فصلنامه پژوهش های تجربی حسابداری
سال چهارم شماره 2 (پیاپی 14، زمستان 1393)

Transparency is the core of modern financial reporting which helps users in understanding the business enterprises. Despite the importance of this concept، the general definition of it is not provided. Several methods have been used for measuring transparency that has been resulted in different justifications. This paper، after review of theoretical principles، literature and Iranian environmental properties، has proposed a more comprehensive model to assess transparency level and disclosure quality. In order to assess the validity of the model، a questionnaire was designed، and for screening and final approval of the indices from academic and professional experts view point، Delfi and Fasi technique was used. Based on the tests، all the parameters of the model were verified by Experts. Other tests enable us to confirm that the structural fit of model is good. In addition، according to the expert opinion، the gap between current and desired status of the different dimensions of transparency is meaningful and significant.

Empirical research documents a linear relation between earnings and stock returns، and often attributes this pattern to conditional conservatism—more timely recognition of bad news than good news. This paper deals with another conception namely cost stickiness which can affect earning asymmetry. Cost stickiness denotes the asymmetric response of costs to sales increases versus sales decreases that is cost decrease in response of operation level decrease is lower than cost increase in response of operation level increase. Using panel data analysis، this paper examines the role of cost stickiness in estimating conditional conservatism of Iranian firms. The sample consists of 101 firms listed in Tehran Stock Exchange (TSE) over the period from 2007 to 2012 using object oriented sampling method. Results showed that the standard models for estimating conservatism، which do not control for cost stickiness، overestimate the average degree of conservatism. In other words، these models ignore cost stickiness as a determinant of conditional conservatism، leading to significant bias in estimating conservatism. More important، we find that standard models mistake variation in cost stickiness for variation in conservatism. The evidence demonstrates that considering the sticky costs is important for accurate understanding of conservatism.

This study investigates the relation between assets liquidity and stock liquidity in Tehran stock Exchange for the period of 2008 to 2011. This study uses liquidity criteria provided by AMIHUD and corrected by Gopalan for its high skewness، as well s differences in bids and asks as indices of stock trading liquidity. Also، it uses liquidity measures of WAL-1 and WAL-2 provided by Gopalan; assets market value to book value ratio; fixed assets ratio; receivable account ratio; inventories ratio and short term investment ratio for describing capital structure; and short term debt to total assets ratio and long term debts to total assets as indicators of asset liquidity. The results show that there is a significant positive relation between asset liquidity and stock liquidity.

Review of financial literature shows that valuation of firms by financial market influences management behavior and corporate actions. This study is aimed to examine whether the firms faced with over-valuation may manage their information disclosure in websites. Therefore the hypothesis was designed in the form of the existence of relation between over-valuation and disclosure of financial information in web of firms listed in Tehran Stock Exchange. To test the hypothesis we gathered data of 83 firms listed in Tehran Stock Exchange in 2010-2012 and used correlation and regression analyzes (for each of the years and the cumulative two-year) and Mean difference test. The results show that there is a negative relation between over-valuation and disclosure of financial information in web of firms listed in Tehran Stock Exchange for each of the years and the cumulative two-year. In other word، the firms faced to over-valuation، for getting benefit of over-valuation tend to support the over-valuation and disclose less financial information of year that over-valuation is accrued.

This paper examines the relation between corporate social responsibility and cost of equity capital of firms listed in Tehran Stock Exchange. In order to measure social responsibility as the independent variable of the study، the social and environmental criteria، which are used annually by the American institution known as KLD to rate the organizations، and also in order to measure cost of equity capital، the Gordon model have been used. All the listed firms in Tehran Stock Exchange as the population of the study have been analyzed، and 65 of them have been chosen according to the features of this study. The findings show that there is a significant inverse relationship between social responsibility and cost of equity capital. Therefore، managers، by increasing disclosure of social performance، cause decreases in the expected rate of return to investor (cost of equity capital) and the financial expenses. In other words، information on corporate social responsibility provides the investors with informative content.

This study investigates the relation of cost of capital with Iranian accounting standard and share liquidity. The sample includes 62 firms listed in Tehran Stock Exchange during 1997-2012. We used Gordon models to measure the cost of capital. The results suggest that cost of capital has no significant relation with approval of national accounting standards، but there is a significant negative and positive relation between share liquidity and cost of capital respectively before and after approval of accounting standards. So، increase in share liquidity increases the cost of capital after accounting standard approval.

Many studies have been developed on transparency and disclosure indices around the world. These studies use the indices to measure the transparency of corporate information. This has led to a wide variety of information transparency indicators in different countries. The purpose of this study is to compare the components and dimensions of information transparency indices in different countries. In addition، the study will examine the comprehensiveness of the indices and classify the researches conducted in this field into two groups of developed and developing countries. Analysis of Variance has been used to compare the extent of transparency and disclosure indices in the two groups. In addition، after a broad conceptual matrix of 773 items of disclosure، 27 information groups were detected. Analysis of Variance was used to compare the usage of these groups in the developing and the developed countries indices. In addition، U- Man Whitney test were used to compare the disclosure level of the companies in the developed and the developing countries. The review of 63 studies conducted between 1971 and 2012 on 8075 firm-years in 32 countries indicate that although the developing countries use broader measures of transparency and disclosure، disclosure level is higher in developed countries. In addition، the findings reveal that the developed countries spend more attention on disclosing their goals and strategies، expansion plans، and industrial environments. However، the developing countries focus on disclosure of Information in types of risk management، corporate governance and ethical، social and environmental issues.

The aim of this study is to investigate the relation of board structure and ownership with Voluntary Disclosure in firms listed in Tehran Stock Exchange. The research sample consists of 148 firms in 2012، and multivariate regression model is used to test the statistical hypothesis. Results indicate a significant positive relation of «proportion of nonexecutive managers» and «corporate ownership» with voluntary disclosure. There is no significant relation of voluntary disclosure with the «size of the board»، «managerial ownership» and «institutional ownership».

The main objective of this paper is to investigate the role of financial and non-financial factors effective on capital structure decisions. The sample includes 74 firms listed in the Tehran Stock Exchange through the years of 2005 to 2010. Regression method and OLS technique are used to test the hypothesis and three criteria are applied to measure capital structure. Results show that return on assets has negative and significant relation with leverage but firms'' size has significant positive relationship with leverage in all cases. Also uniqueness of product، assets growth and sales growth rates are found to have significant positive relation with leverage in many cases. Other factors like dividend pay-out ratio and collateral value of assets have no significant relation with leverage.

Recent experimental researches conducted on cost behavior have shown that costs are increased following increase in sales but they are not decreased similarly when sales is reduced. This Asymmetric Cost Behavior is called cost stickiness. One of the most important hypotheses presented about cost stickiness is managers'' informed decisions hypothesis. Therefore، this study is aimed to examine the effect of prior earning changes، as factor affecting management expectations، on cost stickiness. Sample of this research is 104 firms listed in Tehran Stock Exchange during 10-year period (2003-2012). Results of research indicate that stickiness of sale، general and administrative costs is more in two prior subsequent periods that earning has been increased. While stickiness of cost of goods sold has decreased in two prior subsequent periods that earning has been increased.

It is very important for investors and creditors to understand the critical factors affecting a firm’s value before making decisions about investments and loans. Since the knowledge- based economy has evolved، the method for creating firm value has transferred from traditional physical assets to intangible knowledge. Therefore، valuation of intangible assets will become a widespread topic of interest in the future of the economy. This paper is aimed، using the artificial neural networks، to identify the critical factors affecting intangible assets value in firms listed in Tehran Stock Exchange. The results show the importance of firm’s attributes، corporate governance، ownership structure and intangible capital in determining the value of intangible assets، respectively.