فصلنامه پژوهش های تجربی حسابداری
پیاپی 1 (پاییز 1390)

The process by which security prices adjust to the release of “new” information is an area of study which has received much attention in accounting and finance. In finance، the main interest has been whether prices adjust in a rapid and unbiased manner to new information. In accounting، the focus has been more on whether different accounting disclosures have information content. The present paper attempts to study and inspect the changes in stock prices vis-à-vis actual net earnings and predicted net earnings announcements، in Tehran Stock Exchange. To analyze these hypotheses، changes in stock price during two days were considered. 1- The date of announcement of actual net earnings and predicted net earnings and 2- One month after the date of announcement of actual net earnings and predicted net earnings. Statistical population included companies actively traded in Tehran Stock Exchange throughout one-year period of 2008. Two hypotheses were made for this research and were analyzed by Sign and Chi-2 tests. Results show that there is the existence of information contents in predicted net earnings. Furthermore a significant relationship exists in frequency observations of price changes at announcement dates of actual net earnings and predicted net earnings.

Cash held by firms is a significant part of the balance sheet that is a critical source for for-profit organizations and creating a balance between available cash and cash requirements is the most significant factor concerning the economic viability of a for-profit company. Cash management is a broad area having to do with the collection، concentration، and disbursement of cash including measuring the level of liquidity، managing the cash balance، and short-term investment. So، one aspect of cash management is knowing the Optimum cash balance which should be targeted so that costs are minimized. In this paper، by using multiple regression method and employing panel data، we investigated the determination of corporate cash holding. To accomplish this research، the financial data pertaining to 144 companies working in Tehran Stock Exchange (TSE) between the years 1380-1388 (2001-2009) have been selected. The results demonstrates that، at 90% level there is a significant relation between cash and market-to-book، firm size، cash from operation، net working capital، capital expenditure، leverage and tax.

There are various factors which have the relationship with debt maturity structure in the firm level that several theories have applied to present these factors. Therefore، in this research، the variables of profitability، dividend policy، business risk and taxation as affecting factors on debt maturity structure have been examined under two theories of signaling and tax. In order to do that، four hypotheses have been presented. The statistical population of the research is comprised of listed companies in Tehran Stock Exchange and the research period is the years during 2001 to 2009. Employed statistical model، is multi variable regression and for data analysis، panel data has been used. The results of research hypotheses examination in the level of whole sample represent that there are positive relationship between dividend policy and profitability with debt maturity structure. On the other hand، there is negative relationship between taxation rate with debt maturity structure. Furthermore، there is no significant relationship between business risk with maturity debt structure. The findings are consistent with tax hypothesis، while is not consistent with signaling hypothesis. There are also various correlation results in different industries.

Considering companies increasing growth، non-auditing services execution has nowadays gained some significant advantages which encourage auditing institutes to tend to conduct auditing services besides non-auditing services. Non-auditing services presentation creates a financial dependence to owner، the execution of these services along with auditing services may be a threat to auditor independency، therefore، in this paper we study the effect of simultaneous presentation of accounting، consulting and managing services along with auditing services on auditor independency. This is a survey research paper which involves academic people (professors، master and PhD accounting students) and Tehran stock exchange analyzers. Maximum error method was used for obtaining sample volume and desired sample volume of 130 obtained. Questionnaires were distributed for gathering required data and at last 126 questionnaires were accepted. Proportion test was executed for hypotheses testing. According to acquired results from this study، from academic people and analyzers'' view، simultaneous presentation of accounting and managing services along with auditing services affects auditor independency and could stroke it، but simultaneous presentation of consulting services along with auditing services has no threat for independency.

This Study tries to provide significant evidences about the effects of the firm characteristics on corporate governance indices exchange. Thus 60 companies were selected during 2004-2008 period. Corporate Governance indices in this research included: 1-Board index، 2- Audit Opinion index. In order to evaluate Board and Audit Opinion indices variables of Adequacy (Sustainability) of Board Members and Independent Audit Opinion were used respectively. Moreover، variables of investment opportunities، growth opportunities، financial risk، firm size، institutional shareholder ratio were used to explain firm characteristics. Implementing a multivariate Logistic regression and linear regression patterns as (combined) panel data، an appropriate pattern for each corporate governance index was provided. Findings corroborate that the effects of investment opportunities، financial risk، growth opportunities and lag adequacy of board members on adequacy of board members (current) as board index are significant and also the effects of financial risk and growth opportunities and lag independent audit opinion on independent audit opinion (current) as audit index are significant.

Up to now، There have been different models for performance assessment of organizations each of which has had a different approach in performance appraisal of the organization. Balanced Score Card (BSC) is an strategic model for performance measurement. Against other traditional models which were mostly based on accounting numbers، BSC assess the organization’s performance from four perspectives of financial، customer، internal process، growth and learning. This research first shows the assessment of the organizations with BSC and then compares their performance with each other. The result of the present research will introduce performance criterions and develop BSC approach in public sector organizations and also will show the significant difference between the performance of organizations dependent on Mashhad municipality organizations from the different BSC aspects.

Nowadays، investors in capital markets require a detailed analysis of risk and return of companies listed in Iran stock exchange to be able to make proper investment decisions. Based on Fama and French three factors model، Book to Market value ratio was used as a replaced indicator of risk in this study. “Panel data” method was used for analyzing data during 2001 to 2008. The results showed that there werepositive weak relationships between Changes Ratio of Inflation Rate، Exchange Rate، Gold Rate and Oil price for each gallon and corporate risk indicator changes ratio while there was a negative weak relationship between changes ratio of Tehran Stock Exchange indicatorand corporate risk indicatorchanges ratio.