hosein etemadi

The content of financial statements are derived from economic transactions but the interpretation is influenced by the investor's characteristics. The fact that investors have different choices even in facing of the same information shows the difference in the JDM processes of them. This research focuses on the influence of investors’ perceptual processes on their JDM choices when they are presented with Financial accounting information. The main objective of this study is to extract a model for explaining the JDM of investors based on accounting information. A sample from a survey of individual investors, was used to investigate the validity of the model. A Partial Least Squares Structural Equation Modeling (PLS-SEM) of the investor's JDM process was examined through measures designed to test the proposed conceptual model. The results indicated that personality and psychological traits of investors and their judgments of investment environment influence investors’JDM process. The results of this study lead to a more comprehensive understanding of investor's JDM process and can be used to, provide information to investors and investment services companies. The relative usefulness of the conceptual model was discussed, and general suggestions for future research on JDM process and goal attainment were offered.Keywords: JDM (judgment and decision making),information processing Individual and psychological traitsJEL Classification: M41 ,G14

One purpose of accrual accounting is to mitigate the timing and matching problems inherent in cash flows. Cash flows have timing and matching properties that impair their ability to measure performance. Net cash receipts and payments can occur in periods that differ from the economic event (the timing or spreading problem), and cash inflows and outflows from a given economic event might occur in different periods (the matching problem). The economic role of accruals is to mitigate these timing and matching issues. These problems cause temporary fluctuations in cash flows. Accruals smooth temporary timing fluctuations in operating cash flows and thus it is expected to find a negative correlation between accruals and changes in cash flows. It is also expected that the negative correlation between accruals and cash-flow changes grows as cash flow problems intensify because accruals will increasingly counteract cash flow changes as a firm’s cash flows increasingly stray from desired properties.According to Dechow et al. (1998), the negative serial correlation in cash flow changes shows the cash flow timing and matching problem. The timing and matching problems of cash flows counteract each other. The timing problem leads to a positive serial correlation in cash flow changes. While the matching problem leads to a negative serial correlation in cash flow changes. According to Dechow et al. (1998) model,  the serial correlation in cash flow changes is a function of operating cash cycle and profit margin and the magnitude of negative serial correlation in cash flow changes depends on the relative magnitude of the operating cash cycle and the profit margin.  The longer the operating cash cycle and the smaller the profit margin, the negative serial correlation in cash flow changes is more severe. So it is expected that the negative correlation between accruals and cash-flow changes grow as the negative serial correlation in cash flow changes is severe (longer operating cash cycle and smaller profit margin). This study investigates the extent to which accruals are reconciled whit their ultimate purpose in mitigating timing and matching problems inherent in cash flows. A sample of 153 firms listed in the Tehran Stock Exchange (TSE),,is analyzed using panel data regression models. we observed that there is a negative correlation between accruals and cash-flow changes and this negative correlation increases as the timing and matching problems of cash flows become more severe. The results of this study show that accruals are used to mitigate timing and matching problems of cash flow and firms listed in the Tehran Stock Exchange use accruals more when there are more problems with cash flows.

There are two opposing theoretical frameworks concerning related party transactions in prior studies. The first theory, known as efficient contracting, argues that related-party transactions can be used to optimize internal resource allocation and reduce transaction costs; the second theory, known as agency theory, argues that related-party transactions provide opportunities for controlling shareholders, managers, and others related parties to extract resources from minority shareholders. The main goal of this study is to determine which of these theories is compatible with the transactions made with related parties in Iran. For this purpose, the impact of transactions with related parties on the presentation of financial reports containing distortions and its impact on the quality of accruals has been investigated, and in this regard, the number 134 firms listed on the Tehran Stock Exchange during the years 2016 to 2021 has been investigated. To test the hypotheses of this research, pooled and cross-sectional data were used, and the regression analysis results show a positive and significant association between the amount of related party transactions and next year's restatements, which is a measure of distortion in financial statements. Also, there is a negative and significant association between the amounts of related party transactions and accrual quality, which is used as a measure of reporting quality in this research.

Uncertainty and information are the basis of the general information theory. Uncertainty is the core of this theory and information is defined as uncertainty reducing. According to the information view, the accounting function is to provide information and thus reduce uncertainty. So, IIEQ results in tax risk reduction due to it’s reduction in uncertainty about the company's declared tax. In this research, by explaining the difference between the declared and the certain tax amount as the tax risk indicator, the relationship between IIEQ and corporate tax risk was investigated in a multivariable regression method. The research findings, using 136 companies information during 2008-2016, show that environmental uncertainty increases the company's tax risk. Also income quality, income forecast accuracy, financial reporting quality and transparency reduce the tax risk. In addition,corporate governance quality is effective for tax risk reduction. On the other hand, the best path in fuzzy decision tree method indicates the importance of environmental uncertainty, income forecast accuracy, financial reporting quality and transparency in tax risk reduction based on the combination of the most important IIEQ factors. The research findings can be used to assess the companies’ tax risk. It is also suggested to the company’s directors to improve the IIEQ for reducing tax risk.

Accounting literature suggests that economic conditions in response to good news and bad news related to the company's investors affect and this leads to a change in the behavior of corporate financial reporting. In this study, aspects of the business cycle is taken into consideration and Accounting conservatism the information content of accounting earnings reaction to changes in the business cycle is examined. The sample consists of 145 companies listed in Tehran Stock Exchange for the years 1381 to 1393 are based on weighted average of the total market was divided into periods of boom and bust. The results based on the model, developed by Basu for accounting conservatism and Harris Aston model for the information content of accounting earnings indicate that test the hypothesis that these two variables react to changes in economic conditions. Also during the recession than in boom periods, more accounting conservative had been applied.

Cost Accounting has always been one of the most important systems of management accounting. The purpose of the present study is to investigate the effect of cost accounting changes on financial performance of manufacturing firms through the variable of pricing system by considering moderator effect of perceived environmental uncertainty. The data of the study have also been collected based on the information from 80 manufacturing firms accepted in Tehran Stock Exchange. To analyze the data in this study, partial least squares structural equation modeling (PLS-SEM) was used. The results show that the effect of cost accounting changes on financial performance is positive and significant. Also despite the negative effect of pricing system changes on financial performance, the total effect of cost accounting changes on financial performance was also positive and significant. The results also reveal that moderator effect of perceived environmental uncertainty on the effect of cost accounting changes and pricing system changes on financial performance is not significant.

Since the issuance of IFRS, the economic consequences and the effect of IFRS adoption on accounting information quality have been the debate subject of professional and academic circles and different analyses have been presented on them. In order to respond to the contradictions and inconsistencies in analyses and results of experimental studies, in this study a meta-analysis of experimental studies on the effects of adoption of IFRS on the value relevance of accounting information was conducted. This study was conducted on a sample consisted of 72266 companies in period from 2000 to 2017, and based on these studies, 94 analyses from different countries were conducted. The results show that except in the case of voluntary adaptation, relevance value of book value of equity reduced in period after adaptation of IFRS, but the size of this reduction depends on legal and commercial conditions governing on countries. In addition, value relevance of earnings of accounting increased after adaptation of IFRS. However, more investigations suggest that earnings relevance, depending on legal and commercial conditions governing in countries, can have different reactions to adaptation of IFRS.

Assumption governing the current literature of researches related to the information content of accounting variables is that market prices are good alternative for the stock value, the claim that according to a number of researchers may create wrong perceptions conclusion based on research related to value relevance. In fact, due to inefficiency in the market, it is possible that the impact of accounting information on stock price is not done immediately and without delay. In this case, measuring the relationship between the mentioned variables is not suitable, because market values have been adjusted yet due to the presentation of financial information and the association between information and market variables is considered irrelevant. In this study, the effect of market inefficiency on the estimation of coefficients in conventional models to assess the value relevance was evaluated analytically and empirically based on data from 100 companies in Tehran Stock Exchange during the years 2008 to 2015. It was found that market inefficiency has a negative impact on the value relevance of accounting information.

The notion that stock ticker symbols matter for firm value might appear at odds with conventional wisdom, which suggests that firm value depends only on fundamentals. However, fundamental valuation of firms is widely known to require judgment about open-ended issues, where feedback is noisy and often deferred. This uncertainty, coupled with complex information, information asymmetry, intangible assets and … result in using heuristics in value assessments. The main objective of this study is to analyze the impact of likeableand pronounceable stock ticker symbol on firm value and liquidity of Tehran listed companies. In pursuance of this objective, data of 102 Tehran listed companies in year 2017 and comparative information for 2014 were used. In order to gauge this correlation, white heteroscedasticity-consistent standard errors least squares was applied. Using a comprehensivedataset with hand-collected ratings of ticker symbols, wefind that higher pronounceability of ticker symbols leads to higher Tobin'sQ. Further findings show that the impact of ticker symbols on stock liquidity rate is also positive.

In this study the relationship between tax avoidance and tax risk was investigated by measuring tax risk based on uncertainty approach using data collected from 114 companies during the years 2009 to 2015. For this purpose, the lower effective tax rate (ETR) and non-steady tax situation over time is considered as tax avoidance and tax risk, respectively. The results show that a significant negative relationship exists between the effective tax rate and tax risk. It means that companies with lower ETR cannot continuously preserve their low level of taxes, and therefore their tax risk would be high. Hence, the policy of decrease in taxes due to its uncertainty is risky tax avoidance. This finding provides new evidence about the impact of tax policy on the overall company performance. The results also show that income fluctuation increases tax risk and tax risk of small companies is higher than the big ones. Moreover, the financial leverage can reduce tax risk due to consequential regulatory mechanisms. It is noteworthy to mention that the findings of this study can be used in risk assessment of the corporate tax policies.

The significance of risk and performance indicators during the firm’s life cycle is different according to the life cycle theory. On the other hand Ohlson prediction and valuation models (1995) are based on firm book value, accounting profit and the assumption of "randomized, balanced and stabilized abnormal earnings". In this study which is aimed to review the ability to improve the Ohlson valuation model considering the firm’s life cycle variable, a sample of 110 firms listed in Tehran Stock Exchange between 2003 and 2013 was selected. Using Park and Chen (2006) methodology, the life cycle was divided into three stages and then, considering the firm’s place in the life cycle, prediction models of abnormal earnings and Ohlson firm’s valuation (1995) were adjusted and afterward the adjusted models were compared with the initial model in two short-term and long-term estimation periods of 5 and 10 years, respectively. The results show that during both estimation periods, the adjusted model has a better performance in predicting abnormal earnings and firm’s valuation compared to the initial model, however during the 10-year estimation period, the two models’ estimated values were significantly less than actual values.

The main objective of this research is identifying the impact of accruals components on the relationship between external financing activities and future stock returns of listed companies in Tehran Stock Exchange. The period of this research is twelve years (2000-2011). In this paper, the factors affecting the relationship between these abnormalities have been distinct that include managerial market timing, opportunistic earnings management, agency-related Overinvestment, risk induced by changes in the mix of growth options and assets and distress risk, and for testing this hypothesis we have used multivariable regression models. The analysis results show that external financing activities do not have the ability to predict future stock returns after controlling of the total accruals, working capital accruals and long-term accruals; and external financing anomaly is not statistically significant. In addition, the presence of long-term accruals determined that these abnormalities occur in the market. The results indicate that the agency-related Overinvestment can be interpreted of the relation to the explanation for these anomalies and is compatible with it. According to this hypothesis, managers can invest the net cash proceeds from external financing activities in projects with zero or negative net present value for personal interests.

This study examines the relationship between product market competition and other factors affecting the capital structure of listed companies in Tehran stock exchange. The main objective of this study is to identify the effect of market competition on financial leverage (debt absorption) along with other factors affecting the company total debt absorption. Study period is 5-year from 1385 to 1389. To determine product market competition as the independent variable، Tobin’s Q ratio is used. The dependent variable used to calculate the capital structure is financial leverage ratio which is equal to total debt to total assets ratio. Other independent variables، as other effective factors on capital structure such as profitability، firm size، collateral value of assets، the company''s growth، non-debt tax shields، uniqueness of assets is the ability to generate internal resources and current ratio. In this study of 178 companies (890 years - co) used as a sample and to test the research hypotheses pool/panel regression is used in both static and dynamic. Results shows that in static model، profitability effect، inventory ratio to fix assets divided by total assets and current ratio to capital structure is negative and significant and product market competition and also non debt tax shield to capital structure is positive and significant. In dynamic model، profitability effect، inventory ratio to fix assets divided by total assets and current ratio to capital structure is negative and significant and product market competition and also non debt tax shield to capital structure is positive and significant.

In this study we investigate the effects of earnings management (EM) and Capital Structure (CS) on Earnings Conservatism (EC). Conservatism is one of most important accounting information attributes and reported earnings must have a balanced magnitude of EC. Based on study hypotheses, it is predicted that EM affect equilibrium of EC. That is, EM results in over-conservatism or under-conservatism. Furthermore, tradeoff between equity and debt in CS of firms can affect EM incentives and thereby it can affect EC. In explicit word, it is predicted firms with more financed by equity have more conservative earnings. In order to test hypotheses, EC and discretionary accruals (as as proxies of EM) are measured for 303 firms during 2002-2009 period (totally 1530 firm-year observations). Results show that an increase in absolute values of discretionary accruals is accompanied by increase in magnitude of EC. Firms that engaged in downward EM have more conservative earnings (over-conservatism). In contrast, firms with upward EM have less conservative earnings (under-conservatism). Finally, firms with more financed by equity have more conservative earnings, than others.

In today's changing and dynamic environment, the basic challenge of management is survival, growth and success in industrial and business sector. Total Quality Management (TQM) is the philosophy and approach of management that in it, all employees, customers and suppliers work to achieve the mentioned goals.In total quality management, in addition to organizational survival,there are some other aims that customer satisfaction, service providing with high quality, cost deduction and organization profitability are the most important of them. Achieving these goals needs to effective and efficient implementation of total quality management. And this requires for understanding of its hilosophyand principles by managers and employees.There are some paradoxes in the total quality environment that,understanding of them requires focusing on the elements creating the quality culture. These paradoxes arise from various sources: the company's effort to achieve multiple goals, trying to meet customer needs and wants in an efficient and realistic manner, broader roles for employees, and new ways of structuring tasks. Moreover, a number of principles in total quality management indeed are contradictory.In this article, with reviewing theoretical background, the seven paradoxes of Total Quality Management are introduced, and the ways of managing of them are provided. Then in a conceptual model, these paradoxes are related with TQM's focal points. The article is followed by conclusion, managerial applications and suggestions for future researches.

Corporate Governance is an important effective factor in determining bid-ask spread. Bid-ask spread has important role in stock liquidity. Increasing in corporate governance quality leads to decrease bid-ask spread and therefore increase stock liquidity. The main goal of this paper is to review the relationship between corporate governance and stock liquidity in Tehran Stock Exchange. Therefore 111 firms that their required data was available were selected. Firm's governance measures include of percentage of outside directors and percentage of institutional investors data for a 5 years period (1381-1385) were selected and entered the models as independent variable. Bid-ask spread data is gathered as dependent variable. The multivariate regression model is used to examine the hypotheses. Signification of the model is examined by t and F statistics. The conclusions indicate that there is no significant relationship between Corporate Governance measures and Bid-Ask Spread in Tehran Stock Exchange.

As increasing productivity is one of the first priorities in most of organizations, the main purpose of all organizations is creating value for their shareholders that are demonstrated in stock return of firms in stock Exchange market. So, it is necessary to understand the effect of human resource productivity in achieving this goal and find the obstacles.The purpose of this research is examining the effect of human resource productivity on stock return in the case of Tehran stock Exchange. So, for this purpose 112 companies, during 1380-1384, were sampled and those relationships were examined. We used regression and correlation analyses and found that there is no significant correlation between these variables, and these results are true in both capital and human intensity industry. We also examined another control variable, industry type, and the findings revealed that in six industries this relationship is negative.