فصلنامه پژوهش های تجربی حسابداری
سال دوازدهم شماره 1 (پیاپی 43، بهار 1401)

The purpose of this study is to investigate the relation between investor’s sentiment and bias in management earnings forecast. To do this, three hypotheses are formulated. The sample consists of 165 firms listed in Tehran Stock Exchange during 2010-2010. The research method is the multivariate regression model using the panel data method. The results of research hypotheses show that investor sentiment has a negative and significant relationship with bias in the management earnings forecasts; In addition, according to the research results, managers' annual earnings forecasts are not more optimistic when investors are optimistic, nevertheless, it is optimistic when investors are pessimistic. However, there is no significant difference between investor sentiment and managers' predictions in firms with higher uncertainty

The purpose of this paper is to value the economic, ethical and legal dimensions of corporate social responsibility by a new method and their impact on firms’ value creation, according to the moderating effect of business strategy. To do this, a combined index based on accounting variables and average decimal ranking method, is used to determine the value of economic, ethical and legal dimensions of corporate social responsibility. To measure the value creation of companies, value-based financial performance measures (economic value added, cash value added) was used.  To determine the strategy type (defensive, analytic, aggressive) according to the theoretical business strategy framework of Miles and Snow (1978, 2003), a combined index is used. The combined index consists of ratio of R&D expenses to sales, ratio of employees to sales, sales growth rate, ratio of SG&A expenses to sales, standard deviation of total number of employees and net property, plant, and equipment scaled by total assets. The moderating effect of business strategy is investigated based on strategy precedence and strategy type. The sample consists of 104 firms in a period from 2011 to 2018. To test hypotheses, the multivariate linear regression model and panel data method are used. The results show a significant positive relation of the economic, legal and ethical dimensions of corporate social responsibility to the value creation; Moreover, business strategy has a positive and significant effect on the relationship. Based on the results, the more aggressive a business strategy, the more effective on the relationship between corporate social responsibility dimensions and value creation.

Data accuracy plays an important role in any research. One of the reasons a paper is rejected by international accounting journals is non-reliance of editors on domestic data due to lack of access to this data in international databases. Also, one of the ways that editors and reviewers can find out the accuracy of data is to refer to the descriptive statistics of variables previously published in accounting journals. Therefore, this study uses descriptive statistics of frequent variables in accounting journals approved by Ministry of science to provide an overview of variables in Iranian accounting journals and be used by accounting researchers, peer reviewers and editors as a scale of variable limits in papers. This study reviews 632 papers published in sixteen journals approved by the Ministry of Science in 2016, 2017, and 2018. The results show that the standard deviation and dispersion of some variables are high and some are low. Variables such as cash holdings, equity returns, and the ratio of intangible assets have the lowest dispersion, and variables such as earnings per share, book value per share, and the asset's logarithm have the highest dispersion among the variables.

Iranian Accounting Standard No. 1 states that presentation of financial statements is aimed for public sector, however, according to the International Financial Reporting Standards and Iranian auditing standards for small and medium-sized Entities (IFRS for SMEs), there are no public purposes. The purpose of this study is to investigate the need to develop accounting standards for SMEs from the perspective of creditors and financial information providers in the research population. The research data is collected through interviews and questionnaires and the needs assessment is done by measuring the gap between existing standards and formulating new standards. The sample includes 371 people in two groups of creditors (141 persons) and financial information providers (230 persons) in Mashhad metropolitan area. Based on the Mann-Whitney U-test that determines a significant difference between the two groups of creditors and financial information providers as maximum 5 percent, findings of the research indicate that there is a significant difference with 95 percent of confidence between the two groups of creditors and financial information providers in terms of the gap. The results indicate that there is a need for accounting standards development for SMEs from the perspective of both creditors and financial information providers, and the need of creditors is greater than that of financial information providers. Need assessment of accounting standards development for SMEs will enable accounting standards developers to better identify the needs of financial information users and to make specific adjustments, adapting standards to the needs of users, and preventing multiple workloads.

According to Accounting Standard No. 42 being approved by Auditing Organization (in accordance with the 2018 version of International Standard No. 13) and executive from the beginning of 2021, and the previous notices of the Securities and Exchange Organization, paying attention to fair value reporting and its monitoring by auditors or other relevant institutions is much more required. Therefore, dealing with the necessary infrastructures as well as the challenges exposed by standard setters, managers, auditors and analysts is the most important. This study focusing on fair values reporting and monitoring infrastructures and challenges provides a model using grounded theory method and interviews with 17 experts in various fields involved in implementing a fair value system. The most important findings of this research is considering valuation assumptions, equipping the auditing profession with valuation services rendering and using the legal capacity existing in the Securities Market Law.

Concerning the scientific advances in recent decades, many interdisciplinary topics and areas, such as neuroscience, have moved beyond psychology to other sciences such as finance and auditing. One derivative of this science is the biorhythmic cycle of decision-makers in the financial and audit industries like auditors, an area receiving little attention from researchers. The Purpose of this research is investigating the relation between periodic cognitive biorhythmic cycle and auditors' professional judgment quality.  This study investigates the periodic cognitive biorhythmic cycle of auditors in a discontinuous 6 months’ period and 4 periods of 15 days. As a sample, 60 external auditors in the form of 4 groups of 15 persons are selected and placed in 4 biorhythmic cycle: physical, emotional, intellectual and intuitive and evaluated through Multivariate Analysis of Variance (MANOVA), Repeated Measurement Analysis of Variance and Post Hoc tests. To evaluate the professional judgment of auditors and to measure the periodic biorhythmic cycle, a questionnaire and the biorhythm software (Biorhythm-365) in Android and IOS are used respectively. The results show that auditors in the positive emotional, intellectual and intuitive cycles have a higher quality of professional judgment than those in the negative/critical cycles.

Capital market participants rely merely on audited financial information for their decision-making. Auditing is a helpful solution for agency problems among managers and shareholders. Regarding the trust gained by audit quality on financial information, it is expected that the capital market has a positive reaction toward hiring highly qualified auditors. This study is aimed to investigate the reaction of capital market to the expertise of auditors. The sample consists of 120 firms listed in Tehran Stock Exchange from 2016 to 2020. Findings resulted from regression models show that in firms with highly qualified auditors, the firm income have a more significant impact on stock prices. High expertise of auditors, which reduces information asymmetry and agency problems, may help govern and control a firm in the best way. The results show that the market reaction to selection of a more specialized auditor is positive. Iranian capital market believes that exploiting highly specialized auditors may result in increase of information relevance, decrease of abnormal returns, positive effects on a firm creditors’ viewpoint toward lending, attracting investor confidence, and low assessment of financing risk.

The purpose of this study is to investigate effects of managers' behavioral bias on decision-making and information quality. The research sample consists of 161 firms listed in Tehran Stock Exchange in the period from 2013 to 2019. To test the hypotheses, multivariate regression method and panel data model are used.Results show that a manager overconfidence reduces the reliability of financial information and timely presentation of information. Managers' narcissism also reduces the reliability of financial statements and causes a delay in financial statements submission.  Myopic managers, who expect a position and point in a short term, manipulate accounting profits and reduce the reliability of financial information; however, this behavioral feature does not affect the timely presentation of information. The findings also show that managers' overconfidence has a significant positive relationship with the level of cash holdings and excessive investment. Managers' narcissism also leads to an increase in the level of cash holdings, but does not have a significant effect on over-investment. Managers' myopia also has a significant negative effect on investment expenditures, but has no effect on the level of cash holdings.

This study presents a model of group companies degree and accounting information quality effects on initial public offering valuation in companies listed in Tehran Stock Exchange. To test hypotheses, data is collected from 77 companies listed in Tehran Stock Exchange for an eight-year period from the beginning of 2011 to end of 2018 and then statistical tests are performed.The valuation of shares in initial public offering is possible based on group companies similarity and the quality of the accounting information. Stock valuation in initial public offerings based on profit and sales approaches differs in terms of similarity of group companies and the quality of the company's accounting information. Similarity of accounting information quality adjusts effects of group companies on initial public offering valuation.  Stock valuation based on group companies and the quality of accounting information are associated with incorrect pricing (overvaluation and undervaluation) in initial public offerings.Accounting information is a part of information an investor uses to predict future cash flows to achieve the estimated value of stocks.

Hidden debt is an issue of great concern. The findings of this study show that public sector institutions, especially public non-governmental organizations, government institutions and companies, as well as insurance and pension funds have hidden debts that can cause a crisis for the entire economy. Therefore, considering the current situation in the country and the existence of many hidden and unreported debts in the public sector and the socio-political responsibilities of the government, the need to address the various aspects of reporting debts and liabilities of the public sector and moving towards financial transparency in the public sector seems more necessary than before. This study uses a qualitative method and an approach based on theme analysis to identify the factors affecting public sector debt reporting in Iran. This qualitative study, using purposeful sampling method (snowball), gathers data from 20 experts with expertise and experience in the public sector in the form of semi-structured interviews about the factors affecting public sector debts reporting in four Areas. The areas are including scope of the public sector (Institutional Coverage), type of debts and liabilities of the public sector (instrument Coverage), valuation of debt instrument and appropriate reporting framework of debts and liabilities of the public. Then, the interviews are transcribed and coded by theme analysis method. This study identifies out of 494 open source codes; 12 Level 1 sub-themes, 33 Level 2 sub-themes and 5 main teams including significance and necessity, classification criteria, sizes and levels, classification and reporting, which are determined as components of public sector debt reporting.