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Motavassel, Morteza
- The Investigation of the Impact of Conditional and Unconditional Conservatism on Agency Cost in Tehran Stock Exchange
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Authors
Affiliations
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Tabriz Branch, Islamic Azad University, Tabriz, IR
3 Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Tabriz Branch, Islamic Azad University, Tabriz, IR
3 Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
Source
International Journal of Financial Management, Vol 3, No 3 (2013), Pagination: 1-7Abstract
The aim of this study is to investigate the relationship between conservatism and agency costs in firms listed in Tehran Stock Exchange (TSE). To do so, a sample of 588 firms is selected as research sample for the period of 2004-2010 and fixed effect regression model is used to test hypotheses. C- scoreij index is used to measure unconditional conservatism and Ball and Shivakumar (2005) model to measure conditional conservatism. Multiplying Tobin's Q by free cash flow is considered a proxy for agency cost as independent variable. The results show that conditional conservatism has a negative and significant impact on agency cost while unconditional conservatism has a positive and significant impact.Keywords
Conditional Conservatism, Unconditional Conservatism, Agency Costs
References
- Ahmeda, A. S. & Duellman, S. (2011). Evidence on the role of accounting conservatism in monitoring managers’ investment decisions. Accounting and Finance, 51(3), 609-633.
- Ball, R. & Shivakumar, L. (2005). Earnings quality in UK private firms: Comparative loss recognition timeliness. Journal of Accounting and Economics, 39(1), 83-128.
- Basu, S. (1997). The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting & Economics, 24(1), 3-37.
- Beaver, W. H. & Ryan, S. G. (2005). Conditional and unconditional conservatism: Concepts and modeling. Review of Accounting Studies, 10(2-3), 269-309.
- Chi, W. & Wang, C. (2010). Accounting conservatism in a setting of Information Asymmetry between majority and minority shareholders. The International Journal of Accounting, 45(4), 465-489.AR
- Doukas, J. A. & McKnight, P. J. (2005). European momentum strategies, information diffusion, and investor conservatism. Doi: 10.1111/j.1354-7798.2005.00286.
- Gigler, F., Kanodia, C., Sapra, H. & Venugopalan, R. (2010). Accounting conservatism and the efficiency of debt contract. Forthcoming Journal of Accounting Research. Retrieved from SSRN: http://ssrn.com/abstract=1378295 or http://dx.doi.org/10.1111/j.1475-679X.2009.00336.x
- Givoly, D., Hayn, C. & Natarajan, A. (2007). Measuring reporting conservatism. The Accounting Review, 82(1), 65-106.
- Grambovas, C. A., Giner, B. & Christodoulou, D. (2006). Earnings conservatism: Panel data evidence from the European Union and the United States. ABACUS, 42(3-4), 354-378. doi: 10.1111/j.1467-6281.2006.00205.x 354.
- Jensen, M. C. (1986), Agency costs of free cash flow, corporate finance and takeovers. American Economic Review, 76(2), 323-29.
- Kim, B. H. & Pevzner, M. (2010). Conditional accounting conservatism and future negative surprises: An empirical investigation. Journal of Accounting and Public Policy, 29(4), 311-329.
- Iatridis, G. E. (2011). Accounting disclosures, accounting quality and conditional and unconditional conservatism. International Review of Financial Analysis, 20(2), 88-102.
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- Iyengar, R. J. & Zampelli, E. M. (2010). Does accounting conservatism pay? Accounting and Finance, 50(1), 121-142.
- Vakili Fard, H. R., Nikoomaram, H., Jabbarzadeh Kangarluei, S. & Bayazidi, A. (2011). The investigation of the relationship between earnings management and conservatism in accounting system of Iran. International Journal of Academic Research, 3(1), 853-860.
- Watts, R. (2003). Conservatism in accounting Part I: explanations and implications. Accounting Horizon, 17(3), 207-221.
- Watts, R. L. & Zuo, L. (2012). Accounting Conservatism and Firm Value: Evidence from the Global Financial Crisis, MIT Sloan Research Paper No. 4941-11. Retrieved from http://ssrn.com/abstract=1952722.
- Young, K. K. (2005). Accounting Conservatism and Managerial Incentives Management Science, 51(11), 1626-1632.
- Stock Liquidity and Board Compensation: the Case of Tehran Stock Exchange
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Authors
Affiliations
1 Department of Accounting, Islamic Azad University, West Azarbyjan Science and Research Branch., IR
2 Islamic Azad University, West Azarbyjan Science and Research Branch., IR
3 Islamic Azad University, Broujerd Branch., IR
1 Department of Accounting, Islamic Azad University, West Azarbyjan Science and Research Branch., IR
2 Islamic Azad University, West Azarbyjan Science and Research Branch., IR
3 Islamic Azad University, Broujerd Branch., IR
Source
Journal of Commerce and Accounting Research, Vol 2, No 2 (2013), Pagination: 1-6Abstract
This study investigates the relationship between stock liquidity and board compensation listed in Tehran Stock Exchange (TSE) during the period between 2004 and 2010. The population of study includes 74 firms and fourteen hypotheses are developed for purpose of study. The results show that there is a positive relationship between trading days, trading quantity, trading volume, trading value, percentage of floating stock, turnover ratio, stock flow ratio, liquidity ratio, stock market depth, absolute bid-ask spread and board compensation and there is a negative relationship between waiting period, illiquidity ratio, relative bid-ask spread and board compensation spread. Moreover, there is no relationship between floating stock flow and board compensation.Keywords
Liquidity, Board Compensation, Tehran Stock ExchangeReferences
- Ascioglu, A., Hegde, S. P. & McDermott, J. B. (2005). Auditor compensation, disclosure quality, and market liquidity: Evidence from the stock market. Journal of Accounting and Public Policy, 24(4), 325-354.
- Axelson, U. & Baliga, S. (2008). Liquidity and manipulation of executive compensation schemes. Retrieved from http://ssrn.com/abstract=891081.
- Bortolotti, B., De Jong, F., Nicodano, G. & Schindele, I. (2007). Privatization and stock market liquidity. Journal of Banking & Finance, 31(2), 297-316.
- Bliss, R. T. & Rosen, R. J. (2001). CEO compensation and bank mergers. Journal of Financial Economics, 61(1), 107-138.
- Brockman, P., Howe, J. S. & Mortal, S. (2008). Stock market liquidity and the decision to repurchase. Journal of Corporate Finance, 14(4), 446-459.
- Brickly, J. A., Vhagat, S. & Lease, R. C. (1985). The impact of long-range managerial plans on shareholder wealth. Journal of Accounting and Economics, 7(1), pp. 115-129.
- Chai, D., Faff, R. & Gharghori, P. (2010). New evidence on the relation between stock liquidity and measures of trading activity. International Review of Financial Analysis, 19(3), 181-192.
- Chang, Y. Y., Faff, R. & Hwang, C. Y. (2010). Liquidity and stock returns in Japan: New evidence. Pacific Basin Finance Journal, 18(1), 90-115.
- Cumming, D., Johan, S. & Li, D. (2011). Exchange trading rules and stock market liquidity. Journal of Financial Economics, 99(3), 651-671.
- Cueto, D. C. (2009). Market liquidity and ownership structure with weak protection for minority shareholders: Evidence from Brazil and Chile. Retrieved from http://ssrn.com/abstract=1410197.
- Fang, V. W, Noe, T. H. & Tice, S. (2009). Stock market liquidity and firm value. Journal of Financial Economics, 94(1), 150-169.
- Foo, Y. B. & Zain, M. M. (2010). Board independence, board diligence and liquidity in Malaysia: A research note. Journal of Contemporary Accounting & Economics, 6(2), 92-100.
- Glosten, L. R. & Milgrom, P. R. (1985). Bid, ask and transaction prices in a specialist market with heterogeneously informed traders. Journal of Financial Economics, 14(1), 71-100.
- Jun, S. G., Marathe, A. & Shawky, H. A. (2003). Liquidity and stock returns in emerging equity markets. Emerging Markets Review, 4(1), 1-24.
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- Kothare, M. (1997). The effect of equity issues on ownership structure and stock liquidity: A comparison rights and public offering. Journal of Financial Economics, 43(1), 131-148.
- Larcker, D. F. (1983). The association between performance plan adoption and corporate capital investment. Journal of Accounting and Economics, 5(3), 3-30.
- Marshall, B. R. (2006). Liquidity and stock returns: Evidence from a pure order-driven market using a new liquidity proxy. International Review of Financial Analysis, 15(1), 21-38.
- Moultona, P. C. & Wei, L. (2009). A tale of two time zones: The impact of substitutes on cross-listed stock liquidity. Journal of Financial Markets, 12(4), 570-591.
- Rubin, A. (2007). Ownership level, ownership concentration and liquidity. Journal of financial Markets, 10(3), 219-248.
- Watts, R. L. & Zimmerman, J. L. (1986). Positive Accounting Theory. Prentice Hall.
- Zheng, S. X. & Li, M. (2008). Under-pricing, ownership dispersion, and aftermarket liquidity of IPO stocks. Journal of Empirical Finance, 15(3), 436-454.
- The Effect of Ownership Structure on Voluntary Discloser in Tehran Stock Exchange
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Authors
Affiliations
1 Department of Accounting, Islamic Azad University, West Azarbyjan Science and Research Branch., IR
2 Islamic Azad University, West Azarbyjan Science and Research Branch., IR
1 Department of Accounting, Islamic Azad University, West Azarbyjan Science and Research Branch., IR
2 Islamic Azad University, West Azarbyjan Science and Research Branch., IR
Source
International Journal of Business Analytics and Intelligence, Vol 1, No 1 (2013), Pagination: 22-31Abstract
This study aims to investigate the impact of ownership structure on voluntary discloser in financial reporting of firms listed in Tehran Stock Exchange (TSE). To do so, ownership structure is classified into three groups namely institutional, managerial, and corporate ownership. In addition, voluntary disclosure is determined through 30 indexes which have been applied by previous studies, making some modifications. Sample of the study includes 101 firms listed in TSE whose financial statements and board activity reports are studied during the period of 2009 to 2011. To test each hypothesis, regression model using SPSS software is used which led to a comprehensive multivariate regression. The results show that there a positive significant relationship between ownership structure components (institutional, managerial and corporate ownership) and voluntary discloser in financial reporting of firms listed in TSE.Keywords
Ownership Structure, Voluntary Discloser, Institutional Ownership, Managerial Ownership, Corporate OwnershipReferences
- Al-Akra, M., & Hutchinson, P. (2012). Family Firm Disclosure and Accounting Regulation Reform in the Middle East: The case of Jordan. Research in Accounting Regulation, http://dx.doi.org/10.1016/j.racreg.2012.11.003.
- Al-Akra, M., & Jahangir Ali, M. (2012). The Value Relevance of Corporate Voluntary Disclosure in the Middle-East: The Case of Jordan. J. Account. Public Policy, 31, 533-549.
- Al Harun, A. (2011). Ownership Structure and Voluntary Disclosure in Annual Reports of Bangladesh, pak. J. commer.soc.sci. 5 (1), 129-139.
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- Ben Ali, C. (2009). Disclosure Quality and Corporate Governance in a Context of Minority Expropriation Available at SSRN: http://ssrn.com/abstract=1406149 or http://dx.doi.org/10.2139/ssrn.1406149.
- Boesso, G., & Kumar, K. (2007). Drivers of Corporate Voluntary Disclosure. Accounting, Auditing & Accountability Journal, 20(2), 269-296.
- Botosan, C.A. (1997). Disclosure Level and the Cost of Equity Capital. The Accounting Review, 72 (3), 323-349.
- Chaua, G., & Grayb, S. J. (2010). Family Ownership, Board Independence and Voluntary Disclosure: Evidence from Hong Kong, Journal of International Accounting, Auditing and Taxation, 19, 93–109.
- Chen, S., Chen, X., & Cheng, Q. (2008). Do Family Firms Provide More or Less Voluntary Disclosure? Journal of Accounting Research, 46, 499-536.
- Chobpichien, J. (2008). The Quality of Board of Directors, Ownership Structure and Level of Voluntary Disclosure of Listed Companies in Thailand. University Sains Malaysia, 1-42.
- Florini A. M. (1999). Does the Invisible Hand Need a Transparency Glove? The Politics of Transparency. The Annual World Bank Conference on Development Economics, Washington D.C., 28-30.
- Elsayed, M.O., & Hoque, Z. (2010). Perceived International Environmental Factors and Corporate Voluntary Disclosure Practices: An Empirical Study. The British Accounting Review, 42, 17-35.
- Eng, L. L., & Mak, Y.T. (2003). Corporate Governance and Voluntary Disclosure. Journal of Accounting and Public Policy, 22, 325-345.
- Esmaeelzadeh Mogari, A., & Ahmad Sherbafi, M. (2010). Voluntary Discloser and Its Relationship with Stock Return in Investment Firms, Quantities Studies in Management, 3(1), 69-82.
- Gao, L., & Klingb, G. (2012). The Impact of Corporate Governance and External Audit on Compliance to Mandatory Disclosure Requirements in China. Journal of International Accounting, Auditing and Taxation, 21, 17-31.
- Ghazali, N., & Weetman, P. (2006). Perpetuating Traditional Influences: Voluntary Disclosure in Malaysia Following the Economic Crisis. Journal of International Accounting Auditing and Taxation, 15, 226-248.
- Kim, J.W., & Shi, Y. (2011). Voluntary Disclosure and the Cost of Equity Capital: Evidence from Management Earnings Forecasts. J. Account. Public Policy, 30, 348-366.
- Hendriksen, E.S, & Van Breda, M.F. (1992). Accounting Theory RichardIrwin Ine.
- Hossain, M., & Hammami, H. (2009). Voluntary Disclosure in the Annual Reports of an Emerging Country: The case of Qatar. Advances in Accounting, Incorporating Advances in International Accounting, 25, 255–265.
- International Accounting Standards Committee, (1975). Discloser of Accounting Policies, International Standard No 1.
- Jiang, H., Habib, A., Hu, H. (2011). Ownership concentration, voluntary disclosures and information asymmetry in New Zealand, The British Accounting Review 1(43), 39–53.
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- Namazi, M., & Kermani, E. (2009). The Effect of Ownership Structure on Firms Listed in Tehran Stock Exchange. Accounting and Auditing Review, 53, 83-100.
- Patelli, L. & Preneipe. A. (2007). The Relationship between Voluntary Disclosure and Independent Directors in the Presence of a Dominant Shareholder. European Accounting Review, 16 (1), 5-33.
- Simon, H., & Wong, K. (2001). A Study of the Relationship between Corporate Governance Structures and the Extent of Voluntary Disclosure. Journal of International Accounting, 10, 139-156.
- Sun, Y., Yang Yi, Y., & Bin Lin, B. (2012). Board Independence, Internal Information Environment and Voluntary Disclosure of Auditors’ Reports on Internal Controls. China Journal of Accounting Research, 5, 145-161.
- Wang, K. O. S., & Claiborne, M. C. (2008). Determinants and Consequences of Voluntary Disclosure in an Emerging Market: Evidence from China. Journal of International Accounting, Auditing and Taxation, 17(1), 14-30.
- The Relationship Between Prior Period Adjustment and Earnings Management in Tehran Stock Exchange (TSE)
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International Journal of Financial Management, Vol 2, No 4 (2012), Pagination: 1-9Abstract
This paper examines the relationship between Prior Period Adjustment (PPA) and Earnings Management (EM) in Tehran Stock Exchange (TSE). In other words, this study seeks to answer the question as to whether restatement causes the EM or not. For this purpose, a sample of 81 companies was selected and examined during the period of 2002 to 2010 in six industry using panel data with fixed effect model. Modified Jones model (1991) is used for measuring of EM. To test hypotheses, multiple regression models and Pearson correlation coefficients are used. Results indicate that there is no significant relationship between PPA and EM in TSE.Keywords
Prior Period Adjustment, Earnings Management, Tehran Stock ExchangeReferences
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- Agency Costs, Managers Optimism and Investment Cash Flow Sensitivity: Evidence from Tehran Stock Exchange
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Authors
Affiliations
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
Source
Journal of Commerce and Accounting Research, Vol 2, No 4 (2013), Pagination: 1-9Abstract
The aim of this study is to investigate the relationship between agency costs, manager's optimism and investment cash flow sensitivity in firms listed in Tehran Stock Exchange (TSE). The population of the study is firms listed in TSE and research sample includes 125 firms listed in TSE which is studied during the period of 2007 to 2011. Arsalan et al. (2006) model is used to measure investment cash flow sensitivity. Three proxies are considered to capture agency costs namely free cash flow, assets turnover, and operating cost to sale. Difference between predicted revenue and actual revenue divided by firm's assets measures managers' optimism. The results of the study show that there is a positive significant relationship between free cash flow and operating cost to sale with investment cash flow sensitivity and there is a negative significant relationship between assets turnover and investment cash flow sensitivity. Finally, the results indicate that, there is a positive significant relationship between manager's optimism and investment cash flow sensitivity.Keywords
Agency Costs, Managers Optimism, Investment Cash Flow Sensitivity, Tehran Stock ExchangeReferences
- Agca, S. and Mozumdar, A. (2008). The impact of capital market imperfections on investment-cash flow sensitivity. Journal of Banking & Finance, 32(2), 207-216.
- Ang, J., Cole, R. and Lin, J. (1999). Agency costs and ownership structure. Journal of Finance, 55(1), 81-106.
- Ascioglu, A., Hegde, S. P. and McDermott, J. B. (2008). Information asymmetry and investment-cash flow sensitivity. Journal of Banking & Finance, 32(6), 1036-1048.
- Attig, N., Cleary, S., Ghoul, S. E. and Guedhami, O. (2012). Institutional investment horizon and investment-cash flow sensitivity. Journal of Banking & Finance, 36(4), 1164-1180.
- Arsalan, Ö., Florackis, C. and Ozkan, A. (2006). The role of cash holdings in reducing investment-cash flow sensitivity. Emerging Markets Review, 7(4), 320-338.
- Ben Mohamed, E., Souissi, M. N. and Bouri, A. (2013). Investment Cash Flow Sensitivity, CEO Optimism and Agency Costs: Evidence from NYSE Panel Data Firms. Retrieved from http:// ssrn.com/abstract=2288704
- Brown, J. R. and Petersen, B. C. (2009). Why has the investment- cash flow sensitivity declined so sharply? Rising R&D and equity market developments. Journal of Banking and Finance, 33(5), 971-984.
- Chen, Y. S. and Chen, I. J. (2013). The impact of labor unions on investment-cash flow sensitivity. Journal of Banking & Finance, 37(7), 2408-2418.
- Chen, H. and Chen, S. (2012). Investment-cash flow sensitivity cannot be a good measure of financial constraints: Evidence from the time series. Journal of Financial Economics, 103(2), 393-410.
- Chen, X. and Austin, J. Y. (2007). Re-measuring agency costs: The effectiveness of block-holders. The Quarterly Review of Economics and Finance, 47(5), 588-601.
- Dichu, B., Chan, K. C. and Zhang, W. (2012). Asymmetric cash flow sensitivity of cash holdings. Journal of Corporate Finance, 18(4), 690-700.
- Drobetz, W., Gruninger, M. C. and Hirschvogl, S. (2009). Information Asymmetry and the Value of Cash. Retrieved from http:// www.uibk.ac.at/ibf/sonstiges/seminar/valueofcash. pdf
- Heaton, J. B. (2002). Managerial optimism and corporate. Financial Management, 31(2), 33-45.
- Huang, W., Jiang, F., Liu, Z. and Zhang, M. (2011). Agency cost, top executives’ overconfidence, and investment-cash flow sensitivity-evidence from listed companies in China. Pacific-Basin Finance Journal, 19(3), 261-277.
- Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance and takeovers. American Economics Review, 76(2), 323-339.
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- Kashanipour, A. and Naginezhad, B. (2009). The effect of financial constraint on investment cash flow sensitivity. Accounting Research, (24)2, 72-93.
- Lin, Y. H., Hu, S. Y. and Chen, M. S. (2005). Managerial optimism and corporate investment: Some empirical evidence from Taiwan. Pacific-Basin Finance Journal, 13(5), 523-546.
- Modigliani, F. & Miller, M. (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48, 261-297.
- Pawlina, G. and Renneboog, L. (2005). Is investment cash flow sensitivity caused by the agency cost or information asymmetry: Evidence from the U.K. Discussion Paper 2005-001, Netherlands: Tilburg University, Tilburg Law and Economic Center.
- Singh, M. and Davidson, W. N. (2003). Agency costs, ownership structure and corporate governance mechanisms. Journal of Banking & Finance, 27(5), 793-816.
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- Mandatory Audit Rotation and Audit Opinion in Firms Listed in Tehran Stock Exchange
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Authors
Affiliations
1 Department of Accounting, Hamedan Branch, Islamic Azad University, Hamedan, IR
2 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
3 Department of Accounting,osku Branch, Islamic Azad University, Osku, IR
1 Department of Accounting, Hamedan Branch, Islamic Azad University, Hamedan, IR
2 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
3 Department of Accounting,osku Branch, Islamic Azad University, Osku, IR
Source
International Journal of Business Analytics and Intelligence, Vol 1, No 2 (2013), Pagination: 9-13Abstract
The regulations require firms to disclose the reasons of changing auditors. Periodic audit rotation of firms indicates importance of this issue for users of accounting information. Audit rotation is important with respect to two viewpoints of mandatory and voluntary rotation. The present research is intended to study the factors affecting mandatory audit rotation and audit opinion, and its mutual effects on each other. To do so, 244 auditors of firms listed in Tehran StockExchange were randomly selected to complete the researcher-made questionnaire. The results indicate that there is a significant positive relationship between increased auditor’s fees, risk, firm size and mandatoryauditrotation. Also, there is a positive significant relationship between type of audit reporting and changing of the auditors.Keywords
Mandatory Audit Rotation, Audit Opinion, Tehran Stock Exchange- Life-cycle Theory, Free Cash Flow and Dividend Policy in Firms Listed in Tehran Stock Exchange
Abstract Views :163 |
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Authors
Affiliations
1 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
2 Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
3 Department of Accounting, Osku Branch, Islamic Azad University, Osku, IR
1 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
2 Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
3 Department of Accounting, Osku Branch, Islamic Azad University, Osku, IR
Source
Journal of Commerce and Accounting Research, Vol 3, No 1 (2014), Pagination: 1-7Abstract
The purpose of this study is to investigate the relationship between Life-cycle Theory (LCT) and Free Cash Flow (FCF) hypothesis with dividend policy in listed firms in Tehran Stock Exchange (TSE). The sample of the research includes 90 firms listed in TSE which is studied during the period of 2006-2010. The results show that there is a significant positive relationship between profitability (return on assets), leverage and firm size with dividend policy. In addition, results indicate that there is a significant negative relationship between investment opportunities and firms life cycle with dividend policy. Finally, findings highlight that there is not a significant relationship between FCF and dividend policy. These findings support LCT but not FCF hypotheses.Keywords
Dividend Policy, Life-cycle Theory, Free Cash Flow Hypothesis- Corporate Governance and Management Earning Forecast: The Case of Tehran Stock Exchange
Abstract Views :266 |
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Authors
Affiliations
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
Source
International Journal of Business Analytics and Intelligence, Vol 2, No 1 (2014), Pagination: 24-35Abstract
The purpose of this study is to find the ways to increase management earning forecast preciseness. Corporate governance is regarded as a tool for this purpose. However, this study examines the relation between some components of the corporate governance mechanisms (outside board of director, institutional ownership, duality, auditor quality, firm's age, and firm's ranking in organisation of industrial management) and accuracy of earning forecast by management. The sample of study consists of 53 companies listed in Tehran Stock Exchange during the years of 2007-2012. To test research Hypothesis, multiple linear regression models are used. Research findings indicate that outside board of director, audit quality and firm's age have positive impact and duality, institutional ownership, corporate ranking in organisation of industrial management have no impact on accuracy of earnings forecast.Keywords
Corporate Governance, Management Earning Forecast and Tehran Stock Exchange.References
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- Moradi, M. (2007). The relationship between institutional ownership and earnings quality, MA thesis in accounting, Tehran University.
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- Nagar, V., Nanda, D., & Wysocki, P. (2003). Discretionary disclosure and stock-based incentives. Journal of Accounting and Economics, 34, 283-309.
- Nurwati A. A. Z., & Wan N. W. H. (2010). Corporate governance and earnings forecasts accuracy. Asian Review of Accounting, 18(1), 50-67.
- Peasnell, K. V., Pope, P. F., & Young, S. (2000). Board monitoring and earnings management: Do outside directors influence abnormal accruals? Working paper, Lancaster University.
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- Truong, T. P., & Dunstan, K. L. (2011). The influence of corporate governance on management earnings forecast behaviour in a low private litigation environment. Retrieved from http://ssrn.com/abstract=2028724 or http://dx.doi.org/10.2139/ssrn.2028724.
- Sareban, M. R., & Ashtab, R. (2008). Recognition of the effective factors on earnings forecast prediction in newly listed firms of Tehran Stock Exchange. Social and Humanities Research.
- Investigation of the Impact of Free Cash Flows on Financial Flexibility and Dividend Policy in Firms Listed in Tehran Stock Exchange (TSE)
Abstract Views :359 |
PDF Views:2
Authors
Affiliations
1 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
2 Department of Accounting, Urmia Branch, Islamic Azad University, West Azarbyjan, IR
1 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
2 Department of Accounting, Urmia Branch, Islamic Azad University, West Azarbyjan, IR
Source
International Journal of Banking, Risk and Insurance, Vol 2, No 2 (2014), Pagination: 1-9Abstract
The aim of this study is to investigate the impact of free cash flows on financial flexibility and dividend policy in firms listed in Tehran Stock Exchange (TSE). To measure free cash flow, Ang et al. (2000) is used and financial flexibility is captured by Marchica & Mura (2007) model. The population of the study is firms listed in TSE; however, the study sample consists of 100 firms listed in TSE which is studied during the period of 2007 to 2011. Logistic and pooled regressions are used to test hypotheses. The results show that free cash flows have a positive significant impact on financial flexibility and dividend policy in firms listed in TSE. The results also show that free cash flows are higher when there is a financial flexibility.Keywords
Free Cash Flows, Financial Flexibility, Dividend Policy.References
- Ahmed, H., & Javid, A. (2009). The determinants of dividend policy in Pakistan. International Research Journal of Finance and Economic. Retrieved from http://www.eurojournals.com/ finance.htm.
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- Al-Kuwari, D. (2009). Determinants of the dividend policy in emerging stock exchanges: The case of GCC countries.Global Economy & Finance Journal, 2(2).
- Ang, J. S., Cole, R. A., & Lin, W. J. (2000). Agency cost and ownership structure. Journal of Finance, 55, 81-106.
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- Marchica, M., & Mura, R. (2007). Financial flexibility and investmentdecisions. Accounting Horizons, 235-250.
- Miller, M., & Modigliani, D. (1961). Dividend policy, growth, and the valuation of shares. Journal of Business, 34, 411-433.
- Nizar, H., & Al-Malkawi, N. (2007). Determinants of corporate dividend policy in Jordan: An application of the Tobit model. Journal of Economic & Administrative Sciences, 23(2).
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- Thanatawee, Y. (2011). Life-cycle theory and free cash flow hypothesis: Evidence from dividend policy in Thailand. Retrieved from http://ssrn.com/abstract=1872686.
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- Firms Characteristic and Firms Disclosure Quality in Firms Listed in Tehran Stock Exchange
Abstract Views :237 |
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Authors
Affiliations
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
Source
International Journal of Marketing and Business Communication, Vol 3, No 1 (2014), Pagination: 20-28Abstract
The aim of this study is to investigate the relationship between firms characteristic and firm's disclosure quality in firms listed in Tehran Stock Exchange (TSE). To do so, 89 firms of TSE are selected to be studied during the period of 2004 to 2012. To determine the rank of financial information discloser (timeliness and reliability), annual scores of firm's discloser quality is used. Firm's characteristics considered in this study are firm's size, firm's age, firm's profitability, income before interest and tax, industry type, financial leverage, audit firms size, and ownership structure. The results show that financial leverage (timeliness and reliability)has a significant negative and firm's age (reliability) has a positive impact on firm's discloser quality.Keywords
Firms Characteristic, Firm's Discloser Quality, Tehran Stock Exchange.References
- Aerts, W., Cormier, D., & Magnan, M. (2008). Corporate environmental disclosure, fi nancial markets and the media: An international perspective. Ecological Economics, 64, 643 - 659.
- Ball, R., Jayaraman, S., & Shivakumar, L. (2012). Audited fi nancial reporting and voluntary disclosure as complements: A test of the Confi rmation Hypothesis. Journal of Accounting and Economics, 53, 136-166.
- Cheng, M., Dhaliwal, D., & Zhang, Y. (2013). Does investment effi ciency improve after the disclosure of material weaknesses in internal control over fi nancial reporting? Journal of Accounting and Economics, 5, 61-18.
- Galani, D., Alexandridis, A., & Stavropoulos, A. (2011). The Association between the Firm Characteristics and Corporate Mandatory Disclosure: the Case of Greece. World Academy of Science, Engineering and Technology 53, 1048- 1054.
- Jaggi, B., & Lowy, P.L. (2000). Impact of culture, market forces, and legal system on fi nancial disclosures. The International Journal of Accounting, 35(4), 495-519.
- Iatridis, G. (2008). Accounting disclosure and fi rms’ fi - nancial attributes: Evidence from the UK stock market. International Review of Financial Analysis, 17, 219-241.
- Iatridis, G.E. (2011). Accounting disclosures, accounting quality and conditional and unconditional conservatism. International Review of Financial Analysis, 20, 88-102.
- Lawrence, A. (2013). Individual investors and fi nancial disclosure. Journal of Accounting and Economics 56, 130-147.
- Lang, M., & Lundholm, R. (1993).Cross-sectional determinants of analyst rating of corporate disclosures. Journal of Accounting Research, 31, 246-271.
- Salter, S. (1998). Corporate fi nancial disclosure in emerging markets: does economic development matter? The International Journal of Accounting, 33(2), 211-234.
- Takhtaei, N., & Mousavi, Z. (2012). Disclosure Quality and Firm’s Characteristics: Evidence from Iran. Asian Journal of Finance & Accounting, 4(2), 290-300.
- Taylor, G., Tower, G., & Der Zahn, M. V. (2011). The infl uence of international taxation structures on corporate fi nancial disclosure patterns. Accounting Forum, 35, 32-46.
- The Effect of Earnings Forecasts Quality on Risk Taking and Firm's Value in Firms Listed in Tehran Stock Exchange
Abstract Views :173 |
PDF Views:3
Authors
Affiliations
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Department of Accounting, Urmia, Islamic Azad University, West Azarbyjan, IR
3 Department of Accounting, Urmia Branch, Islamic Azad University, West Azarbyjan, IR
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Department of Accounting, Urmia, Islamic Azad University, West Azarbyjan, IR
3 Department of Accounting, Urmia Branch, Islamic Azad University, West Azarbyjan, IR
Source
Journal of Commerce and Accounting Research, Vol 3, No 3 (2014), Pagination: 1-8Abstract
The aim of this study is to investigate the effect of earnings forecasts quality on risk taking and firm's value in firms listed in Tehran Stock Exchange (TSE). To do so, 135 firms listed in TSE are selected to be studied during the period from 2006 to 2012 using regression and correlation tests. Earnings forecasts quality is captured by two proxies of earnings forecast accurateness and earnings forecast frequency. In addition, risk is broken into systematic and unsystematic risks and firm's value is captured through Tobin's Q. The results show that frequency of earnings forecasts has a negative and earnings forecasts has a positive significant effect on unsystematic risk of firms listed in TSE. These results suggest that with increasing earnings forecasts quality, unsystematic risk decreases. In addition, the study fails to find a significant relationship between earnings forecasts quality with systematic risk and firm's value.Keywords
Earnings Forecasts Quality, Risk Tasking, Firm's Value, Tehran Stock Exchange.References
- Anilowski, C., Feng, M., & Skinner, D. J. (2006). Does earnings guidance affect market returns? The Nature and Information Content of Aggregate Earnings Guidance. ssrn.com.
- Baginski, S. P., Hassell, J. M., & Kimbrough, M. D. (2006). The Effect of Macro Information Environment Change on the Quality of Management Earnings Forecasts. Retrieved from http://ssrn.com/abstract=926361 or http://dx.doi. org/10.2139/ssrn.926361.
- Call, A, C., Chen, S., Miao, B., & Tong, Y. H. (2010). Do firms issuing short-term earnings guidanceexhibit worse earnings quality? Working paper.
- Chen, C. X., Doogar, R., Li, L. Y., & Sougiannis, T., (2008). Disaggregation and the Quality of management earnings Forecasts.Retrieved from http://ssrn. com/abstract=1270844 or http://dx.doi.org/10.2139/ ssrn.1270844.
- Chin, C. l., Kleinman, G., Lee, P., & Lin, M. F., (2006). Corporate Ownership Structure and Accuracy and Bias of Mandatory Earnings Forecast: Evidence from Taiwan. Journal of International Accounting Research, 5(2), Retrieved from http://ssrn.com/abstract=954919.
- Foerster, S. R., Sapp, S., & Shi, Y, (2009). The impact of management earnings forecasts on firm risk and firm value. AAA 2010 Financial Accounting and Reporting Section (FARS) Paper. Retrieved from http://ssrn. com/abstract=1464897 or http://dx.doi.org/10.2139/ ssrn.1464897.
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- Li, S., Lev, B., & Sougiannis, T. (2009). The usefulness of accounting estimates for predicting cash flows and earnings. Retrieved from http://ssrn.com/abstract=716641 or http://dx.doi.org/10.2139/ssrn.716641
- Lotfi, A., & Hajipour, M. (2010). The effect of conservatism on management error in earnings forecast.Journal of Management Accounting, 4.
- SabAlipour, F., Gytasi, R., & Rahmati, S. (2012). Investigation of the relationship between corporate governance mechanisms and earnings forecast preciseness. Financial Accounting Researches,1, 123-140.
- Tamjidi, N., Hajiabad, T. B., Aydenlu, M. N., & Hushmandi, K. B. (2013). Evaluating the relationship between earnings forecast error with abnormal returns and systematic risk in Tehran stock exchange. Business Management Dynamics, 3(1), .66-74.
- Yaekura, T., & Sougiannis, T. (2000). The accuracy and bias of equity values inferred from analysts' earnings forecasts. Retrieved from http://ssrn.com/abstract=253033 or http://dx.doi.org/10.2139/ssrn.253033.
- Privatization and Firm's Performance in Iran
Abstract Views :154 |
PDF Views:2
Authors
Affiliations
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
Source
International Journal of Financial Management, Vol 4, No 3 (2014), Pagination: 1-10Abstract
During the last two decades, privatization has been one of the most important programmes of developed and developing governments. In Iran, privatization is projected as an important economic policy to reach higher efficiency in economy. The aim of this study is comparative investigation of the effect of privatization on firm's performance during the period 1999 to 2011 regarding modern and traditional performance evaluation measurement. To do so, privatized firms are considered as research population and putting some conditions, 71 firms are selected to be studied. Privatization is captured by free float as independent variable. In this study, traditional performance evaluation measurements are Return of Assets (ROA), Return of Equity (ROE), Return of Sale (ROS) and Operating Income (OI), and modern performance evaluation measurements are Economic Value Added (EVA), Tobin's Q and Market Value Added (MVA).The results of the study show that privatization affects firm's performance based on EVA, MVA, Tobin's Q, ROE, OI but not based on ROA and ROS. In addition, the results show that there is difference between the effects of privatization on firm's performance with respect to modern and traditional performance evaluation measurement.Keywords
Privatization, Firm's Performance, Modern and Traditional Performance Evaluation Measurement.References
- Afshari, A. (1996). Investigation of Efficiency of Privatized Manufacturing Firms Listed In Tehran Stock Exchange, MA thesis in accounting, Tehran University.
- Almasi, M. R. (2002). The effect of privatization on financial performance of firms listed in Tehran Stock Exchange, MA thesis in accounting, Shiraz University.
- Banerji, S., & Errunza, V. R. (2005). Privatization under incomplete information and bankruptcy risk. Journal of Banking and Finance, 29(3), 735-757.
- Bortolottia, B., D'Souzab, J., Fantinic, M., & Megginson, W. L. (2002). Privatization and the sources of performance improvement in the global telecommunications industry. Telecommunications Policy, 26, 243-268.
- Cavaliere, A., & Scabrosetti, S. (2008). Privatization and efficiency: From principles and agents to political economy. Journal of Economic Surveys, doi: 10.1111/j.1467-6419.2007.00546.x.
- Clarke, G. R. G., Cull, R., & Shirley, M. M. (2005). Bank privatization in developing countries: A summary of lessons and findings. Journal of Banking and Finance, 29, 1905-1930.
- Huang, Z., & Wang, K. (2011). Ultimate privatization and change in firm performance: Evidence from China. China Economic Review, 22, 121-132.
- Jonnergard, K., & Rreman, M. (2004). Board activities and the privatization of ownership-The Case of Sweden. Journal of Management and Governance, 8, 229-254.
- Okten, C., & Arin, K. P. (2006). The effects of privatization on efficiency: How does privatization work?,World Development, 34(9), 1537-1556.
- Omran, M. (2007). Privatization, State Ownership, and Bank Performance in Egypt, World Development, 35(4), 714-733.
- Omran, M. (2009). Post-privatization corporate governance and firm performance: The role of private ownership concentration, identity and board composition. Journal of Comparative Economics, 37, 658-673.
- Otchere, I. (2009). Competitive and value effects of bank privatization in developed countries. Journal of Banking and Finance, 33, 2373-2385.
- Perotti, E. C., & Oijen, P. V. (2001). Privatization, political risk and stock market development in emerging economies. Journal of International Money and Finance, 20, 43-69.
- Sprenger, C. (2011). The choice of ownership structure: Evidence from Russian mass privatization. Journal of Comparative Economics, 39, 260-277.
- Talebnia, G., & Mohammadzadeh, H. (2005). The effect of privatization on stock return in firms listed I Tehran Stock Exchange. Financial Research, 97-116.
- Tsamenyi, M., Onumah, J., & Tetteh-Kumahc, E. (2010). Post-privatization performance and organizational changes: Case studies from Ghana. Critical Perspectives on Accounting, 21, 428-442.
- Board of Directors Characteristic and Cost of Debt in Tehran Stock Exchange
Abstract Views :331 |
PDF Views:2
Authors
Affiliations
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
Source
International Journal of Financial Management, Vol 4, No 4 (2014), Pagination: 43-48Abstract
This study investigates the effect of board composition on debt cost of firms listed in Tehran Stock Exchange (TSE). To do so, 90 firms are selected to be studied during the period of 2008 to 2012 using panel data and regression model. Board composition involved in this study are outside board, board size and board independence. Results show that there is a negative and significant relationship between outside board and debt cost. Board size has positive significant relationship and board independence has no significant relationship with debt expense. Control variables of return of assets, return of equity and debt size have a negative relationship and market to book value, financial leverage and firms size have a positive and significant relationship with debt cost.Keywords
Board Size, Board Independence, Debt Expense, Independence Size of Board of Directors.References
- Ahmadpour, A., Kashani, M., & Shojaee, M. R. (2010). The effects of corporate governance and audit quality on cost of debt. Accounting and Auditing Reviews, 62.
- Amrah, M. R. A. (2011). Characteristics of board of directors and cost of debts: A case of united Arabs Emirates listed companies, M.A thesis, University Utara Malaysia.
- Andersona, R. C., Mansib, S. A., & Reeb, D. R., (2003). Board characteristics, accounting report integrity, and the cost of debt, Retrieved from http://astro.temple.edu/∼dreeb/BoardChar.pdf.
- Byun, H. Y. (2007). The cost of debt capital and corporate governance practices. Asia-Pacific Journal of Financial Studies, 36(5), 765-806.
- Francis, B., Hasan, I., Koetter, M., & Wu, Q. (2012). Corporate boards and bank loan contracting. Bank of Finland Research, Discussion Papers.
- Frantz, P., & Instefjord, N. (2012). Corporate governance and the cost of borrowing. Retrieved from http://ssrn.com/abstract=2016280 or http://dx.doi.org/10.2139/ssrn.2016280.
- Jandik, T., & McCumber, W. R. (2012). Governance, takeover probability, and the cost of private debt. Retrived from http://ssrn.com/abstract=1929027 or http://dx.doi.org/10.2139/ssrn.1929027.
- Klock, M., Mansi, S., & Maxwell, W. F. (2004). Does Corporate Governance Matter to Bondholders?. Journal of Financial and Quantitative Analysis, Forthcoming. Retrieved from http://ssrn.com/abstract=563882.
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- Nikomaram, H., Talebnia, G., & Khosropour, S. (2013). Investigation of the effect of audit reputation on the relationship between accruals quality and cost of debt, 6, 77-87.
- Piot, C., & Missonier-Piera, F. (2009). Piot corporate governance reform and the cost of debt financing of listed french companies. Retrieved from http://ssrn.com/abstract=960681 or http://dx.doi.org/10.2139/ssrn.960681.
- Schauten, M., & Jasper, B. (2006). Corporate governance and the cost of debt. Retrieved from http://ssrn.com/abstract=933615 or http://dx.doi.org/10.2139/ssrn.933615.
- Zhu, F. (2012). Differential Effects of Corporate Governance on the Cost of Equity and Debt Capital: An International Study. Retrieved from http://ssrn. com/abstract=2160150 or http://dx.doi.org/10.2139/ ssrn.2160150.
- Effective Factors of Price Bubble in Tehran Stock Exchange
Abstract Views :203 |
PDF Views:2
Authors
Affiliations
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
Source
Journal of Commerce and Accounting Research, Vol 3, No 2 (2014), Pagination: 1-7Abstract
The aim of this study is to investigate effective factors of price bubble in Tehran Stock Exchange. In order to achieve this objective, 92 companies during the 5-year period from 2006 to 2010 are studied. Predicted income, industry characteristic, ownership structure and dividends are considered as effective factors on price bubble and so independent variable and price bubble are regarded as dependent variable. To test the hypotheses, multivariate regression model is used. The results indicate that predicted income and dividend are effective factors on price bubble. The relationship between predicted income and dividend with price bubbleis positive and significant showing that increasing dividend and predicted income leads to price bubble. The results also highlights that there is not a significant relationship between industry characteristic, ownership structures with price bubble. These results indicate that firm’s behavioural factors are effective factors on price bubble.Keywords
Predicted Income, Industry Characteristic, Ownership Structure, Dividends, Price Bubble.References
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