فصلنامه دانش حسابداری
پیاپی 11 (زمستان 1391)

Cash is a critical source for business enterprises and creating balance between available cash and the required cash is the most important factor concerning the economic viability of a business enterprise. Both of the companies that do not hold enough cash or hold too much cash, face too much problems. This paper investigates the impact of deviation from the estimated optimal cash level on firms’ future performance (return on net operating assets)In this paper, first, the optimum (acceptable) cash level for companies is estimated, then, it was asked whether the future performance of a company may be affected by deviation from the estimated optimal cash holdings, or not. To examine the research hypothesis, the financial data for 144 companies working in Tehran Stock Exchange (TSE) have been selected between the years 1385-1388 have been selected. In this research, we made use of rolling regression with panel data method for hypothesis testing. The results showed that the negative expected relationship between deviation from optimal cash holdings and the one-year-ahead return on net operating assets could not be accepted.

This study aims to investigate the relationship between institutional ownership along with concentrated institutional ownership and value-relevance of accounting information in Tehran stock exchange. The authors used Ohlsen model for the relationship between earnings per share and market value as the income statement index, and the relationship between book value of equity per share and market value as the balance sheet index based.Regression analysis is used to test the relationship among the variables, regarding firms’ specific factors. Results showed that institutional ownership and concentrated institutional ownership are correlated significantly with value-relevance of accounting information, but the signs of relationships are different. The increase in institutional ownership decreases value-relevance of balance sheet information, but it increases value-relevance of income statement information. Furthermore, the raise of concentration of institutional ownership reduces quality of income statement information, and then, value relevance of this information, but it increases value-relevance of balance sheet information.

This study aims to test the impact of bank financing and tax objectives on the relationship between financial reporting quality (FRQ) and investment efficiency. In the previous studies, it is shown that high quality financial reporting could have important economic impacts, such as increasing investment efficiency. In this study, discretionary accruals, discretionary revenues, and accruals quality, and also the average of these proxies are used to measure the financial reporting quality. Also deviation from the expected investment is regarded as proxies for investment inefficiency.The statistical population in the study is 134 listed companies in Tehran stock Exchange (TSE) in 2003-2009. The results show that there is a negative relationship between the financial reporting quality and under-/over-investment. Also there is a negative relationship between FRQ-bank financing and under-/over-investment. In times of tax pressure, there is a positive relationship between FRQ-Tax and under-/over-investment. In this situation, thus, the financial reporting quality could not result in increase in investment efficiency.

Beginning with Patell and Wolfson (1982), several papers have documented that earnings announcements made on weeks’ last day tend to contain worse earnings news than those made at other week days. One hypothesis is that opportunistic managers release earnings at times of decreased media attention to hide their bad news and reduce the associated market penalty. Using firm-level tests that focus on those firms that switch their disclosure timing to weeks’ last day (rather than reporting at other week days), we find no evidence that managers in Tehran Stock Exchange opportunistically report worse news on weeks’ last day, using data from 4000 disclosure timing in 2001 to 2009. We, then, examined other determinants of timing decision (including percentage of free and floating stocks, complexity and size of firm and industry membership as explanatory variables for timing decision), using a logistic regression model. The results showed that only the percentage of free and floating stocks have effects on timig decision.

Determining efficiency of an institution and comparison with other institutions can help the stockholders to achieve their investment goals. The purpose of this study is formation of portfolio from efficient firms, using data envelopment analysis approach for earning return more than the market average return. In this study, the input oriented and output oriented models were applied to the conditions regarding constant return scale (CCR) and variable return scale (BCC). Also, in this study the hypothesis that portfolios composed of small companies have better performance than the industry average was examined. The results show that, using CCR method, return more than the market average return cannot be gained, but, using BCC method, return more than the market average could be gained. In addition, comparing the results from portfolios, using size measure, showed that portfolios composed of small firms gained return more than the market average return and created appropriate performance. In this study to measure the performance of portfolios, William Sharp criteria were used.

The objective of this research is to study the importance of intellectual capital in investors’ decision-making. In fact, this research aims to answer the question of whether it is necessary to disclose information concerning intellectual capital of business entities to investors. The authors, using DEA approach, selected two groups of portfolios (each consists of 36 portfolios) from companies listed in Tehran Stock Exchange in the years 1383-1388. The difference between these two groups is only in input variable that intellectual value added of capital is taken for one group and tangible assets efficiency is taken for the other. Finally, in order to answer the research question, returns of two groups have been compared with each other, using statistical tests. The results indicated that intellectual capital has a significant role in investors’ decision-making. Thus it is necessary the required information about intellectual capital created by companies be disclosed in their financial statements or in other general information resources. This requires developing appropriate standards.

The purpose of this study is to test the Fama and French three-factor model in Tehran Stock Exchange. In order to do this, six portfolios including 616 stocks were formed for the years 2004-2009, regarding the size and the book values to the market value ratio. The results indicated that the beta, the size and the book value to market value ratio had significant effects on portfolio return. Adding two factors of the size of the company and the book value to market value ratio to the single factor CAMP resulted in increase in the coefficient of determination. This implies that the three-factor model describes variance variability of the percentage of portfolio return more than CAMP. Two factors of the size and the book value to market value ratio describe variance variability of the portfolio return considerably and their coefficients are statistically significant.

Accounting standards are prepared for enhancing the quality of accounting information and performing appropriate informative role. The use of standards and valid rules in preparation and presentation of accounting reports lead to enhance quality of financial reports and usefulness of accounting information for users. This research aims to examine the effect of convergence of the Iranian consolidation standard with the international standard on the usefulness of consolidated information. The research population takes all the companies listed in Tehran Stock Exchange that prepared and presented consolidated financial statements in the years 1381-1389. The multivariable regression model is use to formulate the required valuation and return models, and the generalized least squares method was adopted to test the research hypotheses. Since the consolidation standard has been reviewed in 1384, the models in the periods before and after the year 1384 were individually fitted and the results were compared with each other. The results indicated that the convergence of consolidation standard with the international standard has significant effect on the usefulness of consolidated information.