نشریه نظریه های نوین حسابداری
سال چهارم شماره 4 (پیاپی 14، زمستان 1393)

This paper categorizes institutional investors in two category as a theoretical view. First, investors which have a business relationship with the companies in which they hold shares and second vice versa. Banks are existing in second category. The aim of this study is to determine the effect of institutional ownership of banks on the cost of debt in the firms accepted in Tehran Stock exchange. To test the hypotheses of the study 140 accepted firms during the period 2006 to 2013 considered as the sample. The generalized least squares (GLS) method and the correlation method have been used with regression analysis. Hypothesis testing with multiple regression analysis is performed using longitudinal panel data. The result shows the existence of a positive relation between institutional ownership of bank and the cost of debt.

The present study examines the relationship between stock returns and trading volume in Tehran Stock Exchange. In so doing, the daily data of the companies listed in Tehran Stock Exchange of a period of 7 years were used (from March 2006 to April 2012). This study focuses on the ability of predicting stock returns by the measures of trading volume. The SPSS software, and the minimum standard deviation of the average square of variables (probit analysis) were employed and the results indicate that the measures of volume (trading volume, delayed volume, volume change, and delayed volume change) are not appropriate to predict the stock returns of any of the companies. Also, the estimated model of the study for different industries reveal that the measures of volume cannot be used to predict stock returns and the only exception is the non-essential consumer goods industry.

By classifying the Company's shares as value stock or growth stock, returns behave like a particular form, so that we can predict their behavior. Skewness of returns is used as the main criterion to verify the existence of asymmetries in stock returns on the Iranian Stock Exchange member firms. Correlation between skewness in stock returns in the categories of book value to market value of the shares at the top (or bottom) shows the trends of negative (or positive) in stock returns. Based on the findings, the value or glamour-stock puzzle is partially described by investor preference for positive skewness in stock returns. Such preference for skewness is in accordance with the investor's preferences, which have inverse S-shaped utility functions. This paper offers some further evidences of the significant predictive power of accounting-based measures, such as book rate of returns, for skewness of stock returns. After testing the hypotheses, a positive correlation is found between returns for firms with growth stocks.

This research investigates the persistence of the components of the changing in cash and accruals in prediction of future profits. In this research is disaggregated the changes in cash component of free cash flow into a normal part that moves the firm towards an estimated optimum level of cash holdings and an abnormal part that moves the firm away from the estimated optimum. The research hypotheses are tested by panel regression with fixed effect, which is used Eviews software to estimation, for period during 2008-2012. The results confirm the persistence of negative abnormal changing in cash is more than the persistence of positive abnormal changing in cash. Also, we found the persistence of the negative abnormal changing in cash is more than the persistence of the normal changing and the normal changing is more than the persistence of the abnormal changing in cash.

Among the agencies problems grappled with is free cash flow in projects with negative net present value which causes losses for investors. The creditors are also concerned about financing those projects because of the lack of information asymmetry. The goal of this study is to investigate the relationship between free cash flow risk with different types of earnings management. To do so, the financial information of 107 companies listed in Tehran Stock Exchange from 2008 to 2014 was investigated. Multiple regression with pooled data was used to analyze the way free cash flow risk associates with different kinds of earnings management. The results show that there is a positive relationship between free cash flow risk with earnings management based on accruals and a negative one between free cash flow risk with real earnings management. There is also another positive relationship found in free cash flow risk with overall level of earnings management.

Firm’s Business Strategy can be classified as a continuum between two different strategic orientations, with prospectors at one end and defenders at the other end. This research examines the impact of the type of business strategy has been used by firms on level of tax avoidance. With the use of the variables that combination of research and development expenditure, distribution costs, administrative and sales, fixed asset intensity and the ratio of market value to book, firms in related industries ranked and divided into groups two defenders and prospectors.
The sample includes 93 accepted firms in Tehran Stock Exchange during the period 1386 to 1392. The data is based on panel data model with fixed effects analysis is cross-sectional. Results of the research show that Firm’s Business Strategy has a significant influence on the level of tax avoidance And defense firms than prospective firms are doing more tax avoidance activities.

This study examines the relationship between ownership concentration and the percentage ownership of minority shareholders with income smoothing in listed companies in Tehran Stock Exchange during the five years 1387 to 1391, and to answer the question whether the institutional investors in public sector and income smoothing a significant relationship exists or not? Accordingly, the percentage ownership of shareholders of a public agency as the independent variable and income smoothing as dependent variables determined in this study sample consisted of 75 company to test the hypothesis of correlation coefficient using spss software will be used. The results proved that there is no significant relationship between ownership concentration and income smoothing and the percentage of minority shareholders, both public and private, and there was a significant relationship between income smoothing.