فهرست مطالب

Finance and Managerial Accounting - Volume:3 Issue: 11, 2018
  • Volume:3 Issue: 11, 2018
  • تاریخ انتشار: 1397/09/19
  • تعداد عناوین: 9
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  • Morteza Kazempour, Mohammad Kashanipour, Hassan Yazdifar, Ali Hamidizadeh Pages 1-10
    One of the issues that have gained a lot of attention in recent years is the board gender diversity. Many researchers believe that gender diversity in the board reinforces corporate social responsibility and on the other hand, gender diversity is one of the signs and effects of corporate social responsibility in the board, so there is a mutual relationship between board gender diversity and corporate social responsibility that has not been noticed up to this time. Our study fills this gap in literature by using the Simultaneous equations system. We use data from 110 companies listed in the Tehran Stock Exchange during the 2012 to 2017 period. The results indicate that board gender diversity and corporate social responsibility have a positive and significant effect on each other. As a result, companies can improve their social responsibility by increasing gender diversity in the board, and on the other hand to prove their social responsibility, it is better to use women on the board.


    Keywords: Board Gender Diversity, Corporate Social Responsibility, Simultaneous Equations System
  • Javad Ashrafi, Bahman Banimahd, Hashem Nikoomaram Pages 11-22
    Social responsibility provides a framework for ethical monitoring on the business enterprises activities whereby business enterprises must responsible to society and environment. This study based on financial variables and using the data envelopment analysis technique, ranks automotive companies in terms of social responsibility. Data and theoretical frameworks of the research are based on library studies and data analysis is also based on the data envelopment analysis model. Results of this research indicate that big companies in the automotive industry are less socially responsible than other companies. This suggests that big companies in the automotive industry do not have a proper social behavior toward the stakeholders, and pay less attention to social and environmental issues. Given to the outcomes of this study is suggested that regulators and policymakers in automotive industry could develop executive instructions to match social goals with businesses performance and coordinate the firm activities and responsibilities with society policies.

    Keywords: Social Responsibility, Data Envelopment Analysis, Corporate Social Responsibility, Ranking
  • Javad Mirzajani, Farzaneh Heidarpoor Pages 23-31
    The main objective of this study was to investigate the effect of income smoothing on investors reaction to Earnings Persistence of companies listed on the Stock Exchange in Tehran. The population of the study was companies listed on the Stock Exchange in Tehran, the sample size due to screening method and after removing outliers is equal to 118 companies. In this study, earnings persistence and income smoothing are considered as independent variables, and their impact on companies' reaction of investors is examined. In this study, the panel data is used with fixed and random effects, the results of the analysis of corporate data using multivariate regression at confidence level of 95% shows that the net income persistence and operating profit persistence have a direct impact on the reaction of investors. In addition, the results show that, income smoothing has a direct impact on relationship between investors and the net income persistence and operating profit.
    Keywords: Income Smoothing, Investor Reaction, Earnings Persistence
  • Shadanloo Ameri Siahoee, Hamid Reza Kordlouie Pages 33-41
    The design of a credit risk measurement model in the monetary and banking system will play an important role in increasing the profitability of banking resources. This article attempts to use two models of Logit and Z Altman to determine and predict the credit risk of facilities provided to legal entities at a private bank in Iran. The variables studied in this research include qualitative variables (company life, financial credit document, experience of managers, type of company) and financial variables (working capital in total assets, book value of equity to book value of debt, total sales to total assets, accumulated profits to total assets, profit before interest and taxes on total assets). The results of this research show that the use of validation models, despite all the technical and statistical considerations, can accurately determine the credit status and credit risk of customers. Both models used more than 80% of the correct predictions, which are a significant figure in the real business environment. But in the Logit model with a slightly better difference than the Z-Altman model, about 83% of its predictions were correct.
    Keywords: Credit Risk, Private companies, Logit model, Z Altman, Private Bank in Iran
  • Vahid Vafaei Ghaeini, Alimohammad kimiagari, Mostafa Jafarzadeh Atrabi Pages 43-57
    Forecasting financial markets is an important issue in finance area and research studies. On one hand, the importance of prediction, and on the other hand, its complexity, have led to huge number of researches which have proposed many forecasting methods in this area. In this study, we propose a hybrid model including Wavelet Transform, ARMA-GARCH and Artificial Neural Network (ANN) for single-period and multi-period forecasting of stock market price in different markets. At first, we decompose time series into detail and approximate series with wavelet transform, and then we used ARMA-GARCH and ANN models to forecast detail and approximate series, respectively. In addition to the approximate series, we use some technical indexes in this model to improve our ANN model. To evaluate the proposed model in forecasting stock price, we compare our model with ANN, ARIMA-GARCH and ARIMA-ANN models on Tehran and New York Stock Exchange (NYSE) historical prices. The results of study show that the proposed model has better performance in single-period forecasting on Tehran and New York market rather than other models.
    Keywords: ARIMA-GARCH, forecasting, Neural Network, Wavelet Transform
  • Nakisa Araghi, Hashem Nikoomaram, Farhad Ghaffari Pages 59-70
    This article by modeling a non-cooperative dynamic game tries to improve profitability and competition. This paper has considered how the manufacturer interacts with multiple competitor distributors. Each distributor also determines the optimal distribution price and inventory replenishment policies to maximize their profits. The issue form a non-cooperative dynamic game. Distributors formulate sub-games and finally, have formed the main game with the manufacturer. After designing the game, we determined the Nash equilibrium. We use the concept of "Nash equilibrium" to analyze supplier, manufacturer and distributor strategies in the overall game with the manufacturer. In order to achieve the Nash equilibrium, we use decisions as input parameters. In this case, each player, in addition to making the right decision, can make decisions in order to prepare for possible changes in the decisions of other actors and thereby maximize their profit. As long as actors are reluctant to change their decisions, the process continues. For this purpose, we used analytical method and solution procedure. The results indicate that by increasing the market scale, increasing price sensitivity, increasing the degree of replacement of products, as well as increasing production costs, distributor's profit increases. In this paper, Lingo software was used for calculations.
  • fereshteh Mansourimoayyed Pages 71-79
    The main business of an investment company is to hold and manage securities for investment purposes. In today competitive market Pricing and its methodology are complicated motions. It is very important to define a price that can prevail the competition in an open and free market. In order to define the price certain circumstances should be considered. In the academic arena there have been several strategic aims defined for pricing that each follow definite procedure. But in reality those course of actions are not competent for all the conditions. Therefore it is vital to develop a model that is based on academic research and past experience. One of the most growing markets in the developing countries is subcontracting big projects this is usually a very competitive market and it is done by putting to tender. It is obvious that the organizations which tend to join the bid have to provide two basic package. First the technical offer pack and second financial offer pack, these two packs are inter-related. In order to define a systematic procedure that help the organization to win the competition it is necessary to develop a model which coordinate both part to come up with a competitive offer.
    In this article in order to help the organization to define competitive price academic pricing literature and past experience are both considered. This model will assist the organization to define strategy, approach and price that could win the tender.
    Keywords: Investment Companies, Pricing Approaches, Marketing of Financial Affairs
  • Asgar Pakmaram, Jamal Bahri Sales, Sara Leqaeian Pages 81-93
    The aim of the present research is to determine the effects of financial information transparency and composition of board of directors on forecast accuracy of corporate earnings in companies. A corporation's key for success is hidden in its optimal direction. So it can be claimed that the secret of the eternal reputation of popular corporations lies in their efficient board of directors. One of the significant components of important economic decisions of investors and of the optimal features of competitive markets is better and further information disclosure, especially the one which is specific to a certain corporation. Essential information disclosure facilitates quick transactions which are the principle determinant of a corporation's capacity. Earning forecast by managers and its characteristics is a sign of presenting managers' private information or confirming their claims. This sign helps investors to realize the relationship between managers' forecast and future earnings better and predict stock price more accurately. Therefore, the main objective of the present study is probing into the effect of transparency of financial information and board composition on forecast accuracy of corporate earnings in companies in Tehran Stock Exchange by examining a sample of 498 firm-year data over the period between 2006 and 2011. In order to test each of the research hypotheses, multivariate regressions were conducted using SPSS18. Testing the hypotheses showed that financial information transparency is not effective on forecast accuracy of corporate earnings. However, the composition of board of directors had a meaningful negative impact on forecast accuracy of corporate earnings. Besides, the research findings showed that among control variables tested in the research model, financial leverage had a negative significant relationship and company size did not have a significant and positive relationship with forecast accuracy of corporate earnings
    Keywords: Financial Transparency, Corporate Earnings, Tehran Stock Exchange
  • Abbas Allahyari, Zahra Pourzamani, Taghi Torabi Pages 95-108
    The purpose of this study is to examine the role of corporate governance in the concept of tax justice. The current research contributes to the field of applied research and is regarded as a descriptive survey research, testing four main hypotheses and eight special hypotheses. The required data for this research were obtained through a questionnaire distributed among financial managers of 133 companies listed in Tehran Stock Exchange.
    The results of the study were obtained using structural equation modeling and SmartPls software. It was determined that all corporate governance variables have a positive and significant relationship with tax justice; however, no significant relationship was found between tax justice and shareholders' equity measure. It is suggested that companies implement corporate governance principles firmly. In addition, companies can help the government create tax justice by respecting the rights of all stakeholders through corporate governance.
    Keywords: Tax Justice, Corporate Governance, Corporate Governance Criteria