امین ناظمی

With the expansion of activity and the increase in operational costs of banks in recent years, the issue of cost management has become one of the important issues in the banking industry; Because the continuation of activity and survival in the market requires correct and efficient cost management. Thus, due to the importance of the issue of bank costs in the country, so far no research has independently investigated the challenges of reducing the operational costs of banks, which is also a reason for conducting this research. The purpose of the current research is to prioritize the challenges the reduction of operational costs of the Bank Melli of Iran. In this research, to collect data from the questionnaire of paired comparisons, and to analyze the information, the fuzzy hierarchical analysis method and PROMETHEE method were used. The findings indicate that from the viewpoint of the managers and experts of the Bank Melli, using the FAHP method, the challenges of information technology have won the first rank. The next ranks are assigned to managerial, organizational, environmental, financial and operational challenges. Also, from the viewpoint of the bank's managers and experts, using the PROMETHEE method, the challenges of information technology have won the first rank. The next ranks are assigned to managerial, organizational, environmental, operational and financial challenges respectively.

Since banks play a sensitive and key role in the growth and development of the country's economic system, the issue of reducing banking costs has always been the focus of experts. The main goal of the current research is to identify and rank the challenges facing the reduction of operational costs from the viewpoint of Bank Melli managers and experts and then provide guidelines to reduce these costs. Also, the statistical population of the research consists of 375 managers, assistants and experts of Bank Melli in the country. In this research, the questionnaire tool was used to collect information, then the cost reduction challenges were prioritized using the fuzzy hierarchical analysis process. The results of the data analysis also indicate that the most important cost reduction challenges of Bank Melli include managerial, organizational, information technology, operational, environmental and financial challenges. In addition, the findings indicate that among the challenges affecting the reduction of operational costs of the Bank Melli, the challenges of information technology have won the first rank, which indicates the great importance of information technology in the banking industry. The next ranks are assigned to managerial, organizational, environmental, financial and operational challenges.

Aim and Introduction :

The development of financial markets is critical for economic growth. One of the most important financial markets is the capital and stock market, where the prosperity of the stock market and financing through the stock market can develop any country's economy. Capital market development requires the efficient performance of financial intermediaries, including mutual funds. Iran’s economy has always faced the problem of insufficient liquidity and financing for production sectors. As a financial tool, mutual funds can moderate this problem with their existing potential. Therefore, the study aims to investigate the probable effect of mutual funds on economic growth.

In the previous studies that have been done in this field, the descriptive-analytical aspect of the subject has been discussed. But these studies didn't provide an appropriate framework for analyzing the effect of mutual funds on economic growth. For this purpose, in the present study, based on the theoretical literature, a general equilibrium model has been designed, and the output of this model is obtained according to the optimization of different sectors of the economy. Assume a closed economy where mutual funds are investors with information and allocate capital to high-productivity firms. The economy has a single period with two production components, a representative mutual fund, and a representative household.  We assume a high-productivity firm (H) and a low-productivity firm (L) with an equal number of producers. Both firms can obtain funds by issuing new stocks in the primary market. There is one representative mutual fund in the economy that can invest on behalf of the representative household. Therefore, the fund can invest as much as the fund flows (F) received from the household at the beginning of the period. We assume the mutual fund has sufficient access to information and production technology and can detect high-productivity firms. The household seeks to maximize utility, and the proposed utility function consists of only consumption. As utility and consumption are positively related, utility maximization is equivalent to consumption maximization. However, since the present study adopted a single-period economy, consumption equals income. Thus, maximum utility is represented by maximum income.  Initial capital (W) can be directly invested in the primary market or indirectly invested in the secondary market by the mutual fund. This framework is a new aspect and the main contribution of research in this field. The output of the model is estimated using the GMM method for the period 2010:2 to 2020:4.

According to Table 5, most coefficients are statistically significant. The first lag of GDP was expectedly found to have a positive, significant impact on the GDP level and, thus, economic growth. Mutual fund investment was observed to have a positive, significant impact on GDP; a 1% rise in fund investment, on average, leads to a 0.473% increase in GDP. This finding is consistent with our theoretical framework. We expect mutual funds’ investments in the primary market, positively impact GDP since mutual funds have an information advantage over individual investors. Thus, they can optimally allocate resources to high-productivity firms (i.e., mutual funds have a higher ability than individual investors to identify high-productivity firms in light of their information advantage). The household wealth coefficient was estimated to be 0.255, suggesting that a 1% increase in the household’s wealth raises GDP by 0.255% on average. This finding is consistent with economic theories. The interaction of wealth and fund investment was estimated to have a coefficient of 0.257, implying a significant relationship. This coefficient was expectedly found to be positive, consistent with modeling. The interaction of fund flows and fund investment significantly affects GDP with a coefficient of -0.174. This coefficient was expectedly found to be negative, consistent with modeling. Fund flows were estimated to have no significant impact on GDP. Although it was found to have the expected sign, it has an insignificant impact on GDP and thus cannot be interpreted. The coefficient of the secondary market return was found to be significant only at a confidence level of 90%.

Overall, mutual funds have a positive impact on GDP. These funds may improve the performance of Iran’s financial markets if they acquire an appropriate position in the financial market. A large number of individual traders have begun to trade on Iran’s stock market without financial knowledge and suffered massive losses in 2020-2021. If the mutual fund sector is active in Iran, in addition to the optimal allocation of resources, it can also help people for investment in the stock market and prevent crises such as 2020-2021. Eventually, the policy recommendation is that policymakers pay more attention to the development of mutual funds in short- and long-term policies.

In this research, operational budgeting was investigated in the form of four groups of contextual factors, structural factors, human factors and other factors on operational and research budgeting with analytical model, balanced evaluation method. The statistical population of this study is all executive bodies subject to Article (5) of the Civil Service Management Law. Data were obtained using 182 questionnaires and analyzed using structural equation method and Smart PLS software. In this model, the balanced evaluation method was adapted to the three-part cycle of performance management and a three-part model of performance management, based on balanced measurement, is obtained. The results showed that the identified structures in operational budgeting have a positive and significant effect on the performance of executive agencies. The structures of "structural factors", "human factors" and "other factors affecting the implementation of operational budgeting (including personality, acceptance and ability)" have a positive and significant effect on performance, but the structure of "underlying factors" has a significant effect. It does not affect the performance of executive agencies. Also, meanwhile, the balanced scoring technique in each of the three stages of the model affects the relationship between operational budgeting and the performance of executive agencies. Also, operational budgeting explains 60% of changes in the performance of executive bodies. These findings confirm the theoretical foundations of operational budgeting, especially structural factors, human factors, contextual factors and other influential factors.

Social responsibility is the voluntary allocation of organizational resources to improve social welfare, which is used as a tool to strengthen relationships with key stakeholders. The purpose of this study is to prioritize the factors affecting on social responsibility reporting in the Social Security Organization using fuzzy hierarchical analysis model. The present research is applied in terms of purpose and in terms of data collection based on field research. The statistical population of the study consists of 45 managers and auditors of the Social Security Organization of Fars Province, Tehran and university professors who were selected as a sample by theoretical sampling. Also, in order to analyze the views and opinions of the respondents, fuzzy hierarchical method, Excel software and SPSS were used. The results showed that priority, ethical, legal, human resources, environmental, customer and economic criteria are effective factors on social responsibility reporting in the Social Security Organization, respectively. Also, the study of the relative importance of the sub-criteria showed that the provision of electronic services to reduce environmental pollution, staff insurance including treatment and retirement, staff appreciation, installment payment policy for insured and insurers, disclosure of organization costs by cost nature and committee performance report Internal auditing is the first priority.

The purpose of this research is to measure the implementation of performance-based budgeting in the three dimensions of strategic planning, cost analysis and performance management, as well as to identify and discover effective actors on the implementation of performance-based budgeting. The questionnaire and data collection tools were collected through the distribution of 152 questionnaires among budgeting experts, accountants, senior managers and financial managers in 1400. Data analysis was done using structural equation method and SmartPLS software. The findings showed that the implementation of performance-based budgeting in the dimensions of strategic planning, cost analysis, and performance management is 25.95%, 31.25%, and 34.38%, respectively. Also, the findings showed that the actors directly and indirectly influencing the implementation of performance-based budgeting include economic actors, technical actors, management competence and organizational commitment. Based on the results of the research, it can be said that in order to implement performance-based budgeting, the existing procedure in the dimensions of financial knowledge of the organization, environmental activists, and organizational commitment should be redesigned and reconsidered. Also, the dimensions of technical actors (accounting information system and networks), economic actors (program and budget organization) and management competence and organizational culture should be modified and strengthened from a technical and supervisory point of view. The results of this study can be effective in attracting the attention of senior executive managers and academic researchers and supporting and modifying the dimensions that affect the implementation of budgeting, as well as expanding theoretical foundations in the field of performance-based budgeting.

One of the main challenge of the auditing profession is the low balling of some auditing firms. Low balling reduces the quality of the audit and damages the credibility of the profession. Therefore, the purpose of this study is to present a model for reducing low balling in the initial audit.

In this study, with using a qualitative approach and using the method of grounded theory, the model has been developed. Data were analyzed using 39 interviews with member of Iranian Association of Certified Public Accountants (IACPA), in the years 2019 and 2020, using open, axial and selective coding methods and MAXQDA 10 software, and causal conditions, intervening conditions, context, implications, and model strategies for reducing low balling are presented.

According to the results, the most important low balling factors in the audit services market are: unhealthy competition among audit firms, increasing the number of small audit firms, the large structure of the state economy, has not become auditing a real need in Iran, determining auditing fees based on mandatory rates and weak implementation of approved laws.

As a result, strengthening the quality control group work of the Iranian Associaion of Certified Public Accountants and conducting periodic monitoring, development and expansion of the audit market, merger of small audit firms, implement the bylaws of strategies to increase the executive guarantee and strengthen the auditing, emphasis on specialization, develop strict regulations, determining the minimum rate and competition of audit firms for higher than that, elimination of monopoly on government and institutional auditing, defining competition in service quality levels instead of price levels ,the extent and effects of low balling in the audit services market can be reduced.

The purpose of this study is to investigate the effect of risk on stock prices of banks and insurance companies with respect to the moderating role of corporate governance mechanisms. For this purpose, the data of 24 banks and 25 insurance companies listed on the Tehran Stock Exchange in the period 2010 to 2019 were studied. Multivariate regression model were used to test the hypotheses. The results showed that in banks, market risk has a positive and significant effect on stock prices and the variables of credit risk and liquidity risk have a negative and significant effect on the stock price of the banking industry. In insurance companies, market risk and liquidity risk have a positive and significant effect on stock prices and credit risk has a negative and significant effect on stock prices in this industry. Also, the findings on risk showed that in the credit risk of banks, the variables of institutional ownership, independent committee and audit committee have a negative and significant effect on the stock price of the banks. In banks' market risk, the variables of the independent committee and the audit committee have a negative and significant effect on the bank's stock price. In addition, in the credit risk of insurance companies, managerial ownership has a positive and significant effect on the company's stock price and the size of the board has a negative and significant effect on the company's stock price. In the market risk of insurance companies, managerial ownership has a positive and significant effect on the company's stock price and the independent committee has a negative and significant effect on the company's stock price. In the liquidity risk of insurance companies, managerial ownership has a positive and significant effect on the company's stock price. The results of this study can help managers of banks and insurance companies to make strategic decisions.

Due to the increasing importance of the issue of ranking in the banking industry and the lack of a ranking system in accordance with the conditions of the country in this study, according to the ranking systems of reputable institutions in the world and its localization with Conditions of the country provided the indigenous ranking system and evaluated it with financial health indicators and early warning system.

For this purpose; After identifying the criteria used in evaluating the ranking of reputable institutions using the opinion of banking and academic experts, 35 criteria for ranking were extracted and using data from 15 banks listed on the Tehran Stock Exchange, during the period 2015-2019 to TOPSIS method, banks were ranked and evaluated using financial health and early warning system indicators.

From the experts' point of view, quantitative indicators including financial dimensions (liquidity, profitability, capital and asset risk), qualitative dimensions (complexity and behavior of banks) and environmental dimensions (economic variables, government support and industry characteristics) are effective in the local bank ranking model.

The results of this study showed a positive and significant relationship between the proposed ranking model and financial health indicators and early warning system.

 This evidence suggests attention to the proposed indicators for the evaluation and ranking of banks, which can be used by rating agencies and bank officials.

Low balling is one of the major challenges of the auditing profession. Low balling can be unintentional (the phenomenon of the winning curse) or consciously as intentional behavior to enjoy future benefits. The present study focuses on the winner's curse phenomenon. The purpose of this study is to investigate the effect of the winner’s curse phenomenon in low balling on the auditor's efforts in performing the audit tasks.

This study done using laboratory method and game theory. 115 people participated in the games in year 2020 using the sampling method of available sample from the statistical population of accounting students of Shahid Bahonar University of Kerman. The first game is in the simple conditions of the audit market and the second game is an audit market with complex conditions that theoretically include important features of the audit services market. These games were programmed in Z-Tree software. At the time of data collection, due to the specific conditions of Covid-19 disease and the Impossibility of attendance of participants in the laboratory, from the virtual method was used. In this way, using Oracle VM Virtual Box, FileZilla Client and Zunleashed software, links were sent to the participants and they entered the lab space without the need for any special software and just by clicking on these links.

The results showed that auditors in both markets, on average, offer prices less than the Risk Neutral Nash Equilibrium. These results are evidence of the existence of the winner's curse phenomenon in the market of auditing services. In addition, the number and extent of this phenomenon in complex conditions of the audit market is greater than the simple conditions of the audit market. Also this study shows auditors who face unexpected losses from the winner’s curse are looking for an opportunity to recoup loss, and therefore, they decide to reduce their efforts to perform audit tasks. Plus, the present study aimed to compare the theory of expected utility and mental accounting showed that mental accounting can be a correct explanation for the behavior of auditors when face the winner's curse phenomenon. The results also showed, the auditors whose under performance was identified and were fined for it, less likely to reduce their efforts in subsequent periods. Auditors, whose underperformance was not identified and who were not fined, are more likely to reduce their efforts in subsequent periods.

The results showed that uncertainty in the cost of the audit leads to low-balling due to the occurrence of the winner's curse phenomenon and this source of low-balling threatens the quality of the audit. But when auditors experience penalties for low quality in previous periods, the quality of the audit improves.

Accounting information in financial markets is as a basis for deciding on the optimal allocation of limited financial resources. Also it is performance appraisal and the perspective of cash flows of investments or loans granted by the organization. Economic decisions of depositors and borrowers in the banking industry are made based on the quantity and quality of their information. The information of these banks, including earnings, must have the necessary quality characteristics in order to distribute financial resources among the members of the society in the best way along the decisions of information users. This can lead to an improvement in the economy and the growth of the banking system. Therefore, the purpose of this study is to investigate the interaction between earning quality and information asymmetry in the banking industry. 

To achieve the purpose of the research, data of 11 banks listed on the Tehran Stock Exchange (TSE) and Iran of OTC during a period of 11 years for the years 2007-2018 using the Rah Avard Novin, financial statements and the official site of the Tehran Stock Exchange was collected and analyzed using the structural equation method (SEM) and the two-way Granger causality test. 

The findings showed that information asymmetry in the banking industry is high and their earning quality is low. Information asymmetry has a negative effect on earning quality. On the other hand, if the quality of earning is low, it will increase information asymmetry. As a result, earnings quality also has a negative effect on information asymmetry. Finally, bilaterally, these two variables are the cause and effect of each other and have interaction.The most important risk of the banking industry is their credit risk, which is due to the increase in debt to banks' capital. Another point is that most of the assets of banks are receivables from the provision of facilities, but depending on the steps through which the repayment of receivables, policies and regulatory tools can be repaid can lead to instability of banks.

In the banking industry, the information gap is high, so the manager can present the amount of declared earning in the financial statements differently from the actual earning. In this case, the quality of earning decreases and leads depositors and borrowers to incorrect financial decisions. Wrong economic decisions lead to incorrect distribution of financial resources among members of society. In order not to reflect the instability of banks, managers may manage their profits, which implies low profit quality, and as a result, other people active in the capital market will be deprived of complete and transparent information within the organization. These conditions increase the information asymmetry surrounding the banking industry.

The purpose of this study is investigating factors that influencing the internal auditing effectiveness and then evaluating the role of this department in risk management and internal controls of Keshavarzi bank. This research is applied and a descriptive. Required data were collected from 78 bank experts in different organizational categories including internal auditors and inspectors, senior managers and experts in charge of Keshavarzi bank by questionnaire in 2019. The research hypotheses were analyzed by using SPSS software and the statistical method of Smart PLS software with structural equation modeling. The results showed that the factors of internal auditing independence, internal auditor's competence, management support of internal audit, internal auditing size and the relationship of internal and independent auditors had a significant positive effect on the effectiveness of internal auditing. Also, the effectiveness of internal auditing improves the bank's internal controls but does not have a significant impact on improving bank risk management. Based on the results of this study, it is better to involve internal auditors with risk management in the risk assessment process, setting up an internal auditing program with a risk-based approach to identify the priorities of the internal auditors' activity, to providing a more effective internal audit in Keshavarzi bank.

Traditional Budgeting Method is the main practice in SPGC, but due to legal obligations more up to date Performance Based Budgeting Methods should be used. Since Activity Based Costing Method has been implemented in the company, using Activity Based Budgeting Method sounds quite reasonable.
Three major groups – Financial bureau staff, IT staff and company managers – filled their corresponding Likert Scale questionnaires to validate seven main and eleven secondary parameters affecting the implementation of this method.

The analysis of stock market is a crucial factor in predicting future events. Network analysis is one of the newest method in analyzing of stock market. In quantitative science literature, network analysis is a new concept for a macro view to whole market. Quantifying the relationship between different stock market is a favorite issue for scientific studies in comprehension of complex systems. This kind of quantifying is done based on the volatility of stock price and their impact on each other. Therefore, this study aims to analyze the correlation of network analysis of pharmaceutical companies in the OTC and stock market in Iran from 2011 to 2016. This study is among the network analysis of quantitative research based on data gathering. Data was analyzed thorough network analysis with the use of SPSS and UCINET. The findings show that in levels of %75 and %80 correlation the Iran Daru and Tolid Daru corporations have the highest degree, and play as a center of network in stock price respectively. In %95 level, only Iran Daru with Tolid Daru and Razak Daru with Tamin Daru investment have relationship and other corporations in this level are isolated. In fact, the results of investigating the stock price network in the %75 to %95 correlation show that the considered network does not have density and consideration and by increasing the correlation, the network entropy raise up and in turn increase the concerns. For investors who are trying to reduce the risk of their portfolio, increase in entropy leads to increase in the risk of their investment.

The analysis of stock market is crucial in predicting future events, and the network analysis is one of the newest methods in the analysis of stock market. In the quantitative science literature, network analysis is new concept for macro viewing of the whole market. Quantifying the relationship between different units is the favorite issue in scientific studies in understanding complex systems. The purpose of this research is to analyze the ownership network of the companies in the Iranian stock markets. The data in the years 2011-2016 was collected and analyzed, using softwares PreMap and UCINET. Results indicated that the class structure overcomes corporates’ relations, and some companies, in comparison with others, are in better position. This better position provides faster access to the available resources. Also, for the companies in better position, the ability in access to information through the cluster of network members has increased. Furthermore, such an advantage has enhanced their power of influence in the stock market. Hence, it can be claimed these companies are key actors in the governing structure of the Iranian stock market.

The purpose of this research is to examine the monitoring role of the board of directors in tax aggressiveness of family firms listed in Tehran Stock Exchange (TSE). Hence, this research utilizes tax affective rate as proxies for tax avoidance. The research population is comprised of total companies listed in TSE and the statistical sample includes 87 companies listed in TSE and studied during the years 2007 to 2014. The mean comparison and multivariate linear regression are used for testing the hypotheses of the research. The results suggest that tax aggressiveness in family firms is less than other firms. Also, there is a significant positive relationship between the percentage of shares owned by the CEO in family firms and effective tax rate and the board's oversight role variables adjust this relation. Hence in the family firms, board independence and board size increased and the duality of the role of CEO and Chairman of the Board decreased the relationship between the percentage of shares owned by the CEO and effective tax rate.

The aim of this research is to evaluate the capacity of mudaraba and rent contract in keeping expected productivity of employers with desirable job satisfaction of employees to solve some problems in agency contracts in audit firms. To do this, first the audit firms based on their revenues were classified to small, medium and large firms. Also the employer's questionnaire for measurement of productivity and employee's questionnaire for measurement of job satisfaction were prepared. Then the validity and reliability of questionnaires was evaluated. Among the 94 samples including 30 institutes which include 30 employers, 60 employees answer the questionnaires. This research was conducted in 2015.
The results indicate that mudaraba increases productivity and job satisfaction and the rent decreases productivity and job satisfaction. The evaluation of the productivity components (ability, clarity, evaluation, incentive, help, and validity) and job satisfaction components (payment, promotion, colleagues and supervisors, organization justice) show that mudaraba does not improve all variables but decreases merit payment and promotion and in relation to validity is ineffective. Also rent contract does not decrease all variables but increases promotion and ability and like mudaraba is ineffective on validity. Also evaluation of demographic variables (sex, age, academic degree, organization size, organizational position and job experience) does not show significant differences, except that among large firms to small and medium firms just in productivity in rent condition. If the results of research along with economic environment is investigated, it would be determined that mudaraba and even rent contract find meaning in Islamic environment; so the weaknesses of mudaraba in merit payment, promotion opportunities and validity in such an atmosphere that makes fair flow of wealth and prevents exclusivity, can be removed. Therefore the creation of Islamic environment and avoiding market monopoly in audit firms is suggested in this research.

Decision making requires information and managers are always confronted with the problem of which information investors need for decision making. Every decision maker has a framework for his decision making based on his own mental structure; he encounters issues regarding his decision making framework as Stamp reports that one of the major difficulties in accounting standards development is lack of knowledge of decision making nature and logical process which decision maker attempts to access. The firm’s rate of return on investment is one of the main decision making criteria for investors and rate of return on investment calculation as a criterion for firm performance evaluation is obtained from information disclosed by the firm management. Cases of studies on information disclosure is summarized in the following pat; so it is concluded which information should be reflected in financial reports and how people process information for achieving their prediction and decision making regarding future uncertain events. Sing-Vey and Desay (1971) performed a research titled as ‘experimental quality analysis of financial disclosure by firms’ in USA. They argue that information disclosure by the firms may be in various forms and annual report to stockholders is an important form of periodical disclosure. They found that: Disclosure quality is better in large firms compared to smaller ones. Disclosure quality is better in the firms with higher number of stockholders. Disclosure quality is better in the firms audited by CPA institutes compared to the firms audited by small institutes. In the studies, there is a duality relationship between disclosure quality and stock return. While some studies have examined the effects of disclosure quality on stock return, other studies have examined the effects of stock return on disclosure quality. Reviewing the evidence of the validity of both approaches mentioned above, can mean that there is a bilateral (two-sided) relationship between these two variables. Accordingly the above question is raised: “Is there a bilateral relationship between disclosure quality and stock return?” In this regard, the goal of the present research is to study the bilateral relationship between disclosure quality and stock return in 127 listed companies of Tehran Stock Exchange (TSE) during 2003 to 2011. Research Hypotheses Based on the theoretical literature and the conducted studies, research hypotheses were developed as follows. First main hypothesis: There is a bilateral Significant relationship between disclosure quality and stock return The research methodology is a quantitative research that uses the scientific method and empirical evidence, and based on hypotheses and research designs has been set. This category of research is used when that criteria for measurement data quantitative and statistical techniques are used to derive the results. In this research, data of 127 companies are analyzed for the period of 2003-2011. At first, the bilateral relationship between the two variables was confirmed with granger causality test; then simultaneous equations system was estimated using two-step regression. The related data was collected through observation of Iranian database of Tehran Stock Exchange (Tadbir Pardaz) annual data files and the accompanying notes as found on www.rdis.com. For statistical analysis and to test hypotheses, descriptive statistics (i.e., mean, maximum, minimum and standard deviation) and inferential are used. The collected data was calculated using the Excel software and was analyzed using Eviews-7. The results of this research show that at a confidence level of 95%, there is bilateral relationship between disclosure quality and stock return of listed companies of TSE. In other words, the results of the simultaneous equation system have more reliability and validity than single-equation. Discussion and Financial information forms the evaluation basis in capital market. Financial statements contain very important information that shareholders use in making decisions related to investments in stocks. Appropriate disclosure in financial statements will be helpful in the decision extent that provides the possibility of predicting earnings trends, continuing profitability, management performance and so on. While some studies have examined the effects of disclosure quality on stock return, other studies have examined the effects of stock return on disclosure quality. The goal of present research was to study the bilateral relationship between disclosure quality and stock return in listed companies of TSE. It is recommended to encourage the companies having high-quality disclosures and charge the companies that have low-quality information disclosure given the importance of the quality of information disclosure on the exchange market. Thus, the regulators can affect the quality information disclosure (such as resource allocation in the economy and efficiency of information). Also, according to the bilateral relationship between stock returns and disclosure quality, we suggest considering these findings’ order to disclosure levels.

The major objective of the study is to find some answers to the following questions: 1) How do managers assess the usefulness of an information system?, 2) What are the major factors affecting the implementation of an information system?. We choose an action research approach to study the ABC system in Bank Keshavarzi from the management and employees perspective. The functionality of the ABC system was investigated via the following factors: system capability to provide details, cost classification, the frequency of presenting reports and the capability to provide reports and variance analysis. We assessed the usefulness of the ABC using questionnaires and multiple regression method and determined factors affecting to implement ABC based on views from IT and finance managers of the bank and by using factor analysis method. The results indicated that ABC can be useful in cost classification, and the frequency of financial reporting. Organizational, environmental, technological, and individual factors are also effective factors effective in implementing the ABC. Governmental grants, expert arguments, executives support, the overhead costs, and personnel training, were found to be factors affecting the implementation of the ABC.

Recently, regulators and governmental agencies have considered corporate governance and information disclosure as two integral key instruments to protect the investor interests. Managers disclose information to create a better picture of economic condition of their entities and absorb more investments, specifically institutional investments. In this study the effects of information disclosure on corporate governance quality and the composition of institutional owners are examined. The information of 75 listed entities in 17 industries has been examined during 2005-2012. The statistical analysis using regression shows that as much as the level of information disclosure increases, the quality of corporate governance enhances and the institutional investments increase.

The implementation of financial and nonfinancial perspectives of Balanced scorecard(BSC) is investigated in this study. The extent of using these perspectives is reported at 39 good quality hotels by queationaire and using statistical nonparametric techniques(such as Friedman and Kruskal Wallis statistics). The results show that although the BSC is not implemented in the sample hotels, but the following aspects are more considered by the managers: asset management programs as a financial aspect, keeping safety programs as an internal process aspect, separation of duties and delegating tasks as the learnings and growth perspective and customer consideration(customer attraction, customer preservation and handling customer complaints). These findings help managers in this indusry to perform evaluation and setting strategy.