فصلنامه بررسی های حسابداری و حسابرسی
پیاپی 80 (تابستان 1394)

Asymmetric ratcheting effect when occur that unfavorable (favorable) budget variance cause increase (decrease) next period’s budget. The purpose of this study is investigating existence of this effect on budgeted earning in Tehran Stock Exchange (TSE). We assume that forecasted earning that firms listed in TSE obligated to disclosure it، is the reflection of internal performance budgeted. By this disclosure، firms give their controlling instrument to capital market. In this research، statistical sample includes 325 firms listed on TSE during 1386 to 1392. The results reveal deviation from budgeted earning has significant effect on next period’s budget and unfavorable deviation effect is more than its favorable. In other words، the results confirm existence of asymmetric ratcheting effect on budgeted earnings in TSE.

The purpose of this study is to examine the role of financial reporting quality in mitigating the constraining effect of dividend on firms'' investment of listed companies in Tehran Stock Exchange in their life cycle stages. In this regard، numbers of 110 firms selected as sample of research for the period of 2006-2011. The panel data model is used to test the hypothesis. The results show that higher quality financial reporting mitigated the constraining (negative) effect of dividends on firms'' investment. Companies divided into growth، maturity and decline stages with Park and Chen (2006) model and the results show that higher quality financial reporting mitigated the constraining (negative) effect of dividends on firms'' investment in maturity stage. While there is not impact on relationship between dividend and firms'' investment in growth and decline stage.

This study investigates the effect of managerial overconfidence on the both conditional and unconditional conservatism with attention to the role of external monitoring. Data is collected from a sample of 197 firms listed in Tehran Stock Exchange over 2004 to 2012. Two measures are used for managerial overconfidence: excess asset growth، and debt to equity ratio above the industry median. Unconditional conservatism is measured using an accrual-based measure، and the difference between cash flow skewness and earnings skewness (Givoly and Hayn [2000]). Conditional conservatism is measured using Basu’s [1997] asymmetric timeliness measure. The findings indicate that both of managerial overconfidence measures have a significant negative effect on both conditional and unconditional conservatism. In addition، the results indicate that external monitoring significantly mitigates the effect of managerial overconfidence on unconditional conservatism.

As research in auditing has grown over the past two decades in Iran، it has explored increasingly diversified research avenues. Typologies of research topics in a specific area are necessary because they enable the organization of knowledge. They are very useful to understand the relationships between the research topics، leading to the analysis of the main topics، their time evolution، etc. This study examines the content analysis of audit research over the past two decades. We use a content analysis of 118 articles from 16 academic journals publishing auditing research، from 1999 up to the year 2012 with the 16 major themes. Our results indicate that in some of themes، no research has been done and Diversity in subcategories is Limited. Also the research samples are usually low and the used methodologies haven''t enough variety.

Conflict and cooperation are the main features of organizations and human’s behavior which are revealed in contraction with others. To maximize their utilities and cooperation maintenance، managers and shareholders take action to apply earning management and corporate governance، or due to any reason (and maybe morally) they decide not to do them. The aim of this paper is analyzing the conflict between managers and shareholders in Tehran Stock Exchange، using game theory to find an equilibrium point in which the manager and shareholder are the main players، being satisfied across increasing their benefits. The hypotheses are analyzed by using pool data of 87 firms existing in TSE، the years between 2007 and 2012. The first hypothesis and second to fifth hypotheses are analyzed by using the Best Response function and Mann-Whitney test، respectively. By analyzing the result of the game، it is cleared that strong corporate governance strategy and intense earning management strategy don’t guide the players to equilibrium in utilities. Moreover، «strong corporate governance - slight earning management» strategy profile is a weakly dominant Nash Equilibrium.

The objective of this research is to test for the systematic and unsystematic relationship between financial distress risk and equity returns based on the Black-Scholes-Merton probability of default measure of financial distress risk on the TSE from 2001 to 2012. This research integrates the theory of financial distress into modern asset pricing theory and examines a particular financial distress phenomenon from the theoretical capital market perspective. We use the portfolio formation method for the monthly data. Findings show that returns of financially distressed stocks are lower than sound stocks and because of that، the investors are not rewarded by higher returns for bearing that risk. Also، we found that B/M and Size effects are statistically independent from financial distress risk، but the effect of idiosyncratic volatility is observable.

The aim of this study investigating the relationship between corporate governance mechanism and firm cash holding using a sample of firm listed in Tehran stock exchange between 2007 to 2013. The role of corporate governance direction and control firm for reduce agency conflict between management and shareholders. An example of deviation of the shareholders'' interests is an inappropriate management of cash resources. In this research we use of debt reliance، chief executive officer tenure، ownership concentration، chief executive officer duality، board independent and institutional ownership for evaluating corporate governance. The research Hypothesis is tested utilizing panel data regression model. Our result indicates a negative significant relationship between the institutional ownership، board independent and debt reliance with cash holding. Also our findings show that no significant relationship between ownership concentration، chief executive officer duality and chief executive officer tenure with cash holding.