نشریه تحلیل بازار سرمایه
پیاپی 3 (زمستان 1400)

The issue of women's economic presence and the role-playing of this group in the field of issues has been one of the topics of discussion in society. The main purpose of this study is to investigate the role of women in the board of directors of member companies of the Tehran Stock Exchange and its effect on the relationship between social responsibility and earnings management in these companies. In this study, information about 131 companies listed on the Tehran Stock Exchange during the years 2010 to 2019 has been collected. Social responsibility is measured by examining the dimensions of social participation, employee relationships, environmental performance, and product characteristics. The results of hypothesis testing show that there is a negative and significant relationship between social responsibility and earnings management. But there is no significant relationship between the presence of women in the board of directors and earnings management. Also, the presence of women in the board of directors does not have a significant effect on the relationship between social responsibility and earnings management. The overall results of the study indicate that although corporate social responsibility has reduced earnings management but in companies where the presence of women on the board is more prominent, there is no less earnings management. On the other hand, given that there are few women on the board of directors of companies their presence has not been able to have a significant effect on the relationship between social responsibility and earnings management.

The tone of financial reporting, as one of the important aspects of quality information of financial reports is determined by the ratio of positive and negative words in the annual financial reports, which can be considered as influential factors for the auditor as a factor to assess the risk of the owner and affect the audit fee. According to theories of alignment and entrenchment, family ownership may reduce audit fees by reducing information asymmetry and agency costs, or by increasing audit fees through financial misuse and fraudulent financial reporting. Therefore, the aim of the present study is to investigate the relationship between the financial reporting optimistic tone and audit fees and to study the moderating effect of family ownership on this relationship with respect to theories of alignment and entrenchment. To achieve the purpose of this study, the financial information of 88 companies listed on the Tehran Stock Exchange in the period between 2012 and 2019 has been done. The results of statistical tests of the research show that the financial reporting optimistic tone leads to a reduction in audit fees. In addition, the results showed that, in accordance with the alignment theory, family ownership it moderates and intensifies the relationship between the financial reporting optimistic tone and audit fee.

Changes that have taken place in recent years have increased the independence of auditors in the face of management. One of these changes is the expansion of the use of audit committees in companies.In this article, the situation of overlap of specialized committees of the board of directors is examined and their impact on the audit fee of companies is evaluated. The main question of this study was whether there is a significant relationship between the audit fee and the overlap of the audit committee.The results showed that the effect of the overlap of the audit committees and the salary and benefits committee and the expertise of the members of the audit committee on the audit fee was inverse and significant. In other words, increasing the overlap of the specialized committees of the board of directors will reduce the amount of auditing fees; On the other hand, increasing the expertise of the members of the audit committee increases the amount of audit fees.

This study examines the impact of economic uncertainty and economic sanctions on stock price crash risk in the Tehran Stock Exchange during 2014 to 2020 using data from 119 selected companies. The results show that there is a positive and significant relationship between economic sanctions and stock price crash risk. In other words, in a situation where the country is facing economic sanctions, consequently, the costs of companies, including production, wages, and product costs, etc., increase, that in these circumstances, managers may keep the unfavorable economic news caused by these factors hidden for some time, and this will lead to an increase in the stock price crash. The results also showed that in case of economic uncertainty, stock price crash risk increased and the criteria of economic uncertainty have a positive and significant relationship with the stock price crash risk. In other words, in a situation where there is economic uncertainty due to rising exchange, inflation rates and slowing economic growth, firm managers prefer to maintain their jobs and professional reputation, hide the bad and negative news caused by these conditions (such as rising raw materials, cost of goods, declining sales, profits, and liquidity) from the view of shareholders and investors, which ultimately leads to an increase in the stock price crash.

In recent years, intellectual capital has been considered as a key factor in determining financial performance. Intellectual capital can also affect the quality of the company's products and increase the company's profitability by increasing the company's market share. On the other hand, stable managers have a greater ability to invest more optimally in intellectual assets, which can improve the company's profitability. The main purpose of this study is to investigate the moderating effect of CEO tenure on the relationship between intellectual capital and financial performance in companies listed on the Tehran Stock Exchange. The statistical population of the present study, after applying some of the limitations in this study, consists of 140 companies listed on the Tehran Stock Exchange during the years 2013 to 2019. To test the research hypotheses, multiple linear regression model based on panel data has been used. The results of the research indicate that there is a positive and significant relationship between intellectual capital and company performance. In fact, in companies with more intellectual capital, the financial performance of the company has been higher. Findings showed that the term of office of the CEO had a positive effect on the relationship between intellectual capital and company performance. In other words, in companies whose CEOs have been more stable, the relationship between intellectual capital and company performance is strengthened.

Trade credit is an important element of short-term financing for companies. By providing trade credit, companies are putting themselves at risk because it is likely that the buyer will not use the resources properly. Also, increasing competition in domestic and global markets has required companies to better identify their cost behaviour. Therefore, in this study, the moderating effect of agency problem on the relationship between trade credit and cost stickiness on the Listed Firms in Tehran Stock Exchange has been investigated. For this purpose, the financial statements of 167 companies in the period 2010 to 2019 have been collected. This research is a quantitative research and the research method is correlational and multiple regression analysis with combined data was used to test the hypotheses. The results show that using all three criteria of trade credit, there is no significant relationship between trade credit and cost stickiness. In addition, the results show that among the indicators of agency problem, the effect of capital expenditures on the relationship between the third criterion of trade credit (ratio of accounts payable to purchases) and cost stickiness is confirmed. However, no evidence was found for the effect of acquisition ratio on the relationship between the first criterion of trade credit (ratio of accounts payable to cost of goods sold) and the second criterion of trade credit (ratio of accounts payable divided by sales) and cost stickiness.

The importance of access to financial services at the community level is not hidden from economic actors, and for a long time now, human activities have been closely related to social activities, so that in recent years, social responsibility of banks and its reporting has become very important. Many countries have considered this concept in order to deal with the problems related to unemployment, poverty, pollution and other social problems, and through the implementation of social activities in a desirable and diverse way, have responded to various foreign groups. Based on social responsibility, banks are committed to carry out their activities for the benefit of society as a whole and to gain their satisfaction. The present study on the impact of corporate social responsibility (CSR) on financial performance (FP), financial stability (FS) and financial inclusion (FI) in the Iranian banking sector, focusing on data from 17 banks over 5 years for the financial period 2016-2020 Was tested by SPSS version 22 with three hypotheses. The results of this study showed that corporate social responsibility has a positive and significant effect on financial performance and financial stability, but the relationship between corporate social responsibility does not have a positive and significant effect on financial inclusion.

 The present study investigated the relationship between the level of corporate governance with the level of investment and the growth rate of companies. The statistical population of the present study includs all companies listed on Tehran Stock Exchange in a 5 year - period during 2015 to 2019. Using systematic removal sampling method, a total of 174 companies (including a total of 870 years-companies) selected and analyzed as the statistical sample. The present study is applied in terms of purpose with post-event design and a descriptive-inductive study in terms of inference method. Multivariate regression models were used to analyze the research hypotheses using Eviews8 software. The results of regression models show that the level of corporate governance has a significant relationship with the level of investment and the growth rate of GDP. However it is needed to mention that different results were obtained for the indicators intended for corporate governance.