فهرست مطالب

  • سال دهم شماره 2 (پیاپی 75، پاییز و زمستان 1397)
  • تاریخ انتشار: 1397/11/01
  • تعداد عناوین: 10
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  • جواد اورادی، فرزانه نصیرزاده*، رضا حصارزاده صفحات 1-29
    این نوشتار به بررسی تاثیر رقابت در بازار حسابرسی بر حق الزحمه حسابرسی می پردازد. همچنین نقش تعدیل کننده اندازه بازار حسابرسی را مورد بررسی قرار می دهد. در این راستا، برای اندازه گیری رقابت در بازار حسابرسی از شاخص تمرکز حسابرس استفاده شده است. اندازه بازار حسابرسی نیز با استفاده از رتبه دارایی شرکت ها در سطح صنایع، اندازه گیری شده است. یافته های تجربی مربوط به بررسی 133 شرکت پذیرفته شده در بورس اوراق بهادار تهران در بازه زمانی 1386 تا 1394، نشان می دهد که رقابت در بازار حسابرسی اثر منفی و معناداری بر حق-الزحمه حسابرسی دارد. به علاوه، یافته های پژوهش حاکی از آن است که اندازه بازار حسابرسی بر رابطه بین رقابت در بازار حسابرسی و حق الزحمه حسابرسی اثر منفی و معناداری دارد. در ادامه، نتایج تجزیه و تحلیل تکمیلی پژوهش نشان داد که رقابت در بازار حسابرسی منجر به کاهش کیفیت حسابرسی می شود و اثر اندازه بازار حسابرسی بر رابطه بین رقابت در بازار حسابرسی و کیفیت حسابرسی معنادار نیست.
    کلیدواژگان: رقابت در بازار حسابرسی، اندازه بازار حسابرسی، حق الزحمه حسابرسی، کیفیت حسابرسی
  • یونس بادآور نهندی*، عسگر پاک مرام، قدرت قادری صفحات 31-60
    هدف اصلی پژوهش تجربی حاضر تعیین تاثیر هزینه های نمایندگی بر سرعت تعدیل قیمت سهام با تاکید بر نقش تعدیل کنندگی کیفیت گزارشگری مالی می باشد. برای سنجش هزینه های نمایندگی از هشت شاخص پانتزالیس و پارک (2013)، برای سنجش سرعت انعکاس اطلاعات در قیمت سهام از روش هاو و موسکوویتنز (2005) و برای سنجش کیفیت گزارشگری مالی از دو شاخص مدیریت سود مک نیکولز و استوبن (2008) و امتیاز شفافیت اطلاعات مالی استفاده شده است. جامعه آماری این پژوهش، شرکت های پذیرفته شده در بورس اوراق بهادار تهران می باشد. داده های مورد مطالعه این پژوهش شامل 784 سال-شرکت از سال های 1388 تا 1396 می باشد. روش پژوهش از نوع همبستگی و علی پس رویدادی و روش آزمون فرضیه ها، آزمون همبستگی و رگرسیون است. نتایج این پژوهش نشان داد که هزینه های نمایندگی بر سرعت تعدیل قیمت سهام تاثیر منفی و معنی دار دارد و در خصوص نقش تعدیل کنندگی کیفیت گزارشگری مالی در تعامل بین هزینه های نمایندگی و سرعت تعدیل قیمت سهام شواهدی به دست نیامد.
    کلیدواژگان: سرعت تعدیل قیمت سهام، هزینه های نمایندگی، کیفیت گزارشگری مالی
  • مهدی بهار مقدم، حسین جوکار*، نورالله صالحی آسفیچی صفحات 61-95
    مطالعات متعددی در بورس اوراق بهادار تهران به بررسی تاثیر سود سهام تقسیمی بر کیفیت سود پرداخته اند؛ اما مطالعات کمی به بررسی تاثیر سود سهام تقسیمی بر کیفیت سود در شرایطی که نوع مالکیت شرکت ها متفاوت باشد، پرداخته اند؛ از اینرو هدف اصلی این پژوهش، بررسی اثر تعدیل کنندگی نوع مالکیت نهایی شرکت ها بر رابطه بین سود سهام تقسیمی و کیفیت سود است. سنجش متغیر کیفیت سود با استفاده از متغیرهای پایداری سود، کیفیت اقلام تعهدی و ارتباط سود با واکنش سرمایه گذاران انجام می شود. بدین منظور، نمونه ای متشکل از 720 سال- شرکت پذیرفته شده در بورس اوراق بهادار تهران طی سال های 1387-1394 با استفاده از رگرسیون چندمتغیره بررسی شده است. نتایج پژوهش نشان داد در شرکت هایی که سود سهام پرداخت می شود ، سود سهام تقسیمی با پایداری بیشتر سود، کیفیت اقلام تعهدی بالاتر و پیام رسانی بیشتر سود ارتباط دارد و می توان فرضیه محتوای اطلاعاتی سود سهام تقسیمی را برای شرکت های ایرانی تائید کرد؛ اما نوع مالکیت شرکت ها می تواند بر شدت این رابطه تاثیرگذار باشد، به گونه ای که نقش پیام رسانی سود سهام تقسیمی در ارتباط با کیفیت سود در شرکت های با ساختار مالکیت دولتی در مقایسه با شرکت های غیردولتی کمتر است.
    کلیدواژگان: نوع مالکیت نهایی، سود سهام تقسیمی، کیفیت سود
  • رضا جامعی، بنیامین عزیزی صفحات 97-130
    موجودی های نقدی، بخش مهمی از دارایی های واحدهای تجاری را به خود اختصاص می دهند. مهم ترین عامل سلامت اقتصادی این واحدها، ایجاد توازن بین وجوه نقد در دسترس و نیازهای نقدی است. در این پژوهش به بررسی تاثیر افشاء مسئولیت های اجتماعی سازمانی بر سطح نگهداشت وجه نقد شرکت های پذیرفته شده در بورس اوراق بهادار تهران پرداخته شده است. در این پژوهش دو کانال ارتباطی ریسک ویژه و ریسک سیستماتیک برای تبیین نحوه تاثیر متغیر مستقل بر متغیر وابسته در نظر گرفته شده است. این پژوهش از لحاظ هدف کاربردی و از لحاظ ماهیت، توصیفی - همبستگی است. به منظور دستیابی به هدف پژوهش، تعداد 122 شرکت از میان شرکت های پذیرفته شده در بورس اوراق بهادار تهران طی سال های 1388 تا 1395 به روش نمونه گیری حذف سیستماتیک انتخاب و در مجموع 976 سال - شرکت جهت انجام تحلیل در نظر گرفته شد. جهت آزمون فرضیه های پژوهش از الگوی رگرسیونی چندمتغیره و نیز داده های ترکیبی استفاده شد. یافته های پژوهش نشان می دهد که افشاء مسئولیت های اجتماعی سازمانی به صورت مستقیم بر سطح نگهداشت وجه نقد تاثیر مثبتی دارد. همچنین نتایج پژوهش نشان داد که هرچه سطح افشاء مسئولیت های اجتماعی سازمانی بالاتر باشد، ریسک ویژه شرکت پایین تر است و سطح نگهداشت وجه نقد پایین تر خواهد بود و هرچه سطح افشاء مسئولیت-های اجتماعی سازمانی بالاتر باشد، ریسک سیستماتیک شرکت پایین تر است و سطح نگهداشت وجه نقد بالاتر خواهد بود.
    کلیدواژگان: افشاء مسئولیت های اجتماعی سازمانی، سطح نگهداشت وجه نقد، ریسک ویژه، ریسک سیستماتیک
  • شکرالله خواجوی*، محمدحسین قدیریان آرانی صفحات 131-158
    با توجه به افزایش اهمیت دارایی های نامشهود در اقتصاد دانش محور، هدف اصلی پژوهش حاضر بررسی نقش سرمایه فکری و اجزای آن به عنوان معیارهای دارایی های نامشهود در پیش بینی بحران مالی است. در این راستا، با استفاده از داده های نمونه ای شامل 200 سال-شرکت بحران زده و 200 سال-شرکت سالم پذیرفته شده در بورس اوراق بهادار تهران در بازه زمانی 1395-1386 توان الگوهای پیش بینی بحران مالی مبتنی بر نسبت های مالی و مبتنی بر نسبت های مالی و سرمایه فکری مورد مقایسه قرار گرفت. یافته های پژوهش حاضر نشان می دهد که میانگین دقت الگوهای پیش بینی با حضور ضریب ارزش افزوده فکری، کارایی سرمایه انسانی و کارایی سرمایه ساختاری به طور معنی داری بیشتر از الگوهای مبتنی بر نسبت های مالی در روش های طبقه بندی کننده تجمیعی بوستینگ و بگینگ است. به بیان دیگر، افزودن سرمایه فکری، سرمایه انسانی و سرمایه ساختاری به الگوهای پیش بینی بحران مالی دقت آن ها را افزایش می دهد. هم چنین، یافته های فرعی پژوهش حاکی از آن است که هرچه فاصله دوره زمانی پیش بینی با وقوع بحران مالی بیشتر باشد، افزودن سرمایه فکری، سرمایه انسانی و سرمایه ساختاری دقت آن ها را به میزان بیشتری افزایش می دهد.
    کلیدواژگان: بحران مالی، بورس اوراق بهادار تهران، سرمایه فکری، طبقه بندی کننده های تجمیعی
  • ایمان داداشی*، محمود یحیی زاده فر، عباس شامخی صفحات 159-182
    همزمانی قیمت، معیاری نسبی از اطلاعات خاص شرکت در مقایسه با اطلاعات بازار و صنعت بوده که در قیمت سهام منعکس گشته؛ لذا با شفافیت رابطه معکوس دارد. خوش‮بینی، یکی از انواع سوءگیری‏های رفتاری مدیران بوده که آنها را از ارزیابی درست شرکت باز می‮دارد. شفافیت اطلاعات تحت تاثیر این ویژگی رفتاری بوده و خوش‏بینی منجر به کاهش کیفیت و محتوای اطلاعاتی افشاها می‏گردد، که به تبع آن همزمانی قیمت افزایش می‏یابد.‬‬‬‬‬‬ پژوهش حاضر به بررسی تاثیر خوش بینی مدیریت بر همزمانی قیمت با استفاده از داده های 112 شرکت طی سال های 1389 تا 1395 پرداخته است. برای سنجش همزمانی از مدل بیوتروسکی و روستون(2005) و برای خوش‏بینی از 3 شاخص باقی‏مانده مدل رشد، دقت پیش‏بینی سود فصلی و مازاد مخارج سرمایه‏ای استفاده شد. یافته‏ها نشان داد که مطابق با مباحث تئوریکی، خوش‏بینی(مازاد مخارج سرمایه‏ای) اثر مثبت و معناداری بر همزمانی داشته است. درخصوص دو پروکسی دیگر خوش‏بینی، اثر معناداری مشاهده نشد.
    کلیدواژگان: خوش‏بینی مدیریت، همزمانی قیمت سهام، مالی رفتاری، شفافیت اطلاعاتی، پانل مقاوم.‬‬‬
  • بررسی ارتباط نوع مالکیت و عملکرد مالی با سیاست مالیاتی شرکت ها: شواهدی از شرکت های عضو بورس اوراق بهادار تهران
    غلام رضا کرمی، علی رضا شهابی* صفحات 183-209
    تدوین سیاست مالیاتی از سوی ارکان مدیریتی شرکت همواره از موضوعات چالش برانگیز و موردتوجه سهام داران و سیاست گذاران بوده است. با مرور ادبیات موضوع دو نوع کلی از سیاست مالیاتی که شرکت ها اتخاذ می نمایند قابل تشخیص و تمایز است. سیاست متهورانه مالیاتی در مقابل سیاست محافظه کارانه مالیاتی. بر اساس سیاست محافظه کارانه مالیاتی شرکت ها بدون تلاش برای کاهش مالیات پرداختی خود تمام جزئیات درآمدی خود را ابراز می نمایند درحالی که شرکت هایی که سیاست مالیاتی خود را متهورانه تدوین می کنند جهت جلوگیری از خروج نقدینگی در قالب مالیات تلاش می کنند. هدف از انجام این پژوهش بررسی این نکته است که آیا نوع مالکیت شرکت و نیز وضعیت عملکرد آن تاثیر معناداری بر تدوین سیاست مالیاتی از سوی شرکت ها دارد یا خیر. در این پژوهش با به کارگیری روش رگرسیون جهت آزمون فرضیه های پژوهش، به بررسی نمونه ای متشکل از 137 شرکت عضو بورس اوراق بهادار تهران در طول دوره 1389 لغایت 1393 یعنی 685 سال-شرکت پرداخته شده است تا اثرات نوع مالکیت شرکت و نیز عملکرد مالی بر برنامه ریزی مالیاتی شرکت مورد بررسی قرار گیرد. نتایج حاصل از پژوهش بیانگر آن است که با افزایش میزان مالکیت سرمایه گذاران نهادی و سرمایه گذاران دولتی در شرکت، سیاست مالیاتی متهورانه تر می شود. سایر نتایج نشان دهنده آن است که عملکرد مالی، تاثیر معنی داری بر سیاست مالیاتی شرکت ندارد.
    کلیدواژگان: سیاست مالیاتی متهورانه، سیاست مالیاتی محافظه کارانه، ساختار مالکیت، عملکرد
  • حسین فخاری*، هادی قربانی، محمد علی رجب بیکی صفحات 211-239
    چکیده ادبیات مربوط به حق الزحمه حسابرسی نشان می دهد که حق الزحمه غیرعادی حسابرسی و تاثیر آن بر کیفیت اطلاعات حسابداری دارای نتایج متفاوتی می باشد. دلایل این نتایج متفاوت می تواند با تحلیل تفصیلی و جزیی حق الزحمه غیرعادی حسابرس مشخص شود. بر این اساس، هدف پژوهش حاضر تحلیل تفصیلی و جزیی حق الزحمه غیرعادی حسابرسی است. در همین راستا تاثیر حق الزحمه غیرعادی حسابرس بر کیفت اطلاعات حسابداری در 86 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی دوره زمانی 1391 تا 1395 مورد بررسی قرار گرفت. به منظور آزمون فرضیه های پژوهش، از مدل رگرسیون چند متغیره و روش حداقل مربعات معمولی در مجموعه داده های ترکیبی استفاده گردید. بر اساس شواهد حاصل، بین جهش در حق الزحمه غیرعادی حسابرسی نسبت به جهش در حق-الزحمه غیرعادی حسابرسی و کیفیت گزارشگری مالی رابطه مثبت و معناداری وجود دارد. همچنین بین میانگین بلندمدت (پایداری) حق الزحمه غیرعادی حسابرسی و کیفیت گزارشگری مالی دوره بعد نیز رابطه مثبت و معنادار وجود دارد.
    کلیدواژگان: حق الزحمه غیر عادی حسابرس، کیفیت گزارشگری مالی، جهش در حق الزحمه حسابرسی
  • محمد نمازی، محمد محمدیان، زینب مهتری* صفحات 241-276
    هدف این مقاله، بررسی چهارچوب مقاله های علمی پژوهشی در نشریه های بین المللی حسابداری است تا بتوان به وضعیت ساختار مقاله های علمی حسابداری در سطح جهانی پرداخت و الگوی متداول روش علمی در حسابداری را نیز ارائه نمود. بدین منظور ابتدا با استفاده از روش کتابخانه ای، یک چهارچوب مفهومی شامل 11 جزء از ساختار مقاله های علمی پژوهشی ارائه شد. در مرحله بعد، با استفاده از تحلیل محتوا به بررسی ساختار 643 مقاله به عنوان نمونه طی سال های 2009 الی 2017 و از بین 78 نشریه حسابداری بین المللی با درجه اعتبار متفاوت پرداخته شد و انطباق ساختار مقاله-های حسابداری با چهارچوب مفهومی، از طریق آزمون های آماری میانه، کروسکال والیس و من ویتنی مقایسه و آزمون شدند. نتایج مطالعه نشان داد که ترتیب رعایت اجزاء ساختار پژوهش در 354 مقاله از 643 مقاله (بیش از 55%) به گونه کامل منطبق با چهارچوب یک مقاله علمی پژوهشی نیست؛ اما میانگین ساختار کلی مقاله های حسابداری و اجزاء آن مطابق با ساختار تجویز شده در روش تحقیق برای یک مقاله علمی پژوهشی است و تنها دو بخش چهارچوب نظری و پیشنهادها از منظر روش تحقیق با ویژگی های مطلوب یک مقاله علمی پژوهشی منطبق نیستند. در پایان، رتبه نشریه ها با استفاده از چارک بندی تعیین و یافته ها مقایسه شدند. نتایج نشان داد که تفاوت معناداری بین ساختارکلی مقاله های حسابداری چاپ شده در نشریه هایی که از درجه اعتبار بالایی برخوردارند نسبت به مقاله هایی که در نشریه هایی با درجه اعتبار پایین تری چاپ شده اند، وجود ندارد و تنها بین ویژگی های بخش های چکیده، کلید واژه، مقدمه، مبانی نظری و یافته ها تفاوت معناداری وجود دارد.
    کلیدواژگان: ساختار پژوهش حسابداری، ویژگی های اجزاء پژوهش، روش علمی پژوهش، نشریه های بین المللی حسابداری
  • میثم نوشادی*، ولی خدادادی، سید علی واعظ، علی حسین حسین زاده صفحات 277-307
    حق الزحمه حسابرسی، به عوامل متعددی از جمله ویژگی های موسسه حسابرسی، ویژگی های صاحبکار، شرایط حرفه، استفاده کنندگان، شرایط رقابتی، محیطی و... بستگی دارد. در این پژوهش، به منظور بررسی جامع عوامل موثر بر حق الزحمه، با مصاحبه عمیق خبرگان، از روش کیفی و رویکرد مبتنی بر نظریه پردازی زمینه ای استفاده و نتایج در قالب یک مدل استخراج شده است. برای اعتباربخشی به نتایج پژوهش از معیارهای زاویه بندی (اجماع/مثلث سازی) داده ها، کنترل اعضا و مقبولیت استفاده شده است. طبق نتایج و مدل ارائه شده، اندازه موسسه، میزان رعایت آیین رفتار حرفه ای، ارزش (ارزشمند بودن) کار برای صاحبکار و ویژگی ها و اعتبار مدیران و شرکا مهم ترین عوامل موثر در سطح موسسه حسابرسی، اندازه، ریسک، توان تقاضای کیفیت، هدف صاحبکار از حسابرسی و حاکمیت شرکتی اثربخش مهم ترین عوامل در سطح صاحبکار و درک استفاده کنندگان و ذینفعان کلیدی از حسابرسی، نگرش و ویژگی های سیاست گذاران و تصمیم گیرندگان و تدوین مقررات و ضوابط اثربخش، مهم ترین عوامل در سطح حرفه و شرایط محیطی شناخته شد که در صورت اتخاذ راهبردهای لازم و وجود زمینه مناسب در سطح کلان و حرفه حسابرسی از جمله فراهم شدن بستر اقتصادی، بازار، قدرت نهادهای ناظر بر حرفه حسابرسی و تعامل سازنده این نهادها با دولت و قانون گذاران منجر به دستیابی به حق الزحمه معقول می گردد. مجموعه این عوامل به همراه پیامدهای حق الزحمه معقول، مدل حق الزحمه خدمات حسابرسی را تشکیل می دهند.
    کلیدواژگان: حرفه حسابرسی، صاحبکار، مدل حق الزحمه حسابرسی، موسسه حسابرسی، نظریه پردازی زمینه ای
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  • Javad Oradi, Farzaneh Nasirzadeh *, Reza Hesarzadeh Pages 1-29
     
    Introduction
    In recent years in which competition in all economic fields has been intensified and only those who have the competitive power will remain in the market, providing audit services have not been excluded from this issue. In Iran simultaneously with establishment of Association of Certified Public Accountants in 2001, audit market has experienced a significant increase in the number of audit institutes in private sector. Increasing the number of auditors leads to an increase for the client to choose among the auditors leading to an increase in the competition (Oxera, 2006). Since audit fee is one of the most important indicators for measuring of the audit quality (Blankley, Hurtt & Gregor, 2012; Lobo & Zhao, 2013; Public Company Accounting Oversight Board, 2015), there is a general concern that an increase in the competition in audit market leads to a decrease in the audit fee and consequently reduces of the audit quality. Although studies do not support these concerns (Pearson & Trompeter, 1994, Nurman & Willekens, 2012), the idea that sever competition leads to lower pricing and auditing lower than the standard has also many fans. On the other hand, in majority of the researches the size of the audit market has been ignored. Since competing with the market size has a direct relationship, previous studies have not considered an important variable.
      Hypotheses
    This study aims to investigate the effect of competition in audit market on audit fees and the role of audit market' size in mentioned relationship in listed companies of Tehran Stock Exchange. Thus, the research hypotheses are discussed as follow: H1: Competition in audit market has a significant effect on audit fee. H2: Audit market's size has a significant effect on the relationship between the competition in audit market and audit fee.  
      Methods
    Thepopulation of this study isall listed companiesin Tehran Stock Exchange.133 companies and the period extending from 2007 to 2015 were selected to test the hypotheses. To provide the information of listed companies in Tehran stock exchange different resources such as information site of Tehran stock exchange were used. Concentration index is used for measuring the competition in audit market. Audit market's size is also measured by companies' assets rank in industries level. Data analysis was also performed in Stata14 software, using ordinary least squares regression (OLS). 
    Results
    Research findings show that competition in audit market has a significant negative impact on audit fee. In addition, the results showed that audit market's size has a significant negative impact on the relationship between competition in audit market and audit fee. In the following, supplementary analysis results of the study showed that competition in audit market leads to reducing of the audit quality and audit market's size does not have any significant impact on the relationship between the competition in audit market and audit quality. 
    Conclusion
    The first hypothesis test results showed that there is a significant negative relationship between the competition in audit market and audit fee. This result shows that when the competition in market is increased, auditors try to determine the lower pricing in order to have a larger share of the market. Examining the second hypothesis, it was observed that audit market's size has negative impact on the relation between the competition in audit market and audit fee. In other words, by increasing the audit market's size, the negative relationship between the market competition and audit fee is reduced. According to the obtained results related to reducing the audit fee and the audit quality due to the competition in audit market, drafters of the audit market regulations including Association of Certified Public Accountants and Audit Organization are recommended to pursue this issue and form the specialized committees to investigate the auditors' performance precisely in order to keep their independence, ethical competition and quality of auditing operations. Furthermore, it is recommended to the Association of Certified Public Accountants and Audit Organization to reduce the breaking rate probability by determining appropriate mechanisms. 
    Keywords: Competition in Audit Market, Audit Market Size, Audit fee, Audit Quality
  • Younes Badavar Nahandi *, Asgar Pakmaram, Ghodrat Ghaderi Pages 31-60
      Introduction
     
         The influence of information on prices is at the core of the market. This means that, as soon as new information is released, instantaneous and real-time reaction is created, changing prices in this way. In the financial literature, it is believed that low quality of information is economically costly and delays the stock price adjustment process. Delay in price adjustment is risky for the buyer and seller, and this risk is due to the lack of full reflection on the price information. Full and immediate reflection of the information may have a negative or positive effect on the stock price (Kalen & et al. 2012). The aim of this study is to examine the effect of financial reporting quality on the interaction between agency costs and speed of adjustment of stock price.   Hypothesis The agency costs of eight indicators of Pantzalys & Park (2013), and the speed of adjustment of stock price by the Hue & Muskwitzen (2005) method were used. Thus research hypotheses developed as follows: H1. Agency costs have an impact on the speed of adjustment of stock price. H2. Financial reporting quality have an impact on the interaction between agency costs and the speed of adjustment of stock price.  
    Methods
    The samples of this study are the companies listed on the TSE. The approached data for this study were the years 2009 to 2017. The method of research is correlation and causal. The test method hypotheses are correlation test and regression.
      Results
    The results of this study showed that the agency costs have a negative and significant effect on the speed of adjustment of stock price, and there is no evidence of the moderating role of financial reporting quality in the interaction between the agency costs and the speed of adjustment of stock price. 
    Conclusion
    It can be deduced that companies that have the phenomenon of information asymmetry and hence higher agency costs have less speed of adjustment of stock price. The results of the research indicate that the financial reporting quality of companies do not weaken the relationship between the agency costs and the speed of adjustment of stock price. Therefore, theoretical foundations are not consistent with the results of this hypothesis. According to the results of this hypothesis, in the Iranian capital market, financial reporting quality does not modify the relationship between agency costs and the speed of adjustment of stock price.
    Keywords: Agency Costs, Speed of Adjustment of Stock Price, Financial Reporting Quality
  • Mahdi Baharmoghaddam, Hossein Jokar *, Noorollahr Salehi Pages 61-95
     
    Introduction
    Building on the prior literature, this research argues that since dividends are supported by a more stable cash flow and reduce free cash flow, as well as provide corroborative evidence to investors, dividend-paying firms have higher earnings quality than non-dividend paying firms, indicated by more persistent earnings, lower discretionary accruals, and greater earnings' informativeness (Deng, Li and Liao, 2017). Besides the basic association between dividends and earnings quality, Iran’s firms also have another special feature in that firms have different ultimate owners. Government or private ownership will also affect the association between dividend payouts and earnings quality. For instance, Anderson, Chi, Ingram, and Liang (2011) show that state shareholders prefer cash dividends to stock dividends. Firms owned by the government tend to pay more dividends, which is an instrument employed by controlling shareholders for tunneling (Chen, Jian, & Xu, 2009; Chou, Chen, & Huang, 2010).  More specifically, the objective of this study is to investigate the modifying effect of the type of companies’ final ownership on the relationship between dividends and earnings quality.   Hypotheses To achieve the objective of this research, the present study has two hypotheses. H1: Dividend has a significant impact on the earnings quality. H2: Type of ultimate ownership has a moderating effect on the relationship between dividends and earnings quality.  
    Methods
    The present research is conducted following a quasi-experimental research design. Statistical population of this research includes the firms accepted in Tehran Stock Exchange. The study period is between the years 2009 to 2016 and 90 companies were investigated. In order to analyze the hypothesis, linear regression and t-test have been used. The collected data was calculated using the Excel software and was analyzed by Eviews 9 and Stat14. 
    Result
    The research results showed that in companies where dividends are paid, dividends are associated with more persistent earnings, higher accrual quality, and greater earnings' informativeness, and the hypothesis of dividend information content can be confirmed for Iranian companies. But the type of ownership of companies can affect the severity of this relationship. Further analyses show that the relationship between dividends and earnings quality could change with type of ownership. We find evidence that the state ownership can reduce the information-conveying role of dividends.
      Discussion and Conclusion
    Several studies in Tehran Stock Exchange have examined the effect of dividends on earnings quality, but few studies have been conducted to examine the effect of dividends on earnings quality when the type of companies’ ownership is different. So, the purpose of this paper is investigating the moderating effect of the type of firms’ ultimate ownership on the relationship between dividends and earnings quality. We further investigate whether the relation between dividend payouts and earnings quality could change with different ultimate ownership. The empirical result show that the ownership has power to affect such an association. Firms with state ownership might use dividend to transfer resources out of the firms, so dividends of these firms have less information content to predict current earnings.
    Keywords: Type of ultimate ownership, dividends, earnings quality
  • Reza Jamei, Benyamin Azizi Pages 97-130
     
    Introduction

    We identify two channels and the corresponding mechanisms through which corporate social responsibility disclosure (CSRD) may affect corporate cash holdings. CSR firms are expected to have relatively low cash holdings because they tend to have low idiosyncratic risk due to their higher social capital with stakeholders. CSR firms also tend to have low systematic risk due to greater loyalty from CSR investors and/or customers. Lower systematic risk may increase or decrease cash holdings. Although low systematic risk induces firms to reduce their cash holdings, it also induces firms to hold a short debt maturity structure, with higher refinancing risks that higher cash holdings may mitigate.
    https://www.sciencedirect.com/science/article/pii/S0929119916000092
    Hypothesis

    While the determinants of corporate cash holdings have been widely studied in the literature, the directrelationship between corporate social responsibility disclosure (CSRD) and corporate cash holdings remains largely unexplored. We fill this gap by examining whether and how CSR relates to corporate cash holdings. In particular, we identify and test two channels through which CSRD may explain cash holdings.
    Thus research hypotheses developed as follows:
    Corporate social responsibilities disclosure impact on companies' cash holding by influencing on idiosyncratic risk.
    Corporate social responsibilities disclosure impact on companies' cash holding by influencing on systematic risk.
    Methods
    To test the research hypotheses, we specify the following empirical model:(1) Cashi,t = B0 + B1 idioi,t + B2 betai,t t + B3 CSRDi,t +(2) (3)
    The model consists of three equations. Equation (1) describes how the idiosyncratic risk (idio) channel, the systematic risk (beta) channel to determine corporate cash holdings (cash). The presence of corporate social responsibility disclosure (CSRD) in equation (1) allows for the possibility that CSRDmay have a direct effect on corporate cash holdings. Equations (2) and (3) describe how CSRDaffects the idiosyncratic risk channel (Equation (2)) and the systematic risk channel (Equation (3)), respectively. In this model, idiosyncratic risk and systematic risk, are the channels through which CSRDaffects cash holdings indirectly. Note that the control variables may overlap with each other in these three equations.
    As for estimation we use the Ordinary Least Squares (OLS) and Two Stage Least Squares (TSLS) methods (i.e., Equations (1) to (3)) as a simultaneous equations model.
    Results
    The results reported in Table (8) and (9) show that corporate cash holdings are related positively (and statistically significantly) to idiosyncratic risk while they are related negatively (and statistically significantly) to systematic risk, confirming the results of Bates et al. (2009) and Acharya et al. (2013). Consistent with Luo and Bhattacharya (2009) and Albuquerque et al. (2014), reveal that CSRDis negatively related to idiosyncratic risk and systematic risk.
    Conclusion
    This study examines whether and how corporate social responsibility disclosure affects corporate cash holdings. In particular, it examines two channels through which corporate social responsibility affects cash holdings. The first channel argues that CSR-related activities can build up the social (or moral) capital of firms, because they enhance good relationships with stakeholders. Firms can use the social (or moral) capital to weather bad times and reduce the need to hold excessive cash. The second channel posits that price-inelastic demand due to customer loyalty and/or investor loyalty to CSR firms makes these firms less sensitive to aggregate market shocks (i.e., lowers the systematic risk), and this may increase or decrease the cash holdings. On the one hand, the need for cash hoarding may decrease because of lower systematic risk; on the other hand, the need may increase because firms with lower systematic risk tend to have a shorter debt maturity structure and, thus, a higher refinancing risk.
    Using 122 firms with 976 firm-year observations over the period 1388-1395, we find that CSRD is correlated with corporate cash holdings significantly and positively.
    Also the findings of the study show that there is a significant relation between corporate social responsibility disclosure and cash holding through mediator variables of idiosyncratic risk and systematic risk.

    Keywords: corporate social responsibility disclosure, Cash holding&quot, idiosyncratic risk, systematic risk
  • Shokrollah Khajavi *, Mohammad Hossein Ghadirian Arani Pages 131-158
    Introduction
    Today, with the increasing competition in business, the possibility of failure has increased. Due to the increase in the competition and also the growing importance of intangible assets, the importance of intellectual capital increases more than before. Accordingly, it is expected that lack of sufficient attention to the intellectual capital causes removal of companies from the competition and becoming bankrupt. In other words, intellectual capital can create competitive advantage and be a factor for success in business and better financial performance; accordingly, it can prevent financial distress in competitive market and knowledge based economy. The Iraninan financial distress literature shows a high number of financial distress prediction models that are generally based on financial ratio, but not on the nonfiancial causes of failure. In fact, despite the importance of intangible assets in the success and failure of companies, these studies ignore the influence of these nonfinancial factors. Our research attempts to fill the gap described above. Therefore, the main purpose of this study is to investigate the contribution of intellectual capital and its components as proxies of intangible asset in financial distress prediction. 
    Research Hypotheses
    Based on the preceding theoretical framework regarding the role of intellectual capital and its components in financial distress prediction, research hypotheses were developed as follows: H1: Including intellectual capital in financial distress models improves their predictive ability. H2: Including components of intellectual capital in financial distress models improves their predictive ability.
      Methods
    Our study is a quantitative research that uses the scientific method and empirical evidence. The empirical data was collected from listed companies in the Tehran Stock Exchange, over the ten-year period of 2006 to 2015. Ensemble classifiers (Boosting and Bagging) were used as prediction methods for constructing financial distress prediction models. In order to test hypotheses, the accuracy of financial ratio–based models, and models utilizing both financial ratio and intangible assets measures (value added intellectual coefficient, human capital efficiency coefficient, and structural capital efficiency coefficient) was compared by using data of a sample of 200 financially distressed firm-years and 200 non-distressed firm-years.
      Results
    The major results of this study show that the accuracy of combined models is significantly more than financial ratio-based models in the both Boosting and Bagging methods. That is, intangible assets proxies improve the ability of financial ratio-based models to predict financial distress. Also, the findings of present study reveal that the more the space between prediction years and financial distress occurrence, the more the effect of intangible assets measures on accuracy of financial distress prediction models.
        Discussion and Conclusion
    Findings of the study support our conceptual framework about the effect of intellectual capital and its components on performance of financial distress models. That is, these findings imply that intangible assets (intellectual capital, human capital, and structural capital) are indeed valuable for financial distress prediction, so that adding these variables to financial based models improves their performance in predicting financial distress. Also, our findings are consistent with the resource-based view, transaction cost theory, and empirical evidence on the role of intellectual capital, human capital, and structural capital in the business success. In sum, based on these findings, it can be concluded that intellectual capital and its components (human and structural capital) play an important role by improving the performance in preventing the financial distress. 
    Keywords: Ensemble classifiers, Financial Distress, Intellectual capital, Tehran Stock Exchange
  • Iman Dadashi *, Mahmood Yahyazadefar, Abbas Shamekhi Pages 159-182
     
    Introduction
    Optimism is behavioral bias that prevents managers from properly evaluating their company. The literature shows that the information transparency is affected by this managerial behavioral characteristic and the stock price synchronicity will increase. Stock price synchronicity is a relative measure of company specific information in comparison with market and industry data that is reflected in stock prices; therefore, it is inverse to transparency. This study aimed to investigate the effect of managerial optimism on stock price synchronicity. For this purpose, managerial optimism has been measured based on three criteria including: accuracy of profit prediction by managers, surplus of capital expenditures and the remainder of the company’s growth model. Piotroski & Roulstone's model (2005) has been used to measure the stock price synchronicity.
    Research Hypothesis

    This study is aimed at examining the effect of managerial optimism on stock price synchronicity. Based on the developments of the literature, one hypothesis is developed. The hypothesis is stated:The managerial optimism have positive impact on stock price synchronicity.
    Methods
    This research is categorized as empirical and descriptive-correlation study. To obtain research results via referred variables in last section, a multivariate regression and panel model has been used. The data required for the research were gathered from 112 companies listed on Tehran Stock Exchange during a 7-year period from 2011 to 2017. The STATA 14.1 package are utilized to run the analysis.
    Results
    The results of testing the research hypothesis suggest that managerial optimism influences positively and significantly on stock price synchronicity based on surplus of capital expenditures indicator for measuring it. No significant effect was observed on the other two proxies (accuracy of profit prediction by managers and the remainder of the company’s growth model).
    Discussion and
    Conclusion
    Recent studies in accounting investigate the impact of managerial optimism on corporate investment, financing, and dividend policies, as well as managerial forecasts and financial misreporting. This research contributes to this literature by providing evidence on the effects of managerial optimism on stock price synchronicity. The findings show that managerial optimism hasba significant positive impact on stock price synchronicity. In other words, managerial optimism decreases information quality and transparency. As optimistic managers overestimate future returns from their firms’ projects; overvalue their firms’ projects and equity; and invest in negative NPV projects mistakenly perceiving them to be positive NPV investments, it is predictable that optimism and price synchronicity will be positively related.
    Keywords: Managerial Optimism, stock price synchronicity, behavioral finance, transparency, panel
  • Relationship Between Ownership Structure and Financial Performance on Corporate Tax Policy Investigation:Evidences from Firms Listed on Tehran Stock Exchange
    Gholamreza Karami, Alireza Shahabi * Pages 183-209
        
    Introduction
    Organizational factors affect organizational reporting and performance as well. Tax policy making has been a challenging issue for stock holders. Different types of ownership call for different reporting Policy. Therefore, firms with institutional owners along with firms in presence of governmental owners are in different position of tax planning. There are two types of tax policy over the literature, aggressive policy and conservative policy. In this research impact of ownership structure and firm performance on tax policy making is going to be studied.  
    Hypotheses
      The aim of the study is to examine the effects of ownership structure and firm performance on tax planning among Iranian public listed firms. Hence based on the literature, the hypotheses are developed as follows: H1. Ownership structure affects tax policy in Iranian public listed firms. H1 a. institutional ownership affects tax policy in Iranian public listed firms. H1 b. Governmental ownership affects tax policy in Iranian public listed firms. H2. Firm performance affects tax policy in Iranian public listed firms. H2 a. Sale growth affects tax policy in Iranian public listed firms. H2 b. Return on assets affects tax policy in Iranian public listed firms.  
    Methods
    All the firms listed on Tehran Stock Exchange (TSE) over 2010 to 2014 are statistical population in this research. Sample was selected based on the following criteria: -   Firm should be accepted on TSE before ending 2009. -   Fiscal year ends on March 20 every year. -   Research data of the firm is available. -   Firm is not listed as financial institutes. Based on the above criteria 137 firms i.e. 685 firm-year was selected. Data was gathered from financial statements or other types of firms’ disclosure. Research type is correlation and research data regression model is used for analysis.    
    Results
     Results show a meaningful relation between the presence of governmental and institutional owners and tax policy. This relation is positive for institutional owners while it is negative for those of governmental owners. In other word, governmental owners push the firm to have more aggressive tax policy. Thus, the more the governmental owners a firm has, the more aggressive tax policy it will make. Firm performance and financial leverage has no relation i.e. on tax policy making.   Conclusion This research studied the relationship between ownership structure and firm performance with tax policy making among public listed firms on TSE. Results illustrates that firms with more institutional and governmental ownership try to reduce their taxes using an aggressive tax policy. This may ruin economic transparency and call the government to plan for better privatization program. Other findings illustrate better firm performance has no meaningful relation with firms’ tax policy making. Other findings indicate large firms make more aggressive tax policies. 
    Keywords: 1. Institutional Owners, 2. Governmental Owners, 3. Tax Policy, 4. Firm Performance
  • Hossien Fakhari *, Hadi Ghorbani, Mohammad Ali Rajab Beyki Pages 211-239
     
    Introduction
    The main purpose of financial reporting is providing financial transaction and event economic consequence on the financial position and performance. This information can help financial users in decision making about business entity, but because of asymmetric information between manager and stockholder also the existence of the conflict of interest between them, it is possible the reliability of financial information to become problematic. In order to solve this problem, auditing is tools that make a financial statement to be reliable and enhance the quality of financial information.
    Defond and jiang (2016) believe that abnormal audit fee indicates the extra future effort of auditor which may increase the quality of accounting information. Also, it can indicate future litigation risks that relate to the low quality of accounting information.
    Literature review shows there are different findings about the relationship between abnormal audit fee and financial reporting quality; therefore, this research intend to investigate about the relationship between abnormal audit fee and financial reporting quality in detail in the emergency market like Tehran Stock Exchange (TSE(.
    Hypotheses

    According to confirmation theory and audit fee pressure theory, we expect there is a relationship between abnormal audit fee and financial reporting quality. Thus, the research hypothesis is as follow:H1: jump in abnormal audit fee has significant effect on financial reporting quality.
    H2: long-term abnormal audit fee has significant effect on financial reporting quality.
    Method
    A good research plan is acquired for an answer to the research question and test of hypothesis so for this purpose, we use a panel data analysis method by estimating ordinary least square model based on a sample of 86 non-financial companies listed in Tehran Stock Exchange for the period 2008-2016.
    For analyzing data, we use Eviews and Stata software. For testing of our research hypothesis, we use of clton and.. (2016) models which is:                                                                                      
    Results
    The research finding shows there is a positive and significant effect of jump at abnormal audit fee on financial reporting quality. Moreover, results show long-term abnormal audit fee has a positive and significant effect on financial reporting quality.
    Discussion and Conclusion
           The main purpose of this research is investigation of the effect of the abnormal audit fee on the financial reporting quality. The main theory of this effect is based on confirmation and audit fee pressure theory. Our findings show that in the companies with the high abnormal audit fee the quality of financial reporting is increased. Jump of abnormal audit fee has effect on the financial reporting quality.
    These findings consist of the other research as Blankly et al (2012) and lobo and zhao (2013).
    Keywords: : abnormal audit fee, Financial Reporting Quality, jump at the abnormal audit fee
  • Mohammad Namazi, Mohammad Mohammadian, Zeynab Mehtari * Pages 241-276
     
    Introduction
    The purpose of this paper is to examine the framework of scientific articles in international accounting journals to access the commonly used method of accounting research. In this regard, a conceptual framework for components of the structure of scientific articles was presented, using the library method.
    Research Hypotheses
    Considering the theoretical foundations of the desirable structure of a research paper and the literature of research, the main question is whether the articles published in accounting journals follow the desirable structure of a scientific research paper? Thus two hypotheses are presented:Hypothesis 1: The structure of scientific accounting research papers is consistent with the desirable structure of a scientific research paper.
    Hypothesis 2: There is a significant difference between the structures of scientific articles in international accounting journals with different degrees.
    Methods
    The conceptual framework for components of the structure of scientific articles was presented, using the library method. In the next step, the structure of 643 articles between 2009 and 2017 and among 78 international accounting journals with varying degrees, were performed, using content analysis and the structure of accounting articles were adapted with conceptual framework according to statistical tests.
    Results
    The results showed that, generally, the structure of accounting articles is in accordance with the structure prescribed in the research method for a scientific article, and only two parts of the theoretical framework and suggestions are not consistent with desirable characteristics of a scientific article. In addition, the results showed that 37 and 36 percent of the articles don't have the section of “suggestions and constraints”. In contrast, 75, 94 and 93 percent of the articles have the desired characteristics of title, resources and introduction. Finally, the ranking of the journals was determined using quartile and the results were compared.
    Discussion and Conclusion
    After determining journal's rank, using quartile, the results were compared. The results of this section showed that the main structure of articles in different journals is not different, but there is a difference between the characteristics of the abstract, keywords, introduction, theoretical framework and findings.
    Keywords: Accounting Research Structure, Features of Research Components, Scientific Research Method, International Accounting Journals
  • Meysam Noshadi *, Vali Khodadadi, Sayed Ali Vaez, Ali Hosein Hoseinzadeh Pages 277-307
     
    Introduction
    The study of factors affecting audit fee is of great significance in terms of its impact on audit quality. Audit fee is effective in proper planning and implementation of financial audit. Accordingly, the prerequisite for audit quality is to receive sufficient fee. Simunic (1980) designed a model for audit services pricing for the first time. In this study, factors such as size, complexity (number of branches and type of activity), and risk (variety of activities) of client have statistically been determinants for audit fee. Since Simunic’s seminal article was published, several studies have strived to design models to describe the deviation in the level of audit fee paid by companies. Empirical models of audit fee generally consider fee as a function of working hours spent. The common factors in all previous studies are size, complexity and risk of employer’s company. These models show a high explanatory power and have been powerful factors in determining audit fee in different samples, countries, and time periods (Menon, & Williams, 2001). Therefore, due to the fact that, first, attention to other factors has not been considered in the studies including the conditions relating to the audit profession, cultural and environmental factors, and some features of audit firm and client, second, major studies are limited to the audit market of countries such as United States, UK, and Australia, and little attention has been paid to audit services in other countries, a deep study and extraction of a comprehensive and integrated audit fee model is essential in Iran.
    Research Question

    This research seeks to introduce new factors influencing audit fees and ultimately provide the effective factors in the form of a model. Accordingly, the present study seeks to answer the research question of what the appropriate model for audit fee is.
    Methods
    In this research, given the purpose of the study, grounded theory method has been used. In this study grounded theory method was used in order to get a deep understanding of the issue and to accomplish all the factors and processes of determining audit fee from the perspective of experts and presenting a data-based model. The data were collected and coded through interviews and voice recording. Unstructured interview was used as a data collection method. The samples were selected using purposive sampling technique. Purposive sampling continued until we reached the theoretical saturation of the data which led to the selection of 15 partners of Trusted Audit Institutions of the Stock Exchange, 2 members of Iranian Association of Certified Public Accountants, 4 financial managers, and 2 Managing Directors of the Companies Accepted in Stock Exchange. In the present study, Strauss and Corbin (1998) triple coding, which includes open, axial and selective coding, has been used.
    Results
    In the present study, all the factors affecting audit fee from the perspective of the supplier and the applicant for these services and professional and environmental conditions have been analyzed and extracted. Causal conditions have been raised at each of these levels. Due to the fact that audit fees at each level (supplier, applicant, and profession, and community) are affected by a variety of factors, in order to comprehensively examine the issue of audit fee action strategies, intervening factors and the consequences at each of the levels mentioned were investigated and the context condition in the country was also described for audit fee. According to the results and model presented, the size of the audit firm, the degree of observance of the Code of Ethics, the value (worthiness) of the work for the client, and the attributes and credibility of managers and partners were recognized as the most important factors at the level of audit firm. Furthermore, size, risk, demand of quality, the purpose of the client for auditing, and effective corporate governance were the most important factors at the level of the client. In addition, the perception of key users and stakeholders from auditing, attitudes and characteristics of policy makers and decision makers, and the formulation of effective rules and regulations were the most important factors at the level of profession and environmental conditions. If appropriate strategies are adapted and proper context at the macro-level and audit profession including the provision of economic substrate, market, and the power of supervisory institutions on audit firms, and the constructive interaction of these institutions with the government and lawmakers are provided, it will lead to obtain reasonable audit fee. The set of these factors, together with the consequences of reasonable audit fee, constitute the model of the audit fee
    Conclusion
    The results of this study indicate that some of the components of the model extracted in this research, on which studies have already been carried out, are almost consistent with the literature. However, in this model, certain factors and variables have been accentuated and some other factors have been added to the previous models. Categories such as the purpose of the client for auditing, the demand of quality, the existence of effective corporate governance, and the type of the systems established in the firm at the level of client, the degree of observance of codes of ethics, the attitudes and characteristics of managers and partners, the existence of different units in the firm, the value of work for the client, providing timely information to the client, the credibility and validity of the firm and partners at the level of audit firm, and the perception of stakeholders and key users of the audit, the attitudes and characteristics of policymakers and decision makers, the formulation of effective rules and regulations, size and market concentration, and the risk of legal claims in Iran at the level of users, professional and environmental conditions are the most important achievements of this research that are considered as increasing knowledge along with the concepts related to each category, dimensions, and characteristics of each concept.
    Keywords: Audit profession, client, audit fee model, audit firm, grounded theory