ارزش شرکت

The primary challenges of the 21st century, particularly resource scarcity and the efficient utilization of resources, have intensified global awareness of sustainability and its implications for sustainable development. Achieving sustainable development requires businesses to adopt strategies that integrate economic objectives with environmental and social dimensions. As critical pillars of society, companies significantly influence sustainable development initiatives; their collaboration is essential for meaningful progress. The implementation of sustainability initiatives serves as a precursor to the disclosure of sustainability information, enabling companies to reap the advantages of both implementation and disclosure processes. Therefore, this study aims to investigate the influence of material sustainability information disclosure on company performance, while also considering the moderating effect of business strategy.
This research adopts a descriptive-correlational approach with a focus on practical application. A library method was utilized to gather relevant information and establish theoretical foundations. Financial data were extracted using document mining techniques applied to audited financial statements, while sustainability information was obtained through content analysis and mapping from the companies' board of directors or sustainability reports. The statistical population comprises 102 companies listed on the Tehran Stock Exchange from 2018 to 2022.
The findings indicate a strong and significant positive relationship between the transparency of material sustainability information disclosure and company performance. Furthermore, business strategy plays a moderating role in this relationship, strengthening the positive connection between sustainability disclosure and performance outcomes.
The manager's goal is to increase shareholder wealth. In addition to traditional financial investments, the manager can also make a new type of investment called investment in sustainable activities. That's why investors with a longer horizon prefer companies with a higher environmental, social, and governance (ESG) performance, while short-term investors prefer the opposite. The analysis demonstrates that companies engaging in extensive material sustainability information disclosure achieve superior performance and value compared to those with limited disclosures. By fostering transparency in their sustainability efforts, companies enhance their competitive advantage, leading to improved performance and increased value. Additionally, business strategy emerges as a crucial moderating factor in the relationship between material sustainability information disclosure and overall company performance. Firms that align their reporting of sustainability information with their operational strategies tend to outperform their peers. Notably, according to the Miles and Snow model, which categorizes business strategies as either defensive or offensive, the results suggest that companies employing aggressive strategies are more inclined to disclose material sustainability information than those with defensive strategies. It is also recommended that investors consider non-financial disclosures (sustainability) to evaluate the performance of the company, in addition to paying attention to financial disclosures, so that optimal investment is made, and resources are not wasted. This research contributes novel insights into the relationship between material sustainability information disclosure and firm performance, emphasizing the moderating influence of business strategy, particularly within the context of emerging markets—an area that warrants further exploration.

The purpose of this study is to investigate the effect of coordination theory and CEO tenure on corporate social responsibility and company value in companies listed on the Tehran Stock Exchange. This study is an applied research in terms of its nature and descriptive method and in terms of its purpose, and since in the present study the current status of the variables has been analyzed using information collection through past information, it is included in the category of descriptive and post-event studies. In the course of conducting the research, four main hypotheses were formulated and 127 companies were selected through systematic elimination sampling for a 10-year period between 2014 and 2015, and the data related to the research variables were analyzed after collection in Excel software using Eviews statistical software. The results of the hypothesis test showed that: Coordination theory and CEO tenure have a significant effect on corporate social responsibility and company value in companies listed on the Tehran Stock Exchange.

This research aims to investigate the moderating role of audit quality on the effect of tax planning on company value. Investigating whether a high-quality audit can help the company increase its value by doing correct and reliable tax planning. The current research is analytical and correlational in terms of method. Also, this research is considered quantitative research based on the nature and characteristics of the data used to analyze the hypotheses. In order to collect data, the library method and the statistics provided by the Tehran Stock Exchange Organization were first used. The results obtained from the regression model on a sample of 110 companies listed on the Tehran Stock Exchange in the 8 years from 2015 to 2022 show that tax planning has a positive and significant effect on the value of the company, and also from the three indicators of the size of the audit firm, tenure The auditor and the type of audit report have been used as indicators of audit quality. It was found that the size of the audit firm and the type of audit report as audit quality indicators have a positive moderating role on the effect of tax planning on company value. Still, the audit tenure does not moderate the effect of tax planning on company value. Among the control variables of company size, internal efficiency, asset turnover, and current ratio have a positive and significant effect. In contrast, financial leverage negatively and significantly affects the company's value. Also, according to the results, the company's life has no significant effect on its value. The first hypothesis stated that tax planning positively affects the company's value. The results obtained from the test of the first hypothesis show a positive and significant relationship between the effect of tax planning and the company's value. The results obtained can be considered consistent with the value creation theory, which, according to this theory, since tax planning activities, which are tax avoidance, reduce the transfer of wealth from shareholders to the government, as a result of which market participants have a positive view of these activities and an increase in stock prices accompanies their reaction. The second hypothesis stated that The type of audit report strengthens the effect of tax planning on the company's value. The results obtained from the test of the second hypothesis show that the type of audit report enhances the relationship between the effect of tax planning on the company's value. In these results, the moderating role of audit quality is evident. In conditions where the audit quality is high and the company uses skilled and expert auditing, the trust of shareholders and other entities related to the company will increase. This trust can increase the company's value in the stock market and attract new investors. In addition, a high-quality audit can have a direct impact on tax planning. An expert auditor can correctly identify and evaluate tax issues and can help or guide the company in tax planning, which leads to a reduction in tax costs, improved liquidity, and increased profitability, which will lead to an increase in the company's value. Therefore, the quality of the audit can have a significant impact on the relationship between tax planning and the company's value. The trust of shareholders and other entities related to the company is a necessary condition for the company's activity and value, and this trust can be achieved through a quality audit. Audit quality also improves tax and financial performance and increases the company's value by helping with tax planning. As a result, the second hypothesis of the research is not rejected. The results obtained for the second sub-hypothesis of the research showed that the type of audit report moderates the impact of tax planning on company value.

High-reputation firms tend to adopt conservative accounting practices to maintain stakeholder trust and reduce financial risks. This approach not only manages reputation-related risks but also creates an "insurance-like" effect, helping to preserve and enhance the firm's value. In this context, the present study aims to examine the mediating role of accounting conservatism in the relationship between corporate reputation and firm value over the period 2013-2022. The research is applied in nature and quasi-experimental in method, relying on archival data. The hypotheses were tested using a panel data model with fixed effects. The results confirmed a positive and significant relationship between corporate reputation and firm value. Additionally, the findings demonstrated a positive and significant association between corporate reputation and accounting conservatism. Furthermore, accounting conservatism was found to mediate the relationship between corporate reputation and firm value

This study examines the effect of tax avoidance, financial leverage, and executive bonus on company value with the moderating role of earnings quality. A sample of 103 companies listed on the Tehran Stock Exchange was selected for this study. In this study, the effect of tax avoidance, financial leverage, and executive bonus on company value with the moderating role of earnings quality was investigated for the period 1397 to 1402, with a total of 618 observations available for the study. The statistical method used in this study is the multivariate regression method using panel data. The results of the research hypotheses indicate that there is a significant relationship between tax avoidance, financial leverage, and executive bonus with company value, and that earnings quality has a significant effect on the relationship between tax avoidance, financial leverage, and executive bonus with company value. Studying the Effect of Tax Avoidance, Financial Leverage, and Executive Bonus on Company Value with the Moderating Role of Earnings Quality

In today's business environment, issues related to financial management, trust, and firm value are critical for the robustness and progress of any organization. Among the factors that may influence these relationships are the mediating roles of operating cash flow and tax aggressiveness. This research aims to investigate how operating cash flow and tax aggressiveness mediate the relationship between managerial overconfidence and firm value in companies listed on the Tehran Stock Exchange.

To test the research hypotheses, we selected 166 companies as the research sample for the period between 2014 and 2019. We analyzed the data using the regression method with static and dynamic panel data, utilizing Eviews13 software.

The research reveals a positive and significant relationship between managerial overconfidence and firm value. Additionally, the findings indicate that operating cash flow and tax aggressiveness mediate this relationship.

This research demonstrates that operating cash flow and tax aggressiveness play essential mediating roles in the relationship between managerial overconfidence and firm value. These findings suggest that managerial overconfidence can lead to an increase in firm value, and this relationship is significantly influenced by operating cash flow and tax aggressiveness.

Firm value is the perception of stakeholders, especially investors, of the company's achievement level related to stock market prices and is measured by percentages and economic concepts that reflect the business value on a given date. The v firm value can be increased by the ability to control the potential (financial and non-financial) in the long term for the existence of the company. Therefore, efforts are needed to increase the firm value. According to the above, the importance of determining the firm value and the factors affecting it are determined. Based on this, the current research examines the effect of audit quality, corporate governance and earnings management on the relationship between social responsibility reporting and firm value in companies listed in the Tehran Stock Exchange. In order to achieve the above objectives, four hypotheses were formulated. Therefore, in order to test the research hypothesis, a sample of 165 firms was selected from the firms listed in Tehran Stock Exchange during the period 2016 to 2023. Multivariate regression model based on combined data was used to test the research hypothesis. The findings of the research showed that social responsibility reporting has a positive and significant effect on the firm value, that is, an increase in social responsibility reporting leads to an increase in the firm value; In addition, the results indicate that audit quality and corporate governance strengthen the relationship between social responsibility reporting and firm value. While, earnings management weakens the relationship between social responsibility reporting and firm value.

One of the most attractive peiece of  financial information that can be provided to economic actors and those who are present in capital markets is the data which are related to future value of companies because the holder of this type of information is able to achieve economic goals through planning and making appropriate decisions. Holder of such information in competitive sharemarkets  will be able to act better rather than  other competitors. Accruals are one of the most frequently used factors to predict the above items, the  role of accruals in explaining value of the company has long been proven. In the continuation of these researches, new researches seek to study the new aspects of this prediction capability and increase the accuracy of this type of predictions. The present study follows the effect of separating accruals based on their role in the cash flow alignment on their ability to predict future firm value. In this study, accruals will be divided into two categories: accruals whose cash flow will be created after their economic factor and the second category is accruals whose cash flow  preceedes before their cashmic factor. The idea was first mooted by Barth et al In 2016. A total of 184 companies listed on the Tehran Stock Exchange and OTC in the period 2007-2019 were surveyed. Finally, empirical evidence doesn’t confirm the main premise of the paper that the separation of accruals based on their role in cash flow alignment increases their ability to predict the company's earning and value in a large number of industries. According to what was mentioned, our results are not very consistent with the results of the research of Barth et al. (2016), which showed that the separation of accruals based on their role in the cash balance leads to an increase in their ability to explain and predict the value of  the company. It should be noted that the difference between the conditions of Tehran Stock Exchange and other capital markets in the world can play an important role in the results of this research.

Companies are affected over time by external factors such as technological advances and regulatory changes. For effective performance and long-term success, companies update production lines, which may involve a break in company operations. The aim of the present study is to investigate the impact of the CEO's power on the suspension of operational activities of companies listed on the Tehran Stock Exchange.

The present research is applied in terms of purpose and descriptive and correlational in terms of nature. For this purpose, research hypotheses were developed and tested using the information of 150 Iranian stock market companies over a period of 7 years (i.e., from the fiscal year 2014 to 2020).

In Iran's stock market, the CEO's authority has a significant negative impact on the voluntary suspension of operational activities. Conversely, the CEO's authority has a significant positive impact on the mandatory cessation of operational activities. The CEO leverages their authority to optimize production line capacity utilization and refrains from doing so during periods when they could voluntarily halt production lines for maintenance or upgrades. Consequently, continuous production line operation raises the risk of sudden stoppages due to equipment failures.

Considering that the power of the CEO can impact the optional stoppage of operational activities, it is recommended that corporate governance elements (Board of Directors and Audit Committee) evaluate the CEO's decisions regarding servers and maintenance of production lines to prevent damage or forced stoppage of activities. Implement operational preventive measures. It is also advised to investors and financial analysts that when assessing companies' performance for buying and selling shares, they should consider non-financial criteria such as the CEO's power, in addition to financial performance evaluation criteria. This is because, as per the current research findings, the CEO's power can lead to an increase in forced stoppage of companies' operational activities, which can significantly impact their financial performance and stock prices.

To help companies reach sustainable success in the competitive market and its changing conditions, their power and talents in marketing along with the required skills and knowledge as well as other resources must be utilized by managers in order to create value for such entities. The present study aimed to investigate the effect of the company's marketing capability on its performance, value creation, and cash flows. The statistical population accordingly included the companies listed on the Tehran Stock Exchange. To homogenize the data and make it possible to perform optimal statistical analyses, a total number of 127 companies operating in a 10-year period (2011-2020) were selected as the statistical samples using the systematic removal sampling method. First, the company's marketing capability data were extracted to analyze them via the stochastic frontier approach and the financial statement items, and then incorporated into all three final research models, which were further tested using multivariate regression based on combined data. The study results at a 95% confidence interval revealed that the company's marketing capability had a positive effect on stock return, the Q-Tobin ratio, and cash flow ratio. Accordingly, the tangible and intangible power and talents of the company in marketing could enhance its performance, value, and cash flows. Other results correspondingly demonstrated that financial leverage had a significantly negative effect on stock return and cash flow ratio. As well, the company's growth opportunity had a significantly positive impact on stock return and the Q-Tobin ratio.

The present study examines the effect of profitability on the relationship between corporate social responsibility and managerial ability on firm value in companies listed on the Tehran Stock Exchange. In order to achieve the above objectives, four hypotheses were formulated. Therefore, in order to test the research hypothesis, a sample of 171 firms was selected from the firms listed in Tehran Stock Exchange during the period 2018 to 2022. Multivariate regression model based on combined data was used to test the research hypothesis. In terms of practical purpose, this research is to collect quantitative and post-event data and in terms of descriptive correlational analysis. The findings of the research showed that the corporate social responsibility and managerial ability have a positive and significant effect on the firm value, that is, the increase of the corporate social responsibility and managerial ability leads to the increase of the firm value; In addition, the results indicate that profitability strengthens the relationship between corporate social responsibility and managerial ability on firm value.

The current research examines the moderating effect of the corona virus crisis on the relationship between social responsibility activities on company value and stock returns in companies listed on the Tehran Stock Exchange.

This research is practical in terms of purpose, and from the aspect of identification method, it is correlation and among descriptive research. The statistical population of the research is the Tehran Stock Exchange and the research sample is 135 companies admitted to the Tehran Stock Exchange in a 4-year period between 2017 and 2018. In order to test the hypotheses of the research, multivariate regression was used with combined data and Eviuse software.

The results showed that the social responsibility of the CSR Company leads to an increase in stock returns and company value. In addition, the Corona epidemic has a moderating effect of social responsibility on company value and stock returns. As a result, this crisis reduces the positive effect of social responsibility on company value and stock returns. In this way, it is possible to understand the importance of corporate social responsibility measures in the return of shares and the value of companies, especially in critical periods such as the spread of the Corona epidemic virus.

Contribution: 

In this research, the moderating effect of the actual shock of the corona virus on the relationship between social responsibility activities, company value and stock returns has been investigated, is that by examining a real shock, the relationship between these variables and predicting their behavior in other crises is discussed.

Corporate social responsibility is commonly defined as a business model in which companies integrate social and environmental concerns into their business operations and interactions with their stakeholders rather than economic profit. The main concern of the stakeholders is to take care of their interests and thus create value for them. Corporate social responsibility can include the interests of all stakeholder groups. Therefore, the purpose of this research is to determine the relationship between corporate social responsibility and value for the company, emphasizing the tenure of the CEO. The current research is applied research in terms of its purpose. The statistical population is the companies admitted to the Tehran Stock Exchange, and 133 companies were included in the statistical sample with the purposeful sampling method. The time period of the research is from 2012 to 2022. The value of the company using the criterion; Q-Tobin ratio, rate of return on assets and rate of return on equity were measured. Corporate social responsibility was measured using Aghaei and Kazempour's checklist (2015). The tenure of the CEO was also measured through the number of consecutive years of managing a company. The results show that there is a direct and significant relationship between the social responsibility of companies and the value of the company. While there is no significant relationship between corporate social responsibility and company value (return on assets and return on equity). Also, when the tenure of the CEO is long, it can increase the social responsibility of the company and thus lead to an increase in the market value of the company (Q. Tobin).

The purpose of this study is to examine the impact of company reputation risk on cash held with the moderating role of financial constraints and corporate governance (evidence from Tehran Stock Exchange). The research method is descriptive correlation with applied approach. The statistical population of this research is the companies admitted to the Tehran Stock Exchange in a period of 7 years during the financial years of 2016-2022. 133 companies were selected as the statistical sample of the research. In this research, systematic exclusion sampling method was used. Excel and Eviews8 software were used for data analysis. In this research, Smirnov's Klomograph test was used to determine the normality or non-normality of the data; which were estimated by the random effects method according to the normality of the data and according to the F-test of Limer and Hausman model with panel data; Also, the model has homogeneity of variance and serial autocorrelation problem. The results show that reputation risk has a negative and significant effect on cash held. Financial restriction has a negative and significant moderating effect on the relationship between reputation risk and cash held. The independence and size of the board of directors have a positive and significant moderating effect on the relationship between reputation risk and cash held. The CEO's ambivalence has a negative and significant moderating effect on the relationship between reputation risk and cash held.

In today's world, accounting plays an important role in promoting the profitability of companies and organizations, considering the increasing importance of the company's value, knowing about the factors affecting it can help in its improvement. The purpose of this research is to investigate the impact of profit management on the company's market value (evidence from Tehran Stock Exchange). The current research is practical in terms of its purpose, and in terms of methodology, it is a causal (post-event) type of research. The statistical population of this research is the companies admitted to the Tehran Stock Exchange in the years 2017 to 2023, and 133 companies have been examined in a seven-year period to conduct this research. A regression model has also been used to analyze the results. The obtained results show that profit management (actual and accrual) has a negative and significant effect on the value of the company.

Today, the importance of water resources in the industry sector is evident to everyone, and companies are increasingly taking steps towards the optimal management of water resources and the disclosure of water-related information in the form of reports that have informational content and will have many consequences, Therefore, the purpose of this research is to investigate the interrelationship of corporate water reporting on financial performance and firm value in Tehran Stock Exchange member companies using simultaneous equations. This research is descriptive in terms of practical purpose and information collection method. The studied population is the member companies of the Tehran Stock Exchange, 102 companies were selected in the 10-year period from 2012-2021 by elimination method. The research findings showed that there is a positive and reciprocal relationship between corporate water reporting and asset return, but there is no reciprocal relationship between corporate water reporting and equity return. Also the relationship between corporate water reporting and firm value is one-sided and only corporate water reporting has a negative effect on firm value. These findings can be useful for managers and investors to better understand the consequences of water reporting in the company and help managers to have a more appropriate plan for the management of corporate water resources and also help investors in choosing the optimal portfolio.

The aim is to Investigate the effect of social responsibility performance on the relationship between tax planning and company value. Tax planning ability is an important influencing factor in determining the value of companies from the point of view of social responsibility.  The Data belonging to 88 companies between the years 2016 and 2021 were selected from between the companies admitted to the Tehran Stock Exchange and social responsibility as a moderating variable, the independent variable of tax planning and the dependent variable of company value were used, which were investigated in separate regression models. The test of the first and second hypotheses shows that tax planning has a positive and significant relationship with company value, and the relationship between social responsibility and the relationship between tax planning and company value is positive and significant. The results show that with the improvement of tax planning, the value of companies improves and tax planning increases the value of the company. Increasing the social responsibility of the company increases the positive impact of tax planning and the value of the company. Research that examines the relationship between social responsibility, tax planning, and company value at the same time has not been done. By conducting this research, useful supplementary information has been provided for the field of investment, judgment decision-making, and taxation

Tax avoidance activities are basically known as methods to prevent the transfer of cash from shareholders to the government. The problem in this regard is that tax avoidance is not always in the interest of shareholders and opportunistic managers may use the excuse of avoidance. tax, direct or withdraw resources for personal benefits, which causes the increase of shareholders' expenses and as a result increases the expenses of tax avoidance to its interests. Based on this, in this research, the role of managers' self-interest on the relationship between tax avoidance and the value of companies listed on the Tehran Stock Exchange has been investigated. The statistical sample of this research consists of 618 observations (year-company) for 103 companies during the period of 1396 to 1401, which were selected by systematic elimination method. The results of the research have shown that the interaction of tax avoidance and managers' self-interest has a significant and negative effect on the value of companies listed on the Tehran Stock Exchange.

The main goal of this research is to investigate the impact of human, social and production capital disclosure on the company value in companies listed on the Tehran Stock Exchange during the years 2014 to 2015. The statistical sample of the research is 160 companies admitted to the Tehran Stock Exchange. The research method is a descriptive correlation with an applied approach, and the method of collecting information in the theoretical foundations section is from the library method and in the hypothesis testing section from the document analysis method of financial statements. In general, the statistical method used in this research is correlation and multivariate linear regression. The results of the research hypotheses test showed that the disclosure of human capital has a direct effect on the value of the company, and the disclosure of productive and social capital does not affect the value of the company.

The present study examines the relationship between family control, agency conflicts, company cash assets and company value in companies listed on the Tehran Stock Exchange. This research is an applied research in terms of its nature and descriptive method and in terms of its purpose, and since in the current research the current state of the variables has been analyzed by collecting information through past information, it is in the ranks of descriptive studies. And it is included after the event. In the course of conducting this research, two hypotheses were formulated and 113 companies were selected through systematic elimination sampling for the 7-year period between 1395 and 1401, and the data related to the research variables were collected in Excel using the software. Amari Evioz version 10 were analyzed. The results of the hypothesis test showed that there is a significant direct relationship between family control, agency conflicts, and the company's cash assets with the company's value.