فصلنامه بررسی های حسابداری و حسابرسی
پیاپی 112 (تابستان 1402)

Corporate sustainability, focused on the environment, society, and governance (ESG), has garnered global attention from investors and observers. In recent decades, a new form of investment, known as "sustainability investment," has attracted interest from companies, institutional investors, and social advocacy groups. This research aims to investigate the impact of investment in material sustainability activities on the value creation of companies in the oil and gas, metals, mines, and coal mining industries listed on the Tehran Stock Exchange from 2016 to 2021.

To determine material sustainability activities, this research matched disclosed activities in the board of directors' report and explanatory notes with SASB standards. Economic value added (EVA) and market value added (MVA) value creation performance criteria were used to measure value creation and compared with traditional performance evaluation criteria (ROA) and the combined criterion (q-tobin). Companies were divided into two groups based on their level of investment in material sustainability activities, and separate regressions based on panel data were estimated using four methods to measure value creation. The bootstrap method was used for the residuals of the model to compare the power of explaining the models. Additionally, the study compared the average value creation of each group of companies using the independent group's t-test.

The results suggest that regression models exhibit stronger explanatory capability when utilizing EVA and MVA measures for assessing value creation, in contrast to the utilization of q-tobin and return on total assets criteria. Companies with higher investments in tangible sustainability initiatives exhibit greater average value creation compared to companies that have allocated fewer resources to such endeavors.

The findings of this study highlight the importance of sustainability investment and its potential impact on value creation for companies in the oil and gas, metals, mines, and coal mining industries listed on the Tehran Stock Exchange. By identifying material sustainability activities and measuring value creation using EVA and MVA, this study provides valuable insights into the relationship between sustainability investment and corporate performance. The significance of this research lies in its focus on value creation as an indicator of performance, which aligns with the main objective of sustainability to benefit all stakeholders. Previous empirical studies have primarily examined the impact of sustainability on corporate performance without distinguishing between material and immaterial sustainability activities or considering the specific effects of the industry. However, the SASB standardization body emphasizes that sustainability indicators are not equally important for stakeholders and that material sustainability issues vary depending on the industry. Therefore, this study identifies material sustainability activities for the first time in Iran by matching SASB criteria with disclosed activities in the financial reports of selected companies. By analyzing the effects of these activities on the value creation of companies, this research provides evidence that investing in sustainability can lead to better financial performance. Moreover, given the need to pay attention to the type of activity when evaluating the performance of corporate sustainability activities, this study focuses on companies involved in the extraction and processing of mineral materials listed on the Tehran Stock Exchange. The operations of companies in this industry can have significant adverse effects on the environment, making it essential to examine their sustainability practices. In conclusion, this study sheds light on the importance of sustainability investment and its potential impact on value creation for companies in the mining and mineral processing industry. By identifying material sustainability activities and measuring value creation using EVA and MVA, this research provides valuable insights into the relationship between sustainability investment and corporate performance. The findings of this study can help companies make informed decisions about sustainability investment and contribute to the growing body of research on corporate sustainability.

 This study aims to elucidate the profitability of value premium and size premium anomalies by employing the CHS score by Campbell et al. (2008) as the market-based financial distress indicator and Ohlson's O score (1980) as the accounting-based financial distress indicator.CHS score is a reduced-form econometric model to predict financial distress at short and long horizons. Among the market anomalies, value and size premiums have attracted more attention. Previous research noticed the existence of value premiums in stocks and found that value stocks have higher average returns compared to growth stocks. A value stock refers to shares of a company that appears to trade at a lower price relative to its fundamentals. Common characteristics of value stocks include high dividend yield, high book value to market value ratio, and a low P/E ratio. However, growth stocks often look expensive, trading at a low book value to market value ratio. In addition, researchers highlighted the existence of size premium where small stocks perform better than large stocks. These phenomena led to the formation of investment strategies based on value and size premiums. Value premium strategy involves buying value stocks and selling growth stocks, while size premium strategy entails buying small stocks and selling big stocks.

 In this study, the required data was collected from a sample consisting of 168 companies listed on the Tehran Stock Exchange and Iran Farabourse during the period from October 22, 2011, to September 22, 2021. To investigate the relationship between stock excess returns and risk factors, a total of three models were used: 1) Fama and French three-factor model, 2) the augmented three-factor model including the CHS score, and 3) the augmented three-factor model including the O score.

 According to the findings of this study, the inclusion of the financial distress factor in the Fama and French three-factor model, regardless of the criterion that is used to measure this factor, improves the performance of this model in explaining the fluctuations in the average returns of companies listed on Tehran Stock Exchange and Iran Farabourse. In the meantime, the CHS score, compared to the O score, has a greater contribution to increasing the explanatory power of the mentioned model. Additionally, it is found that both in the original model of Fama and French and the augmented versions of this model, the value premium is mainly seen among value stocks, both small and big ones. The size effect, which is seen in all groups of stocks before the inclusion of the financial distress variable in the mentioned model, after augmenting this model, although loses its importance among big-value stocks, is still an influential factor in explaining the fluctuations of the average returns of small value stocks, small growth stocks, and big growth stocks.

 The results prove the existence of a negative and highly significant relationship between the financial distress risk and the excess returns of portfolios formed based on size and book value to market value, confirming that in the long run, financially distressed companies compared to healthy companies, realize lower excess returns. This finding can be of interest to the Securities and Exchange Organization (SEO), audit institutions, investors, and creditors. It is suggested that researchers use more dynamic versions of asset pricing models and other indicators of financial distress to analyze and explain fluctuations in stock returns in future research. In this regard, researchers can refer to Fama and French five-factor model (2015) and the newer versions of the capital asset pricing model (CAPM), and by including the factor of financial distress in these models, compare the power of the mentioned models in explaining the fluctuations of stock returns

Organizational crisis is defined as an event that threatens the high-priority values of the organization, presents a restricted amount of time to respond, and is unexpected or unanticipated by the organization. The crisis which was caused by Covid-19 had significant effects on employees. During the pandemic, employees were working remotely for longer hours, and dealing with increased uncertainty, worries, and disruptions, all of which could increase career burnout. There was a lack of understanding of the behavioral effects of changes in management control styles in response to global crises. Accordingly, This study aimed to investigate the behavioral consequences resulting from changes in management control practices during crises in budgeting, along with the factors that intensify these consequences. This is an exploratory study that uses survey data. It is also a cross-sectional research (in the first semiannual of 2022). The statistical population of this research comprises managers with a minimum of 5 years of managerial experience and 20 subordinate employees, working in medical universities and affiliated hospitals of Fars Province, Iran. In this study, 250 questionnaires were distributed, out of which 127 were collected. Among the collected questionnaires, 99 were deemed usable for analysis. To test the hypotheses of the research, the structural equations modeling approach was used along with SMARTPLS-4 software. The findings indicated that medical universities in Fars Province enhanced their budgetary controls as a response to the adverse impacts of Covid-19. This demonstrated organizations' adaptability to budgeting changes during global crises. Moreover, intensifying budget controls due to heightened perceptions of ambiguity and role conflict exhibited a positive correlation with emotional exhaustion. Additionally, the results confirmed that the influence of heightened budget controls on role conflict diminishes when managers perceive effective pre-crisis utilization of budget controls. According to the findings of the present study, the efficient budget design in the pre-crisis era has negative and significant effects on role ambiguity and role conflict. This means that efficient budgets provide beneficial information and more flexibility and also help to resolve conflicting demands. Also, the evidence shows that during crises, efficient budgets reduce the effects of budget controls on role conflict, but do not have any effect on role ambiguity. These findings highlight that managers within public health organizations can effectively manage budget-tightening shocks by leveraging budgeting to foster a deeper comprehension of duties and responsibilities. The enhanced budget controls play a role in mitigating negative behavioral responses stemming from heightened role conflict and emotional exhaustion. Additionally, the outcomes reveal an intriguing aspect of trust in organizational dynamics. While generally advantageous, trust can inadvertently intensify managerial self-imposed pressure to reciprocate, exacerbating issues like role ambiguity and role conflict. However, this does not intensify the effects of tightening budgetary controls on role ambiguity and role conflict. The findings also indicate that the level of trust among subordinates towards their superiors can change in response to heightened role ambiguity and role conflict. When requests come from trusted superiors, individuals are likely to devote greater attention and effort toward achieving expected performance outcomes. Thus, individuals who have high levels of trust in their superiors are more likely to feel pressured to comply with requests even if fulfilling the obligation leads to negative cognitive and affective outcomes.

The purpose of this study is to investigate the relationship between the leadership style (transformational, exchange-oriented, and free) of the internal audit manager and the effectiveness of the internal audit. It is expected that the transformational, exchange-oriented, and free leadership style increase the effectiveness of the internal audit unit i.e., the leadership styles can affect the individual, unit, and ultimately the organization's performance. This study employs a descriptive survey research approach, collecting data through a survey method. Internal auditors and internal audit managers working in companies listed on Tehran Stock Exchange in 2020 answered the research questionnaire. The structural equation method was used to analyze the findings and also Bass and Olion (1990) and Lenz et al. (2017) questionnaires were used to measure the independent and dependent variables of the research. The hypothesis testing results indicated that transformational, exchange-oriented, and laissez-faire leadership styles positively impact internal audit effectiveness, leading to its enhancement. Therefore, "A transformational leadership style leverages the insights and ideas of the audit unit to achieve organizational goals, subsequently boosting employee motivation and morale. This, in turn, enhances employee effectiveness." When managers promote the sharing of information and experiences among internal audit employees, it results in an improvement in the knowledge, expertise, and overall performance of the internal audit unit. In addition, when managers delegate power and decision-making authority to employees, they foster independent opinions in implementing internal audit programs. This autonomy contributes to the heightened effectiveness of internal audits. Also, the free leadership style was found to have a greater impact on the effectiveness of internal audits than other styles i.e., transformational and free. According to the findings, the leadership style increases the effectiveness of internal audits. In other words, the internal audit manager makes the internal audit effective in performing its duties by managing the internal audit unit in a transformative, exchange-oriented, and free leadership style. involving lower-ranking employees in decision-making significantly increases the viability of the decisions compared to when their participation is absent. In addition, When decision-making and leadership incorporate employee participation, appreciating their knowledge, ideas, and insights, while entrusting them with responsibilities, it leads to a decrease in employee resistance to change, lower conflicts, enhanced decision quality, improved interpersonal relationships, heightened job satisfaction, and ultimately, increased organizational productivity.

Maintaining and strengthening human resources in auditing institutions, nurturing and maintaining partners, managers, supervisors, senior auditors, and auditors, preventing the departure of capable auditors from the profession, and increasing the quality of auditing hold significant significance within auditing firms. Therefore, gaining insight into auditors' viewpoints on implementing talent management strategies and assessing auditors' performance arises as an essential endeavor. In this study, we investigated an extensive range of talent management practices in the Iranian auditing field, encompassing areas such as policy establishment, recruitment, ethics oversight, training, supervision, compensation, work-life balance, and succession planning. Our focus was on assessing auditors' perceptions of talent management's status and auditors' overall performance. The statistical population of this study included partners, managers, supervisors, and auditors of auditing firms. The data collection tool of this study was a questionnaire distributed among 181 participants to gather the required data. T-test and ANOVA statistical tests were used to analyze the achieved results. The outcomes revealed that the conditions related to compensation, formulation of talent management policies, education and development, work-life balance, and succession planning were relatively unfavorable within auditing firms. The situation of ethical management and the performance of auditors in auditing firms were favorable. While the outcomes for other elements like recruitment, supervision, and review were not statistically significant, these mentioned components still held an average above three. The ANOVA test outcomes revealed a noteworthy distinction among the viewpoints of four groups – partners, managers, supervisors, and auditors – within auditing firms concerning talent management techniques and auditors' performance. These discrepancies were apparent across 41 statements related to talent management practices and five statements regarding auditors' performance, with the most notable dissimilarities occurring between partners and auditors. The results of this study indicate that regarding the components of talent management for which there is a specific regulation or standard requirement, the situation of using the components of talent management has been somewhat appropriate. However, in other cases where there is no legal obligation or pressure, the situation of talent management is not very favorable. The results of this study can be used by the Iranian Society of Certified Public Accountants and auditing firms.

The main purpose of this research is to design a model to measure the maturity of risk management in Iran's insurance industry, emphasizing the role of internal audit. To achieve the objective of the research, first, the existing theoretical and empirical literature was studied by using the qualitative content analysis method. The key propositions indicating the maturity of risk management and the role of internal audit in risk management were also identified. Next, the propositions were classified based on similarity, semantic connection, and also by referring to risk management frameworks and standards in the form of dimensions, components, and main indicators of risk management maturity. Then, to ensure the validity of the obtained model, the Delphi method was used to examine and apply the opinions of risk management and internal audit experts in the insurance industry. At this stage, a questionnaire was used to collect data. The reliability of the questionnaire was confirmed with the help of Cronbach's alpha statistic. By employing qualitative content analysis, the process of identifying and categorizing significant and recurring propositions led to the identification of 68 indicators of risk management maturity. These indicators were organized into nine components, forming three primary dimensions of risk management maturity within Iran's insurance sector, with a specific emphasis on the role of internal audit. Subsequently, the developed model was presented to professionals and academics with substantial experience in the realm of risk management and internal audit. This was carried out through a questionnaire that was distributed to experts in these domains. They announced their agreement, disagreement, or their proposed amendments regarding each of the dimensions, components, and indicators. After gathering their feedback, 50 indicators were agreed upon by experts, and the rest were removed from the final model. The model put forth encompasses three primary dimensions: corporate governance, policy and strategy, and the risk management process, along with the roles and responsibilities of internal audit. The result is in line with the "three lines of defense against risk" model proposed by the International Association of Internal Auditors. Therefore, all operational units of the organization under good corporate governance and strategy form the first layer of defense against risk. Risk management is the second layer of defense by implementing the processes of identification, evaluation, response to risk and reporting. The internal audit, by monitoring and evaluating the risk management process, forms the third layer of defense against risk. The model developed within this study comprises 50 indicators sourced from risk management standards, existing research, and insights from experts in the Iranian insurance industry. These indicators delineate the ideal condition of risk management, organized into three primary dimensions and nine crucial components. Iranian insurance firms have the capability to assess the maturity level of their risk management practices by gauging their alignment with the indicators outlined in this model. This assessment aids in recognizing both their strengths and areas that require improvement. Also, unlike previous risk management maturity models, this model could successfully address the roles and duties of internal audit. Therefore, The internal auditors within the insurance industry can incorporate the indicators outlined in this model while devising and executing assurance and consulting services related to the organization's risk management procedures.

This study aims to introduce a framework that enhances the quality of accounting education within the nation's higher education institutions. To clarify, the researcher intends to uncover the key factors influencing the advancement of accounting education within the higher education system by conducting interviews with experts.
The present research is exploratory and descriptive. In this study, a qualitative approach was employed, utilizing the method of thematic analysis to analyze interviews with experts, leading to the identification of pertinent themes. This article employs Atride and Stirling's model to examine themes in three overarching phases. The initial phase involves text analysis, followed by text discovery in the second phase, and culminating in the integration of these discoveries during the third phase. At each of these stages, a higher level of abstraction is essential for a thorough analysis, as per the prescribed steps. This comprehensive three-step process in the theme network model is carried out in six steps. The steps of thematic analysis in the present research based on the Atride and String model include: 1) The first stage of text analysis, in which the coding framework is developed, based on the concepts, theories, and research questions, and the text is broken down into text sections using the framework; 2) Coding done, the second stage of determining and identifying the themes, in which the themes are determined and identified, the themes are abstracted from the coded text sections; 3) The text refined, the third stage of creating a network of themes takes place in the form of a general pattern. Through the expert interviews, the researcher identified research participants using a deliberate and available snowball sampling technique. This method ultimately resulted in the selection of 10 accounting professors, chosen based on their educational backgrounds, fields of expertise, and experience.
During the theme identification stage, 130 concepts were initially formulated. After two rounds of input and refinement from experts and supervisors, these concepts were distilled down to 65 core concepts. In the next stage, the organizers focus on the following aspects: the creation of new accounting education arrangements; development of new accounting education tools; alignment of accounting education with contemporary standards; fostering communication between the industry and universities in accounting education; crafting management plans for accounting; enhancing accounting skills; adapting education to accounting-related developments; identifying accounting standards; evaluating the quality and quantity of professors; tailoring educational content to specific areas of expertise; understanding market demands; projecting expected outcomes; facilitating entry into the job market; and promoting entrepreneurial accounting. The semantic and conceptual relationships among these themes were also modeled.
To enhance educational conditions, it is imperative to prioritize the improvement of accounting education arrangements and programs, elevate teaching quality and accounting education standards, and enhance the educational and research content in the field of accounting