فصلنامه دانش حسابداری
پیاپی 50 (پاییز 1401)

According to the instructions of the Tehran Stock Exchange Organization, companies admitted to the stock exchange are required to publish their reports and financial statements and other important information that can affect the price of the company's securities or investors' decisions based on accounting standards. One of these reports is the monthly activity report, which companies admitted to the stock exchange and over-the-counter must publish in the Codal Website within 5 working days after the end of each month. And if approved by the organization, it can be extended up to 10 working days. The researches carried out in relation to the content of the published information are mainly based on annual and quarterly earnings and income reports. Because firm earnings and income are always disclosed simultaneously in such studies, an unanswered question is whether windfall earnings alone, which are mainly influenced by company sales, can affect stock prices, in other words, change in monthly sales of firms can contain important information or not. In this research, due to the fact that monthly sales and quarterly profits are disclosed on different dates, an attempt is made to investigate the effect of disclosed sales on stock returns. Considering that it is expected that the publication of the monthly activity report of the firms will contain information content about their activities and performance, therefore it is expected that the market will show a reasonable reaction to the publication of these reports. In the monthly activity report of firms, the income of sales of goods and services of the firm is reported. This report has been provided to investors through the codal.ir since 2017. The usefulness of this report for investors can be examined by evaluating its informational content.

It is an event research. In such researches, the time of information release is considered as the time of the determining event and the price changes around it as a criterion to evaluate the market reaction.To evaluate the information content of sources, two main criteria including price-based and volume-based tests are used. The price-based test makes it possible to evaluate the market reaction on a certain day or a certain period of time through the way the price changes. This criterion is based on the theory that the price correction will occur simultaneously with the increase in the accuracy of information or disclosure. The volume-based test reflects the reaction of the trading volume at the time of the announcement or a desired period compared to the period when the relevant information has not yet been disclosed. Price-based tests reflect changes in the expectations of the market as a whole, while changes in trading volume reflect the expectations of individual shareholders in the company.Research hypotheses have been formulated based on the presence of good news or bad news based on the market's reaction to them. If the monthly activity report contains messages about changes in the firm's performance, market participants react differently to these changes (good or bad). In the research hypotheses, the change in the firm's performance that will contain good or bad news is defined based on unexpected sales. In this study, to evaluate the information content of the monthly activity report of firms, price changes and trading volume around the announcement time have been considered. Based on data related to 234 firms during the years 2017 to the end of Shahrivar 2020 and event study methodology, the market response to these reports has been studied.

The findings show that the monthly activity report contains important information for the market. The market reacts appropriately to published reports containing good news or bad news. With the release of good news, stock prices increase, and following the bad news, stock prices decrease, which in any case, the trade volume around the publication of the monthly activity report of firms, a significant increase is observed.

The results of this research showed that the publication of the monthly activity report contains important information content that market participants react to. The results show that the market reacts quickly to reports that contain good news (the actual performance is better than the firm's expected performance), and as a result, the stock price and trading volume increase on the day of publication and two days after that, as well as the market reaction. Also, the market's reaction to reports containing bad news is accompanied by a decrease in price and an increase in trading volume on the day of the event and three days after the event. Monthly activity report as one of the information has important messages related to the current performance of companies. Investors can adjust their short-term strategies based on their forecasts of current firm performance, prior to the announcement of quarterly earnings.

IFRS have been widely accepted and implemented worldwide since 2005. In Iran, the use of international financial reporting standards is allowed for the fiscal year starting from 3/21/2013 and is mandatory for a group of companies from 3/20/2016. However, the number of companies that have complied with this requirement is very small. One reason for this is the significant impact of the implementation of these standards on the items of the statement of financial position, but no scientific evidence has been provided for this issue. The purpose of this study is to investigate the effect of international financial reporting standards implementation on the statement of financial position of Iranian manufacturing companies.

This study used a descriptive-causal and Ex-Post Facto design. Statistical population includes manufacturing companies that have prepared financial statements according to IFRS. According to study, only one steel company has published its financial statements in compliance with the requirements of the Stock Exchange and Securities Organization in codal, by contacting the auditing companies providing IFRS services, it was found that these companies have prepared financial statements based on IFRS for 5 other companies, but these publishers have not published these financial statements publicly, and therefore by signing a confidentiality agreement with auditing companies, this information in researchers were allowed to use it without mentioning the name of  the company in the research. Therefore, the sample includes 6 companies, all of which are in the steel industry and have more than 50% market share in this industry. Due to the non-normality of the data, the non-parametric Wilcoxon Signed-Ranks test was used to test the hypotheses.

Findings show that after IFRS implementation, the average total non-current assets increased from 61,805,379 to 120,820,274(95%) and the total assets from 109,552,190 to 167,042,984 (52%). Also, the average price of property, plant and equipment from 50,522,345 to 105,977,233 about 100 percent, investment in property increased from 20,982 to 316,588 and Investments in associates increased from 323,222 to 2,059,848. The average accounts receivable and inventory have decreased after the implementation of IFRS. After the implementation of IFRS, the average reserves increased from 2,011,449 to 2,559,091, equivalent to 27%, and the retained earnings increased from -976,309 to 43,663,393, and the average, maximum and minimum Issued capital did not change. Also, the average equity attributable to equity holders of the parent grew by about 100 percent and the average non-controlling interest growth grew by about 30 percent, The average total non-current liabilities increased from 12.453.065 to 240.03.327 (92%) and the average total liabilities increased from 65.552.333 to 77.272.299 (18%) and the average deferred tax liabilities for each company 11.764. .062 was identified. Also, the average liabilities for retirement benefits and dividends payable did not change much, and an average of 711,057 reserves were identified for each company. Findings show that the implementation of  IFRS has a significant impact on property, plant and equipment, inventory, total current assets, total non-current assets, retained earnings, interest-bearing loans and borrowings, payables,  provisions, deferred tax liabilities, total non-current liabilities and  total liabilities and causes a considerable increase in property, plant and equipment, other intangible assets, total non-current assets, total assets, retained earnings, equity attributable to equity holders of the parent, total equity, deferred tax liabilities,  total non-current liabilities, payable facilities, current liabilities, Total liabilities  and provisions  and considerable decrease in inventory, accounts receivable, total current assets and payables. The current ratio and the ratio of long-term debt to equity are significantly different from the five ratios examined in the financial statements of steel companies according to IFRS to Iran accounting standards, and the amount of four ratios (current ratio, debt-to- equity ratio, debt-to-assets ratio, ratio Market value to book value) have decreased according to IFRS to Iran accounting standards and only the ratio of long-term debt to equity according to IFRS to Iran accounting standards has increased.

Implementing IFRS has led to significant changes in statement of financial position and financial ratios and has reduced the gap between the book value and the market value of the company. The present study, according to the approvals of the Auditing Organization in 2011 and the Stock Exchange and Securities Organization in 2013 and 2016, can be a guide for legislators, Standardizers, managers, accountants and auditors to transition to IFRS. The practical results of this research are that the Stock Exchange and Securities Organization as the main sponsor of micro-investors, the Auditing Organization as the reference for standardization and investors can gain insight into the effect of using IFRS and considering the significant differences, Emphasize and insist on the implementation of approvals for the publication of consolidated financial statements based on IFRS. Capital market publishers can also reduce their worries and resistance by recognizing the effects of change, and by allocating sufficient financial and human resources to implement the stock exchange organization's decree.

Since Smith (1980) emphasized the importance of working capital management1 due to its impact on the firm's profitability and risk, the theoretical and empirical literature has focused on working capital management. In this regard, some studies have focused more on how investment in working capital affects business unit performance and a few studies have focused on the determinants of this investment. However, some studies have ignored the risk of a decrease in sales and disruption in the production process due to a decrease in the amount of investment in working capital. Furthermore, some researches have not considered the increase in the risk of bankruptcy that may be caused by the increase in the amount of investment in working capital. Therefore, investing more or less than the optimal amount in working capital may have a negative impact on the firm's performance. Based on the trade-off theory, firms may have an optimal (or target) level of working capital whose benefits and risks are balanced. However, firms adjust the amount of working capital only when the benefits of doing so exceed the costs of adjustment. Various factors such as financial costs, company size, growth opportunities, financial crises, company profitability, economic growth, etc. affect working capital adjustment costs; but the two variables of access to external financial resources and the bargaining power of the business unit have received less attention. Although the existence of the target working capital level and the factors affecting the speed of its achievement in foreign researches, but in domestic research, only Dadashzadeh and Hejazi (2019) paid attention to some aspects of this issue. Therefore, due to the importance of the topic, in this research, the speed of adjustment of working capital has been discussed and the effect of access to external financial resources and the bargaining power of the business unit on the speed of adjustment has been the focus of attention.

The research sample includes 137 firms (2,466 firm-year observations) listed on the Tehran Stock Exchange during the period 2003-2020, which are set in the form of unbalanced panel data. In order to measure the speed of working capital adjustment and also to test the hypotheses, a partial adjustment approach with a dynamic model using the system generalized method of moments estimator (System-GMM) has been used. For robustness tests, we use the difference generalized method of moments estimator (Difference-GMM). Furthermore, to address the heterogeneity of speed of adjustment, we use Orlova and Rao’s (2018) two-stage approach.

Overall, the results show that compared with other firms, firms that have more access to external financing and have more bargaining power in business negotiations, have a faster working capital speed of adjustment. Findings from robust tests that confirm our initial results are consistent with the trade-off (between costs and benefits of debts) theory. The results of this research are useful for managers and investors. Considering the importance and benefits of having the optimal level of working capital and its positive effect on firm's performance and its value, and the fact that firms with a higher adjustment speed achieve the aforementioned benefits faster, managers are advised to increase and facilitate access to external financial resources and increase the firm's ability to participate in business negotiations, because access to more financial resources and bargaining power and a higher hand in business negotiations will reduce adjustment costs and benefit the firm faster from the benefits of the optimal working capital ratio. On the other hand, investors are also advised to consider the components of access to external financial resources and the bargaining power of the business unit when making investment decisions, because these two variables that affect the speed of adjustment of working capital ultimately affect profitability and efficiency.

Awareness of the role of external financial resources and bargaining power in increasing the speed of working capital adjustment in order to achieve an optimal level can provide useful information to business managers and investors. In all stages of this research, procedures have been chosen and implemented so that the results of the research have appropriate generalizability; however, there may be limitations that prevent this from happening. One of the things that may influence the results is the use of only one macroeconomic variable (GDP growth) and not using the variable at the industry level to explain working capital management. Although this action has been carried out following previous researches, it is possible that the use of other economic variables as well as the use of a variable at the industry level to explain changes in working capital management may have different results. In the continuation of the path and to clarify other aspects of the issue, it is possible to advise future researchers to carry out the current research in the time periods before and after the intensification of economic sanctions against Iran, to include another variable to measure the macroeconomic situation and also to use a variable at the industry level. Check to explain working capital management.

The key qualities for accounting students in the domains of financial issues and investments are among the requirements of entrepreneurship. Besides, one of the most serious challenges facing Iran's government is to create job opportunities and above all resolve youth unemployment, particularly among higher education students and graduates. Given the limited facilities and capabilities of the government to develop businesses for all, it is of utmost importance to reflect on entrepreneurial activities and plan for them. From this perspective, the present study aimed to investigate the impacts of financial and investment decision-making components on entrepreneurial intention (EI) to start and develop businesses among Iranian accounting students. For this purpose, the effects of financial intelligence, risk-taking, optimism, levels of accounting education, and work experience on accounting students' EI were explored. 

The statistical population in this study consisted of all students enrolled in the associate's, bachelor's, master's, and PhD programs in accounting at Iranian universities and institutions of higher education. In view of the large statistical population and the outbreak of the coronavirus disease 2019 (COVID-19) across Iran, the research questionnaire was initially designed online, via the Avalform software, and its link was then sent to the accounting students via e-mails as well as virtual channels and groups on scientific social networks, such as WhatsApp and Instagram. In this way, simple random sampling was utilized. Upon collecting the data and excluding five incomplete questionnaires, the data from 252 questionnaires were exploited for further analysis. In line with the sample size table developed by Bartlett, Kotrlik, and Higgins (2001), at least 209 questionnaires needed to be completed and analyzed in field studies with unlimited populations. Accordingly, the number of questionnaires in this study met the sample size adequacy, and the results could be generalized to the entire statistical population. The data collection instrument was a standardized questionnaire, consisting of several parts with open- and closed-ended items. To check its validity, the opinions of four entrepreneurship and accounting experts were firstly obtained, and then the reliability of its different scales were measured by the Cronbach's alpha coefficient. As well, the data analysis was fulfilled using the SPSS and SmartPLS software packages. For this purpose, the descriptive and inferential statistics were recruited. With regard to the inferential statistics, the structural equation modeling (viz. the measurement and structural model assessments), and the partial least squares (PLS) as an estimation approach were performed. During the measurement model assessment, the validity, reliability, and fit of the measurement model for the latent variables in the study were calculated. As well, the research hypotheses were tested by the proposed model through the structural model assessment. 

The study results demonstrated that financial intelligence had a significant positive effect on EI among Iranian accounting students at the 99% confidence interval (CI). Therefore, it was acknowledged that the students' intention to start and develop entrepreneurial activities and establish businesses could boost alongside the growth in their financial intelligence. Additionally, the findings revealed that risk-taking had a significant positive impact on EI. In other words, the accounting students' EI toward self-employment and investment for starting and developing entrepreneurial businesses could multiply as their level of risk-taking amplified. Even though optimism as one of the main personal characteristics could influence entrepreneurship, and act as a driving force in entrepreneurial activities and investment to launch new and high-risk businesses, the results of the present study demonstrated that optimism did not have a significant effect on EI among the accounting students in Iran. In fact, optimism failed to predict the variations in their EI, due to the nature of accounting as a field of study and its working conditions in this country. Human capital could similarly play a significant role in strengthening EI in the students to start a business and organizing the relevant resources. In light of this, there is strong evidence that human capital raises the individuals' tendency to undertake entrepreneurial activities. On this point, the study results confirmed that the human capital components, i.e., work experience and the level of accounting education could have a significant positive effect on the students' EI. Put it plainly, the Iranian accounting students' decisions could be directed toward self-employment and investment in entrepreneurial activities with the rise in their experience and levels of education. 

The study results established that the financial and investment decision-making components, such as financial intelligence, risk-taking, work experience, and level of accounting education could contribute to forming EI among accounting students to start and develop entrepreneurial businesses. Therefore, this study had some theoretical and practical implications for EI in students, especially the accounting ones. Considering the theoretical achievements, no coherent research had been previously conducted to predict accounting students' EI with an emphasis on the financial and investment decision-making components, to the best of the authors' knowledge, so the present study aimed to examine the effects of such components on accounting students' EI to fill the existing gaps. In terms of the practical outcomes, policy-makers, planners, managers, and professors in the higher education system could take advantage of the study results to promote entrepreneurial and self-employment activities among students; for example, they are suggested to establish student entrepreneurship cooperatives, offer comprehensive training and internship courses, and hold entrepreneurship workshops and events to expand students' financial intelligence and risk-taking, boost human capital, and thereby promote EI among them.

Forensic audit refers to a broad method of fraud investigation. This method also defines fraud prevention activities and analysis of anti-fraud controls. Investigating fraud in order to prove or disprove its occurrence is a part of forensic accounting and it is a science that uses accounting facts and concepts collected by accounting methods to prepare techniques and solutions through which judicial problems can be solved. And the season is coming. Court accounting is very important for the judicial system; Because it provides specialized services such as evaluation of fake invoices, valuation of suspicious bankruptcies and analysis of financial documents related to fraud and fraud. The purpose of this study is to introduce a new field of accounting and auditing called forensic auditing to identify the factors affecting the demand for using the services of forensic auditors and while presenting a model for it to explain the position of this profession in the society and highlights its importance. The importance of the research is due to the fact that so far in Iran and even in other countries, no research has been done regarding the identification of factors affecting the court audit. Therefore, this research will be conducted for the first time in the country in order to introduce the factors affecting the use of the services of court auditors and take a positive action in the direction of increasing knowledge and expanding people's awareness of the services of this profession.

In this study, in the first step, using various articles and expert opinions, 120 factors affecting the demand for forensic audit were identified and using the opinions of 18 experts during 2019, the effective factors were confirmed by Delphi method and 40 factors were confirmed. In the second step of the research, 38 factors were confirmed using the Shannon quantitative entropy method and the research questionnaire based on Cochran's formula was distributed among 369 official justice experts working in Tehran province as a statistical sample. Finally, the effective factors were prioritized using the Structural Equation Method (SEM).

In this study, the factors affecting the demand for forensic audit are classified into two categories: internal and external. Internal factors include financial and transactional factors, management and personal factors, information and accounting systems factors, behavioral and ethical factors, structural and economic factors, and external factors including legal and regulatory factors, political, economic, cultural factors, auditor-related factors. Independent and factors related to judicial authorities. Among the extra-organizational factors affecting court audit, political, cultural and judicial factors are the most effective external factors with a coefficient of 0.900. The second external organizational factor affecting court audit is economic factors, which has a coefficient of 0.885. The least important extra-organizational factor is the factor related to independent auditors, which has the smallest coefficient among all effective factors with a coefficient of 5.032. Coefficients related to internal organizational factors are intuitively larger than external factors and thus have a greater impact on court audit.

Considering the high number of financial frauds in various fields, the judicial system has a very difficult task to discover and prosecute the criminals and the accused. Due to the evolution, development and progress achieved in this era, the proof of some financial issues has gained special complications and their diagnosis requires special expertise, which will clarify the truth of the matter by providing technical and specialized information. Therefore, it is very important to refer to auditing experts to conduct research and discover the truth in complex financial issues. Meanwhile, forensic accounting can help the court as a powerful arm to discover the truth and clarify the truth. The results show that among the factors affecting the demand for forensic audit, internal factors (financial and transactional factors, management and personal factors, information and accounting system factors, behavioral and ethical factors, structural factors and economic factors) compared to external factors (Legal and regulatory factors, political, economic, cultural factors, factors related to independent auditors and factors related to judicial authorities) are of higher importance. The results of this study help to identify bottlenecks in fraud and corruption and play an important role in promoting the status and importance of forensic auditing in society. Due to the increase in the rate of fraud and corruption in the public and private sector, it is suggested to take measures to prevent and detect such activities in relation to the formulation of accounting and auditing laws, regulations and standards in order to increase the responsibility of auditors in detecting corruption and fraud. Also, considering the importance of prevention and detection of corruption in the economic development of the society, it is suggested to use the valuable experiences of court auditors and university professors to compile and include courses related to court and judicial audit in university courses.

The relationship between information disclosure and the cost of capital is one of the key concepts in financial reporting issues. In the past, theoretical research has shown that the level of information disclosure leads to a reduction in the cost of capital by improving the liquidity of stocks and reducing the risk of investors estimating the parameters of an asset's return. However, empirical studies have shown different results in this regard. Some of these studies show the existence of a positive and significant relationship between the level of information disclosure and the cost of capital, some of these studies show the existence of a negative and significant relationship between the cost of capital and the level of information disclosure, and another group also indicates the absence of a relationship between these two variables. Recently, Dutta and Nezlobin (2017, 2018) in their theoretical model presented the impact of macroeconomics factors such as the economic conditions of the capital market and the level of growth rate of companies in the ability to explain these mixed empricial results. According to their point of view, a change in economic conditions can lead to a change in the capital market and lead to the boom or bust of the capital market. Capital market boom causes attraction and its bust causes capital to escape from the market. As a result, Economic conditions as an external factor can have different effects on companies’ information disclosures. Accordingly, the present study, with the aim of explaining and interpreting the different results of empricial research conducted in the field of the relationship between disclosure and the cost of capital, has tested the effect of the boom and bust of the capital market on the relationship.

For this purpose, the information of 130 companies listed on the Tehran Stock Exchange, between 2010 and 2018, was selected. In order to measure the variable of voluntary disclosure of information, the proxies of timeliness, accuracy and bias of firm midterm and annual earnings forecast has been used. Also, stock risk premium, according to the model of Hess et al (2019) and Lee and Mohanram (2014), was estimated using measurement of combined implied risk premium. In order to determine the capital market cycle, the Hodrick-Prescott filter was used and the time period of the research has been classified into two periods of boom and bust, and the hypotheses of the research have been tested both at the level of the entire sample and for the periods of boom and bust of the capital market. Also to test the research hypotheses, a multiple regression model, using the combined data method, has been used. In the present study, data analysis has been performed using stata software version 16.

The results showed that voluntary disclosure of information, for the proxies of bias of midterm and annual earnings forecast at the total sample level and during the boom and bust period of the capital market, negatively and significantly, and for the proxies of forecast accuracy of midterm and annual earnings forecast at the total sample level and during the boom and bust period of the capital market, positively and significantly have a effect on the stock implied risk premium. Also, the results indicated that the proxies of timeliness of midterm and annual earnings forecast at the total sample level and the timeliness of annual earnings forecasts during the bust period of the capital market have a positive and significant effect on stock implied risk premium.

According to the research results, the capital market cycle can affect the relationship between the timeliness proxy of annual earnings forecast and the stock implied risk premium. But the capital market cycle cannot affect the relationship between the other two variables of information voluntary disclosure, including the bias and accuracy of midterm and annual earnings forecasts, and the stock implied risk premium. Actually, the relationship expressed for different proxies of information voluntary disclosure is different. Also, the analysis of the results shows that companies voluntarily make more disclosure during the capital market boom. On the other hand, contrary to expectation, the return in excess of the risk-free rate of return (risk-free) demanded by investors is higher during the capital market boom. The value of dispersion for the measure of and the stock implied risk premium also shows that this value is higher for the period of capital market bust than the period of capital market boom. This issue can be due to the high fluctuations of the market during the period of bust.The results of the research can help managers to reduce the cost of capital by disclosing less bias profit forecasts, by gaining the trust of investors.

Changes in the information contained in the financial statements of companies is one of the most important sources of information for decision making for users of financial statements. The greater the range of changes in the items in the financial statements, the higher the information risk or entropy of the financial statements. When the entropy of financial statements is high, users of financial statements become confused and financial analysts are not easily able to estimate the future of the companies; therefore, the entropy of financial statements is considered as a degree of uncertainty in order to predict the future status of the companies. Investing in the stocks of those companies that have high entropy has a high risk, and due to the high risk and the possibility of bankruptcy, it is possible that the principal and profit of capital are lost. For this reason, when investors intend to invest in such companies, are exposed to information risk, And this makes investors adjust their expected rate of return. Failure to meet the expectations of investors will cause them to flee the stock market; This has a significant effect on the cost of capital and the actual return on shares of companies, Therefore, the purpose of this study was to investigate the effect of entropy of financial statements on stock returns and the moderating role of abnormal audit fees on the relationship between entropy of financial statements and stock returns.

The current research is applied in terms of purpose and regression correlation analysis in terms of method. The data required for this research have been collected from the website of Tehran Stock Exchange, databases and references to basic financial statements and the Notes to the financial statements of the surveyed companies. To achieve the purpose of the research, 94 companies listed on the Tehran Stock Exchange during the period 2013 to 2020 were examined. Combined data analysis and multivariate linear regression were used to test the research hypotheses. Also, we used Microsoft Excel version 16 and Eviews version 9 to analyze the data and extract research results.

The research findings show that the entropy of financial statements (general entropy, Shannon continuous entropy and Renny continuous entropy) has a negative and significant relationship with stock returns. In other words, with increasing entropy of financial statements, stock returns decrease. Also, the research findings indicate that the abnormal audit fees moderate the relationship between entropy of financial statements and the indicators used for it (general entropy, Shannon continuous entropy and Renny continuous entropy) with stock returns. In other words, an abnormal audit fee reduces the severity of the relationship between the entropy of the financial statements and the indicators used for it (general entropy, Shannon continuous entropy and Renny continuous entropy) with stock returns.

Those business units that have a higher entropy risk, their balance sheet composition has more changes. The existence of high entropy in financial statements indicates the more information risk, due to the uncertainty and instability of financial statement items in business units. In other words, investors consider the amount of changes in different items of the balance sheet and income statement compared to the previous period in order to get a correct understanding of the management's performance and their success or failure in achieving the desired goals of the business unit.Also creditors when granting loans, by calculating the entropy of financial statements of business units, If the amount is high, they refuse to give a loan due to the high risk and the ambiguity of the return of the principal and the guaranteed interest of the credits, which causes restriction in the External financing by business units. in other words, entropy of financial statements increases the risk of information and consequently discourages investors and creditors in their decisions to invest or lend and leads to a decrease in stock returns. On the other hand, Audit quality is effective on stock returns through increasing the quality of financial statements and information transparency of business units. Also  abnormal audit fee as a measure of audit quality improve the quality and credibility of financial statements as one of the most important sources of information for users of financial statements and lead to reduces the intensity of the relationship between the entropy of financial statements and stock returns and this means that investors and creditors and other users of financial statements consider the auditor's fees to be caused by other factors (other than economic dependencies) and in their opinion, the company's information is a Good support for evaluating the stock price.

In most bankruptcy prediction models, financial ratios are input data, and finally, the output of these models is an index that will be the criterion for assessing bankruptcy risk. On the other hand, according to the results of some studies, the statistical distribution of financial ratios is often not normal, and attempts are made to normalize them by removing outliers and logarithmic transformation. According to the above, the question that arises is what effect the form of distribution of financial ratios can have on the measurement of indices such as the bankruptcy index and its statistical distribution. Since the measurement of the bankruptcy risk index is a function of various financial ratios, the form of the statistical distribution of these financial ratios can affect the measurement and statistical distribution of the bankruptcy risk index. In this research, in order to investigate whether the shape of the statistical distribution of financial ratios can affect the probability of bankruptcy or not, by using the Altman bankruptcy model and using the Monte Carlo simulation technique, the effect of the shape of the statistical distribution of some financial ratios on the risk of bankruptcy was investigated. 

In order to investigate the effect of statistical distribution of financial ratios on the distribution shape and Altman Z-score values, Monte Carlo simulation technique based on inverse transform sampling method has been used. In this research, the data of 104 companies listed on the stock exchange in the period of 2017 to 2020 has been used. For initial calculations, data processing was performed through Excel software and then statistical analysis was performed through MATLAB and Minitab softwares. 

Findings from the study using the Monte Carlo simulation technique showed that among the financial ratios used in the Altman model, regarding the X1 to X4 ratios, the normal or abnormal distribution of the ratios has no effect on changing the probability of bankruptcy. Also, the results showed that regarding the X5 ratio, changing the statistical distribution can change the value of bankruptcy probability, which means that this ratio is effective in increasing or decreasing the probability of bankruptcy. 

In this research, using historical data and Monte Carlo simulation technique, the influence of statistical distributions of financial ratios on the values and shape of Z-score distribution was investigated. Since the Z-score variable itself is a function of the predictor variables x1, x2, x3, x4, and x5, and since these predictor variables may not have the same distributions, investigating the effect of changing the distribution of the predictor values on the values and shape of the distribution of the Z-score variable in the usual ways Statistics can be a difficult and complex task. In order to get rid of these problems and as an alternative way, the Monte Carlo simulation technique was used in order to determine the values and shape of the distribution of the Z-score variable by the variables of financial ratios. Using the Monte Carlo simulation technique, a series of values were simulated for each variable assuming its independence from other variables. The result of this simulation showed that changing the distribution of x1, x2, x3 and x4 values had no effect on changing the prediction of bankruptcy probability. In other words, the type of statistical distribution of these variables did not play a role in explaining the probability of bankruptcy. This result can indicate that changing the values of these variables in a possible domain through simulation with a skewed distribution, which causes the values of the variables to decrease in a high volume of simulated cases, will not be able to change the probability of bankruptcy. On the other hand, regarding the variable x5, the change in the shape of the statistical distribution could change the probability of bankruptcy. Thus, the conclusion that can be drawn is that according to Altman's model, among the variables whose statistical distribution was examined, only the change in the x5 variable, i.e. the ratio of sales to total assets, was able to change the probability of bankruptcy, and this shows the high impact of this variable in has bankruptcy of the business unit. As the results showed, changing the distribution of x5 variable from gamma (which is a Chula distribution) to normal distribution caused the values of this variable to increase for some simulated cases and at the same time decrease the probability of bankruptcy. Thus, it is inferred that increasing the ratio of sales to total assets can be an important factor in reducing the probability of bankruptcy. These results can be important for users in the sense that in Altman's model, knowing the distribution of the ratio of sales to total assets, one can predict the distribution of Z-score values. The sensitivity analysis performed on Altman's model indicators using simulation shows that, in general, a business unit can focus on increasing sales in order to reduce the probability of bankruptcy.

Today's field of accounting knowledge, due to social changes, is an area that needs to be transformed in terms of promoting a focus on interaction with stakeholders. In fact, achieving a coherent and interactive understanding between the pillars of the accounting profession and stakeholders is always considered a futuristic perspective of the social context in this area that should be considered. Due to such support, the accounting profession has sought to develop accounting metaphors in recent years, inspired by critical analysis or pragmatism analysis. In a simple definition, metaphor can be considered as a process of connecting the knowledge-enhancing functions of an interdisciplinary field in the humanities, which helps to establish a concept in the form of a scientific paradigm in that field. The purpose of this research is designing a metaphor functional model of dialogic accounting by grounded theory and fuzzy interpretive matrix analysis.

The methodology of this research was mixed and used in the qualitative part of the grounded theory analysis based on Glaser's approach to formulate the model and in the quantitative part of the fuzzy structural interpretive analysis. In fact, the purpose of the analysis in the qualitative part was to present the model and in the quantitative part was to determine the most influential component identified in the data analysis of the foundation. The target population in the quality department was 12 academic specialists who were considered experts, both scientifically and empirically. The process of selecting individuals was a theoretical sampling method based on empirical knowledge in the auditing profession. However, the target population in the quantitative section was 25 managers of the accounting department of capital market companies who were selected based on work experience and the level of technical and specialized knowledge through improbable sampling. This number of participants was approved because of the nature of the fuzzy interpretive matrix analysis, which emphasizes the limited number of participants in the research.

The results of the research in the qualitative part indicate the existence of 3 categories, 6 components and 36 conceptual codes that have laid the foundation for the metaphorical function of dialogic in accounting in the form of an integrated hexagonal model. Then, with the aim of determining the reliability of the research dimensions, Delphi 6analysis was used, which based on the two criteria of average and agreement coefficient, all 6 main components determined in the research model based on the agreement coefficient; the mean and standard deviation are confirmed. In other words, considering that the average of the main components was 5 and above 5, and on the other hand, because the agreement coefficient obtained is more than 0/5 and the standard deviation was below 1, it should be stated that all the main components of the research were approved. Also, the results in a small part of prioritizing the components of dialogic accounting in 5 levels of the matrix model indicate that the fifth level was the most influential component and the first level was the least effective component related to each of the research categories. Therefore, it was found that the component of the standardization normalizing trust in accounting knowledge "X1" as a criterion of the category of cultural mechanism of discourse accounting to users is the most influential component of dialogic accounting.

Accounting knowledge, which has an institutionalized existential philosophy towards a society and its stakeholders, is considered to have an effective role in creating trust and can lead to an effective system of accountability and responsibility for legitimacy among stakeholders. Since dialogic accounting, in its essence, requires symbolic approaches to reach arguable norms and common knowledge between itself and the stakeholders, trust is a consequence that can occur in the presence of this metaphor or allegory (dialogic) in accounting. In fact, dialogic accounting, in its structured norm form, contributes to common understandings in accounting perception and causes the nature of dialogic accounting of symmetric information capacities to be promoted in decision-making for users. Also, social integration, due to the formed norms based on trust in accounting, is able to create mutual perceptible capacities for the operators of this profession, i.e. accountants, in terms of understanding the needs of users with social realities and changes, and the ground for the modification of financial reporting standards as a set of functions. Provide accounting. On the other hand, the norm of trust in accounting based on the cultural content of dialogic accounting helps to strengthen the reasoning symbols in the form of a common language and causes justice in the use of information based on its procedural dimension in accounting to take a more coherent form and causes the proportionality of the functions of this knowledge with the needs and expectations of stakeholders. It was also found that the value-oriented functions of future accounting, as another component of the cultural mechanism of dialogic accounting, is ranked second in terms of influence from the metaphor of dialogic accounting, which will lead to the development of future perspectives of accounting knowledge based on interaction with stakeholders in social contexts. Therefore, in line with the theoretical framework of Litteljohen and Fosse (2011), future accounting values depend on the dynamics of the company's interaction cycle with stakeholders through financial instruments and information feedback.