فصلنامه دانش حسابداری مالی
سال یکم شماره 2 (پیاپی 0، زمستان 1390)

The role of conservatism in firms’ financial flexibility and their financial decisions is considerable from two aspects. First, with respect to the contractual benefits, greater reporting conservatism cause more financial flexibility. Because by facilitating investors’ monitoring on contracts, conservatism makes them more willing to invest. Second, because conservatism leads to distortion of information and understatement of assets in balance sheet, it may reduce firms’ financial flexibility. This study tests these two opposing views of the relation between conservatism and financial flexibility and its resultant effect on corporate financial decisions such as liquidity management, savings, choice of loan or equity financing and payout policies. This study includes 150 firms in Tehran exchange market from 1380 to 1388. Research findings indicated that firms with greater reporting conservatism exhibit more financial flexibility in their cash management decisions, savings and payout policies, and less financial flexibility in their external financing decisions. Likewise, firms with greater reporting conservatism hold less precautionary cash, and distribute more dividends and are willing to issue loan as compared to equity.

Prediction is a key factor in economic decisions. Investors and shareholders are often looking for profits and cash flows and therefore they are estimating the benefits and value of future cash dividends. The main objective of this study is to evaluate the relationship between accounting estimates and forecasts of future earnings and future cash flows are predicted. The estimates made ​​by management, in predicting future profits and cash flows are useful and effective. This study is descriptive and the method used to evaluate the correlation between the variables is regression. Predicting future cash flows of the entity's cash flow from operations (CFO) and free cash flow (FCF) is used. Results indicate that, unlike the free cash flow, operating cash flow cannot be predicted from the components of accruals. Also, for profit, operating profit of the two indices (OI) and net income (NI) has been used, the results of hypothesis testing indicated that the accounting estimates and accruals components, operational variables are not suitable for predicting the other hand; the results indicate the desirability of these variables for predicting a net profit

The relationship between risk and return and also identification of factors explaining return, have attracted the attention of scholars in finance.In recent years, the weaknesses of Capital Asset Pricing Model (CAPM), have led finance researchers to look for other effective and efficient factors. The Fama–French three-factor model shows the stocks monthly return depend on market, size, and book value to market value. However, the relation between return and these three factors- size, market, and value premium - has not been enlightened clearly.In this research, it has been attempted to focus on the unexplained section of this relation and also the connection between Idiosyncratic Volatilities (IVOL) and "book value to market value" has been examined.Finally based on panel data analysis on 40 listed companies in Tehran Stock Exchange (TSE), it has been identified IVOL has direct relation with the size of the companies and adverse relation to "book value to market value".

This study investigate the relationship between specific characteristics of companies and their prior period adjustments. In this study, three variables such as stock returns, firm size and the specific features of corporate life have been used. Therefore, three hypotheses for this development and the panel data regression for the period time between the years 2005 to 2009 in Tehran Stock Exchange were examined. Findings suggest that positive and significant relationship between stock returns and their prior period adjustments were exist. Also, results show positive and significant correlation between the size of the company and their prior period adjustments. The results for the relationship between prior period adjustments are not significant with age of firms.

The aim of this paper is to investigate the impact of agency cost of free cash flow hypothesis on audit fees. In this paper we employ three variables such as level of debt, growth opportunities ratio and cash payment that were used as variables affecting agency costs. For this purpose, data from companies listed in Tehran Stock Exchange (TSE) for the period 2006 to 2009 with pooled data regression were used. The results generally confirm the existence of significant relationship between the agency costs of free cash flows and the company's audit fees. The results of hypothesizes of the study showed that free cash flow of firms and audit fees are positively and significantly related. Also, result showed that the Level of debt used in companies with high free cash flow and audit fees significantly positive and between growth opportunities ratio in companies with high free cash flow and audit fees significantly negative relation were exist. Furthermore, a significant relationship between dividends paid by companies with high free cash flow and audit fees were not established

According to the theory of Information Asymmetry, “Institutional Investors” Could get confidential Information from firm’s managers and present it to investors because they have not only motivation but also expertise and resources in order to supervise the firm. Coefficient of variation is one of the approaches to identifying information content of earning; in this approach, changes in stock prices is a function of changes in earning during a particular period. Therefore, return is related to earning, and coefficient of variation is considered as a measure of information content of earning. The current research aims at investigating the effect of institutional ownership on information content of future earnings. For so doing, one hypothesis is presented and to analyze data, regression model was employed using integrative data. The time period understudy is from 2001 to 2009 and the sample of study includes 80 firms. Using “Future Earnings Response Coefficient”, and having variables such as size, growth and systematic risk controlled, findings indicate that there is a negative relationship between institutional ownership and information content of future earnings.

The purpose of this research, examination influence ownership structure on information asymmetry and financial performance. That is, investigate level and procedure impressments institutional investor on financial performance and information asymmetry until determine whether while become stronger monitoring and evaluating incentives, this relation will be invigorate? For test research hypothesis, sample selection involve 60 listed companies on Tehran Stock Exchange that active during years 2005-2009. Result show that significant and negatively relationship between ownership institutional shareholdings and informational asymmetry. That is, whatever institutional ownership level increased presentation information by firm managers to people connected with market too increased. On the other hand, increase institutional ownership lead to decrease information asymmetry that this matter will be inducement efficiency market regarding to information. At this research, also confirmed relationship institutional shareholding ownership with return on equity and likewise have positively related with financial performance. Thus can argue that whatever number institutional shareholding on ownership combination (structure) more, inducement sharing monitoring and control among shareholding that this matter will be lead to reduction conflicts of interest and increase profitability