دکتر ناصر ایزدی نیا

The cost of capital of common stock is one of the basic concepts in the field of financial literature, which plays an important role in financial decisions. Managers, to determine financial resources, must determine the cost of providing financial resources and determine the factors affecting it. Companies that have disclosed ESG responsibility in their financial reports have a lower cost of capital than other companies. Companies are investing in competitive markets at an increasing speed to compete with developed economies. Examining the evidence on competitive markets is very important to understand how environmental, social, and corporate governance activities can shape future economic growth. The purpose of this research is to investigate the moderating role of the non-financial performance of the product market in the relationship between environmental, social, and corporate governance activities with the cost of capital in companies listed on the Tehran Stock Exchange in the 6-years between 1396 and it is 1401. 147 companies were selected by systematic elimination method to test the hypotheses, and the regression method of multivariable combined data was used. The findings showed that there is a negative relationship between ESG activities with the cost of capital in companies listed on the Tehran Stock Exchange. Also, the non-financial performance of the product market has a moderating role in the relationship between ESG activities and the cost of common stock capital. The findings of the research can provide evidence for company managers to determine a competitive strategy based on non-financial and forward-looking information reporting.

During the past decade, the increase of stakeholders' awareness, in the context of the operational effects of companies on the environment and society, and the key role of management methods in the field of sustainable performance development by companies, led to the expansion of views on the category of sustainable performance of companies from three dimensions: environmental, social and corporate governance. In this regard, this research aims to investigate the relationship between the moderating role of non-financial performance of environmental, social and management activities and financial performance among the companies admitted to the Tehran Stock Exchange in 6 years between 2017 and 2022. The statistical population of this research was the companies admitted to the Tehran Stock Exchange, and 147 companies were selected using the systematic elimination method. To test the hypotheses, the multivariate regression method of combined data and Eviews statistical software were used. The findings of the research showed that there is a positive and significant relationship between environmental, social and corporate governance activities with financial performance in companies listed on the Tehran Stock Exchange. The research findings regarding the moderating role of non-financial performance showed that non-financial performance has a moderating role on the relationship between environmental, social and corporate governance activities and financial performance

 One of the goals of firms is to optimize their capital structure. Due to transaction costs, the actual capital structure is always deviated from the optimal and cannot be immediately adjusted. Therefore, examining the factors affecting the financial leverage adjustment speed can be important. The aim of this research is to investigate the effect of economic uncertainty and investment increase on the financial leverage adjustment speed. For hypothesis testing, a sample of 130 companies listed on the Tehran Stock Exchange during the period 2016-2021 was selected, and hypothesis testing was carried out using multiple regression and panel data. The results of hypothesis testing show that economic uncertainty has a positive and significant effect on the financial leverage adjustment speed in firms with excessive financial leverage, but this effect is not significant in firms with lower financial leverage. Additionally, firms with excessive financial leverage have a slower rate of leverage adjustment during periods of investment increase than during normal periods. However, investment increase has no effect on the financial leverage adjustment speed in firms with lower financial leverage. Moreover, the results show that in conditions of investment increase, firms with excessive financial leverage and low economic uncertainty have a leverage adjustment speed close to zero, while economic uncertainty has no effect on the financial leverage adjustment speed in firms with lower financial leverage during periods of investment increase.

The comparability of financial statements enables investors to recognize and understand the similarities and economic differences of comparable companies, and this feature can affect different valuation judgments of market participants, so the purpose of this study is to how to influence the comparability of financial statements is based on the value of the shareholder, which has been examined through the comparability test of managers' use of corporate resources, including cash holdings, capital expenditures, investments. The ability to compare financial statements facilitates the supervision of investors and increases the accuracy of managers in the use of corporate resources, and in this way, the value of the company is strengthened. This feature enables investors to see comparable companies' economic similarities and differences. Recognize and understand. By facilitating the comparison of information disclosure of a company with other similar companies, investors can make better conclusions about the performance of that company. The comparability feature in similar companies is particularly important and allows investors to obtain relevant information without relying on the company's disclosure. In particular, in cases where managers use reporting powers to lack transparency and hide bad news, improving the comparison of information will allow external investors to understand better how Managers allocate resources and pay attention. As a result, investors will be more able to recognize managers' misuse of corporate resources. This helps managers direct resources towards projects with positive net present value. In other words, comparing financial statements reduces the information asymmetry between managers and external investors by facilitating the detection of timely signals about the profitability of completed projects and monitoring the consumption of corporate resources. Comparability enables the external monitoring of managers' use of corporate resources, specifically corporate cash, so it is predicted that the comparability of financial statements will force managers to use the cash more efficiently. Therefore, the market will place a higher value on corporate cash holdings with more comparability of financial statements.Since comparability increases external investors' monitoring of managers' use of corporate resources, therefore, from a perspective similar to the issue of the final value of cash holdings, we expect managers to spend capital more efficiently and effectively, and therefore, with increased comparability, investor's financial statements will show capital expenditures to help increase the value. Comparability not only allows investors to better understand the profitability of projects carried out by managers but also investors can better infer information about the value of a company based on the performance or disclosure of similar companies. Therefore, comparability reduces information asymmetry between managers and investors, increasing investment efficiency. Based on this argument, we expect that companies with more comparability of financial statements will not participate in investment more (less) than the limit and thus increase the efficiency of investment. Therefore, the current research aims to investigate the effect of the comparability of financial statements on the way managers use corporate resources.

A multivariate regression model based on panel data has been used to test the research hypotheses. The statistical population of this study is all companies listed on the Tehran Stock Exchange, and 102 companies from 2008 to 2018 have been selected by systematic method.

Financial statement comparability positively and significantly affects the marginal value of cash holdings but does not significantly affect capital expenditures. The results also indicate the positive and significant effect of increasing comparability on investment efficiency.

The results of examining the first hypothesis of the research showed that by increasing the comparability of financial statements, shareholders add more value to the company's cash holding, and the marginal value of it increases. The results support that financial statement comparability facilitates investors' monitoring and increases managers' accuracy in using corporate resources. The results of this hypothesis contribute to the literature on cash holding value because previous studies have shown that cash holding reduces the firm's value on average. Still, this study showed that the depreciation of cash holdings can be reduced by comparing financial statements. The results of the second hypothesis of the research showed that the financial statement comparability did not significantly affect capital expenditures in the companies listed on the Tehran Stock Exchange. It was expected that if financial statements were comparable, investing in capital expenditures should be done more efficiently by monitoring the activities of managers. Also, the results of testing the third hypothesis of the research indicate that by comparing the financial statements of similar companies, investors can make an appropriate decision in the optimal allocation of resources and, thereby, increase their investment efficiency. Our results suggest that comparability facilitates investor monitoring of managers' use of corporate resources, which enhances shareholder value. Based on the research findings, it is suggested to the stock exchange organization and accounting standards setter that companies be required to provide comparable accounting information in the industry so that investors can monitor the behavior of managers.

Managers can deliberately reduce the narrative of information by complicating its readability, thereby reducing the transparency and understanding of financial statement users. Managers complicate the disclosure of information when they perform poorly. This study aims to investigate the effect of economic and accounting performance criteria on the readability of financial reporting. A sample of 152 companies listed on the Tehran Stock Exchange was selected by systematic elimination method from 2012 to 2021. In terms of purpose, this research is of applied type, and in terms of classification according to the method, it is of descriptive type and the method of data analysis is regression analysis and panel data method. The research results indicate that the economic criteria used in this research have a positive and significant effect on the readability of financial reports. Furthermore, accounting criteria such as return on assets and profit per share hurt the readability of financial reports, and return on equity positively affects the readability of financial reports. The test of combined market and accounting criteria, such as Q-Tobin and price-to-earnings, shows that these variables positively and significantly affect the readability of financial reports. According to the results of the research, we expect that the better performance of companies in the form of economic, accounting, and combined market-accounting variables will cause readability and transparency of information in financial reports and they will not have opportunistic behavior in presenting financial reports and facilitate decision making for investors

The purpose of this study was to investigate the effects of 4 classes of banking receivables, including the current class and the 3 classes of arrear, overdue, delinquent, and suspicious, separately on the risk and performance of the banks listed on Tehran Stock Exchange. The statistical population of this research included 11 banks listed on Tehran Stock Exchange for the period of 2011-2020. To test the research hypotheses, the unbalanced data and multivariate regression model were used. To measure the productive and non-productive assets, bank receivables of the category of current facility and its receivables of the past due and delinquent and doubtful facilities were utilized, respectively. The effect of the current class on risks was contrary to the expectations and its impacts on the performance of the banks were confirmed according to the theory and expectations. However, in the classes of expired and deferred costs, the effect was not corroborated and the impact of the class of doubtful incomes on performance was not in the expected direction.

The main purpose of this study is to study the typology of managers' perceptual characteristics of the quality of independent audit services and its practical purpose is to provide appropriate suggestions and solutions to managers to better understand independent auditing services. The research method used in this study is qualitative. Using the meta-combined qualitative analysis method, the indicators are extracted from previous articles and studies and of the 82 articles obtained, 42 final articles were used to examine the effective factors of the typology of managers' perceptual characteristics of the quality of independent audit services. The content of the design was analyzed by categorizing the indices and performing Shannon entropy, the main indicators were identified and the importance of each indicator was determined. It should be noted that the analysis of research data in the qualitative phase was performed with MaxQDA software. Of the 417 articles found, 55 were reviewed. Based on the research findings, 7 main categories and 74 sub-categories (code) were extracted from the texts of previous articles using meta-combined qualitative analysis method. The main categories extracted are: Management factors, Corporate factors, Technical features, Reliable audit process, Company and industry knowledge, Easy to trade and negotiate, and social characteristics.

The present study aims to determine the effect of financial statement comparability on the idiosyncratic return volatility with emphasis on the quality of financial reporting. To test the research hypotheses, 80 companies were examined among the companies listed on the Tehran Stock Exchange during the years 1389 to 1397. In order to test the research hypotheses, a multivariate regression model and combined data have been used. The results of the research indicate that financial statement comparability has a significant and negative effect on idiosyncratic return volatility. The research findings also showed that when the quality of financial reporting is poor, the effect of financial statement comparability on idiosyncratic return volatility is stronger. This study emphasizes the benefits of financial statement comparability. The financial statement comparability reduces the risk of uncertainty about the cash flows and firm future performance and causes idiosyncratic return volatility to reduce

Most of the financing of companies and individuals is done by banks. The country's banks play an undeniable role in improving the economy and livelihood of the people. According to most economists and experts in the banking industry, increasing bank claims as a low quality asset, It has a negative impact on the performance of banks and consequently on the profitability of banks. In this regard, this article examines the impact of the four classes of bank receivables under the heading of current class, past maturity, delinquent and doubtful receivables on the income and expenses of the bank and their components. The statistical population of this study includes all banks in the country's banking network and the obtained sample consists of 21 banks. The research period was from 1390 to 1398 and the hypotheses were tested using multivariate regression model. The research results confirm part of the existing theoretical literature and the opinion of experts; Thus, the positive effect of the current class on total income and the doubtful income class on total cost is confirmed, but low-quality assets have an unexpected effect on profitability and its components.

The design of the audit plan so that it can be used to adequately respond to fraud risk is one of the most importantDesigning an audit plan that can respond adequately to fraud risks is one of the most important verifying activities of auditors. In this regard, this study compares triangle, Diamond and Pentagon models of fraud in audit plan adjustment. Fraud triangle model introduces pressure/ motivation, opportunity and justification as fraud dimensions. However, the fraud diamond model considers the capability dimension in addition to the three above-mentioned dimensions to assess fraud risk. The fraud pentagon model also considers the arrogance dimension, in addition to the four above-mentioned dimensions. In order to compare these models, an experimental case has been used. The statistical population of the study is certified public accountants in year 2018. The results show that using the fraud diamond model, as compared to the fraud triangle model, and using the fraud pentagon model, as compared to the triangle and diamond models of fraud, lead to more audit plan adjustment.

Todays, continuous and purposeful studies, has more important and useful role in financial, economics and accounting areas. Overconfidence is one of the most important personality traits of managers in the field of modern behavioral principles; therefore, and also considering the importance of the company's operating cash flows and its effects on profitability, investigating the relationship between this issue and managers' overconfidence creates a good ground to measure its effect on the company's value and can be useful for the information users. In the present study, for detailed and punctiliousness review,cash flows divide in quarterly and next the effect of managers' overconfidence on Operating cash flow manipulation has been investigated. For this purpose, 111 statistical samples were selected to test the hypotheses in the fiscal year of 2013 to 2019 (a 7-year period). The hypotheses were tested at an error level of 0.05 using data extracted from Eviews software and mixed data method (pulling and panel data). According to the theoretical foundations, overconfident managers with excessive optimism, invest more than right amount, and try to hide their performance in using the company's financial resources on operating cash flows by manipulating the company's financial statements and operating cash flows. Based on the results of hypotheses testing, first, managers' overconfidence has no significant effect on manipulating small negative cash flows. Second, managers' overconfidence does not have a significant effect on manipulating the upward positive cash flows.

.Managers and auditors in the performance and audit process in recent years pay special attention to the way information is presented and the readability of financial reporting and try to manage it. Managers using the hypothesis of management ambiguity seek to obscure and to conceal information through complicating and less transparency in financial reporting. On the other hand, auditors also assess the risk of audit contracts with employers. This study aims to investigate the performance indicators and audit implications on the Linguistic Complexity of Financial Information Disclosure based on Readability in companies listed on the Tehran Stock Exchange. In this study, the return on assets as a performance indicator and the delay of the audit report and changes of the auditor as audit outcomes and to measure readability, the Fog index has been used. Data of 152 companies were analyzed by elimination sampling method for the period 2010 to 2020. The research method is regression analysis and data panel and GMM approach has been used to test the research models. The results of testing the hypotheses show that the return on assets have a negative and significant effect on the readability of financial statements. In addition, the delay of the auditorchrchr('39')s report has a positive effect on the readability and the auditorchrchr('39')s changes have a negative and significant effect on the readability of the auditorchrchr('39')s report.

The main objective of this study is to explain the effect of conditional conservatism on cumulative accounting and gross domestic product (GDP). The effect of the conditional conservative monetary value on interest rates with consideration of conditional conservatism has also been studied on corporate profits and gross domestic product. In other words, is the reaction of corporate profits and gross domestic product (GDP) to bad (negative) news better than responding to good news (positive)? And does conditional conservatism affect interest rate by changing gross domestic product (GDP)?

In this Research, to test hypotheses have been developed, a time series multi-variable regression model has been used. The Campbell model is used by four monthly variables in VAR to measure news. Also, seasonal data from companies listed in the Tehran stock exchange selected in 1380-1396.

According to the research findings, the company's corporate profits and gross domestic product respond to bad (negative) news more than respond to good news (positive). In other words, macroeconomic indicators and corporate profits are conditionally conservative. Also, the rial value (monetary) of conditional conservatism affects interest rate by affecting the corporate profits and gross domestic product (GDP).

The purpose of this study is to analyze the information content of sentiment (tone) in the board's activity reports and compare explanatory power of different methods of measuring sentiment.

The sentiment was measured by general word list and domain-specific word list with equal weighting and wf-idf weighing method. The sample of this study consists of 512 firm-years from 2009 to 2018. Panel data method and Vuong test were used to test hypothesis.

The results show that the market reacts to the sentiment of board's activity reports in the short-window of announcement date anduse of domain-specific word list and the wf-idf weighting method for measuring the sentiment did not increase the explanatory power of the models used to analyze the information content of sentiment.

sentiment of board's activity reports have information content and use of different weighting methods does not change the results of the study. Contribution:Providing evidence about market reactions to the sentiment of board's activity reports, creating domain-specific word list to measure sentiment in Persian language, as well as comparing prevalent weighting methods, are the main contribution of this study.

The main concern of managers of economic entities is to choose the optimal capital structure and different ways of providing resources and financial expenditures to maximize shareholders wealth. Maximizing the company's wealth requires the optimal use of financial resources and the earning the returns and the selection of appropriate risk through the selection of favorable financial policies for the company. Undoubtedly, one of the most important factors influencing financial policies is financial flexibility. Financial flexibility indicates the ability of a company to equip financial resources to maximize the value of the company and adapt the capital structure to the needs arising from changing circumstances. The purpose of this study is to investigate the effect of the value of financial flexibility on the dividend policies of companies of listed companie in Tehran Stock Exchange. The statistical sample includes 112 companies in the period 2010 to 2019. To test the hypotheses, a multivariate regression model, with pooled data is used and stata software is employed to analyse the data. Findings indicate a significant and inverse effect of the value of financial flexibility on dividend policies of companies listed on the Tehran Stock Exchange. Higher levels of financial flexibility value; a decrease in cash dividends will lead to a tendency not to pay cash dividends and to hold larger amounts of cash. Therefore, companies with more financial flexibility encourage their shareholders to keep cash in the company, or management has a greater ability to limit dividend payments.

The purpose of this study is to investigate the financial statement comparability on value relevance of earning and book value due to the role of financial reporting opacity and internal control weakness. The statistical the population of this study are all companies listed in Tehran Stock Market, in which 102 companies in the period 2013 to 2020 have been selected by systematic elimination method. For data analysis and hypothesis testing, multivariate regression model based on compound data is used. The results of estimating the research model indicate that the financial statement comparability has a positive and significant effect on the value relevance of book value and earnings per share. The findings also showed that when the opacity in financial reporting is high, the effect of financial statement comparability on the value relevance of book value a nd earnings per share decreases. In addition, when there is a weakness in internal controls, the financial statement comparability does not have a significant effect on the value relevance of book value and earnings per share.

Object: 

The revival of Article 169 of the Direct Taxes Code is an important tax development in recent years in Iran. According to this article, taxpayers are required to upload their sale and purchase information in the form of quarterly reports on the website of the Tax Administration. The implementation of this article as a tax program aims to improve the quality of the tax system. If successful, the tax difference and tax avoidance of Iranian companies are expected to decrease. Meanwhile, some companies are not covered by this legal article. But Article 169 may have had an indirect effect on them. This study aims to investigate the effect of reviving the Article 169 of the Direct Taxes Code on tax difference and tax avoidance of companies subjected and non-subjected by this legal article.  

Data was collected using the document extraction method and reference to the database and then analyzed by Minitab and Stata software. To test the research hypotheses, paired t-statistics, and differences in differences approach were used. Changes in tax codes in an economic society directly affect the companies that are subject to those codes. At the same time, the non-subjected part of the community may be indirectly affected by the program because of its interactions with the subjected part. In this study, to differentiate the effects of the program in the subjected section in comparison with the non-subjected section of the society, the difference in difference estimator has been used. A sample of 135 companies was studied in the two groups of subjected and non- subjected in 2011 and 2012.

The findings showed that the revival of Article 169 of the direct tax code has significant effects on reducing tax differences and significant effects on reducing corporate tax avoidance. Also, the impacts on the subjected companies were significantly different from non- subjected companies.  

The results show that the tax gap between the subjected and non-subjected groups has decreased since the implementation of Article 169 of the Direct Taxes Code. In other words, the financial relationships and interactions between subjected and non-subjected companies have been such that the reduction of the tax differences has expanded from subjected to non-subjected. But this decrease is significantly different between the two groups. In other words, the implementation of the program has not created the same differences between the subjected and non-subjected groups. The findings indicate that the intensity of the impact of the revival of Article 169 of the Direct Taxes Code was greater in the subjected group than in the non-subjected group. The results also show that tax avoidances have decreased in both groups of subjected and non-subject companies. Research results show that the reduction of tax avoidance has not been similar for the two groups. In other words, both groups are affected by the implementation of the program, but there is a significant difference between the results of differences between the two groups.

Financial statements are of substantial significance to investors and other players in financial markets. Yet, these statements are sometimes misinforming and misleading. Thus, a potentially intricate issue for financial decision-makers is the prediction and detection of fraudulent financial statements.

This research investigates the relationship between earnings management and fraudulent financial statements in Firms, listed in Tehran Stock Exchange in order to help identify fraudulent financial statements in the time interval from 2009 to 2016. In other words, the objective of this study is to evaluate the ability of the popular discretionary accrual models to detect fraudulent financial statements. For this mission, 189 companies (21 fraudulent companies and 168 non-fraudulent) are selected as the research sample. The data mining methods employed in this research are Decision Trees (REPTree), Artificial Neural Networks (ANNs), and Bayesian Networks. We evaluate the ability of 7 measures derived from the extant discretionary accruals models to detect the existence of fraudulence.

The obtained results indicate that among all data mining methods, the Decision Trees method and among all accruals models, the Modified Jones model with book-to-market ratio have the greatest relationship with fraudulent financial statements.

Changes in a countrychr('39')s tax system aimed at promoting the tax system, such as a mediating variable, affect the transfer of wealth among stakeholders. Establishment of value added tax system is one of the important changes in recent years that the present study tries to evaluate its effect on improving tax reporting (reduction of tax difference and avoidance. In this regard, 145 companies were studied in two groups of taxable and non-taxable during the implementation period of the program (2008 and 2009). Implementation of the program in an economic community directly impacts the agencies subjected by the program. At the same time, the non-subjected part of that community may also be indirectly affected by the program due to its interactions with the subjected sector. In this study, a statistical estimation called differences in differences was used to identify the difference between the effect of the program on the taxable section and the non-taxable section of society. The findings show that the value added tax system reduces the difference and tax avoidance in the taxable companies, but also has an indirect effect on the non-taxable companies so that the difference between the two groups in the pre-test and post-test is not significant.

According to the theoretical concepts of financial reporting, financial statement comparability is one of the qualitative characteristics of information which increases the decision usefulness of relevant accounting information. Comparability affects the usefulness of accounting information through two characteristics of investors, namely their sophistication and information asymmetry. Therefore, the aim of this study is to investigate the effect of financial statement comparability on the relevance of accounting information with emphasis on the role of sophisticated investors and information asymmetry.

The statistical population of this study is all companies listed in the Tehran Stock Market, among them 80 companies in the period 2010 to 2018 have been selected by systematic elimination method.For data analysis and hypothesis testing, multivariate regression model based on compound data is used.

The results of the research model estimation indicate that financial statement comparability has a positive and significant effect on relevance. The findings also show that when sophisticated investors are high, the impact of financial statement comparability on the relevance of accounting information increases. In addition, when information asymmetry is low the impact of financial statement comparability on the relevance of accounting information increases.

The results of this study showed that when there are more sophisticated investors and less private information, the financial statement comparability improves the information users’ ability to identify similarities and differences across economic phenomena. As a result, investors choose the best investment option that leads to efficient resource allocation.

Misstating financial statements are becoming rampant phenomena. An important issue for accounting and auditing is the prediction and detection of misstating in financial statements in Firms Listed in Tehran Stock Exchange in order to help identify in the time interval from 2009 to 2016. We investigate the characteristics of misstating firms on various dimensions, we focus on 23 variables including accrual quality (12 variables), financial performance (4 variables), nonfinancial performance (1 variables), and market-related variables (6 variables). We evaluate features from previous studies of detecting fraudulent intention and material misstatements Out of these companies, 189 (21 companies were misstating and 168 were non-misstating) have been selected as the research sample. The data mining methods employed in this research include Decision Trees (REPTree), Artificial Neural Networks (ANNs) and Bayesian Networks. The obtained results indicated that the Bayesian Networks & Artificial Neural Networks methods had a higher performance and in this regard.