فصلنامه پژوهش های تجربی حسابداری
سال هفتم شماره 2 (پیاپی 26، زمستان 1396)

In the present study seeks to answer the question whether the level of corporate transparency (measured by a battery of proxies including accrual-based earnings management, audit opinions , the quality of audit firms, state ownership and the prevalence of related party transaction) on optimism and pessimism investors than the stock prices, which usually occur due to difficulties in valuation firms effective or not? To highlight the importance of corporate transparency in decision investors, we tested five hypotheses. For this purpose, monthly data of 70 companies listed on the Tehran Stock Exchange during the period from 1388 to 1393 through the analysis of time series have analyzed. The findings of this study suggest the first, second, fourth and fifth hypothesis based on more the effects of investor sentiment, or in companies with management of accruals more, unqualified audit reporting, related party transactions more and State-controlled companies respectively, than firms with lower accruals management, qualified audit reporting, related party transactions less and controlled by private companies. Also with regard to the third hypothesis was not confirmed ,the findings show that investor sentiment effect on stock prices in companies audited by the National Audit Office to audit firms by other institutions not meaningful. Overall, our findings highlight the importance of corporate transparency in mitigating the effects of investor sentiment on stock prices.

The aim of this study was to investigate the relationship between product market competition and the audit fees with regard to the role of corporate governance. Using TOPSIS, a ranking index of companies was made based on corporate governance. The index included six factors: board of director size, board independence, CEO duality tasks, institutional ownership, ownership concentration and independent auditors. The test research hypotheses, multivariate regression analysis and panel data approach with fixed effects is used. Sample includes firms listed in Tehran Stock Exchange (TSE) and Iran Fara Bourse (IFB) market during 2009 to 2014. Findings indicate that there is a positive relationship between product market competition and audit fees and corporate governance mechanisms have the reverse effect on this relation and reduce the strength of this relationship. This means that in competitive environment, business risk is high and so, audit risk and audit fee are increased. However, if client has appropriate corporate governance mechanisms, increase in the audit fee is less.

This study investigation the Effect of Using Fair value in Financial Reports in Improving the Value relevance of Accounting Information.
The ultimate goal of this study is to determine the difference of the value relevance of accounting information between the fair value system user’ companies and the historical cost user' one.This research from an objective point is an "applied", from the executive aspect is a "descriptive-correlation", and from the essence perspective is a "post events and quantitative". This research has taken place on the statistic samples of the 95 listed companies in the Tehran Stock Exchange during the years of 1387-1393. After collecting data and calculation of the basic variables, all of the hypotheses of research were tested by the using of data panel model. For to investigate the relationship between the variables have been used of simple and multiple linear regressions. The results of this research show, the value relevance of Earnings Per Share, and the value relevance at the same time of Earnings Per Share and the Book value, in the companies which have used the Fair value method is more than the companies which have used the Historical cost system.

In current economic environment, firms consider human capital as one of their major sources of competitive advantage, and human capital reporting is a reporting system of the firm which provides information about employees’ knowledge, abilities, capabilities, and motivations. In this study, the relationship between human capital reporting and firms’ intangible assets is tested for the first time. The sample includes 131 listed firms in Tehran Stock Exchange during 2010 to 2014, and panel data regression method is used to process and test the hypotheses. The results showed an inverse relationship between tangible assets and human capital reporting of listed firms in Tehran Stock Exchange. In other words, voluntary disclosure of financial and non-financial information about investment in human capital is an alternative to the identification of intangible assets in financial reporting. Accordingly,there is an inverse relationship between the mandatory disclosure of intangible assets and voluntary disclosure of human capital, meaning that voluntary disclosure plays the role of substitute for mandatory disclosure.

The purpose of this paper is to examine whether cash effective tax rate is a suitable criterion to measuring tax avoidance? This is important because it can affect the results of the research in the field of tax avoidance. A sample of 102 companies (including 714 firm-year observations) listed in Tehran Stock Exchange (TSE) which have positive pre-tax income for the period of 1384-1391 have been selected to test the hypotheses.
Using multivariable regressions and panel data to test hypotheses, the results suggest that the cash effective tax rate is not a suitable criterion to measure tax avoidance. Because this rate, reflects two distinct effects; tax avoidance effect and upward earnings management effect. This is due to the pre-tax income in denominator which can be affected by activities designed to manage pre-tax income that have no effect on taxes paid. Using this rate for measuring tax avoidance in issues that also can drive by earnings management may distort the results.

The purpose of this research is to examine the relationship between real activities earnings management and credit ratings in a 76- member sample of firms listed on Tehran stock exchange during 1387 to 1393. Regarding the absence of international credit rating agencies in Iran's financial market, this paper firstly calculates credit ratings of selected firms using the emerging market score (EMS) model, then applies a multivariate regression in which dependent variable is credit rating and independent variables are abnormal cash flows from operations, abnormal production costs and abnormal discretionary expenditures. This research is an applied (in terms of objective) and descriptive (in terms of data collecting method) one that uses observational data. Results suggest that there is no relationship between abnormal cash flows from operations and credit rating, but abnormal production costs and abnormal discretionary expenditures, at 5% level, are significantly negatively related to credit ratings in Iran.
Key words: Credit Rating, EMS Model, Real Activities Earnings Management, Abnormal Discretionary Expenditures, Tehran Stock Exchange.

One of items that attracts attention of financial statements users is earnings. In accounting literature, precise of earnings forecasts is very important. There are many factors that influence earnings forecasts. One of these factors is overconfidence that have important role in precise of earnings forecasts. Management forecasts also reflect company’s perspective. Hence the purpose of this study is examining the effect of managerial overconfidence on management earnings forecasts. To obtain this purpose, a sample of 112 listed companies in Tehran stock exchange between 2007 to 2013 is investigated. To measure managerial overconfidence, two measures of overconfidence based on the investment decisions were used. Research hypothesis is tested by using ordinary least squares method. The findings show that there is a direct and significant relationship between both measures of managerial overconfidence and management forecast errors. Since managerial overconfidence impacts on their forecast, investors should consider this factor when they are evaluating investments.

Accounting earnings represent corporate performance. Furthermore, one of the main approaches in the voluntary disclosure researches is that managers have private information, which is strategically communicated to investors and analysts via voluntary disclosures like management earnings forecasts. For this reason, the impact of management earnings forecast and accounting earnings (including net income and gross income) in forecasting economic variables were compared with each other. Our sample include 88 largest firm listed on the Tehran stock exchange in years 1385 to 1395 .To answer the research question, various models based on artificial intelligence designed and their results were compared. Results indicate that the particle swarm optimization and genetic algorithm is an effective way in training neural network. The results also indicate that management earnings forecast in line with accounting earnings (net income and gross income) are a useful indicator in predicting economic variables. Overall, this finding emphasizes the importance of accounting variables in macro economic.

The aim of this study is to investigate the relationship between Cash flows from operating activities in five-section model and return on investment in four-section model with the Earnings persistence. In order to investigate this issue selected sample of 171 firms enlisted in Tehran Stock Exchange during a 6 years period (from 2008 to 2014) .Data analysis was performed through Eviews software and consolidated structure (panel) and generalized least squares method (GLS) and in Weighted Cross section framework and by using Cross section fixed effect. The result of this study has shown that Cash flows from operating activities in five-section model and return on investment in four-section model have positive impact on earning persistence. In comparative situation the effect of return on investment in four-section model on Earning persistence is more than Cash flows from operating activities in five-section model. According to the results, financial decision makers and analysts can by simple changes, by simply arranging several elements together, and converting Cash flows from operating activities in five-section model into return on investment in four-section model, such as in The definition of this variable in the text of the article is to test the sustainability of company earning persistence more correctly.

the Conflict between management and share holders about payment of cash to shareholders is higher especially in the firms with large free cash flow. If free cash flow invested efficiency,the revenue and stock return will be increase. In this study effect of corporate governance, which regulate agency problem, investigate on relationship between free cash flow and stock return.
Analysis data for enterprise accepted in Tehran Stock Exchange for the period 2006 to 2013 shows institutional ownership have negative and significant effect on free cash flow and stock return and concentrations of ownership have positive and significant effect on the free cash flow and the stock return. Also, the results show board independence has no significant effect on the free cash flow and the stock return. Generally result show good corporate governance can decrease the agency costs of free cash flows.