فصلنامه مطالعات تجربی حسابداری مالی
پیاپی 38 (تابستان 1392)

Iranian Financial Accounting Standards Board applies a hierarchy of accounting qualities and asserts that the relative importance of these qualities differs between decision makers. In the article, the relative importance of qualities based on prepares, auditors and users of financial reports assertions are examined. At the first, sample was determined using conventional methods. Then, the respondent’s judgment of each group was captured by using of questionnaires. The survey questionnaire was based on the Analytic Hierarchy Process. The respondent’s judgment (a series of trade-offs between pairs of the qualities) was analyzed using SPSS and Expert Choice. The results revealed that based on users assertions, except comparability, the relative importance of the accounting information qualities are different.

Strong corporate governance structure results in better monitoring of management, timely accounting information, and increasing speed of bad news recognition in order to inform the board and taking needed action (Garcia et al, 2005). On the other hand, conservatism creates a system that prevents the managers and executives overpayment and prevents any excessive optimism (Watts, 2003). If conservatism really play a role in handling agency problems, the conflicting interests of managers and owners will increase the demand for increased conservatism. Thus, firms with better corporate governance structure, would show a higher degree of conservatism (Garcia et al, 2005). This means that there will be more expected return sensitivity to bad news compared to good news among firms with strong corporate governance structure (Basu, 1997).In this study information of 179 companies in Tehran Stock Exchange within two years 2009 and 2010, using the multiple regression analysis and cross-sectional data, mechanisms of communication between the stock's biggest shareholder, being the parent company, stock concentration, the presence of the CEO in the board, state ownership, the average stock owned by members of the board, the percentage of free float shares of the company, the presence of outside financial expert on the board of directors, the percentage of outside directors, and the auditors, the certain corporate governance mechanisms playing an important role in this regard has been studied with accounting conservatism.The results reveal that except the quality disclosure ratings and stock concentration variables, there is a significant relationship between the mechanisms of corporate governance and accounting conservatism.

Momentum strategies which are widely use as a transaction strategy and portfolio management shows the continuation of recent trend of stock prices and beliefs that recent trend will be continued in future. These strategies are in contrast with EMH even in the weak form and are considered as Technical Anomalies.In this research, using financial performance of the companies, we attempted to prove that the industries who achieve more profitability comparing their predictions, continue to this approach in the near future. Toward this goal, the research was performed using a sample consisting of companies listed in Tehran Stock Exchange(TSE) for the period of 1385 to 1390,and also with use of simulated portfolios based on the variables of standardized unexpected earnings (SUE) and abnormal return (ABR) in accordance with each industry, evaluation profitability, reasons, factors and the relevance between these phenomena.Results indicate that by investigating of momentum strategies according to different industries, abnormal return can be gained and the extent of the relationship between these phenomena is lessened over time and will fade away in a time horizon of one year.

In company’s bankruptcy, stockholders, creditors and other stakeholders incurred lose and got affected. Thus, before any decisions, it is necessary to consider whether there is any signs of bankruptcy. In this research, after recognition of influencing variables on companies’ bankruptcy, quantitative variables were extracted from bankrupt companies’ financial statements and a questionnaire was used to measure these quantitative variables importance level. Afterwards, we ranked recognized factors using TOPSIS_AHP technique. After recognition and ranking efficient variables in bankruptcy, it was revealed that the most important factor of bankruptcy is the lack of market understanding. The ratio of total debts to total assets and managers attitudes were recognized as other key factors in bankruptcy.

Because the accounting profit computation does not consider the cost of capital, it has always been criticized. One of the proxies of accounting earnings that recently were taken into consideration by accounting researchers is residual income. In this study, the relationship between accounting earnings and stock returns and the effect of changes in the accounting earnings on this relationship has been studied. Then using the concept of residual income, the impact of changes in earnings components on this relationship has been investigated. To test the hypothesis, a sample of 67 Tehran Stock Exchange listed companies during the years 2004 to 2010 were selected. To analyze the data and hypothesis testing, a multiple regression model based on combined data was used. The results indicate that there is a direct significant relationship between accounting earnings and current stock returns and the independent variable, earnings changes, affect this relationship. Also, if using residual income, the earnings could be decomposable to components, these components will strengthen the relationship between accounting earnings and current stock returns. Also the results revealed no relationship between accounting earnings and future stock returns.

The procedure of tending to the accounting theories in accounting researches as a process of survey encountered some changes during past years. Since accounting Theory was neglected during past years, in this research we chose to survey the process of presenting accounting theories in Iranians research and external research comparatively.In this study, we follow empirically the changing of tendency of the scholar accounting researches in two accounting journals in Iran between 1992 and 2011 and The Accounting Review journal in America between 1993 and 2012. The number of studied articles includes 337 Iranian and 337 external articles. At this stage, after assigning a code to published articles in these journals, we analyzed research hypothesis, in two statistical populations through the proportion comparative hypothesis testing.Research results revealed that, proceeding to the accounting theories in Iranians articles is less than external ones. Using empirical method and considering decreasing effects of economics and financial sciences in Iranian articles is more than external ones. Also, because of increasing articles in capital market, using the financial accounting topics is lower in Iran than external articles.

If the information asymmetry exists، some investors have private and confidential information about companies more and better than other investors. Information asymmetry cause inefficient information flow which can influence company's future returns. This study investigates the impact of information asymmetry and the company's life cycle on future stock returns. With a sample of 670 firms - year regarding 67 companies listed in Tehran Stock Exchange during the period 1380-1389, we tested the hypothesis using multivariate linear regression model based on panel data. The findings of this study indicate that there is a significant negative relationship between information asymmetry and futures stock returns. In fact, with increasing asymmetry of information, future returns of stocks of companies decreased. Another result of study shows there is a significant positive relationship between year life cycle and future stock returns. In other words, with the increase in corporate life, the future stocks returns also increases.