فصلنامه پژوهش های حسابداری مالی
پیاپی 1-2 (پاییز و زمستان 1388)

In new approaches of firm valuation, it is believed that intrinsic value of company is generally an appropriate criterion for prediction of future cash flow. Since the calculation of intrinsic value is a complex and highly specialized process, all investors cannot use this technique easily to make capital-related decisions. Therefore, this study was conducted to answer this question: Among the criteria such as operating profit and operating cash flow, which one can best describe intrinsic value? Answering this question leads to finding a proxy of intrinsic value in capital decision making. The research period is 9 years (from 1377 to 1386), which is divided into three equal sub-periods of three years, in order to calculate the intrinsic value. 153 firms in the first period, 170 in the second period and 140 in the third period were selected as the statistical sample. The results showed that operating profit could explain the intrinsic value per share better than operating cash flow.

Former studies have hypothesized that auditor industry specialization contributes to audit quality. Thus, 117 listed firms on TSE for time period 1381-1386 were selected. This study examines the association between measures of earnings quality and auditor industry specialization.Extending this literature, we compare the absolute level of discretionary accruals (DAC) and earnings response coefficients (ERC) of firms audited by industry specialists with those which are not audited by industry specialists. We restrict our study to clients of auditors who are accepted for Stock and Exchange Organization (SEO) to control the brand name. Because industry specialization is unobservable, we use market share approach for it. After controlling for variables established in previous works to be related to DAC and the ERC, we find clients of industry specialist auditors have lower DAC and higher ERC than clients of non-specialist auditors. This finding is consistent with clients of industry specialists having higher earnings quality than clients of non-specialists.

The purpose of this study, utilizing data envelopment analysis, is to determine the optimum capital structure about 11 industries and 314 firms which were accepted in Tehran exchange stock.This research includes two stages: first, in order to indicate the output variables of data envelopment analysis, it has dealt with the relation between financial leverage with financial and non-financial variables at different industries. The variables which have significant correlation with financial leverage have been selected as output variables. The findings signify that financial leverage, in 11 industries with profitability variable, in 6 industries with size variable and in 3 industries with fixed assets ratio has significant relations. Furthermore, except for non-metallic mineral industry, in all studied industries hierarchical theory was confirmed, while trade-off theory was merely confirmed in 5 industries.In the second stage, by using the data envelopment analysis, the optimum capital structure for any of firms was determined at different levels of industries. According to the obtained results, the studied firms can approach their optimum financial leverage and thus provide the increase of firm value and stockholder wealth.

Economic agents hold a considerable percentage of their assets in cash and this matter has preoccupied the researchers’ minds for a long time. Firms usually consider target cash levels as their main objective and to get access to it, they make corrections in cash holdings based upon factors that are effective in determining target cash levels.This study is an attempt to investigate the effects of 10 factors on corporate cash holdings, using periodical statement data among corporations in Tehran Exchange, from 1379 to 1384 and multi-variable linear regression. The findings show that receivable accounts, net working capital, inventories and short debts are factors that have negative impact on cash holdings respectively. Conversely, the firms’ growth opportunities, dividend, cash flows variance and net profit are factors that have positive impact on cash holdings respectively. However, there is not enough evidence which shows a negative effect of long debts and firm size on cash holdings.

During the recent decades, accounting scholars have made a lot of efforts aimed at theory – making in accountancy. Despite some success, however, this knowledge field has not been as successful as expected in clarifying different phenomena involved in the field; among the failures one may refer to a range of accounting researches with dissimilar results. As a result, it is often the case that for a relatively long period of time, a number of conflicting theories have developed in parallel. The present paper offers an analytical comparison of the most common approaches in accounting (accounting theory) and within this framework elaborates on their relevant historical background; finally, an appropriate approach is offered which is hoped to help develop accounting studies. The suggested model involves carrying out accounting studies in terms of research objectives, objective realities as well as theoretical realities.

The current culture of each country can have a large impact on implementation or non implementation of internal controls by the most important element of system, called individuals. So in determining control risk and fulfilling it, an auditor should inevitably consider culture as a very important factor. Moreover, the generally accepted auditing standards (GAAS) require auditors to evaluate internal control structure and to assess control risk in auditing trends. Clearly, in order to assess the internal control structure, auditors should recognize environment and controlling activities affected by cultural factors. Regarding this fact, the present research question is posed in this way: does culture influence auditors’ assessment of internal control structure and assess control risk?Current research took place in 2008 and the Research’s responding subjects were selected from working certified public accountants of Iran Auditing Organization (IAO). Research data were gathered by questionnaires and analyzed by Wilcoxon non–parametric test. Results show certified public accountants have evaluated internal control system of countries, with higher individualism and low power distance, more strongly than their opposite ends of the cultural continuum (other countries with lower individualism and high distance power). They also assess control risk of collectivism culture higher than individualism culture. Furthermore, they also believe cultural factors such as individual's concerns about future unclear situation, relying on technology, religion and regulations, individual’s tension with perky behavior, preferred excellence, hero making, modesty, humbling and protecting the poor can not have an impact on evaluation of company controlling system and assess control risk.

The objectives of this study are twofold. First, it examines whether investors overreact to consistency in the firm's prior financial performance in Tehran stock exchange (TSE). Second, multiple estimation horizon of past performance variables are used to assess how they influence the investor's overreaction. Overreaction to consistency in the firm's past performance states that stock price of firms with consistently high or low past performance rise above (below) their fundamental value. These stocks eventually earn lower (higher) returns over the long horizon.Time period of the present study is eight years that ranged from 1998 to 2005. Statistical method of T-test was used to analyze the gathered data and testing method is portfolio test.The evidence provided in this study shows that investors overreact to consistency in a past different performance variable in this study except for cash flow. This study finds out that the magnitude of overreaction to past performance of firms is the function of formation horizon lengths.