امیر رساییان

In this study, the relationship between accruals quality, disclosure and abnormal stock returns is evaluated. The aim of this study is the assessment of replacement or supplemental relationship between accruals quality and disclosure to predict changes in abnormal stock returns. Existing theories and studies on the relationship between accruals quality and disclosure has shown different effects on abnormal stock returns. In this study, given the negative correlation between accruals quality and disclosure to predict unusual changes in stock returns is tested. The research hypothesis is tested by using financial data of 102 companies listed in Tehran Stock Exchange during the period 2006 - 2014 by utilizing a model of Fama and French and multi - regression analysis. Based on the results, the quality of accrual and disclosure quality are the same and verifying each other and this confirms the replacement relationship among them.

Existence of new and effective tools of management accounting, helping managers in achieving better to goals that the head of these goals is adding shareholder wealth and firm value. Achieving the considered goals can be measured through the capital markets. In this study, the relationship between indicators of value creation including: economic value added, market value added and residual income and use of management accounting innovations Companies listed on the Tehran Stock Exchange Have been tested for 2007-2011. Research method is correlation and survey type. The results show that there is significant relationship between market value added and use of management accounting innovations presented in this study, while there is no significant relationship between the use of management accounting innovations and economic value added and residual income. This finding shows that capital market can understand better the value created by managerial accounting inovatios than the other aoroaches.

We examine the relation between stock liquidity and corporate tax avoidance in this paper. 120 companies listed in Tehran Stock Exchange for the period 1386-1391 is investigated. Multivariate panel data regression model and generalized least squares models were used to test the hypotheses. The findings show that there is a significant relationship between stock liquidity and corporate tax avoidance. The review of subsidiary hypotheses shows that the relationship between stock liquidity and corporate tax avoidance in firms with more financial constraints is stronger than firms with less financial constraints. Also, this relationship will be stronger in firms with lower corporate governance

This paper survey the cash flow sensitivity of cash holdings in the presence and absence of information asymmetry in the companies listed in Tehran Stock Exchange. Specifically to determine the cash flow sensitivity of cash holdings under symmetric information and asymmetric information are investigated. Thus, data collected over a period of 2001 to 2013 for a sample of 96 companies listed in Tehran Stock Exchange. To test the research hypotheses regression models are used. The results show that information asymmetry affects the sensitivity of cash flows, and the level of impact is higher compared to the situation of having symmetric information. The information asymmetry increases the opportunities for managers’ personal benefits, which in turn increases the impact on the cash flow sensitivity

Investors for selecting the best portfolio need exact information. Sometimes this information is distributed no asymmetric between investors. As the type that buyer or seller has no same information about trading. This subject leads to information asymmetry. Information asymmetry cause to different quoted prices by investors. These quoted prices really are costs of occurring trade and investors pay this cost for immediate deal. In this section at first explaining the concepts of bid-ask spread, and then offer the methods of estimating it.

Complete design and development of the working capital management can have effective role in company profitability and value creation in the market. The purpose of this study is empirical investigating on working capital management effect on profitability and market valuation of Iranian companies. The 90 sample of firms is drawn from the population of Iranian non-financial firms listed on the Tehran Stock Exchange during 2006-2011. In this study, we used the variables "return on total assets and return on invested capital" as a measure of corporate profitability and Tobin's Q as the market valuation variable and variables such as the cash conversion cycle, the ratio of current assets to current liabilities ratio, the current assets to total assets ratio, the current debt to total assets ratio and debt to total assets is used as a measure of working capital management. The results indicate that there is a negative and significant relationship between market valuation and cash conversation cycle. There is a positive and significant relationship between the current assets to current liabilities ratio and market valuation.

Numerous empirical studies have focused on aspects of capital structure; however, a new branch of capital structure, debt maturity structure has not been studied enough. Debt maturity structure means the mixture of short term and long term debts that the corporation chooses to achieve an appropriate capital structure. However, there is no study in Iran about debt maturity structure; hence the objective of this research is the investigation about the effect of macroeconomic variables including GDP growth rate, inflation and money supply, on debt maturity structure in companies listed in Tehran Stock Exchange. To examine research hypotheses, multi-variable regression analysis via pool data and financial information of 92 sample companies were utilized, during time period of 2001 to 2010. To test the hypotheses, Fisher F-test and t- student test were applied. The study findings represent the negative correlation between inflation rate and debt maturity structure on the whole sample used in the study. In addition, there is a negative relationship between the debt maturity structure and money supply. Furthermore, there exists a positive relationship between GDP and debt maturity structure. There are also various correlation results in different industries. Therefore, we propose in the periods in which inflation and money supply are high and their changes are long term, the firms should select short term debts on their debt maturity structure; since agency costs will be reduced.

Present study investigates the relationship between tax avoidance; corporate transparency and firm value among 82 active accepted firms in Tehran Stock Exchange (TSE) during 1390-1381. First of all this study examines the effective factors on corporate tax avoidance, specifically the corporate transparency and then goes on to examine the corporate transparency level with firm value. In this research, regression models with panel data are used to investigate the mentioned relationships. The results indicate that tax avoidance increases firm value specifically for more transparent firms

Economists pay lots of attention to the effective factors on the economic growth in the form of the growth models. For this purpose, the relationship between inflation and economic growth in Iran was studied in the years 1978-2010. First an adjusted model was designed based on the (Barro) template and then the relationship between inflation and economic growth was investigated using ARDL model. The results derived from the estimations made by the pattern revealed that in the period under consideration the effect of the inflation on the economic growth in all inflationary levels was negative and meaningful. One percent increase in inflation rate causes the short term reduction of 0.0009% in economic growth and long term reduction of 0.001%. Moreover, rolling linear regression model confirms the negative relation between inflation and economic growth.

It is of crucial importance to identify and measure the factors influencing the holding period in order to examine the various structures of the capital market. The results of some foreign studies indicate that there is a relation between stock return volatility, market value, bid-ask spread and the holding periods. The present study also aims at surveying the relation between stock return volatility, market value, bid-ask spread and the holding periods in Tehran Stock Exchange. To do so, among the companies which were accepted in Tehran Stock Exchange and whose required data during a nine years period of research (1381-1389) were available, 110 companies were chosen. In the present study, the holding period is dependant variable and bid-ask spread, Stock return volatility and market value are independent variables. The hypotheses were examined using multi-variable regression and the data were analyzed using the panel data method. The results of the study indicate a positive correlation between market value, and the holding periods. The results also indicate that there is no significant relationship between stock return volatility, bid-ask spread and the holding period of the selected companies.

This study has investigated the effect of general factors and agency cost indexes on auditing fees.Multivariate regression model was used for testing. Independent variables include percent ownership of the first major stockholder, percent ownership of the state institution, total liabilities and assets ratio and non duty members of the board and all members of the board ratio as agency cost indexes. The control variables are log total accounts receivable and operational revenue, total account receivable and assets ratio, pre- tax and interest income and assets ratio and the end of fiscal year thataffect on auditing fees as a dependent variable. The main hypothesis investigates existence of a significant relationship between agency cost indexes and auditing fees. The needed information of study and correlation test for dependent and independent variables collected from firms listedin Tehran exchange for the period of 2006 – 2010. The results of study indicate that there is a significant relationship between agency cost indexes and auditing fees.

This article was aimed to collect and cite evidences about the effect of corporate governance tools on dividend smoothing and، in turn، the latter’s impact on stock liquidity. Therefore، a sample of 115 corporations accepted to Tehran Stock Exchange within a period of eight years، i. e. 2002-2009، were selected and surveyed. Panel data multiple regression analysis were employed to test the hypotheses. Meanwhile، t-statistic and F-statistic were taken to test the significance of the hypotheses. The criteria used for corporate governance mechanism included the percentage of the outside directors as well as the percentage of the institutional stockholders. The results of testing the first hypothesis indicated a positive and significant relationship between the percentage of the institutional stockholders (as a corporate governance mechanism) and dividend smoothing. However، no significant relationship was observed between the percentage of the outside directors and dividend smoothing. The criterion used for the stock liquidity was the bid-ask spread. The results of testing the second hypothesis showed a negative and significant relationship between dividend smoothing and stock liquidity.

The financial reporting system has always been confronted with crisis in attracting public trust. The increase in the number of manager's frauds which has often accompanied fracture of great companies with the world had caused some worries about quality of financial statement along. So, prevention or detection of fraud in financial statement has always been the focus of inventors, managers and auditors. Thus, because of its controlling trait (detecting & deterrent), using independent auditing services results in quality increase of financial statement creating enhanced value of accounting information. If the existence of some factors weakened auditing process, the effectiveness faces danger and this leads to a decrease of public trust, altering professional fame, spread of injustice and finally social damage. This paper considers materiality in auditing which is based on difference in auditor's judgments as one of the effective factors of controlling trait independent auditing (detecting) and then identifies its effect on auditor's attention in manager's fraud detecting process. Research Questions and Hypothesis The main question of this paper is as follow: Can materiality concept in auditing financial statements prevent of auditors attention to detect managers fraud? Questionnaire and visual evidence devices were used for gathering information. Subjects for the experiment included 82 audit seniors and managers that are working in audit organization and 124 audit reports published by that organization through the years 1386 and 1387. In order to analyze data One-Sample T-Test, Hotelling T-Test, Paired Samples T-Test, Manova Test and One Sample Proportion Test were used. Results indicate that: Auditors consider higher risk of aggressive reporting for those quantitative samples that are more important and that they would pay more attention to the less important ones if they find out the manager's fraud. In other word, "the concept of materiality" in financial statement auditing prevents auditor's attention in manager's fraud detecting process. Discussion and Survey of audit reports indicate that financial statement auditing process in Iran has lead to probable manager's fraud detecting at most in 6/3 percent of cases. This condition indicates that financial statement auditing process that is related to the manager's fraud detecting is not sufficiently effective.

This research investigated the factors affecting implementation of activity based costing (ABC) in operational budgeting of government agencies in Isfahan province. Being an applied, cross-sectional and descriptive research, this study made use of a questionnaire for gathering data. Governmental agencies that used provincial budget in Isfahan province in 1388 comprised the sample of this study. The results of the study indicate that with the exception of the ability to evaluate performance, the 50 governmental agencies of Isfahan lack other necessary requirements for the implementation of activity-based costing in operational budgeting, such as personnel’s capabilities, technical ability, authority (Legal authority, procedural authority, organizational authority), and acceptance (political acceptance, managerial acceptance, incentive compatibility). The conclusion drawn from the current study is that governmental agencies of Isfahan province do not possess the necessary factors for implementation of Activity Based Costing in operational budgeting. Given the fact that new methods of operational budgeting, such as ABC are a must, reforms in budgeting and change of program budgeting into operational budgeting will be difficult if not impossible to perform.

Tax payment results in reducing profits and remained cash for other stakeholders including shareholders of a company. So, naturally companies and its shareholders have motives to take some measures to evade tax. Effective strategies for tax evasion involves use of a complex and ambiguous reporting system. Since, Tax evasion can create opportunities for managers to pursue activities that are designed to hide bad news and accumulate them within firm. When the accumulated negative information, release into the market leading to stock price crash. The main propose of the present study is to investigate the relationship between tax avoidance and the future stock price crash risk in Tehran stock exchange. To do this, two main hypotheses and three subsidiary ones were specified and tested, a sample was selected among the listed companies in TSE during 1380-1388(2001-2009). Also, to test the hypotheses, the method of logistic regression and the model of pooling data were applied. The results indicated that, there is a positive relationship between tax evasion and future stock price crash risk.

In today's changing and dynamic environment, the basic challenge of management is survival, growth and success in industrial and business sector. Total Quality Management (TQM) is the philosophy and approach of management that in it, all employees, customers and suppliers work to achieve the mentioned goals.In total quality management, in addition to organizational survival,there are some other aims that customer satisfaction, service providing with high quality, cost deduction and organization profitability are the most important of them. Achieving these goals needs to effective and efficient implementation of total quality management. And this requires for understanding of its hilosophyand principles by managers and employees.There are some paradoxes in the total quality environment that,understanding of them requires focusing on the elements creating the quality culture. These paradoxes arise from various sources: the company's effort to achieve multiple goals, trying to meet customer needs and wants in an efficient and realistic manner, broader roles for employees, and new ways of structuring tasks. Moreover, a number of principles in total quality management indeed are contradictory.In this article, with reviewing theoretical background, the seven paradoxes of Total Quality Management are introduced, and the ways of managing of them are provided. Then in a conceptual model, these paradoxes are related with TQM's focal points. The article is followed by conclusion, managerial applications and suggestions for future researches.

This study tries to examine the effect of monitoring mechanism of Corporate Governance to decreasing the Earning Management Intensity. Intensity of earning management behavior is described on the basis of the 'threshold model' through bringing up the reported earnings to thresholds. It consists beating the benchmark (thresholds) and not doing so. Our empirical tests are conducted by regression analysis using data 185 listed firms with fiscal years 1382-1388, and pooling time series and cross-section data. The results of empirical tests indicate that with α=0.01 there is income-increasing earning management behavior both each thresholds. Examining the role of monitoring device of corporate governance in intensity of EM behavior that is tested by logistic regression and U Mann Whitney indicates that monitoring device don’t restrict it. Only when pre-managed earning are below last period’s reported earning outside directors and institutional investors influence the likelihood that reported earnings exceed the thresholds

The firm capital structure plays an important role in decisions of investment. The effects of profitability (ROA), firm size, market to book value of equity on capital structure have studied in previous research. Some previous researches studied the effect of corporate governance measures on capital structure. The purpose of this paper is to examine the effect of corporate governance measures on capital structure in Tehran Stock Exchange. In this study, we use a sample of 170 companies for an eight years period (1381-1388). For the hypotheses testing multivariate pool data regression is used. The Results indicate that profitability (ROA), firm size, market to book value of equity and corporate governance measures explain more than 95 % of the change in financial leverage.

Earnings quality is an effective factor in determining the level of cash holdings in corporations. Some researches indicate that increase in accounting information quality leads to decrease cash holdings. Therefore the main goal of this paper is to review the relationship between earnings quality as independent variable and cash holdings as dependent variable in Tehran Stock Exchange. The other control variables in this research are growth opportunities, firm size, the structure of liabilities maturity, relation with financial institutes, opportunity cost of investment in cash assets, firm leverage, other cash assets, the capacity of producing cash flow, percentage of dividend payout, rate of investment in fixed assets on net of fixed assets at the first of the term, age of the firm and business group membership. Therefore 150 firms that their required data for a ten year period (2000-2009) was available were studied. The multivariate pooled regression model is used to examine the hypotheses. The conclusions indicate that there is a negative and significant relationship between earnings quality and cash holdings in Tehran Stock Exchange. The conclusions indicate that about 85 percent of changes in the level of cash holdings explained with changes in variables used in research model

In recent years, the subject of investment-cash flow sensitivity has been an important and controversial issue among researchers. They argued that financially constrained firms have a larger cost differential between internal and external funds and hence rely more on internal cash for making investments (Arsalan et al, 2006). This paper investigates the investment-cash flow sensitivity and the role of cash holding on reducing this sensitivity in an emerging market, named Tehran stock exchange (TSE). This paper contributes to the development of empirical literature on several grounds:1.We use variety proxies (firm size, firm age, dividend payout ratio, business group, financial leverage, percentage of block holders ownership, cash holding and optimal cash model (dynamic model)) as financially constrains agency. From this viewpoint, our work is similar to (Arsalan et al, 2006).2. We use panel data (fixed effects model) to estimate investment model instead of cross-sectional analyses. Because we believe that cross-sectional, analyses may reduce variation in variables, and consequently yield poor results.3. Iranian firms, apart from US, UK, or other developed countries firms, are facing with tighter financial constraints. The TSE is a small market and advanced financial instruments such as options, and futures do not exist in it so far and the place and role of information intermediaries such as financial analysts, industry experts and the financial presses feel is empty in the capital market mechanism. These conditions appear to be good opportunities for studying the impact of financial constraints on cash flow sensitivity of investment. Research Questions or hypothesis: In the absence of capital market imperfections, there are accurate substitutions between internal and external funds and all firms have equal access to external funds. However, for existence of capital market imperfections (information asymmetry and agency conflicts), the costs of internal financing and external financing are different. High wedge between the costs of internal and external financing may lead firms to rely more on internal cash flows for investment financing. The question of this research is:Do financially constrained firms have a larger Investment-Cash Flow Sensitivity than unconstrained firms in Tehran Stock Exchange do? The research hypothesis is as follows: Financially constrained firms have a larger Investment-Cash Flow Sensitivity than unconstrained firms do in Tehran Stock Exchange. The period of research is years 1381-1387. The measure has been used in the literature to assess the degree of financial constraints experienced by firms is the sensitivity of investments to availability of internal funds, after controlling for investment opportunities as measured by Tobin’s Q (Hovakimian,2010). Consequently, investment model is defined under a linear model to determine financial constraints effects on the cash flow sensitivity of investment. (1) INV is the ratio of capital expenditures in the fixed assets to net fixed assets at the beginning of period. CFLOW is the ratio of operating cash flows to net fixed assets at the beginning of period. Q represents growth opportunities measured by the ratio of book value of total liabilities plus market value of equity to book value of total assets. In the perfect capital markets, the coefficient of CFLOW must be insignificant and the coefficient of Q must be significant (Kadapakkam et al, 1998). The positive and significant coefficient for CFLOW interpreted as instances of financial constraints. Financial constraints defined as firms that have restrictive and costly access to external capital markets. As result, financially constrained firms have to rely more on internal funds for making investment (Hovakimian and Hovakimian, 2009). In contrast, financially unconstrained firms have unrestrictive access to capital markets and their external financing costs are tiny. NFC firms do not rely on internal funds for investment making. Then, the first hypothesis is defined as follows: financial constraints (FC) firms have higher investment-cash flow sensitivity than non-financial constraints (NFC) firms. For testing, the above hypothesis, all firms in the sample, were separated into two groups, named, FC and NFC.Then the investment model (model 1) runs in two groups, separately (George et al, 2008).Model (1) is examined based on optimal cash model. Optimal cash model is specified as follows:Firm size: Following Arsalan et al (2006) and Kadapakkam et al (1998) among others, we rank firms on the basis of firm size (measured by natural logarithm of book value of total assets) and assigned to FC (NFC) group those firms whose sizes fall below (above) the median size in the sample. The main argument here is that smaller firms have higher information asymmetry and agency conflicts than larger firms.FIRM AGE: Older firms have an established reputation in the market, which facilitates their access to external finance, mainly because their relationships with creditors settled within a longer time span. Moreover, there is a positive relationship between size and age. We rank firms on the basis of firm age (measured by the number of years that have elapsed from the firm's establishment date) and assigned to FC (NFC) group those firms whose age lies below (above) the median age in the sample (George et al, 2008).Dividend payout ratio: The argument that firms with higher dividend payout ratios can cut dividends in financial distresses and use it for internal financing. However, in using this proxy caution must keep, since cutting of dividends may hurt the firm's reputation and reduce the market value of equity. Dividends may be regard as an efficient instrument to mitigate managers – shareholders conflict. Dividends reduce free cash flow and force the firm to attract capital from external sources. Dividend payout ratio measured by dividend payments to book value of total assets at the beginning of period. We rank firms on the basis of dividend payout ratio and assigned to FC (NFC) group those firms whose dividend payments lies below (above) the median dividend payout ratio in the sample.Business Group: The main argument is that group membership in financial distresses helps the poor membership. Intra-group loans are an important means of transferring cash across group firms and typically used to support financially weaker firms. They argued that the main reason for these financial aids might be to avoid default by a group firm and consequent negative spillovers to the rest of the group. Affiliated firms in comparison with stand-alone firms are less prone to bankruptcy and experiences of financial distresses. The reasons for this claim retrieved from some features of affiliated firms. First, banks and other financial institutions may be more willing to lend to firms that belong to a business group. Second, diversified nature of business groups may cause risk sharing and hence, the cost of external financing will be low. Third, group name can play valuable role (reputation effects). Fourth, intra-group capital markets may look as cheap market for external financing. Economists who have studied business groups have tended to emphasize that group affiliates linked together through equity cross-ownership patterns (George et al, 2008).Financial leverage: The argument is that firms with higher financial leverage ratios had to use internal financing (George et al, 2008). Ownership Structure (Percentage of block holders ownership): The argument is that firms with lower Percentage of block holders ownership have financial constrains (George et al, 2008).Cash holding: There are various explanations for the question why firm hold large amounts of cash and cash equivalents. The assumption of no financial frictions is unrealistic. The capital market imperfections (information asymmetry and agency conflicts) impose severe external financing costs to the firms. As a result, firms hold large amounts of cash balances for minimizing financing costs. However, holding of large cash balances may cause agency conflicts between managers and shareholders with respect to the free cash flow theory (Almeida et al, 2004). Cash flows are measured using operating cash flows obtained from cash flow statement. This study utilized financial information of 96 firms of Tehran Stock Exchange during 1381 to 1387. Results show that financial constraints firms have higher investment-cash flow sensitivity than the other firms do. In other words, financial constraints firms, in investment making decisions rely highly on internal cash flows.Discussion and This paper presents a wide literature in the field of the cash flow sensitivity of investment and the hedging role of cash holding. Our findings show that the cash flow sensitivity of investment in the financially constrained firms is higher than in the unconstrained firms. It seems that firm size, firm age, dividend payout ratio, financial leverage, percentage of block holders ownership and business group proxies are accurate agencies of financial constraint existence according to theories. Moreover, the results show that using cash holding and optimal cash model as a financially constrained agency prudence are not forgotten. It is appropriate to suppose that cash holding acts in the opposite direction of size, age, dividend and business group proxies. In addition, we found cash holding could not reduce the effect of capital market imperfections on investment-cash flow sensitivity. Firms with restricted access to capital markets and high costs of external financing save a high portion of assets in cash but this strategy has failed to reduce financial constraint's effects on investment-cash flow sensitivity.