نشریه تحلیل بازار سرمایه
پیاپی 1 (تابستان 1400)

Improving the quality feature of comparability in financial statements enables users to better assess the similarities and differences related to economic activities between different companies over time and to be able to allocate their resources optimally. The main purpose of this study is to investigate the effect of comparability of financial statements on stock price crash risk with emphasis on the role of management ability in Tehran Stock Exchange, which was done using the information of 119 companies during the period 2014 to 2020. The results show that there is a positive and significant relationship between the management ability and the stock price crash risk and there is a nagative and significant relationship between the financial statements comparability and stock price crash risk. The results also indicate the adjustment effect of management ability on the relationship between comparability of financial statements and the stock price crash risk. Therefore, it can be concluded that managers, based on the agency theory and conflict of interest between managers and owners, may use their intelligence and talent to achieve personal return or due to overconfidence and hoarding of bad news, cause price bubbles and eventually stock price crash risk.

Increasing the comparability of financial statements leads to lower agency costs and the need to keep cash. In this regard, the aim of this study was to investigate the relationship between comparability of financial statements and cash retention and the effect of capital structure and operational cycles on the relationship between comparability of financial statements and retention of cash. To achieve the objectives of the study, the data of companies listed on the Tehran Stock Exchange in the period 2014 to 2018 were tested using multiple linear regressions using panel data. The findings show that increasing the comparability of financial statements significantly reduces the retention of corporate cash. Evidence also suggests that there is no significant effect of capital structure and operational cycles on the relationship between the comparability of financial statements and the retention of cash. The results show that investors and creditors in their economic decisions rely on the financial statements of companies, so it is worthwhile to standardize and monitor institutions as well as the company's governing bodies. . They attach special importance to the ability to compare financial information.

The present study was conducted to investigate and explain the effect of financial stress on the forecast of macroeconomic indicators of the Islamic Republic of Iran in five steps. In the first step, the effect of financial variables on financial stress has been measured by panel data and random effects. Then, by constructing a composite index of financial stress uncertainty, using the Arch and Garch model, we are able to investigate the relationship between economic growth and financial stress uncertainty index. The study of the impact of financial stress on prosperity and recession using multilayer perceptron method shows that the economy is expected to remain in recession from 2018 until the first quarter of 2020 and with the beginning of the second quarter of 2020 we will see economic prosperity. According to the results, financial stress plays an important role in detecting recession and economic prosperity. The results of research also show that financial stress has a significant negative impact on economic prosperity. Finally, a production function is defined and the effect of financial stress along with other variables of production function on economic growth is measured in a linear and non-linear way. According to the results, financial stress index has a negative and significant effect on economic growth in long and short term models.

AbstractIn general, in financing, companies affiliated with the business group have more benefits than other companies because these companies have more access to financial resources and the domestic capital markets also support them . Factors related to financing in Tehran Stock Exchange companies have been discussed. In this research, 118 companies listed on the Tehran Stock Exchange in the period 1397 - 1392 have been studied. To test the hypotheses, panel regression and difference test models were used . The research findings show that companies affiliated to the business group have a higher leverage ratio than research findings show that companies affiliated to the business group have a higher leverage ratio than independent companies. Have higher financing costs than independent companies. Finally, companies affiliated with business groups have different leverage ratios, financing constraints, and financing costs than other companies.Keywords: companies affiliated with business groups, leverage ratio, financial constraints, financing costs..

Considering the prominent role of institutional shareholders in companies and their impact on decisions and the quality of companies' financial reporting, in the present study, the effect of institutional ownership on the relationship between board independence and voluntary disclosure of companies listed on the Tehran Stock Exchange was investigated.The dependent variable in this research is voluntary disclosure and transparency of companies. To measure it, according to the research of Al-Deftar et al. (2017), a checklist was used which has financial and non-financial dimensions. . The statistical population of the study includes all companies listed on the Tehran Stock Exchange, of which 161 companies in the period of 6 years between 1393 to1398 were analyzed. The results obtained in this study showed that institutional ownership had an inverse effect on the negative relationship between board independence and voluntary disclosure of companies in the review period.

Government tax expenditures and revenues are among the tools of fiscal policy in which economic activities are limited and expanded by making changes in them. Changes in taxes change disposable income. The purpose of this study is to investigate the effect of reducing corporate tax rates on corporate tax revenue based on Khaldun tax theory (corporate tax rate and income: application of Khaldun tax theory). The present research is applied in terms of purpose and is methodological in terms of causal (post-event) research. The statistical population of the research is the companies listed on the Tehran Stock Exchange and using the method of systematic elimination of 127 companies as a research sample in the period between 2012 to 2020 was selected. The results showed that the reduction of corporate tax rates has a significant effect on corporate tax revenue based on Khaldun tax theory.Keywords: tax rate reduction, tax theory, tax revenue, Ibn Haldun

Nowadays, Daneshgar human resources are considered as the most important ability of the organization to gain a competitive advantage and also the main intangible asset, and the organization believes that employees should be the basis for improving the quality and efficiency of all organizational processes The purpose of this study is to investigate the effect of competition in the product market using Herfindahl-Hirschman index on the efficiency of investment in human resources in companies listed on the Tehran Stock Exchange. The research data has been prepared using the library-documentation method and the statistical population of this research is the companies listed on the Tehran Stock Exchange during the period 1393 to 1398. Sampling was done by systematic elimination method and 124 companies were selected as a sample. This research is random, correlation and post-event. Multivariate regression technique using panel data method has been used to test the hypotheses. The findings showed that there is a significant inverse relationship between competition in the product market using the Herfindahl-Hirschman index and the efficiency of investment in human resources.

The present study investigates the effect of social responsibility on the change in the capital structure of companies listed on the Tehran Stock Exchange. The research is based on the question of whether corporate social responsibility affects their capital structure. The statistical population of this research is the companies listed on the Tehran Stock Exchange. Based on this, the information of 71 companies was selected as a sample. To test the hypothesis of this research, multivariate regression method and regression defaults test and to analyze the data, EViews and Excel software have been used. The data of this study include time series data and cross-sectional data. The time series data of this study show the data between 1393 and 1398 and cross-sectional data express the data of companies with the maximum available information. The data used were extracted from Cadal site and collected as a data panel.The results of data analysis show that there is a significant relationship between tax to sales ratio as a measure of corporate social responsibility and the degree of financial leverage as a measure of capital structure and also between the ratio of fixed assets to total assets as a measure of responsibility. There is a significant relationship between corporate social and the degree of financial leverage as a measure of capital structure.