فصلنامه دانش حسابداری
پیاپی 24 (بهار 1395)

This research examines the effects of estimated accuracy of forecast of ex-ante bundled management earnings on post-earning announcement drift. The model used in the study, first, takes earning forecast properties, including forecast ability, difficulty and environment, to provide estimation of earnings forecast accuracy. In the second stage, the model examines the effects of estimated forecast accuracy on post-earnings announcement drift.
Study period is 2006 to 2012, and unbalanced panel data method is used for estimation of the models. The study results from the first stage showed that earnings forecast properties could significantly explain the management earnings forecast accuracy. The study results in second stage showed that adjusted abnormal returns cannot be explained by unexpected earnings. The findings are valid for bundled forecasts with no respect to forecasts accuracy, and will be held valid along with increasing accuracy of bundled forecasts.

This research investigates the relationship between costs behavior and changes in bonus for the directors in the industrial food, drug, chemical, metal and car companies listed in the Tehran Stock Exchange, (TSE). In this study 58 companies has been investigated during 2008-2013, using panel data analysis method.
The findings showed that there is positive and significant relationship between changes in returns on assets (ROA) created by costs behavior (normal and abnormal costs behavior) and changes in bonus to the directors, and that the relationship is of asymmetric type. These findings indicated that costs behaviour may affect the amount of bonus for the directors, and that the basis of bonus is of asymmetric type. Hence, it could be claimed that in the studied companies the directors are supported by allocating bonus to them blindly. In addition to the need to more attention to costs behavior at times of allocating bonus to the directors, the findings could be used indirectly to provide new mechanisms for determining fair bonus.

One of the most controversial topics in accounting research is earnings management. Accounting profit consists of cash and accrual. Benefit accruals are largely in control of management. On the other hand, one of the consequences of capital market development is the separation of ownership from company’s management that may result in several representative problems such as moral hazard that, in turn, may cause the manager leave the representative contract ineffective to follow his own benefit. Hence, it is expected that the firms with high level of moral hazard have high earnings management level. This study aims to examine the relationship between moral hazard and earnings management in the companies listed in the Tehran Stock Exchange in the period 2006-2011.
The research hypothesis was tested by linear and non-linear partial least squares method, using structural equations model. The results indicated that there is a positive relationship between moral hazard and earnings management, and that such a relationship could be explained better by linear model.

The studies in Iran and many other countries indicated that a high percentage of companies annually restate their financial statements. This implies that accounting information in many companies is questionable, regarding the feature of reliability. This may harm the relationships between companies and their external clients/stakeholders, especially the investors, and may affect firm's cash flow and, finally, firm's growth. This study investigates the impact of financial restatements on firm's growth.
The study takes the Demirguc-Kunt and Maksimovics model, and uses internal growth rate (IG), short-term growth rate (SFG) and maximum sustainable growth rate (SG) to measure firm's growth. The statistical population of this study is the companies listed in the Tehran Stock Exchange, and 66 company-years within a period of 14 years from 1999 to 2012 were examined. The results indicated that financial restatements in announcement time lacks effective informational value and does not have effect on firm's growth.

Despite the importance of transparency, a generally accepted definition of transparency has not been provided yet. Several methods for the measurement of transparency have been used that resulted in different justifications in the measurement. In this study, to assess the transparency and quality of company's disclosure, we proposed a model by reference to theoretical studies and the respected literature, as well as environmental properties of the country.
To examine validity of the model, a questionnaire was designed, and based on experts’ analysis, all the parameters of the model were verified. Then, the model for the negative relationship between transparency and liquidity risk of stocks was examined, and compared with the disclosure score of the Stock Exchange. To assess liquidity risk, we used daily price impact measures of the stocks and the resulted indicators for them. The findings showed that there is significant negative relationship between the proposed financial reporting transparency and liquidity risk indicators, while the relationship between the score of disclosure of the Stock Exchange and these variables are not meaningful.

The optimum level of cash holdings in a company is the main issue of interest of managers in the recent years. This research concentrates on the effects of deviation from optimum level of cash holding on the future accumulated abnormal stock returns. In this study a sample of 71 companies from Tehran Stock Exchange for the period of 2008 to 2013 was selected. To test the hypotheses, a model of generalized least squares and the panel data method have been used.
Results from this study showed that the absolute values of deviation from optimum level of cash holdings do not have negative impact on the cumulative abnormal stock returns. The negative values of deviation from the optimum level of cash holdings lack meaningful relationship with the cumulative abnormal stock returns. The positive values of deviation from the optimum level of cash holdings do not have negative impact on the cumulative abnormal stock returns.

This study aims to examine the relationship between level of social responsibility and dividend policy in the Iranian companies listed in the Tehran Stock Exchange. To measure the disclosure level of social responsibility, content analysis method was used. Responsibility ranking was measured through a check list that contains 17 factors and 60 criteria, in which 3 aspects of social, economic and environmental issues for social responsibility were considered.
The findings of the content analysis showed that 48 indices, or 80 percent of total indices, measured in this study were not disclosed in the annual reports of the board’s activities. The low level of social responsibility disclosure reflects the gap between current situation and stakeholders’ expectations. This implies that creating appropriate standards and requirements for disclosing indices of social responsibility in annual reports is necessary to meet expectations of stakeholders in the Iranian capital market. Also the results showed that there is positive and significant relationship between the level of social responsibility and the percentage of dividend distribution. In other words, managers of the companies with higher level of social responsibility disclosure, provide more profit distribution among stockholders to increase their interests.