نشریه تحلیل مالی
سال دوم شماره 2 (زمستان 1397)

Because of their integration and internal development process in holding companies can reduce information asymmetry and financial constraints; they play a key role in creating value for shareholders on one hand and society on the other hand. But the type of financial reporting credibility for these companies is different from other ones. The investment status as well as the amount and level of ownership and ultimately the intra-group transactions create special conditions for them. Therefore, different risk indicators and different control structures emerge in holding companies. It is worth noting that each holding company is made up of different purposes. In this research, 33 holdings accepted in Tehran stock exchange are selected, we find that, most of which are pure investing structure. our findings about ownership and corporate control revealed that most of the holdings were held by retirement funds (37% on average), followed by large industrial and manufacturing companies with 24% ownership on average. In examining the type of auditor’s report in the holding companies, it was found that most of the mere investing holdings received a qualified report. Also, about 60% of the holdings had changed CEO in the last two years, and in some cases, the number of CEOs has changed four times over the past two years, indicating a lack of managerial instability in them.

This study examines the effect of corporate governance mechanisms on firm disclosure rankings in case of companies listed in stock exchange. In this study, with selecting 57 largest companies listed in the Tehran Stock Exchange for period from 2014 to 2016 and running multiple linear regressions, it was observed that audit quality improves the disclosure ranking of listed companies. While the ownership concentration is significantly weaken the companies’ rankings. Other independent variables including institutional ownership, the number of non-executive directors and the free float ratio have no impact on company disclosure.

Given the current market conditions in the world, small and medium-sized enterprises are subject to the attention of many investors. As a result, companies in some countries began to report financial information based on international standards. This research examines the critical international reporting approach for these types of companies. In addition, it seeks to create a useful theoretical framework for making better decisions about the development and implementation of international standards in the form of reporting in small and medium enterprises. The results of this study are expected to largely correct the analysis of the reporting on the basis of international  standards for small and medium enterprises. It seems that small and medium-sized enterprises will also turn out to be fully compliant with international standards along with the large companies in Iran.

Employment and also unemployment rates are important variables in macroeconomic analyses, since both of them have numerous economic consequences and influence on social-individual conditions as well. Changes in the unemployment rate, and its correlation with individual health (as an important factor in human resources), have always been the subject of previous research. Some studies consider health as a countercyclical variable. On the other hand, some studies consider the level of health as a cyclical variable.
Taking into account that the Iran’s economy suffers from stagnation and a rising unemployment rate with a mostly young unemployed population, studying the correlation between health and employment is great importance. The present study adopts the OLS regression developed by Burner (2009) to study the relationship among health, unemployment and economic fluctuations in Iran from 1990 to 2012. The data have been collected from the World Bank and the Statistical Centre of Iran. The variables used in the study include death rate, as the dependent variable, the proportion of the employed individuals older than 15 to the whole population (employment rate) and gross domestic product per employed person, as independent variables, and government expenditure for health, expenses for tobacco in the family budget (the life style index), shadow economy (for assessing the working conditions of the unemployed), as the mediator variable. Research’ results show that there is a direct relationship between the level of health and unemployment, and also the death rate is a cyclical variable in Iran.

In this research, the relationship between corporate risk taking and ownership structure is investigated. Corporate risk taking measured by the variance of ROA and ownership structure is proxied by the level of the Major shareholder owner-ship. In this regard the data of 113 Companies listed on Tehran Stock Exchange in a period from 2010 to 2015 examined. Using Regression analysis-Fixed effects method. The result indicates that, there is a significant negative relationship be-tween major shareholder ownership and risk taking; it means if major share-holder ownership increases then corporate risk taking decreases. The findings also show that being a member of business groups and the legal environment improvement have no effect on the relationship between major shareholder owner-ship and risk taking.