مجله پژوهش های کاربردی در گزارشگری مالی
پیاپی 3 (پاییز و زمستان 1392)

Several researches have been done to reach appropriate criteria for evaluating the companies’ and managers’ performance in order to make sure that the company’s trend is in harmony with the actual interests of investors and also a basis for the potential investors and creditors to make economic decisions. In this research for some of the listed companies at Tehran Stock Exchange (TSE), we have studied the effect of free cash flow(FCF) on return on assets, rate of growth of profit and return on sales indexes. A sample of 123 companies was selected during time period of 2006 to 2012 and then the collected data are investigated by using multi-variable regression model. Results show that free cash flow will affect return on assets; but, there is no influence on the rate of growth of profit and return on sales.

The main objective of this paper is to examine the relationship between conditional and unconditional conservatism on investment decisions. Using some models proposed by researchers to measure conservatism and applying regression analysis, 75 companies in Tehran Stock Exchange during the years 2002 to 2010 were studied. Results show that among the firms studied, conditional conservatism had an inverse relationship with investment decisions, but the relationship between unconditional conservatism and investment was direct. Consistent with the findings of foreign research results, results suggest that corporate executives, regardless of the final results of the project, consider the short-term impact of their decisions on the amount of reward and reputation.

According to agency theory, managers have more information comparing to shareholders and it is possible to make decisions that do not maximize interests of shareholders. Audit process is an important approach to reduce agency conflicts and opportunistic behavior of managers. This paper aims to study an aspect of economic consequences of audit services in Iran by investigating the relationship between audit quality and artificial and real earnings management of listed firms in Tehran Stock Exchange. In this regard, 100 firms were selected as sample of research for the period 2007-2012. We used modified Jones (1995) model for determining artificial earnings management and Roychowdhury (2006) model, for measuring real earnings management. Also, we used two proxies for determining audit quality, including auditor industry specialization and auditor reputation. results show that there is a negative significant relationship between audit quality and artificial earnings management. Also, findings suggest there is a positive significant relationship between audit quality and real earnings management.

Recent bankruptcies of large companies in the world and fluctuations of stock prices in Iran, need tools for assessing financial strength of companies. In assessing financial strength we use financial ratios as well as different models for predicting bankruptcy. Environmental changes and ever-increasing competition, achieving the desired profit is limited. In this regard, this paper aims to investigate and compare results from application of Fulmer and Springate models. So data of samples from Tehran Stock Exchange companies were collected for years 2005-2010. In order to analyzing the research hypothesis we use statistical methods, non-parametric binomial models . Results of this reserach show that there is significant difference between the results of two models and Fulmer model is more conservative than Springate model.

This study aims to investigate the effect of revenue on the valuation of companies listed in Tehran stock exchange. According to the high earnings volatility and its management, this item cannot solely meet the user's needs and it is necessary to find the appropriate complementary information for it. It is argued that revenue is more persistent than earning as it is less affected by the surprising factors. Revenue management is more difficult than earnings management. There is no revenue ceiling and it is difficult to reduce the price without the devastating impact on the critical business activities.
Using the data of financial statements and the stock prices of 104 companies, listed on Tehran Stock Exchange during the years 2001 to 2010, and utilizing the multivariate sequential regression analysis, the results of the study indicate that there is generally a direct correlation between the firm valuation and its revenue level. There is no incremental information content of revenue compared to the earnings, while there is a significant relationship between the earnings per share and the firm valuation. Furthermore, a non-linear relationship has been confirmed between the firm revenue, earnings, and returns.

The purpose of this study is to investigate the impact of corporate governance mechanism on financial performance and information transparency of listed companies in Tehran Stock Exchange during the period 1384-1390. In this regard, 67companies were selected for a period of 7 years. In this research, ownership concentration, Institutional ownership, board independence, board size, CEO duality and CEO tenure have been studied as corporate governance mechanism. Firms performance is measured by using two measures: return on assets and return on capital markets. Also, information transparency is reviewed through earnings management behavior and using of Kaznyk model based on absolute value of abnormal accruals. The statistical method used to test the research hypotheses is multiple regression using of pooled generalized least squares. Research findings show a significant positive relationship between ownership concentration, Institutional ownership, board independence and CEO Tenure with performance based on ROA and return on capital markets. Also there is a significant negative relationship between board size and CEO duality with performance based on ROA and return on capital markets. Furthermore, there is a significant positive relationship between ownership concentration, Institutional ownership, board independence and CEO tenure with information transparency. Also there is a significant negative relationship between board size and CEO duality with information transparency of listed companies in Tehran Stock Exchange.

In this paper, we investigated impact of corporate cash holdings and financial constraints on investment-cash flow sensitivity.In this regard, we studied and collected data of 130 listed companies in Tehran Stock Exchange for years 2002-2011. In this research, we used Whited Wu and Kaplan-Zingles indexes and payout ratio as measures of financial constraints. Results of this research showed a positive relationship between capital expenditure and cash flow and also unconstrained firms have higher investment-cash flow sensitivity than constrained firms. Other results showed that the interaction of cash holdings on investment-cash flow sensitivity is negative. In addition, we found that financially constrained firms have significantly higher impact of corporate cash holdings on investment-cash flow sensitivity than unconstrained firms.