فصلنامه دانش حسابداری مالی
سال هشتم شماره 1 (پیاپی 28، بهار 1400)

The purpose of this study is to analyze the information content of sentiment (tone) in the board's activity reports and compare explanatory power of different methods of measuring sentiment.

The sentiment was measured by general word list and domain-specific word list with equal weighting and wf-idf weighing method. The sample of this study consists of 512 firm-years from 2009 to 2018. Panel data method and Vuong test were used to test hypothesis.

The results show that the market reacts to the sentiment of board's activity reports in the short-window of announcement date anduse of domain-specific word list and the wf-idf weighting method for measuring the sentiment did not increase the explanatory power of the models used to analyze the information content of sentiment.

sentiment of board's activity reports have information content and use of different weighting methods does not change the results of the study. Contribution:Providing evidence about market reactions to the sentiment of board's activity reports, creating domain-specific word list to measure sentiment in Persian language, as well as comparing prevalent weighting methods, are the main contribution of this study.

In order to explain and describe different aspects of value added tax audit quality and the strategies to improve it, the main beneficiaries of value added tax audit were for the first time investigated,

This study uses a qualitative approach and the grounded theory method and deep interviews. To this purpose, a total of 26 cases of experts with value added tax audit expertise,who had executive experience in this area,were deeply interviewed in late 2019.

The model of strategies to improve value added tax audit quality was designed and proposed based on system approach.

Considering systemic approach, this model is embraced two macro parts, including value added tax audit service providers and value added tax audit service receivers.

Contribution: 

Given the lack of comprehensive research in Iran in this regard, the proposed multidimensional model is the result of various experts' opinions at the above mentioned levels that presents a comprehensive broad perspective toward the strategies to improve tax audit quality in value added tax system in Iran.

Reporting presents an overview of the status of companies to the outside world. In addition to historical information disclosure, forward looking information disclosure by companies is required by investors that leads to the improvement of reporting and decision-making process. Thus, this study investigated the effect of forward lookinginformation disclosure model on the context of structural equation modeling.

The method was conducted using structural equation modeling based on the partial least squares approach. In the quantitative method, the research hypotheses were developed and tested by using a questionnaire. Then, 368 subjects were selected from the capital market activists, including analysts, investors, financial managers, and auditors as statistical population by simple random sampling method. The hypotheses were tested by structural equation method using PLS software. Confirmatory factor analysis using the partial least squares method was used fir validating 11 main variables and items of future information disclosure.

The result of structural equations revealed that causal, underlying, and intervening conditions have a significant positive effect on the central category phenomenon. In addition, the axial category has a significant effect on strategies. Finally, strategies have a significant positive mediating effect on the relationships between the axial categories and consequences.

Finally, the forward looking information disclosure model has a high predictability and can be used as an effective factor on prospective information disclosure.

Contribution: 

The knowledge creation of this study in addition to the development of literature on forward looking information disclosure led to improved reporting and highlighted the significance of the dimensions of the model categories for beneficiaries.

Several studies, conducted on the impact of non-monetary values, including culture, norms, or religion on corporate payment policies, show the effect of these factors on the decisions adopted by a company. Hence, the present study aims to introduce social capital as a non-monetary factor, to investigate its effect on decisions related to cash dividend payments, as well as to examine the impact of weak corporate governance on this relationship.

The study is a descriptive, correlational and post-event research that examined 97 companies listed in Tehran Stock Exchange during 2009 to 2018 (10 years) using multivariate regression model.

according to the research findings, social capital has a positive and significant relationship with dividends; however, corporate governance does not affect the relationship between social capital and dividends.

considering the positive and significant relationship between social capital and dividends, it can be concluded that this external variable affects the company's internal decisions, which can be considered as a factor contributing to reduce supervision and hence, can reduce agency costs.

Contributions:

 The results obtained from this study can help investors looking for cash dividends to choose a company to invest in and select companies operating in places with higher social capital; It also helps corporate shareholders to emphasize the social capital of the place of business, rather than focusing solely on the financial costs, created by agency disputes, and to select those companies with lower agency costs to invest in.

The present study seeks to explain the effect of readability of financial statements on stock price risk and shareholder behavior. Readability of financial statements is expected to reduce the risk of falling stock prices, which can have a positive effect on shareholder behavior.

The statistical population of the present study is Tehran Stock Exchange. The required data has been extracted from Rahavard Novin database, the site of the Exchange Organization and the site of the Codal. Based on the screening, 89 units were selected and studied during the period 1390 to 1397.

The results show that there is a significant relationship between the readability of financial statements with the risk of falling stock prices and shareholder behavior. But the results of testing the third hypothesis showed that readability does not have a significant effect on the relationship between stock price volatility risk and shareholder behavior.

The results of this study suggest that the readability of financial statements affects the behavior of shareholders and this can affect the liquidity of stocks.

Contribution: 

This study can provide a basis for replacing specialized terms in financial statements to eliminate the complexity of words and increase the comprehensibility of financial statements to reduce the risk of stock price falls and improve decision Involve audiences in financial statements.

Deciding to determine the amount of cash reserves of companies is one of the main issues in the financing literature. The main advantage of maintaining an optimal level of cash is to increase the company's ability to take advantage of valuable investment opportunities and avoid the high costs of out-of-company financing; Therefore, the main purpose of this study is to investigate the existence of the critical point of inflation and the optimal level of working capital management and its effect on the level of cash holdings of enterprises.

To achieve the purpose of the research, samples consisting of 100 companies listed on the Tehran Stock Exchange during the period 2008-2019 have been studied using the combined data method. In order to quantify the variable of working capital management of net working capital and to measure the variable of cash holding level, the ratio of changes in cash balance to total assets has been used. The inflation variable is measured by the consumer price index.

The results showed that with increasing inflation, the amount of cash held by business units increases and when inflation reaches a certain level, the amount of cash held by companies decreases with increasing inflation. The results showed that the critical point of inflation for Iranian companies is 16%; But companies with positive working capital have a higher tolerance threshold for inflation, and the critical point for inflation for them is about 19 percent. The results also showed that when working capital increases, the amount of cash held by business units increases, and when working capital reaches a certain level, the amount of cash held by companies decreases with increasing working capital. In other words, the relationship between working capital and the level of cash holdings is nonlinear and inverted U-shaped.

In general, the results showed that efficient working capital management can be a useful tool for managers that if well managed can play an important role in inflationary conditions for the level of cash holdings of business units and many benefits to business units.

Contribution: 

This study shows that the relationship between working capital with inflation and the level of cash holding is nonlinear.

Investors increase the speed of stock price convergence by being aware of the fragility and understanding how companies' financial methods change to achieve the expected return. Therefore, the purpose of this study is to investigate the effect of stock fragility on the rate of stock price convergence.

The statistical population of this research is the companies listed on the Tehran Stock Exchange, among which, data are available for 87 companies and the time horizon from 2009 to 2019. To test the research hypotheses, the generalized least squares regression model has been used.

The results of the study indicate that there is a positive and significant relationship between stock fragility and the speed of stock price convergence.

Emotional behavior by investors is one of the threatening risks in capital market transactions.

Contribution: 

The above issue is one of the new issues in the capital market that due to the new areas of fragility and the speed of stock price convergence, little research has been done at the national level and at the international level from a few studies conducted in different dimensions of this Areas are considered; Less attention has been paid to this dimension of research variables. This research has tried to address the research topic at the company level. Identifying the factors of stock fragility and strengthening the speed of convergence is a suitable ground for economic stabilization and relative stability in the stock market.