فصلنامه پژوهش های حسابداری مالی
سال پانزدهم شماره 1 (پیاپی 55، بهار 1402)

Investors in the capital market sometimes exhibit emotional and irrational behavior, which can impact two groups of individuals. On one hand, company managers may act on their opportunistic motives when observing this emotional atmosphere. On the other hand, auditors may underestimate their legal risk and reduce the number of content tests they perform, resulting in a decrease in their fees. The purpose of this study is to examine the effect of investors' sentiments on the probability of misstatement of financial statements and the conservatism of auditors in companies listed on the Iranian IFB stock exchange. A sample of 51 companies listed on the Iranian IFB stock exchange between 2013 and 2020 was selected, and multivariate regression and logit regression were used to test the research hypotheses. The results of the study indicate that investor sentiment does not significantly impact the likelihood of misstatement of financial statements or the likelihood of issuing a going concern opinion. However, it does have an inverse and significant effect on audit fees. As investor sentiment increases, auditors become less conservative, resulting in a reduction in audit fees. The keywords for this study include investors' sentiment, misstatement, auditors' conservatism, legal risk, and going concern opinion.

Tax avoidance legally creates economic resources for the firm. Shareholders expect managers to use these resources to increase their wealth, agency theory states that due to the conflict of interests between the manager and the owner, these resources lead to the manager's opportunistic behavior, such as participating in empire-building activities. Besides, attending to all the stakeholders is a must in the stakeholder theory and The purpose of establishing monitoring mechanisms such as corporate governance is to reduce the opportunistic behavior of managers and to align the interests of managers and shareholders. Thus, the research motives to empirically investigate the relationship between tax avoidance and managerial empire-building by considering corporate governance. The statistical population of this research includes 729 firm-year observations obtained from companies admitted to the Tehran Stock Exchange (TSE) from 2013 to 2021. Additionally, a multivariate regression model based on panel data was used to test the research hypotheses, using the generalized least squares (GLS) method.. Examining the research hypotheses showed that tax avoidance significantly increases managerial empire-building activities. In addition, it found that corporate governance mechanisms could not meaningfully deteriorate the relationship.

The efficient management of water resources is one of the serious concerns of today's human societiesis, so climate change has doubled the importance of this issue. Like many specialists in different fields, accountants can also help to achieve this goal. In this regard, the purpose of this study is to investigate the role of accountants in water resources management with an emphasis on its climatic effects using the method of exploratory and confirmatory factor analysis. In terms of the method, this study is descriptive-correlation and structural equation modeling. The population of this study included accountants working in manufacturing companies. Sample size is 225 accountants. The required data was collected through a questionnaire. Research data has been analyzed using structural equation modeling and through SPSS version 26 and Amos version 24 software. According to the research findings accountants can participate in water resources management by providing physical and dollar information in the five areas of water supply, water demand, auditing and monitoring of water resources, water resource accounting and climate change. The findings show that as the accountants' knowledge and experience increases in each of the mentioned areas, it is expected that their participation in water resources management will also increase. In general, accountants can make managers' and policymakers' views more positive towards the water crisis and climate change by relevant, timely and accurate insights, analysis and reporting.

The primary purpose of this study was to examine the evidence of managerial entrenchment or convergence of interest’s hypothesis in evaluating the relationship between the shareholder competition’s intensity on the return and value of Iranian stock exchange companies. This research is applied, a post-event method and descriptive type; it is included in the category of threshold nonlinear regression models. In this article, the data of 127 production companies active in the stock exchange market over the period of 2012-2021 were used.The results confirm the existence of a threshold non-linear relationship between the intensity of shareholder competition and the performance of the company; In other words, if the share of state owners increases, the hypothesis of convergence of interests prevails in the managerial entrenchment. This means that the major shareholders try to reduce agency conflict through control and supervision and align their interests with the managers and minority stockholders to increase the company’s value and return. Conclusion At high levels of concentration, shareholders by dominating the market are able to benefit from tariff exchange rates, cheap feed, and government support; therefore, these stockholders being in the safe margin, do not feel threatened by competitors and can use their resources in profitable activities with high return and value

The stock price is one of the most important factors that motivates investors to buy or sell stocks. However, the presence of challenges in explaining stock price behavior due to the influence of various internal and external factors is an inevitable issue in any capital market. Among the most important fundamental analysis tools in pricing discussions are dividends and the price-to-earnings ratio. This study evaluates their informational role in the form of dividend payout patterns and lagged price-to-earnings ratio. Data from 113 profitable companies listed on the exchange over eight-years (2014-2021) were collected. In this study, a multiple linear regression model (with fixed effects panel data) was used and three variables of size, growth, and financial leverage were also controlled. The findings indicate that cash dividends, particularly dual dividends with a majority cash component, have a significant positive impact on the end-of-period stock price. However, bonus shares, whether individually or combined with cash dividends as dual dividends with a majority bonus component, do not significantly influence the end-of-period stock price. Furthermore, an increase in the lagged price-to-earnings ratio corresponds to a significant rise in the current period's stock price. These results highlight the stronger informative role of cash dividends compared to bonus shares, even in the case of dual dividends where a stronger price reaction to the cash majority is observed. Additionally, the study confirms the informational content of the price-to-earnings ratio and provides evidence for its predictive power in forecasting changes in stock price in subsequent periods. Overall, this research contributes to the understanding of stock price behavior in the Tehran Stock Exchange and highlights the importance of considering dividend payout patterns and the price-to-earnings ratio in investment decision-making.

Financial statement comparability reduces the information asymmetry between managers and investors not only by making it easier for investors to identify timelier signals about the profitability of projects undertaken by managers, but also by enabling investors to extract from comparable peers information useful for monitoring firms’ use of corporate resources, thereby making them less reliant on the disclosures made by the firms. This research examines the impact of financial statement comparability on the marginal value of cash holdings and capital expenditure. In order to measure the financial statement comparability, this study uses the method of De Franco et al. The sample consists of 122 companies listed on Tehran Stock Exchange for the period 2013 to 2020. Since, the financial statement comparability is an endogenous variable, this study uses an instrumental variables approach and a Two-Stage Least Squares estimator to test the research hypotheses. Findings indicate that the increase in financial statement comparability increases the marginal value of cash holdings and the marginal value of capital expenditure.