مجله راهبرد مدیریت مالی
سال دوم شماره 4 (پیاپی 7، زمستان 1393)

Under neo-classical theory، firms invest until the marginal benefit equals the marginal cost of this investment in order to maximize their values. However، in the Keynesian framework، where expected investment will be determined by the preference for growth or for financial security، and in the agency framework، which considers information asymmetry problems، firms may deviate from their optimal investment levels and hence suffer from underinvestment or overinvestment. This study examines the role of financial reporting quality and debt maturity in investment efficiency. The sample of this study، includes 110 companies listed on the Tehran Stock Exchange during the period 2007-2011 and for processing and testing hypotheses، pooled regression and Estimated Generalized Least Squares (EGLS) methodology are used. The results show that financial reporting quality and lower debt maturity improve investment efficiency. Also، firms with higher (lower) use of short-term debt، exhibit lower (higher) financial reporting quality impact on their investment efficiency.

In this research، the total equities in Tehran Stock Exchange are predicted using different neural network models. Research hypothesis states that the performance of WDBP wavelet neural network model for stock index prediction is better than PB neural network model and research period is ten years from the beginning of 2002 to the end of 2011. Information is collected from the statistics and data in Tehran Stock Exchange’s database. In order to create the WDBP model، db5 wavelet is used for denoising the data in five steps. The criterion used for measuring the prediction error is root mean square error (RMSE). Wilcoxon hypothesis test is conducted on results after prediction by neural networks. Test results indicate that the significance level of overall index is less than 0. 05. Therefore، the null hypothesis is rejected. In other words، there is a significant difference between the prediction of neural network method and that of wavelet neural network.

Within the challenging environment of the new millennium and competition among organizations and companies، one of the factors enhancing success for organizations is to focus on strategic human resource management. Control of resources (such as physical resources، organizational، information and human)، confers organizations with competitive advantage. Meanwhile، because of limited human resource and information resources due to its importance in decision making، they are more important. Strategic human resource management outcomes have been reviewed and evaluated in several studies all around the world. Depth of implementation of strategic human resource management leads to productivity and performance of organizations. The purpose of this paper is to investigate the relationship between strategic human resource management and the financial performance of companies in Tehran Stock Exchange. It deals with the issue that is there any relationship between the methods used in human resource management and organizational performance? For data analysis، descriptive statistics (survey)، inferential methods along with SPSS software were employed. The methodology used in this research is descriptive one and the results show that those organizations which have used a strategy for human resource consistent with their competitive strategy (product innovation/facilitation، cost/benefit) show distinct performance than companies that have not adopted this policy.

Base volume is a mechanism that was employed in 2003 in Tehran Stock Exchange. The objectives of using this mechanism were controlling transactions and preventing spurious oscillations of stock prices. However، implementing this instrument faced opposition from the beginning. Capital market participants considered base volume as one of the main reasons for trading nodes. They believed that base volume''s short-term benefits would be less important than its long-term disadvantages. In this study، we examined the relationship between base volume (as an Iranian capital market specific-variable) and some variables such as stock returns and liquidity of firms listed on Tehran Stock Exchange. In this paper، base volume for sample companies، was calculated with regard to four criteria: (1) capital (the number of stocks issued)، (2) cash dividends، (3) capital gains and (4) liquidity. The results showed that there was no relationship between base volume and stock returns. However، the significance of relationship between base volume and liquidity was approved.

The aim of this research is to specify the characteristics of normal and abnormal cash flows in conjunction with normal and abnormal accruals in predicting future cash flows and earnings، and they are used to analyze the quality of earnings. Each of cash flows and accruals are decomposed into two components، i. e. normal and abnormal. To do so، Jones and Jianming’s models (2007) are used and then the ability of these components concerning the prediction of future cash flows and earnings is studied. The research hypotheses were tested using the data elicited from six groups of the firms that participated in this research. In this research، quantitative data analysis، and descriptive and inferential estimation were used simultaneously. The gathered data، after preparation and estimation were put through Excel software program and then its final analysis was done using SPSS software. The ability of the prediction of earning components was tested by the parameters of these components. Based on the obtained results of data analysis in all of the firms، the ability of normal cash flows was more than that of abnormal cash flows in predicting future cash flows and earnings، and the ability of normal accruals was less than that of abnormal accruals in predicting future cash flows، however، it was greater than abnormal accruals in predicting future earnings.

This study investigated the relationship between product market competition and disclosure quality of 131 companies listed on Tehran stock exchange within 17 industries and during the period of 2007-2013. First، in order to assess the market more accurately، eight common competition indicators were used. Then using factor analysis technique، these indicators were summarized into three factors: potential competition، existing competition and industry profitability. Finally، the research hypotheses were tested using panel data with fixed effects. Results suggest that there is a significant positive relationship between potential competition and disclosure quality، while the relationship between existing competition and disclosure quality is significant and negative. In other words، the level of disclosure quality regarding these two dimensions of competition was determined. This means that if potential competition is stronger than existing competition، companies are forced to disclose reliable and timely information. Meanwhile، if existing competition is stronger than their potential competition، it is not essential for companies to disclose the reliable and timely information. Therefore، the tendency to increase the level of disclosure quality in these companies is low.

The main purpose of this study is investigating the relationship between some behavioral biases such as self control and optimism، self-attribution، illusion of control، conservatism and ambiguity aversion with investing decisions of Tehran Stock Exchange’s investors; thus، when faced with these kinds of biases، investors may not be misled. The statistical population included all investors (shareholders) of Tehran Stock Exchange as real entities for the period of 2010 to 2012. The research sample was estimated using Cochran formula to include 384 people. Then، a questionnaire was designed and given to them to fill it out. Subsequently، hypotheses were tested using structural equation modeling (SEM) and Pearson correlation. Findings show that the elusion has a significant relationship with investors'' investing decisions. Also the result indicate there is a significant relationship between self control and optimism، self-attribution، illusion of control and conservatism biases and investors'' decision making process at Tehran Stock Exchange; meanwhile ambiguity aversion has shown no significant and positive impact on investors'' investing decisions.