فصلنامه دانش حسابداری
پیاپی 13 (تابستان 1392)

In this paper the persistence of abnormal changes in cash has been evaluated and then the persistence of changes in cash and abnormal accruals has been compared. In addition، stock market efficiency with respect to characteristics of earnings components persistence has been investigated. To perform the research، first، the required data have been calculated، using cross- sectional multi-variable regression method. Then، final models have been estimated by pooled method. To estimate the models، we use financial information of 111 sample companies in the period of 2001 to 2010. The results indicate that there is not any difference between persistence of negative abnormal changes and positive abnormal changes. Also abnormal accruals have greater persistence than negative and positive abnormal changes. Another result indicates that the stock exchange market is inefficient to impound the persistence of earnings components.

This research investigates the relationships among future uncertainty (for real options) and managerial flexibility and capital investment. For measuring managerial flexibility two criteria of firm size and financial constraint are used، and for measuring future uncertainty the criterion of stock return. Statistical sample consists of 107 manufacturing firms listed in Tehran Stock Exchange، and time period of research is 2002 to 2010. In this research، the estimating model is explained by multivariable regression to test the hypothesis، using panel data model. The findings show that there is a significant positive relationship between future uncertainty and capital investment. Also، there is a significant positive relationship between future uncertainty and financial constraint with capital investment. At least a significant negative relationship between future uncertainty and firm size with capital investment has been found.

One important factor that affects investment decisions is return of investment. On the other hand، risk factors measurement in the stock market is highly important to determine cost of capital and to assess investment. Therefore، exploring a perfect collection of the aspects that covers all financial positions of an entity provides investors main requirements and results in prosperity of the capital market. The research data was analyzed by multiple liner regression. Results showed that there is a significant relationship between risk premium and some risk factors (standard deviation of earning، positive earning، interest rate variability، debt value to market value، distress، B/P ratio) at the companies level. Also، research results at different industries level showed that in each industry risk premium was affected by some of these factors. Relationship between the explored indicators in this research and risk premium (except the expected earnings growth) was verified.

This paper analyzes earning management in firms under financial crises and its effects on earning quality compared with other firms during 2005-2010، using the data of 32 firms under financial crises and 82 other firms to test research hypothesis. The Iranian commercial Act of 141 is used to identify firms under financial crises. The findings show that the firms under financial crises through accrual manipulation and by real activities manipulating have managed earnings more than other firms، in four years before the begining of financial crises. Accounting and real activities manipulations are analyzed، using Kasznik، (1999)، discretionary accruals model، and Roychowdhury، (2006)، abnormal cash flow model، respectively. In the next step the impact of managed earning on the earning quality has been assessed by conditional conservatism criterion. Ball and Shivakumar (2005) model is used to measure conditional conservatism. Conditional conservatism tests show that، both groups of firms engage in aggressive accounting methods، and that in spite of the existence of more earning management in the firms under financial crises in comparison with other firms، there is not any difference between earning quality of firms with financial crises and other firms.

This study investigates the effect of board composition on the informativeness and quality of earnings in the companies listed in Tehran Stock Exchange. The study sample was 100 firms over the period 2005-2012. The statistical methodology that is used to test the hypothesis is panel data. The findings show no significant relationship between informativeness of earning and outside directors and board size. The findings also show that firms with a higher proportion of outside members of board do not prove to be more conservative when reporting bad news. Additionally، they do not display greater time-liness on the recognition of good news. Also، after examining the relationship between earning quality that is measured by accruals and proportion of outside members of board، we found the firms with higher proportion of outside members of board report earnings of higher quality compared to the firms with lower proportion of outside members of board.

This paper examines the information content and prediction power of three proposed patterns of tax paid classification in cash flows statements. The findings show that in all industries، and also، in each industry the allocated pattern has the most information content، and accumulated and separated patterns place in the following ranks، respectively. Allocated and accumulated patterns compared with separated pattern have more prediction power; but the difference is not significant. However، in the car and food industries a significant difference has been observed. In the car industry، separated pattern and in the food industry، allocated and accumulated patterns have more prediction power.

In this study، we investigate the effect of corporate governance attitudes on financial information quality in the firms listed in Tehran Stock Exchange during 2001 to 2010. To calculate corporate governance، we used seven governance attributes including ownership concentration، institutional ownership، dominance of chief executive officer، duality task of chief executive officer، board size، board independence، and chief executive officer tenure. To calculate the quality of financial information، we used the FASB Statement of Financial Accounting Concepts No. 8 for measuring the latent variable. 125 firms are selected as sample. Sample data was analyzed by structural equation modeling and Partial-least-squares (PLS) software. Our findings show that ownership concentration، chief executive officer dominance، board independence، chief executive officer tenure have positive and significant effects on the quality of firms'' financial information. On the other hand، we have not found meaningful relationship between any of four variables of institutional ownership، duality task of chief executive officer and board size and the variable representing firms’ quality of financial information.