The purpose of this paper is to examine the effect of auditor features (as an external corporate governance mechanism) on the quality of reported earnings of Iranian firms. I used a sample comprised of 212 publicly traded firms listed in Tehran Stock Exchange (TSE) during 1386-91. Auditor features considered are auditor turnover، auditor size، auditor specialist in industry، existence of audit committee and internal control. In contrast to prior literature، auditor features are defined as a multidimensional variable. Further، the present study measures the quality of earnings in seven ways. After controlling for firm size، leverage، operating cash flows، and growth opportunities، empirical tests demonstrate that some of earnings quality measures have significant relationship with auditor features. Therefore، auditor features index is 1) negatively related to the accruals quality، earnings persistence، earnings management and conservatism، 2) positively related to the earnings timeliness، and 3) not related to the earnings predictability and value relevance. Furthermore، the results suggest that disaggregating auditor features index into more components cause to variability in explanatory power of the models.

The users recognize timeliness as an important characteristic of usefulness of accounting information. The timing of an annual report announcement is a disclosure decision that managers must make. In this research، we investigate relationship between a set of Board Characteristics (such as Board Size، Ownership Percent، Board Independence and Duality of Chief) and timing of annual financial reporting. We have used the financial data of 128 firms listed at Tehran Stock Exchange (TSE) that have analyzed for during 2005 to 2011 by using of the Panel Data System and Ordinary Least Square Regressions (OLS) Model. The tests in panel data (Chow and Hausman) represents the restricted pattern used to estimate the regression model. The results of research show that among Board Characteristics، Ownership Percent of Board and Board Independence are positively associated with the annual financial reports earlier. Also، board size and duality of chief are not associated with the annual financial reports timing.

Prior studies have documented the asymmetrical behavior of selling، general and administrative (SG&A) costs (i. e.، SG&A costs increase more when activity rises than they decrease when activity falls)، and have explained this phenomenon with economic factors. In this study، we focus on agency theory and argue that SG&A cost asymmetry is driven not only by economic factors but also by managerial empire-building incentives. Our sample is consists of 100 companies listed in Tehran stock Exchange in the period of time 2002 to 2012. There is a negative association between the strength of corporate governance and the degree of cost asymmetry. Our findings suggest that the empire building problem provides an additional explanation for SG&A cost asymmetry، and that corporate governance reduces cost asymmetry by preventing empire-building managers from over-spending on SG&A costs.