دکتر حسین عامری

Recent research findings regarding cost behavior have shown that costs do not change in proportion to changes in sales. In other words, while costs increase with rising sales, they do not decrease proportionately with falling sales. This asymmetric behavior of costs is referred to as cost stickiness. Furthermore, competition has led to a reduction in stagnation and recession in the market, compelling economic entities to operate with greater efficiency and productivity in order to survive under competitive conditions. Therefore, competition is recognized as a catalyst for innovation and creativity, which can contribute to the dynamism and economic development of society. The objective of this study is to examine the effect of competition on cost stickiness in the banking industry of Iran. To achieve this goal, data from 20 banks over the period of 2016-2023 were analyzed using the Generalized Method of Moments (GMM) and panel data techniques. The findings indicate a significant positive relationship between competition and cost stickiness in banks. In other words, with an increase in competition, the cost stickiness of banks also rises.

The lack of reliable information disclosure contributes to information asymmetry, which in turn raises the equity cost of capital. Voluntary information disclosure can mitigate unsystematic risk and this reduction can enhance investor confidence through financial signaling. When investors perceive a company as more resilient to specific market fluctuations, the company’s beta—a measure of systematic risk—tends to decrease. This shift in risk perception can ultimately lower the equity cost of capital. Furthermore, when a company improves the quality of its disclosures, it not only affects its own valuation, but can also influence the broader market. In this sense, the disclosure practices of one company can shape public perception and impact the risk assessments of other companies as well.  This study explored the mediating role of information asymmetry in the relationship between voluntary information disclosure and the equity cost of capital, utilizing the Capital Asset Pricing Model (CAPM). To achieve the research objectives, a sample of 159 companies listed on the Tehran Stock Exchange (TSE) from 2018 to 2023 was selected. Panel data analysis and multivariate linear regression were employed to test the hypotheses. The findings indicated that voluntary information disclosure did not significantly affect the equity cost of capital. Moreover, the mediating variable of information asymmetry also did not significantly influence the relationship between voluntary information disclosure and the equity cost of capital. This lack of significance might be attributed to the generally low level of voluntary disclosure, inefficiencies within the Iranian capital market, and the limited scope of disclosed information. Additionally, the absence of financial analysts and insufficient investor attention had hindered voluntary disclosures from effectively reducing information asymmetry in the capital market.

Voluntary disclosure of information reduces the uncertainty of the information environment, thereby increasing information asymmetry and investor confidence in the management of the company, and businesses that have more Tax aggressiveness activities may increase their disclosure to eliminate information uncertainty and information asymmetry. On the other hand, voluntary disclosure of information can clarify the goals of Tax aggressiveness activities and the motivation for the benefit of individuals within the organization. Agency theory introduces voluntary disclosure as a mechanism to assure managers of stewardship and support for shareholders and may reduce the company's opportunistic behavior and reduce information asymmetry. Accordingly, voluntary disclosure of information is expected to affect the relationship between Tax aggressiveness activities and information asymmetry. In fact, voluntary disclosure quality can prevent management opportunities from pursuing their own personal interests through policies and Tax aggressiveness activities, reducing information asymmetries and thus increasing information transparency. Empirical evidence shows that voluntary disclosure of information can moderate the relationship between Tax aggressiveness activities and information asymmetry. More importantly, disclosure of companies' information has an impact on their analysis and consequently management forecasting and at the same time play an important role in reducing information asymmetry. As a result, Tax aggressiveness policies increase information asymmetry at the company level by ambiguity and complicating the information situation, and then voluntary disclosure can reduce the company's opportunistic behavior and reduce information asymmetry. Therefore, this study aims to examine the moderating effect of voluntary disclosure on the relationship between tax aggressiveness and information asymmetry.  

This research is an experimental research method of post-event type and is in the category of positivist approaches. Statistically, it is a correlational research and we utilized multivariate linear regression to test research hypotheses. The information collected is based on actual stock market information, financial statements and notes accompanying corporate financial statements.To achieve the purpose of the research, 174 companies listed on the Tehran Stock Exchange during the period 2012-2018 are examined. To test the hypotheses, the method of panel data analysis and multiple linear regression are used.  

The research findings show that there is a positive and significant relationship between tax aggressiveness and information asymmetry. In addition, these findings indicate that voluntary disclosure of information does not have a significant effect on the relationship between tax aggressiveness and information asymmetry.  

Tax planning increases the value of the company through tax savings, but if this planning is too aggressiveness, it leads to the downfall of the company and this leads to ineffective communication with shareholders and creditors of the company. In such circumstances, the problems are caused by information asymmetry become more apparent. On the other hand, managers are expected to use voluntary disclosure to reduce the negative effects of complex financial statements and the information environment, But in the case of Iran, due to capital market inefficiencies and limited cases of voluntary disclosure of information by companies, the quality of voluntary disclosure of information is not necessarily sufficient to have a significant impact.

In recent years, constant reporting on companies' sustainability and its dimensions have been considered from different perspectives of companies using corporate reports and financial statements. Sustainability reporting is the company's environmental, social, and economic achievements, and suggests that the business entity, in light of these issues, will implement its development plans in the future. The purpose of this study is to investigate the effect of the board of directors’ characteristics on the sustainability report of companies listed in the Tehran Stock Exchange. The statistical population of the study consisted of all companies listed in Tehran Stock Exchange. After reviewing, 95 companies were selected based on the systematic elimination method. The results of the hypothesis test indicate that the size of the board of directors, the independence of the board of directors, and ownership percentage of the board of directors have a significant effect on the disclosure level of corporate sustainability reports and financial reporting knowledge of the board does not have a significant effect on the level of disclosure of the sustainability report, as well as three variables such as company size, profitability and financial leverage have a significant effect on the level of disclosure of the corporate sustainability report.

This research is aimed to answer the fundamental question whether there is a significant relationship between return of discretionary reduction of general, sale, and administrative expenditures and reduction of the future performance. The question is presented as two hypotheses. Earnings management is measured using the benchmark for reducing of general, sale and administrative expenditures. The Statistical population of the research includes all firms listed in Tehran Stock Exchange. The sample consists of 114 listed firms during the period from 2011 to2016. Panel data analysis method, multivariate linear regression and Eviews9 software are used to test hypotheses and estimate coefficients. The results indicate that there is no significant relation between the return of discretionary reduction of general, sale and administrative expenses, and the reduction of future performance. But there is a significant relationship between the return of discretionary reduction in sales, general and administrative expenses, and the company limitation in earnings management of accruals

This research is aimed at studying the effect of real earnings management return on long-run operating performance. In fact, this research seeks to study if there is any significant relationship between return of discretionary reduction of sale, public and administrative expenditures and reduction of the future performance. We expanded the main question and included limitations in accrual items management in discussion of real earnings management return and raised the following question: does the effect of discretionary reduction of sale, public and administrative expenditures on the future performance increase considering limitation of the company for accrual items earning management. Statistical population of the present research includes all companies listed in Tehran Stock Exchange. 105 companies were selected and studied during 2010-2015. Mixed methods analysis and multivariate linear regression were used through Eviews7 software to test the hypothesis and estimate coefficients. The results indicated that the return of optional reduction in selling expenses, general and administrative demonstrates no significant correlation with the reduction of future performance. But, within limits, in the management of accruals in talk back real earnings management, reducing the return of voluntary sales expenses, general and administrative affects future performance.