نشریه چشم انداز مدیریت مالی
پیاپی 6 (تابستان 1391)

During 1379 (Iranian year)، National Tax Administration (NTA) was established in order to increase efficiency and effectiveness of the tax system. The establishment of this administration was part of the third economic، social and cultural development plan of Islamic Republic of Iran. This study answers the question of whether the goal for which this tax system was established has been fulfilled by NTA or not. In addition، TFP (Total Factor Productivity) has been calculated using a combination of non-parametric Data Envelopment Analysis (DEA) method and Tornqvist productivity growth index. We also want to know whether this calculation method provides a good decomposition of efficiency and technological changes quota. We concluded that based on this method، Iranian National Tax Administration has not been efficient. Furthermore، during the period of 1381-1387 the trend of TFP، efficiency and technological changes are unstable.

The purpose of this research is to examine the relationship between free cash flow، life cycle and dividend policy in companies listed in the Tehran Stock Exchange (TSE) over the period 2002-2009. Using 304 company-year data and conducting OLS regression model showed that there are no significant relationship between dividend policy and free cash flow. These results are not consistent with free cash flow hypothesis and the relationship with dividend policy which is proposed by some prior researchers (Fama and French، 2001; Grullon and et al.، 2002 and Deangelo and et al.، 2006). Also the findings show no significant relationship between companies'' life cycle and their dividend policies.

With expanding technology and communication networks in today’s world، electronic banking development should be considered with the goal of attracting new customers، and adding value to existing clients’ experiences. The banks are one of the institutions which are encountering this phenomenon. Electronic banking has helped the traditional tasks of banks to become easier by using high speed electronic operations to access bank services rapidly، and easily. Therefore، we can view electronic banking as a new challenge in the business world. Most banks encourage the clients to use electronic banking، so they can benefit from faster speed، better access to information، high efficiency، and at last more suitable interest rates on their deposit and loan accounts. The present study was done to survey the effects of electronic banking on the growth of bank deposits. Hence، at first we reviewed the study and accordingly، the researcher has represented as a conceptual model of his research. We extracted five elements based on his research، and then surveyed the model. A questionnaire was prepared and after confirming its validity and reliability، it was performed on 96 samples of managers، credit and financial assistants، IT assistants and experts of Maskan bank branches in Tehran. The data of research model in questionnaire was gathered on Likert scale five-choice spectrum basis. We used T-test to survey the main and sub-hypotheses of study and every single indices، and also variance analyze test and Friedman to rank sub-hypotheses and determine demographic variables. Finally for calculating inner homogeneity of questions، we used Cronbach''s alpha test. Findings show that it’s essential for Bank Maskan to have a strategic plan based on available electronic banking infrastructure in Iran to develop electronic banking in order to increase bank deposits amounts.

The goal of this research is evaluating the effect of long-term debt on agent’s over-investment and firm value problem. In this research، information was collected from company listed in Tehran Stock Exchange (TSE) during 1383 -1388. Cash (liquidity) ratio and capital expenditure ratio were considered as indicators of measuring over-investment. The research method was correlation and the analysis method was multivariate regression with the pattern of pooled data. The research findings showed that the long-term debts lead to reducing industry-adjusted cash ratio. Also، it was confirmed that there is positive and direct relation between firm value and cash ratio. On the other hand، results showed that long-term debt of the firms cause to reduce over-investment in capital expenditure ratio and this reduction leads to increase firm’s value.

According to numerous researches in different markets، the effect of many factors such as earnings information disclosure، liquidity، leverage، E/P، size and book to market value ratio has been confirmed on share portfolio return so far. In this paper، effect of earnings quality on return of different share portfolios has been investigated. Those portfolios selected from the firms listed in Tehran Stock Exchange (TSE). For hypothesis testing، companies have been divided into two groups; high and low quality of earnings، and then it’s assumed that investors can buy one of these share portfolios. The influence of six earnings attributes consist of earning persistence، earning predictability، earning response coefficient، adjusted earning response coefficient، earning value relevance، earning timeliness on share portfolio return using 69 companies information between years 1380-1389 has been tested by compare means test. Results don’t ratify earning attributes effect on share portfolio return.

The purpose of This Study is recognizing the relationship between risk and accounting Indexes in investment companies listed in Tehran Stock Exchange (TSE). The correlation results of 34 investment companies divided into four groups showed that there is a significant correlation between return on equity in general investment company group and also between stock return rate in the special holding، multi –purpose and real estate company groups during the period of 2004–2010. Among 6 accounting indexes which have been tested، there is significant and positive correlation only between risk and return across all of four groups. But such correlation did not observe for other indexes. So the ANOVA test result demonstrated that there is a difference in risk and return among four groups. Scheffe test results showed that there is a significant difference in risk and also stock return between general investing and special holding companies groups. Therefore special holding companies group has the highest risk and return among four investment company groups.

Stock Market responses to advertisements and news in different ways. People’s expectations are subordinate to their predictions which sometimes involve inefficiency. Exploration of the source of these inefficiencies may have major applications in studying investors’ rationality and efficiency of market. This study is generally aimed to investigate the responses of investors to good and bad news under conditions of expansions and recessions assuming the presence of market uncertainty. This study attempts to help potential and actual investors identify chances and risks of investment by indicating to the relation between abnormal return and the investors’ expectations under different economic conditions، The research period includes 7 years since 2003 till 2009، and statistical samples include 104 companies which are listed in Tehran Stock Exchange (TSE). The results show that high or low uncertainty does not affect on the response of stock price to bad news in expansions. The results also indicate that in recession periods، higher uncertainty leads to a smaller price response to good news and this result is consistent with theoretical fundamentals of study.