فصلنامه پژوهش های حسابداری مالی
سال هفتم شماره 4 (پیاپی 26، زمستان 1394)

Present study has been done to provide empirical evidence for the relationship between earnings quality measure with firm value and the impact of investment opportunity on this relationship.to do so, a comprehensive index based on scaled decile rank of six earnings attributes (e.g. accruals quality, persistence, predictability, value relevance, timeliness, and conservatism) was used as a proxy of earnings quality. Using a sample of 79 firms listed in Tehran Stock Exchange during the period of 1387-1391, we find a positive and significant association between firm valuation with an aggregate earnings quality and investment opportunity. Furthermore, results show that firm’s-Investment opportunities has no significant effect on the relationship between earnings quality and firm value.

Managers should use a perfected combination of various financial resources based on the elements effective on financing, so that it would result in increase of stockholders wealth and reduce the cost of financing. Among the factors affecting the financing, the operating cash flow, financial constraints and inflation considered effective. The objective of this study is to evaluate the effect of operating cash flow on external financing by considering the effect of the financial constraints and the inflation. The sample of this study consists of 117 companies listed in Tehran Stock Exchange for the period 2005 to 2013 (1384 to 1392 Iranian calendar). To test study hypothesizes, multivariable regression model to panel data was used. The result of this study shows, there is negative and meaningful relationship between operating cash flow and external financing in both of financially constrained and financially unconstrained firms and the Intensity of this relationship is less in the firms with financial constraint. Also the inflation variable increases the effect of cash flow on external financing and this effect is less in firms that have financial constraint.

Many researchers believe that stock liquidity can increase stock price efficiency by encouraging market participants to obtain confidential information about the company. So, in this research inspired by CKSS model we investigate the impact of stock liquidity on stock price informativeness. Regarding the impact that stock liquidity can have on stock price informativeness, it is able (by increasing aware investors) to reduce the managers` ability and motivation in earnings management (especially through accruals). Thus, the other purpose of this research is to investigate the impact of stock liquidity on earnings management through accruals. Based on what was stated, two research hypothesis were proposed and tested by the data of 80 companies listed in Tehran Stock Exchange between 2003 to 2012 (with regard to their panel structure). The results indicate that stock liquidity increase will increase the stock price informativeness, and will decrease the earnings management through accruals.

This article investigates whether earnings quality effect cost of common equity through information asymmetry. It is expected that information asymmetry mediates direct relation between earnings quality and cost of common equity listed companies in Tehran Stock Exchange. Using simple regression and path analysis techniques and a sample of 76 companies selected by using systematic elimination method of sample selection, for a period of 2007-2012, research hypotheses are tested. The results of the research indicate that there is direct significant relationship between earnings quality and cost of common equity. Also, there is indirect significant relation between earnings quality and cost of common equity that is mediated by information asymmetry.

The purpose of this study is to investigate the relationship between earnings response to conservatism and sticky cost. Conservatism leads to asymmetric relation between earnings and stock returns. In others word, Timely recognition of losses in case of bad news (negative stock returns) and undesirable, and not recognition of eraningsin in case of good news (positive stock returns) and desirable called conditional conservatism. while Cost stickiness denotes the asymmetric response of costs to increases and decreases in sales. In empirical tests, cost stickiness could be mistaken for conditional conservatism. so, it is possible in estimating conditional conservatism without considering the potentional effect of sticky cost, the degree of consedrvatism overestimate. For this end, multiple regression models for combined data was estimated. The Data was gathered from 78 manufacturing firm (730 observations), accepted in Tehran Stock Exchange during 1381-1390. The results indicate In addition conservatism, sticky costs leads to asymmetric timliness of earnings.

According to the importance and role of board structure in inventory management this research’s aim is to analysis the effect of two criteria of board structure along with institutional ownership of public sector effect on efficiency of inventory management. The research uses panel data method during 2009-2013 for 54 producing companies in 7 industries. The results show that institutional ownership of public sector promotes efficiency of inventory management in chemical, automobile, metallic and non-metallic minerals; and metal products industries but this factor makes efficiency of inventory management weak in pharmaceutical industry. Also board size and non-executive members to all members of board ratio have a different effect on inventory to sale ratio. So that increase in board size causes a significant decrease in efficiency of inventory management while non-executive members to all members of board ratio has an improvement in efficiency.