فصلنامه دانش حسابداری مالی
سال چهارم شماره 4 (پیاپی 15، زمستان 1396)

The business environment is regularly associated with complexity and dynamics, and increased information asymmetry enhances earnings management scope obtained from the opportunities achieved as result of accountability of managers to inherent limitations of such environments. In such environments, investors will be faced with problem to detect and identify earnings management. This study examines the impact of environmental complexity and dynamics on the relationship between earnings management and information asymmetry in companies listed on the Tehran Stock Exchange. For this purpose, a system of simultaneous equations model was applied using seemingly unrelated least square (SURE) method in panel data. The results of investigation of 90 companies during 2008 to 2013 showed that there is a positive relationship between earnings management and information asymmetry and this relationship is weakened for companies that their commercial operations were faced with of high share price volatility.

The main purpose of this study investigates the effect of audit quality in the financial statement fraud . This study investigates whether the risk of fraud in the financial statements of companies with higher audit quality has been reduced . In general , the higher audit quality in reducing the incidence of in the financial statements fraud of companies listed in Tehran Stock Exchange ( 48 companies’ fraud and 48 companies’ non -fraud ) the period 2008 to 2014 were reviewed . To test the hypotheses, research logistic regressions is used . results show a significant negative relationship between the audit firm size, audit industry specialization , the length of the auditor -client relationship , industry specialistaudit firms with long tenure and quality control point with the financial statement fraud which indicates that the Whatever , the higher the quality audit firms committing fraud in the financial statements less .

In this study, the explanation power of the capital asset pricing model, Fama and French three-factor model and the five-factor model are compared and tested. The study period is from 1382 to 1394 and was performed in Tehran Stock Exchange. Vuong test results showed that there are significant differences in explaining the stock return by capital asset pricing model and the five-factor model of Fama and French. However, differences in the use of capital asset pricing model and Fama and French three-factor model and also in the five-factor and three-factor model of Fama and French wasnt observed. But the explanatory power of the independent variable in the models was different. The Adjusted R^2 of the capital asset pricing model, Fama and French three-factor model and five factor model of Fama and French was 59, 61 and 62 percent. It was also found that the higher investing in firm rise stock return. This shows that with the addition of explanatory variables can be explanatory percent higher efficiency and the use of the five-factor model of Fama and French can be more effective in explaining returns.

The purpose of this study is investigating the effect of managerial overconfidence on firm value stock by two indices based on risk-adjusted return and volatility is measured. Based on risk-adjusted return over the benchmark yield differential Jensen and stock return volatility is measured as the standard deviation of stock returns. The overconfidence management based on the ratio of capital expenditure and investment surplus is calculated. A sample of 90 companies selected by systematic elimination method from the companies listed in Tehran stock exchange during the years of 2010-2016. To estimate research hypothesis, weighted least squares and panel methods were used. The results of the research hypotheses testing indicated that the effect of managerial overconfidence on risk- based adjusted return is positive and significant. The results also show that managerial overconfidence has no significant effect on volatility using the ratio of capital expenditure statistically however, it has positive and significant effect by using surplus investment criteria.

Based on the dynamic trade-off theory, firms have a target (or optimal) capital structure that can vary over time and the firms tend to close their actual capital structure to the target capital structure. The speed at which the actual capital structure of a firm close to target capital structure (or capital structure adjustment speed) depends on different internal and external factors. Using dynamic panel data approach by generalized method of moments estimator (GMM), this research has investigated the effect of disclosure quality and accruals quality on the capital structure adjustment speed of 108 firms listed in Tehran Stock Exchange during 2004 to 2015. To this end, the book leverage and the market leverage is used as measures of capital structure .The research results show that the increase in disclosure quality increases the capital structure adjustment speed, significantly. However, the results indicate that the increase in accruals quality does not have a significant effect on the capital structure adjustment speed.

Managers may adjust dividend to signal stability of changes in previous dividends. On this basis, theory of previous dividends and signaling theory imply that, the dividend is a function of previous profits and serves as a tool for signaling anticipated profit. Since shareholders and investors use carious factors such as dividend for evaluating companies and hence making decisions, and given that company managers have access to inter-organizational information about profitability of the company and use the dividend as a tool for signaling to shareholders and investors, then the relationship between dividend and future profitability is an important empirical subject in financial affairs of a company. As such, the present research aims at investigating the relationship between dividend payout and future profitability of companies. Used in this research are the data on financial statements of 12 companies listed on Tehran Stock Exchange (TSE) during the financial years beginning in 2006 and ending in 2014. In order to determine relationships among the research variables, four hypotheses were designed, and correlation tests and multivariate regression were employed to have them analyzed. Results of the research indicate that, last year’s dividend payout ratio is significantly and negatively related to current year’s dividend payout ratio, and current year’s profitability ratio has a significant positive relationship with the current year’s dividend payout ratio. Moreover, a significant positive relationship was found between current year’s dividend payout ratio and profitability ratio, in one hand, and next year’s profitability ratio, on the other hand. These results are contrary to previous earnings theory and consistent with signaling theory.

The purpose of this study was to investigate the impact of diversification strategy to reduce the risk of bankruptcy of the firms listed in the Tehran Stock Exchange. In this regard, the two criteria of business is used commercial and geographical diversification as a measure of diversification strategy. To measure the bankruptcy risk of firms has been used of discriminant analysis model. Tehran stock exchange listed firms constitute statistical population of the research and the sample was selected imposing conditions of the research variables to 88 firms during 2011-2016. Statistical technique of panel data regression was used to analyze data and test the hypotheses. According to the results, the bankruptcy risk decreases by increasing commercial diversification. In fact, investigated companies to implementation diversified product strategy can increase their share of the market and reduce the bankruptcy risk. The results also show there isnt a significant relation between the geographical diversification and bankruptcy risk.