فصلنامه بورس اوراق بهادار
پیاپی 56 (زمستان 1400)

Earning overstatement is actually one of the forms of earnings management whereby the entity's management tries to avoid reporting losses. The purpose of this study is to investigate the effect of psychological variables such as Social Dominance, Machiavellianism and Emotional Manipulation on Earning Overstatement by using of upper echelons theory. In this theory, organization's performance is a function of the top managers' characteristics. In this study, the research hypotheses is tested on the basis of structural equations. For this purpose, We is select a sample of 401 accounting experts, accounting chiefs and financial managers of the Tehran stock exchange listed firms. Theoretical foundations of the research were collected through library studies and research data were collected through a questionnaire. The results of this study show that Social Dominance, Emotional Manipulation and Machiavellianism have a positive effect on Earnings Overstatement. Machiavellianism, on the other hand, has a direct effect on Social Dominance and Emotional Manipulation. Also, Machiavellianism indirectly and positively affects Earnings overstatement through Social Dominance and Emotional Manipulation. These results can have important implications for accounting and finance researchers as well as organizations related to this field.

The development and expansion of commodity exchanges and the prospect of their transnationalization require that while examining the relevant laws and rights at the international level, the ground for their development and implementation in order to increase interactions with foreign exchanges and identify new export markets. One of these rights is the right to resell the goods covered by the International Convention on the Trading of Goods (1980). Studies show that the possibility of resale is not provided not only in commodity exchanges but also in the Iranian legal system, and the resale of goods before the termination of the initial transaction in one of the legal or contractual ways, the seizure of other and subject property The rules of transactions are volatile. The results of the research indicate that by amending the relevant instructions in the Iran Commodity Exchange, the right to resell the goods to the buyer and the seller can be used, and thus the possible damages caused by the buyer's non-transaction or delivery of non-compliant goods by the contract. The seller stopped

Comprehensive Report, International Reporting Framework Published by the Integrated International Reporting Council. The framework, which is non-compulsory, states that “the main purpose of an integrated report is to explain to financial capital investors how an organization creates value over time. Economic value added and cash value added are the basic principles for shaping capital market judgment, and market value added, which is an indicator of wealth creation for the shareholder class, is influenced by judgments about economic value added and cash value added. The effect of integrated reporting on the components of value creation of companies is extracted from the data of companies listed on the Tehran Stock Exchange and OTC for a period of 7 years between 2012 and 2018 for 120 companies and from the data regression model. A combination was used to test the hypotheses. Integrated thinking is a tool that, by integrating all of these factors, makes it possible to create value. With this type of thinking, the organization may clearly describe how to create value in an integrated report How Include all factors affecting the organization's ability to create value.

In recent years, companies have faced a series of bankruptcies that have raised concerns about the error in the enterprise risk management process.The quality of financial reporting and its impact on risk management is a topic that has recently been favored by researchers.By reviewing the financial data of 156 firms listed in stock exchange for the period of 11 years (2006 to 2016), the effect of enterprise risk management factors on the quality of financial reporting with the interactive role of corporate governance has been investigated.The results showed that the Sigma risk and firm size have a positive effect on financial transparency and a negative effect on the quality of accruals. Arbitrage and Opinion divergence risk do not affect transparency.Corporate governance has a positive effect on both the interaction between Sigma risk and financial transparency, as well as the interaction between firm size and financial information transparency.Also, corporate governance has a negative effect on the interaction between Sigma risk and the quality of accruals and a positive effect on the interaction between the firm size and the quality of accruals.

One of the most challenging topics in finance and accounting is balancing returns and risk. If so, it is important for the market to identify trends in stock returns to predict the future. Although most research on stock return changes has been based on the use of linear models, there is little evidence that stock return fluctuations may follow nonlinear patterns. Therefore, this study seeks to compare the explanatory power of linear and nonlinear models of expected stock returns. In this regard, information about 102 companies listed on the Tehran Stock Exchange during the years 2009 to 2019 has been analyzed. The results showed that among the linear models, the coefficients of market variables, size and value in the Karhart model were higher than the coefficients of other models used. The results of estimating nonlinear models showed that threshold self-explanatory models have higher coefficients than smooth logistic transmission models. Also, using the homogeneity test of mean averages, the results indicate that the nonlinear self-explanatory threshold model based on trading volume (TARVOL) had the lowest standard mean error, which indicates that this model is more accurate in explaining stock returns.

fair trial is one of the most basic human rights that has been spoken about in international documents. In all countries, domestic systems also lay down principles and regulations for a fair trial, which Iran is no exception to. Arbitration has always been a concern for resolving disputes and has always enjoyed special benefits in various legal systems. The area of studied in this paper is the arbitration panel for resolving the dispute between the stock market and has been formed to investigate the differences between traders in this market, which is in the process of investigating violations and disputes arising from the mechanism and procedures of a particular hearing. Although the hearing in this panel is based on the fairness of the administration of justice, it is different because of the particular nature of the issues being dealt with in some cases. This research using a descriptive-analytical approach, seek to answer this question: What are positions the principles of fair trial in the arbitration board of the stock exchange? The research results indicate that in these boards, there is essentially no precise and comprehensive procedure in this regard. Thus, the fair trial principles are not fully respected and just some of the principles that these boards are referring to. Thirdly; Some principles, such as the right to appeal, have serious limitations on the relevant documents.

The present study aimed to present a model to choose the optimum multi-period investment portfolio with attitude toward lower partial moment as a measure of risk. The data used in this study contains historical returns of companies listed on the Tehran Stock Exchange over the period March 2014 to March 2019 which has been investigated as 5-shares, 15-shares, 25-shares investment portfolios. The ARIMA-GARCH hybrid model was used to generate the scenario in this study. To investigate the effect of different value of lower partial moment measure’s alpha on investment portfolio, some qualitative performance measurement criteria such as the rate of Skewness, Sharpe ratio, Sortino ratio, Trainer ratio and Jensen measure is used. The results show that with the increase of the moment, positive Skewness and Sortino ratio increases as well. And by increasing the moment the Sharp ratio increases too, but the highest amount of that associated with variance risk measure. The highest trainer criterion is obtained when the alpha is three. Jensen's alpha criteria has inverse relation with value of moment, it means that by increasing the value of moment their values will decrease.

The use of advanced information and communication technologies to change the structure of organizations and better information and services presentation in recent years has attracted the attention of many organizations and governments and legislators around the world. An example of the remarks made by the domestic legislator of paragraph (ch) of Article 68 of the Sixth Five-Year Development Plan Law on the Capital Market which has been granted the electrical licensing for some of the processes related to the registered companies in the Stock Exchange. "Blockchain Technology" with the features of "decentralization" and "information immutability", technologies that has the potential to be used in activities such as "comprehensive authentication and validation", "holding electronic assemblies" and "securities clearing” and despite the challenges and some concerns, it can bring "transparency", "guaranteeing the rights of small shareholders", "financial democratization" and "reducing costs and decommissioning" for the capital market.Keywords: Blockchain, Technology Law, Capital Market, Smart Contracts, E-Government

The purpose of this study was to investigate the relationship between the auditor's features and the opinion shopping in companies admitted to Tehran Stock Exchange (TSE). In this research, auditor's switch, audit fees, abnormal audit fees, auditor's tenure, auditor's specialty and auditor's reputation are examined as auditor's features, and their relationship with the opinion shopping has been tested. The statistical population of the study was the companies listed in the Tehran Stock Exchange. With systematic elimination, 120 companies were selected as the statistical sample. According to the tests and analyzes used by the logistic regression model to test the effect of independent variables on opinion shopping, during the years 1380 to 1395 at 95% confidence level, the results showed that there is a positive and significant relationship between the auditor's switch and the opinion shopping, and there is a negative and significant relationship between auditor's reputation and the opinion shopping, and there was no significant relationship between the other independent variables and the opinion shopping.

This article is written with the aim of shedding light on the ways by which clarification and disclosure of financial data of corporations and economic entities to Iran’s Securities and Exchange Organization are carried out, according to the legal obligations for Iranian corporations specified in Article 6 of the law concerning enforcement of provisions of Article 44 of the constitution of the Islamic Republic of Iran and consequent modifications as one of the criteria for rule of law.Public institutions as well as non-governmental or quasi-governmental public entities are not exempted from this law because they are deemed as the extensions of the existing governance apparatus over the society and financial supervision over them is quite effective in taking such entities accountable for their conduct and performance.Transparent and meticulous disclosure of financial data to the supervisory institutions can create equitable as well as sound competitive environment for doing business in the society.Wherever data transparency is missing or public supervision is not adequate, fraud, discrimination and economic rant become more probable which eventually lead to the loss of trust in public institutions, mismanagement and spread of corruption.In this study it has been tried to pinpoint pros and cons together with the challenges of enforcement of the afore-mentioned law through analyzing legal documents and conducting surveys. Furthermore, functionality of various laws and regulations along with their sanctions will be extensively examined. At the end of this study, practical solutions for the existing and would-be impediments and shortcomings are provided.

In the context of the Iranian financial market, and with problems such as fragile bubbles in the stock market, the likelihood of stocks crashing, and in particular the severe information asymmetry that exists among investors, most investors are reluctant to take risks and prefer to focus on short-term profitability. This allows many managers to take a myopic approach in investment decisions to increase the firm's short-term profitability. The purpose of this study is to investigate the impact of institutional investors investment horizons including long and short term investment horizons on managerial myopia of the firms listed on the Tehran Stock Exchange (TSE). The research hypotheses wree tested using a sample of 63 companies listed in Tehran Stock Exchange during the year's 2014 to 2018 using Logistic regression model.The results show that according to the first hypothesis test, long-term institutional investors' investment horizons have a significant negative association with the managerial myopia. Also, based on the result of the second hypothesis, we find that short-term investment horizons have a positive and significant association the managerial myopia

Power, as one of the characteristics of CEO, can play a significant role in corporate decisions about financial reporting. If CEO use power in line with their interests, their power will be problematic and affect the audit time of the company. Thus, the present study aimed to investigate the effect of CEO power on audit report lag using Hansen's threshold regression approach. The research sample included 150 companies listed on the Tehran Stock Exchange during 2011-2018. This study was applied and the research hypothesis was tested using the threshold regression analysis. The results of testing the research hypothesis indicated that the CEO power has a negative effect on audit report lag in the companies where the CEO power is lower than the threshold limit while the power of CEO has a positive effect on audit report lag in the companies where the CEO power is higher than the threshold limit.

According to theoretical foundations, it is important to determine the optimum level of capital financing in order to minimize the cost of capital. Firms’ effort to decrease the information risks and focus on investor’s protection aspects could lead to change in cost of capital. The main purpose of this paper is assessment the impact of investor’s protection criterion and improvement of financial reporting quality on reduction the cost of equity capital. Earnings quality is measured based on the inverse index of residuals absolute values extracted from accruals model. Stockholders’ expected rate of return which extracted from the capital asset pricing model is used to measure the cost of equity capital. Also, investor protection is assessed through various criteria such as separation of chairman’s duty, board independence, internal audit, shareholder with vote right, ownership concentration, adjustment, disclosure of audit fee & managerial compensation. Research samples include 183 firms listed in Tehran Securities & Exchange during the period from March 2012 till March 2018. Research hypotheses analyzed through multivariate regression models using panel data which included firm-year observation and fixed effect method. Findings indicated that earnings quality had significant and negative impact on cost of equity capital; In addition, investor’s protection had significant and negative impact on cost of equity capital. Other evidences documented the key role of corporate governance procedures to protect the investors & shareholders and improvement the quality of financial reporting in order to decrease the cost of equity capital.