مجله پژوهش های کاربردی در گزارشگری مالی
پیاپی 9 (پاییز و زمستان 1395)

Nowadays, knowledge and intellectual capital from the viewpoint of resource-based theory as a strategic resource is used to create and increase organizational values and the position of an organization depends on its ability to manage this scarce resource. The purpose of this paper is to investigate the relationship between intellectual capital, financial capital, the value of the company and creating value in the business cycle in order to implement strategic management leading to maintaining stability and also increasing the company's value. The sample consists of 728 year-company in the period 2007 to 2015. The statistical method used to test hypotheses is the ordinary least squares regression. In this study, the model of intellectual capital Pulic (2000) which its components include: The efficiency of capital employed, the efficiency of human capital and structural capital efficiency is used. From the perspective of value-based management and in compliance to ESP framework, Ohlson model (1995) is considered as a framework and integration of intellectual capital in order to assess the effects of the business cycle and the relationship between value of the company and financial capital and intellectual capital. The results indicate a significant positive relationship between financial capital, intellectual capital, the value of the company and creating value in the business cycle.

This paper investigates the effect of the firm life cycle on the cost of equity capital. To test the hypothesis we use mean difference test of cost of equity capital and regression model (ordinary least squares method). The sample includes 586 firms – year observation about firms listed in Tehran Stock Exchange, during the period of 1384 to1393. The mean difference test shows that cost of equity is higher in the decline stage than growth and mature stages. Also using Dickinson’s life cycle (2011) measure reveals that decline stage of firm life cycle is positively associated with cost of equity, while the growth and mature stages of the life cycle are negatively associated with many estimates of the cost of equity. Therefore, relationship between decline, growth and mature stages of the firm life cycle and cost of equity resembling U-shaped pattern.

The purpose of this paper is to investigate independent auditors’ attitudes toward factors that affect auditing risk. The population of this study was CPA members that consisted of 4 groups of CPA audit firm partners, CPA audit organization staff, CPA audit firm staff and CPA individual practitioners.
In order to ranking factors that affect auditing risk, by archival studies and interviews with some independent auditors, 56 factors were identified and ranked via TOPSIS technique for inherent risk, control risk and detection risk indexes. Data was analyzed with Excel, SPSS and Kruskal Wallis test.
Ranking of affecting factors on auditing risk was determined for each 4 groups of the CPA members. Also, results showed that there is no significant differences between independent members about inherent risk at the level of account remained, inherent risk at the level of financial statements, control risk, detection risk due to analytical methods and detection risk due to the test detail.

In this study, firm's life cycle hypothesis in explaining returns using Fama and French Five-Factor Model, were studied. The study period is from 1388 to 1392 and was performed at the Tehran Stock Exchange. According to the financial statements (sales growth, capital expenditures) and firm's establishment year divided into three categories: growth firms, mature firms and stagnant firms and model was carried out in different category. Cramer Z test showed a significant difference in determining return in all firm's level as well as in different levels of firm's life cycle. Explanatory power of the independent variable in the model was different at different levels. Also, it can be confirmed that the firm's life cycle influencing explanatory returns by the market risk premium, size, ratio of book value to market value, profitability and investment and could influence on return explanation power by Fama and French Five-Factor Model.

Forecasting Earnings is the most important source of information for investors and creditors. Forecast earnings provides useful information to users. The objective of this study is to examine the relationship between earnings quality and profitability forecast, introduction of evidences on information content of earnings quality from capital market in Tehran Stock Exchange, and to have a better understanding of findings of relevant researches in the literature. The study research consists of 90 companies listed in Tehran Stock Exchange (TSE), and the research period is 2006-2015. Regression analysis is used to examine hypotheses of the study. Result shows that accruals quality, earnings predictability, and earnings timeliness have a positive and meaningful relationship with profitability forecast. Moreover, earnings persistence, and earnings management have a negative and meaningful relationship with profitability forecast. However there is no meaningful relationship between earnings value relevance and profitability forecast.

The purpose of this research is to measure the impact of accounting information quality proxies in firms’ growth through different life cycle stages. In the literature, financial reporting quality have mitigating role in information asymmetry between insiders and outsiders of the organization. Based on competitive theory and signaling theory, firms’ life cycle may be an effective factor to explain financial reporting quality behavior. Period of this research includes 188 Tehran Stock Exchange (TSE) firms from the year 1380 to 1394. Hypothesis test results indicates that annual adjustments and operating income deviation proxies have the most positive and significant effects on future growth of total assets and sales. Furthermore operating income deviation has the most significant effect on firms’ market value future growth. In addition, none of the accounting quality measurement proxies have significant effect on future firms’ growth through firms life cycle stages. Results insists on using of these proxies in different life cycle stages by fundamental analysts.

Past research has confirmed the positive relationship of competition with management decisions.The purpose of this paper is to investigate the role of enterprise risk management intervention as a factor affecting the above-mentioned relationship. It also provides a different measurement model for enterprise risk management of secondary research objectives. The dimensions of enterprise risk management included risk of financial strategies, operational risk, reporting risk, tax risk and tax liability in this research. In the study of the factor of competition the market levels of products of the company and industry were examined. This paper was examined with 81 sample companies over a 10-year period (2006-2015) including 810 years of corporate descriptive-correlation modeling, using a multivariate regression model for analysis. Results indicated that there is a significant and positive relationship between competition (market of products and industry) and investment decisions, and there is not a meaningful relationship between enterprise risk management based on financial reporting and investment decisions. In addition, enterprise risk management has not had a meaningful interference effect on the relationship between competition and management decisions. In other words, the role of competition in investment decisions is more important than enterprise risk management.