رضا جامعی

Timeliness of financial reporting is one of the important factors in the quality of firms' financial information, since such are porting can lead to efficient utilization of information for users. Providing more timely information may reduce information asymmetry between a company and its stockholders. Information asymmetry causes costs of financing from company’s owned sources and from the other sources to be different. This makes financing from the other sources difficult. This study aimed at examining the impacts of financial reporting frequency on information asymmetry and on cost of equity. In this study, the data consisted of 104 companies listed in the Tehran Stock Exchange in the period 2015 to 2020 and data analysis and test of hypothesis were carried out by generalized least squares method. Results showed that there are significant negative relationships between financial reporting frequency, and the variables of information asymmetry and cost of equity. That is, in the years as financial reporting frequency increased, information asymmetry and cost of equity decreased.

Increasing wealth is the purpose of Investment. One of the Major Factors Affecting Investment is Availability of Enough Cash and According to Agency Theory it can be at Risk by Cash usage in Projects with Negative NPV by Manager Decisions align with his own Benefits. Financing Includes Capital Costs for the firm’s. Therefore There are Some Items Affecting Cash Holdings Like Costs, ease of Access to Cash in Time of Need, Amount of Cash Needed, its Consumption Place and the Possibility of Postpone its Consumption.This Research has Compared the Persistence of Positive and Negative Changes in Abnormal Cash Balances; on the Other Hand it’s been Compared with the Persistence of Discretionary Accruals in a Six year Period from 1393 to 1399 in 137 Companies Listed in Tehran StockExchange by Parting the Changes in Free Cash Flows into Two Elements of Normal and Abnormal Changes. Results of Examining Four Hypothesis of this Research Show that Negative Abnormal Changes of Cash Balances is More Persistent for Discretionary Accruals than Positive Abnormal Changes; Positive Abnormal Changes of Cash Balances is More Persistent for Discretionary Accruals. Also Comparing the Negative Abnormal Changes of Cash Balances with Discretionary Accruals, the Negative Abnormal Changes are More Persistent for Discretionary Accruals and Also there is a Significant Relationship between the Changes in Discretionary Accruals and the Changes of Firm Sock Returns.

 High quality audit services, gives investors and other stakeholders the opportunity that examine with more confident financial status and performance results of companies. A performed audit improves financial statements the reliability of accounting information provided by companies and enhances the quality of financial reporting. Since the quality of audit services is very important to users and auditing can help, it is necessary to carry out this research. Despite examining several variables affecting the quality of audit services in previous research, one of the psychological factors influencing this issue is the gender diversity of auditors. Therefore, in this study, the effect of this factor on the quality of audit services has been investigated for the first time in Iran. n this study, two indicators of discretionary accruals and restatement of financial statements are used to measure the quality of audit services, and in this regard, the data of 180 companies for the period 2012 to 2019 are tested and in order to fit the regression model of the first hypothesis, the least squares method is generalized Logit regression has been used to fit the regression model of the second hypothesis. In examining the auditor's gender and discretionary accruals, the auditor's gender coefficient is 0.058 and its significance is 0.012. As a result, a positive coefficient of less than 0.05 indicates that there is a positive and significant relationship between the auditor's gender and discretionary accruals. Auditor’s gender and restatement of financial statements, Auditor gender ratio is 0.506 and its significance is 0.039. Therefore, it can be said that there is a positive and significant relationship between auditor gender and restatement of financial statements. In the study conducted in this study, it was observed that women are very few in the level of auditing partners in Iranian auditing companies and such an unbalanced situation in the unbalanced auditing profession seems to be gender differences in information processing, perseverance, conservatism, self-confidence. And the difference in risk may affect the auditor's decisions. The results of the study according to the test of the first hypothesis indicate that there is a positive and significant relationship between the gender of the auditor and discretionary accruals. And the results according to the test of the second hypothesis show that there is a positive and significant relationship between the gender of the auditor and the restatement of financial statements, and this indicates that when auditing financial statements by female auditors is very likely to restate The financial statements are increasing and because one of the important reasons for submitting financial statements is the annual adjustments and this has been observed in most of the financial statements of the companies under study, it is likely that this is one of the consequences of poor service quality.

The purpose of this research is to investigate the effect of the system's independence on tax decision-making with regard to the role of internal regulatory institutions. This research is applied in terms of purpose and descriptive-correlation in terms of month. Classification For the purpose of the research, 125 companies from among the companies admitted to the Tehran Stock Exchange during the years 1390 to 1400 (11 years) were selected by systematic elimination sampling method and a total of 1375 (year-company) were considered for analysis. In order to investigate the relationships between multivariate regression and in the sense of fitting the regression model, the generalized least squares method is used and to test the hypotheses, the panel data method is used. In the accounting literature, the subject of narcissism and tax avoidance has been examined, but the effect of internal regulatory institutions such as the audit committee and the quality of internal controls have not been investigated, so this issue is the main innovation and motivation of the present research. Research studies show that it has a positive and significant effect on taxes. Also, the audit committee and the quality of the internal control system weakens the effect of the manager's positivity on tax relief. 

One factor affecting audit risk and subsequently audit fee is loan guarantees, and companies by investing in the field of social responsibility, seek to reduce information asymmetry and maintain reputation and credibility in society. If auditors rely on the social responsibility of companies, it can affect the audit fee. In this regard, the data of 105 companies for the period 2009 to 2018 was tested. In order to fit the model of the multivariate regression pattern, the generalized least squares method was used, and to test the hypotheses, the panel data method with fixed effects and the Eviuse software were used. The findings showed that the received loan guarantee had a positive and significant effect on the audit fee, and social responsibility had a negative and significant effect on the relationship between the loan guarantee and the audit fee. The results indicated that since the loan guarantee bonds increase the risk and scope of the audit, it increases the audit fee, and also the disclosure of corporate social responsibility information reduces the effect of increasing the audit fee caused by the loan guarantee bonds. In other words, the information in social responsibility reports increases the transparency of information and reduces their asymmetry. In fact, it can be said that the adherence of companies to their responsibility towards society (social responsibility) makes them provide their financial information accurately to the auditors and the loans received from the banks in order to fulfill the objectives of the contract. Obtaining consumer loans (one of the problems of society is money laundering) will reduce the risk and ease of the audit process and thus reduce the fee.

since accounting and auditing failures along with abuse of managers, can cause major problems in the company. The purpose of this study is to investigation the relationship between accounting information system and corporate governance. in this study, four components are used: bookkeeping system, financial reporting efficiency, accounting standards and budgeting system efficiency to measure accounting information system, the statistical population is the companies listed on the Tehran stock exchange 890 questionnaire survey were distributed among the personnel (CEOs and deputies, financial managers and accounting experts) of 178 companies and 346 questionnaires were received and used. To evaluate the reliability of Cronbach alpha coefficient, combined reliability (CR), average variance extracted, Discriminant validity, and for data analysis, smart pls software version3 has been used. It shows that there is a positive and significant relationship between bookkeeping system, financial reporting efficiency, accounting standards and the efficiency of budgeting system and corporate governance. According to the research findings, the mentioned components of the accounting information system since it provides quality information to stakeholders and in order to properly allocate resources, prevent misuse of financial and non-financial resources of the company, improve internal supervision and create value For the company's shareholders, it strengthens the corporate governance mechanisms, that is, by attracting the trust of investors and other stakeholders, it encourages them to invest in the company. In other words, the accounting information system improves the efficiency of corporate governance and reduces agency problems

The issues of audit quality and audit committee have received huge consideration from the auditing profession, the general public population and the government controllers particularly after the prominent corporate outrages in firms like Enron, Global Crossing, Tyco, and WorldCom. These concerns discourage investors to invest in foreign and local businesses. The primary objective of the current study is to explore the relation between board characteristics and audit committee characteristics on audit quality in companies Listed on the Tehran Stock Exchange.  In terms of purpose. This study is practical and it is descriptive-correlative in terms of nature, in order to achieve the purpose and by systematic elimination sampling method, 79 firms selected as a final sample during 1391 to 1396 which in general 6and examine the hypothesis we have been used the Logistic Regression method and panel data. The findings of the study show that there is a positive and significant relationship between Audit committee expertise and audit quality, also there is a positive and significant relationship between Audit committee independence and audit quality. Also, the findings show that there is positive and significant relationship between Non - Executive Directors and audit quality. In addition, the results of the research show that there is a negative and significant relationship between dual duty executive board director and audit quality. Also, there is a negative and significant relationship between board change and audit quality. The findings show that there is not a significant relationship between educational degree and audit quality.

The need for medicine and medical services is one of the basic needs in today's society. In order to meet these needs and provide the desired budget, companies are required to invest in research and development, which allocation and decision on these resources and budgets to achieve the desired goals are among the duties of managers and also Dealing with affiliates because of specific policies and perspectives can influence research and development decisions and managers' distrust. This was an applied descriptive correlational study. In order to achieve the goal of the research, 21 pharmaceutical companies were selected from the companies listed on the Tehran Stock Exchange from 2010 to 2018. Multivariate regression model was used to test the research hypotheses and generalized least squares method was used for fitting the regression model. The findings suggest that there was a positive and significant relationship between manager overconfidence and research and development spending. Related party transactions weaken the relationship between manager overconfidence and research and development spending. The findings of the present study showed that due to the fact that medicine and treatment play an important role in today's societies, the existence of overconfident managers leads to more budget allocation to research and development spending. The incentive to invest in research and development spending is reduced to such an extent through related party transactions that it can be effective in implementing these tasks.

The most important and valuable service of the auditing profession is independent and expert comment on the desirability of financial statements. Financial statements are claims made by management. The opinion is made in the form of an audit report. Various factors affect the auditor's opinion. The purpose of this study was to investigate the effect of political relations on the auditor's comments by emphasizing the market characteristics of companies listed on the Tehran Stock Exchange. In order to achieve the research goal, 174 companies were selected from the companies listed on the Tehran Stock Exchange during the years 2011 to 2017 by systematic removal sampling method and a total of 1218 companies were selected (year - company) for analysis. Logistic regression model was used to investigate the relationships between the variables and the combined data method was used to test the hypotheses. Four criteria of non-governmental ownership, institutional investors, managerial ownership and severe penalties were used to calculate market characteristics. The findings demonstrated that political relations have a negative impact on the auditor's comments. It is more likely that auditors of non-state companies issue desirable reports than the auditors of state companies. The presence of institutional shareholders undermines the impact of political relations on the auditor's comments. In addition, managerial ownership undermines the impact of political relations on the auditor's comments. However, in the presence of severe penalties, political relations have no significant effect on the auditor's opinion.

The purpose of this study is to evaluate the of investment in human resources to report on internal control over financial reporting. The purpose of this study is applied in nature, descriptive - correlation. In this study, financial data of 60 companies listed in Tehran Stock Exchange, which have offered reported internal control during the period 2017 to 2019 have been investigated. Software was used to analyze the results is spss22. In this study 10 examined the hypothesis that all hypotheses have been confirmed as part of my thesis. To test the hypotheses of this study is the use of regression analysis and Pearson. According to the results of hypothesis testing can be concluded that human resource investment companies reporting internal controls are effective and to achieve better internal control report can be invest in human resources. Results indicate that human resources is the most valuable corporate resource that meaning given to the field of human resources and organizational goals provide.

Auditing as an independent profession has the task of accrediting financial statements and can help build trust for stakeholders. The fees include any charges that are paid to the auditor and the audit firm in accordance with the agreement, on the basis of the contract to the auditor and the audit firm. The impact of audit factors on audit fees is very important because the lack of attention to these factors and audit pricing as a homogeneous and non- competitive commodity can negatively affect the independence and quality of audit work. On the other hand, the ownership structure of the firms by affecting the intensity of the agency problem, size, risk, and complexity of the company will affect the governance of the audit. Institutional owners are more aware of the individual investors on the company and this monitoring reduces the audit fee, reducing the agency’s problems and improving the quality of the financial reporting and improving the volume of audit operations. Also, the quality of financial reporting is affected by the company's political connections. The purpose of this study was to investigate the relationship between institutional ownership and audit fees and the impact of political Connections on the relationship between institutional ownership and audit fees.

The study has been conducted to analysis 114 firms selected using the systematic sampling from among firms accepted in the Tehran stock exchange during 2011-2017. In general, 798 firm-year observations were considered to be analyzed.  For surveying the relationship between variables, multivariable regression is used by GLS approach. Also, in order to testing hypotheses we have used Panel Data approach.  

The findings indicate that there is a negative and significant relationship between institutional ownership and audit fees, but the political relationships in firms do not influence the relationship between institutional ownership and audit fees significations.  

According to the findings, the auditors are paid less attention to the auditors with increasing institutional ownership, higher company monitoring and lower audit work volume. The negativity of this relationship is based on an effective monitoring hypothesis. Due to the efficient monitoring hypothesis, due to the volume of invested wealth, the institutions manage their investments more actively. One of the reasons that can be expressed does not affect the relationship between institutional ownership and audit fees. The presence of the board and directors with political connections may have sufficient monitoring of financial statements due to the maintenance of their reputations and their good reputation, and to reassure shareholders that the existence of the company's political connections does not undermine the quality of financial reporting. In fact, by specifying the operational expectations and coordination of ownership policies, there is a control over the activities of companies with government shareholders, in fact, because of the careful monitoring of the legislator, the controllers do not need additional auditor assurance.

The education system has always been closely linked to the development of societies, and in most countries, paying attention to the knowledge-based economy is a priority. Today, due to the increasing demand for education through rapid population growth, families tend to provide their children with a relatively higher education and income than those who are educated than other members of society, as well as enjoying increased social rights and growth. Information and communication technology and its use in everyday life, and most importantly the financial constraints and structural budget deficits in education systems, discuss how to finance education as one of the most serious educational crises worldwide. However, today schools are increasingly turning to funding to address the problem of budget shortages and pressures from the community to provide quality services. As a result, schools are employing different ways and mechanisms to offset this scarcity of financial resources and developing a wide range of innovative and innovative approaches. However, the application of these mechanisms to finance in terms of the quantitative and qualitative status of the educational system, educational levels, economic and social status and many other components can be similarities and differences. In our country, especially in the elementary and secondary levels of government, it is considered to be the most important provider of financial resources. But over the last few years, given the high demand for education, the share of non-governmental resources in this sector has gradually increased, and now a significant share of educational spending is directed at individuals and their families. Since education is one of the most important issues in the lives of many individuals and families, how to finance education is one of the major challenges for applicants (individuals and families). And suppliers (public and non-governmental institutions). Therefore, education needs specific tools and solutions to develop and respond to problems and challenges. Since it has used many solutions in the field of education throughout the history, but the solutions adopted do not have the required efficiency and effectiveness, therefore, solutions should be sought to solve this problem. It was an alternative. Therefore, identifying and resolving school problems in order to achieve educational goals should be addressed by the authorities and researchers, one of which is the lack of financial resources that make them difficult to carry out activities and achieve their desired goals. It has. Since the government funding is not responsive to educational needs and costs and the need to improve the quality of educational services provided by schools has increased, the importance of resolving this problem has doubled. Attracting funds from their schools causes some issues such as parental dissatisfaction, lack of transparency in the use of funds received, as well as the difficulty of deciding on a suitable way to attract funds among other ways, which in turn increases the burden. It is the responsibility of school administrators to increase the likelihood of abuse by some. However, attracting funds from their own schools is one way to supplement the government's funding to provide better quality education for schools. Schools have serious responsibilities in education. They play an important role in the overall development of the country's human capital. Therefore, solving the problems of schools, especially in the field of financing, is one of the goals that should be considered by the authorities and researchers. Therefore, the purpose of this study is to prioritize the factors affecting the financing of schools in Kurdistan province. This research is applied in terms of purpose and is a survey based on the research method. The required data for this study were collected by questionnaire and Cronbach's alpha coefficient was 0.85. In order to achieve the purpose of this study, 30 variables related to school financing are considered and divided into 3 components. The statistical population of this study consisted of principals and deputy heads of schools in Kurdistan province. The sampling method was random. SPSS software was used for statistical analysis of the data. And by using factor analysis method the research questions have been tested. The results of the research findings show that in the privatization of schools variable use of serious supervision and legal regulation with 0.791 factor loadings had the most impact and the variable of private school management performance with 0.497 factor loadings had the least impact. On school funding. Also, in the discussion of the budget allocated to schools by the government, the amount of privatization proceeds with a factor of 0.817 had the greatest impact on school financing and the variable of the country's trade surplus with a factor of 0.621 had the least effect. It finances the schools. Also in the discussion of parent financial participation, the variable of parental satisfaction with school performance with a factor of 0.763 had the highest impact on school financing and involving families in managing financial problems with a factor of 0.155 had the least effect on school Finance has schools. Consequently, according to the findings of the study, it can be generally stated that the privatization variable of the schools with total variance of 50/183 has the greatest impact on the financing of the schools, then the variable of the budget allocation to the schools by the variance. The total 3636/07 has an impact on school funding, as well as the parents' financial participation with 18/453 has the least impact on school funding. As a result, it is suggested that the Ministry of Education and relevant institutions should prioritize among the factors influencing financing of school privatization to facilitate and improve the school financing process. Future researchers are also suggested to consider these and other factors affecting school financing in other provinces of the country and compare the results with the results of this study. Also, as every research has its limitations, this research has limitations like other researches, including its limitations to the inaccessibility of all schools in Kurdistan province. Lack of receiving all questionnaires indicated that this was a limitation because the results of the survey could not be generalized to all schools in Kurdistan province. Finally, it can be stated that since the statistical population of this study was the only one in the schools in Kurdistan province, the results cannot be generalized to schools in the whole country.

The purpose of this study is to have policy holders on utility management with Structural Equation Modeling approach.

In this study, 87 companies were selected from the companies listed in Tehran Stock Exchange during 2005-2018 as statistical sample. Structural equation approach has also been used to test the hypotheses.

The results show that political costs have a negative effect on real earnings management. However, this intensity is not statistically significant.

The results also show that profitability ratio and leverage ratio have a positive and significant effect on actual earnings management.

Contributions: 

The impact of political costs on actual earnings management can provide future users and researchers with a better understanding of the factors affecting corporate earnings management.

The main purpose of this paper is to investigate the relationship between Non-financial criteria, customer’s satisfaction and loyalty, job satisfaction and organizational commitment as indexes for productivity with insur-ance gross profit. The population includes employees and customers of private insurances such as Karafareen, Moalem, Razi, Pasargard, Saman and Novin in private insurance companies of Kurdistan and Kermanshah. 500 people from customers and 100 people from employees were selected as samples. The method of this research is survey and the data was collected via questionnaire. The data was analyzed with SPSS. The findings validate the existence of relationship between job satisfaction and organizational commitment, customer’s sat-isfaction and loyalty. There is significant relationship between employee satisfaction and customer satisfaction and no relationship between customer satisfaction and employee job satisfaction with the gross profits was observed and also the existence of relationship between customer’s loyalty and organizational commitment with insurance gross profits was not validated.

The audit validates financial reports, and, in return, a sum will be paid to the audits as a fee. The basis for auditors' review and assessment of the ability to rely on financial statements is through internal control. The company's political relations can affect the quality of financial statements and affect the amount of audit fees as well as control environment. The purpose of this study is investigate the relationship between the internal control weakness and audit fees, with an emphasis on the political relations in companies listed in Tehran Stock Exchange. The natural logarithm of audit costs is used to measure audit fees. Auditors' reports are also used to measure internal control weaknesses. The data of 114 companies listed in Tehran Stock Exchange from 2012 to 2018 are collected to test the research hypotheses. To investigate the relationship between variables, multiple regression using panel data model is applied. Findings of the research show that there is a positive and significant relationship between the weakness of internal control and audit fees and the company's political relations undermine the relationship between the weakness of internal control and audit fees
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The main objective of this study is to evaluate the impact of the implementation of the recommendations of the Audit Committee characteristics of internal auditing in companies listed on the Tehran Stock Exchange. The sample included 150 companies listed in the Tehran Stock Exchange. To test the hypothesis using multiple linear regression is used. The findings show that; between the characteristics of the audit committee; independence, expertise and knowledge, meetings, the size of the Audit Committee, and implement the recommendations of the internal audit, there is a significant positive relationship. The results show that also between senior management features; support for the management of the internal audit unit and reduce the influence of management on the appointment of the head of internal audit units by implementing internal audit recommendations, there is a significant positive relationship.

The ultimate value of an audit activity is to help consumers identify the quality of information received. The quality of audit that determines the performance of an audit is subject to a number of factors, Therefore, the purpose of this study is to identify and rank the factors affecting the quality of auditing from the perspective of consumers of these services. This research is an applied research and a survey based on the research method. Also, to achieve the purpose of the study, 29 variables related to audit quality were identified from the perspective of consumers of these services and divided into 3 components. The subjects of this study included credit managers based in Iranian banks. Finally, 123 credit managers of banks in the country were selected. SPSS software was also used for data analysis using factor analysis of research hypotheses. The results show that ethical values have the most influence and competence and competence have the least impact on audit quality from the viewpoint of consumers of these services.

Based on agency theory, the conflict of interest between owners and managers leads to agency costs. Laws related to corporate governance seek to mitigate these costs. Among Important tools in this area, the independence of the broad, ownership concentration, ownership structure and institutional ownership can be noted. This study aims to identify the relationship between corporate governance mechanisms and the timeliness of earnings, with an emphasis on financial distress in listed companies on the Stock Exchange in Tehran. Thus, 128 companies were investigated from 1387 to 1392. The timeliness of corporate earnings was measured by a stock price-based timeliness metric. At First, firms with financial distress of healthy financial firms were separated, using by the adjusted model of Altman. SPSS, Eviews, and Excel have been used to analyze data and testing research hypothesis. Then the test of the research hypotheses by multiple regression analysis using generalized least squares (GLS) through a combination of data was performed. The results show that the percentages of independence of the board and institutional ownership have a negative signifcant relationship with timeliness of earnings. And concentrations of ownership, ownership structure have significant and positive relationship with the timeliness of earnings. Also in firms with financial distress, the percentage of independence of the board, the percentage of institutional ownership and concentration of ownership have significant positive relationship with the timeliness of their earnings but there isn’t any significant relationship between ownership structure and timeliness of earnings.

The aim of this is study it investigate the relationship between CEO gender with regards to risk aversion and women moral sensitivity conditional and unconditional conversation. To investigation the relation, the number of 132 companies during 2011 to 2015 were selected. Data analysis using panel data and is performed using a fixed effects model. In order to measure conditional and non-conditional conservatism, Ahmad and Dolman's model (2007) was inspired by Giwiel and Hayen (2000) and then the effect of Managers gender on conditional and non-conservative conservatism was investigated. The results showed that female senior managers in compared with men with higher conditional conversation, the result indicates that women than men reporting bad news faster. However, a significant relationship was observed between women senior managers and unconditional conservatism. As well as between women senior managers and conditional conservatism in the face of business risk significant positive relationship, therefore, there is no to express an opinion regarding the acceptance or rejection significant relationship between women senior managers and conditional conversation. But relationship women senior managers and conservatism in the face of financial risk and business risk in model of conditional conservatism no significant relationship was observed. Also between women senior managers and conditional and unconditional conservatism was no significant relationship in the face of sensitive companysize, the result was contrary to theoretical expectations.

Corporate social responsibility (CSR) has become an integral part of conducting business around the world. In this study, the impact of different stages of the company life cycle on corporate social responsibility has been investigated. Also quadruple financial resources, corporate size, profitability, cash resources and financial leverage have been used as moderator variables. In order to achieve the research purposes, 111 companies from listed companies in the Tehran Stock Exchange during the years 2011-2017 were selected by systematic elimination sampeling method and a tota of 777 firm-years observation of the company was considered for the analysis. To test the hypotheses of the research, multiple regression model and panel data were used. The findings of the study showed that during growth and maturity stages, companies are more responsible for social responsibility. But in the shake out stages, no findings indicative showing social of responsibility of companies were found. In addition, the findings of the study showed that in the stages of maturity, the corporate size moderator variable, and the financial leverage moderator variable affects the impact of company life cycle on corporate social responsibility, but the moderator variables modifying profitability and cash resources do not affect the impact of company life cycle on corporate social responsibility.   The findings of the study show that in Iran, companies are investing in social responsibility activities in order to create competetive advantage, gain general trust, and attract capital and resources in the stages of growth and maturity.

This study aims to examine the impact of ownership structure (i.e. family ownership, government ownership, and foreign ownership) on firm performance, (Tobin's Q ratio and return on assets)with emphasize on research and development in companies admitted to Tehran Stock Exchange. The required data for the six-year period from 2011 to 2016, using systematic elimination during was collected, for 129 companies from listed companies in Tehran Stock Exchange. The hypothesis testing is done using Eviews and Stata software. The results of the research show that there is a negative and significant relationship between government ownership with the Tobin's Q ratio but there is no significant relationship between family ownership and the Tobin's Q ratio. There is also a negative and significant relationship between government and foreign ownership and return on assets and there is significantly positive relationship between family ownership and return on assets. Research and development expenditures have a significant effect on the relationship between government ownership and the Tobin's Q; however, there is no significant effect on the relationship between family ownership and foreign ownership with the Tobin's Q. Also, research and development expenditures on the relationship between government ownership and family ownership does not have a significant effect on return on assets, but it has a significant effect on the relationship between foreign ownership with return on assets.