فصلنامه پژوهش های تجربی حسابداری
سال پنجم شماره 2 (پیاپی 18، زمستان 1394)

This study is aimed to examine the relation between earning quality and CEO Tenure of 83 firms listed in the Tehran Stock Exchange during 2004-2009. To test the hypothesis, Bal & shivakumar model of accruals as well as Basu model have been used. Findings show that CEOs with long tenures report have more aggressive reporting than CEOs with short tenures. These results suggest that CEOs with long tenures have more conservative reporting in the first half of their tenure than in the latter half.

This study examines the relation between accounting conservatism and liquidity management. The sample consists of 76 firms listed in TSE in the period from 2005 to 2012. To test the hypothesis, regression coefficient analysis has been used. First, accounting conservatism has been measured by Gyvly and Hime model and then to measure the effects of accounting conservatism on cash and tendency to saving is measured by Kahal Batz et.al (2009) and Almeida et.al (2004) models respectively. Empirical evidence suggests that there is a significant relationship between conservatism and management of liquidity. Also between accounting conservatism and thetendency to saving there is a significant negative relation. The research results show of the more conservatism, the less cash available for firms.

Investors tend to know how successful the managers are in applying their wealth. One of the most important objectives of the companies is value creation and wealth increase for shareholders and the performance appraisal systems are useful tools for evaluating their success in obtaining the objectives. Some researches indicate that shareholders wealth is influenced by the management incentives (e.g., executive compensation & managerial stock). This study examines the relation between Top executives compensation and shareholder value added. To do this, data from 81 firms listed in TSE from 2006 to 2011) has been studied. The results show that there is no significant relation between top executives compensation and shareholder value added (changes in market capitalization, dividend and cumulative abnormal stock return). Thus it can be concluded that top executive compensation of Iranian firms during their tenure is not an effective factor.

Capital structure, dividend policy and cash reserves are the factors that affect firm value. This study examines the relation of capital structure and dividend policy with cash holdings in the firms listed in Tehran Stock Exchange. The sample includes 90 manufacturing firms listed in Tehran Stock Exchange for the period of 2007-2011.To estimate the statistical model, panel data regression method has been used. The results show that there is a significant relation of capital structure and dividend policy with cash holding in TSE.

This paper investigates the qualitative feature of reliability as a measure of evaluating earning accruals persistence in firms listed in TSE. To do this, we have tested two hypotheses. In the first hypothesis, earning accruals with less reliability are less persistent and in the second one reliability of financial information of listed firms changes after committing accounting standards, for a period of 9 years. The results show that any decreases in reliability of accruals cause decreases in earnings quality. Furthermore, we found that there exist no significant changes in reliability of accounting information after committing accounting standards over 2000 – 2009.

Since the implementation of the privatization program of state-owned companies through public offerings on the stock can affect the liquidity of the market, this study sought to examine the effects of this program on the liquidity in Tehran Stock Exchange.Time period of this research is from 2005 to 2013 with 2516 data.In order to increase our confidence in the results of testing hypotheses, Dynamic Panel Data (DPD) was used and estimating the system of equations has been performed using advanced methods of econometrics, generalized method of moments (GMM).The overall result of the privatization program represents a significant impact on stock market development and liquidity of the market that emphasizes the continuation and expansion of policy implementation of Article 44 (privatization) and long-term and positive effects of this program in order to be useful for the stock market.

This study investigates the effect of capital structure on board compensation and investment efficiency in Tehran stock exchange. To measure the capital structure, the ratio of total debt to total assets is used, and to measure the investment efficiency Biddle et al.’s model is applied. To test the hypothesis, data from 115 companies listed in Tehran Stock Exchange in the period from 2009 to 2013 is collected and multivariate regression model based on fixed effects is applied. The results indicate that the capital structure has a positive and significant impact on the board compensation. Moreover, the results show that there is a significant relationship between the board compensation and investment efficiency.

This paper investigates the relation between disclosures quality and Stock return volatility in firms listed in Tehran Stock Exchange. To measure the disclosures quality, the paper uses firms rating by Security and Exchange Organization regarding the disclosures quality and to test the hypothesis it uses the linear regression. The sample consists of 80 firms listed in Tehran Stock Exchange during years2006 to 2011. The resultsshow that there is a significant and negative relation between disclosures quality and stock return volatility, but according to the adjusted coefficient of determination of three models and statistic Z Kramer, we can say that the negative relation is more intensive in the portfolio of firms with higher than the average disclosure score.

This study evaluates the relation between earnings management and the market performance of dividend distributing firms listed in Tehran Stock Exchange. To test earning management, the modified accrual model of Jones has been used. The sample consists of 87 firms in the period from the years 2005 to 2011. The findings show that Stock dividend distributing firms report higher accruals in the event year than those in the pre-event year. Also, findings show that future earnings and stock returns of these firms have negative relation with accruals.

This research examines the effects of a firm’s asymmetric information on its choice of two mechanisms of corporate governance: the board monitoring intensity and CEO incentive alignment. The sample consists of 112 firms listed in Tehran Stock Exchange during 2006-2010. Data has been collected using Rahavard Novin software and Tehran Stock Exchange archive. The statistic analysis has been done by multivariate regression. The results show that firms facing greater asymmetric information tend to use less intensive board monitoring but rely on more CEO incentive alignment.