فهرست مطالب داریوش فروغی

The representation theory explains how the board is formed, the characteristics of the board, and the selection of directors. All of these events underline better financial performance. The shareholders have empowered managers to set the company’s goals and they employ various tools one of which is managerial accounting to achieve those goals. In this study, using the information of 27 top listed companies in 1398, data related to innovative managerial accounting techniques were collected through a 19 item questionnaire designed by researchers. Data related to performance measurement were collected from Codal site the results of the research revealed that the size of the board of directors has no effect on the mediating role of innovative managerial accounting techniques and this can be attributed to the amendment of Article 107 of the Commercial Code. Also, the non-duty of the chairman of the board has been confirmed by considering the mediating role of innovative managerial accounting techniques, which can indicate the impact of using new methods. The issue of the CEO's membership in the board has not been confirmed by the mediating role of innovative managerial accounting techniques. According to the research findings, it is suggested that major shareholders, take into account the impact of the mentioned characteristics, in selecting the board of directors in order to achieve better performance.

Investors' beliefs and expectations form the foundation for their decision-making and behavior. Assets are crucial for companies' current and future decisions, significantly influencing investors' perceptions. Accounting for assets reduces uncertainty about a stock's intrinsic value and shapes expectations regarding the company. Additionally, accounting assets informativeness is a key factor in distinguishing earnings. Hence, the earnings quality may not affect the relationship between assets informativeness and investors' beliefs. This study investigates the relationship between accounting assets informativeness and investors' beliefs, with a focus on the impact of accounting earnings quality. A sample of 249 companies listed on the Tehran Stock Exchange between 2013 and 2023 was selected for analysis. The research model was estimated using panel data, controlling for year and industry effects, through the ordinary least squares method with robust standard errors (clustering errors at the company level). To measure assets informativeness, a ten-year rolling regression of a company's net operating assets against its earnings was employed. The results indicate that increased assets informativeness positively influences investors' beliefs both at the aggregate and discretionary levels. However, assets informativeness related to inherent factors does not impact investors' beliefs. Furthermore, low earnings quality does not weaken the relationship between assets informativeness at the aggregate level and discretionary factors with investors' beliefs. These findings can assist financial statement users, particularly investors and shareholders, in considering the awareness of accounting assets when estimating a share's intrinsic value for investment decisions.

The results of the previous literature in the field of return and earnings indicate the negative effect of delayed earnings announcement on abnormal stock returns, that this negative reaction can be result from the existence of earnings manipulation in the announcement of delayed earnings. Due to the importance of earnings and return relationship, the purpose of this research is to investigate the effect of quarterly earnings announcement delay on abnormal returns in the earnings announcement window and also to investigate the moderating role of earnings manipulation on this relationship. For this purpose, a sample containing quarterly data of 126 companies listed to the Tehran Stock Exchange in the period 1391 to 1400 has been selected.Regression analysis was used to test the hypotheses. The result of the first hypothesis test showed that the delay of quarterly earnings announcement has a negative and significant effect on the abnormal return. Also, according to the second hypothesis, earnings manipulation based on the adjusted model of Beneish (1999) aggravates this negative effect. That is, the delayed earnings announcement in the Investors' view can involve earnings manipulation and as a result, the negative reaction to the delay in quarterly earnings announcements will intensify. However, earnings manipulation based on the model of Kothari et al. (2005) did not have a significant effect on the negative market reaction to the delayed earnings announcement.

The low (high) abnormal returns of stocks with a high (low) left tail risk is a financial anomaly studied in empirical capital asset pricing research. This anomaly is caused by undesirable and unexpected events that incur severe losses for investors, and this loss has the characteristic of continuity. Since the prediction of left-tail risk can help formulate an appropriate trading strategy, this study aims to predict the left-tail risk through past left tail risk information via portfolio analysis and Fama and Macbeth's (1973) regression. To this end, the data of 307 companies of Tehran Stock Exchange and Iran Fara Bourse from 2005 to 2020 were used. The results revealed the ability to predict the left tail risk by past risk information in the research sample. Further exploration by additional portfolio analysis suggested that the future left-tail risk prediction power by past information left-tail risk is greater among stocks with small size characteristics and high unsystematic volatility, but only a small portion of the market is devoted to stocks with these characteristics.

In risky situations, people's behavioral biases may lead them to deviate from rational decisions  leading to a negative relationship anomaly between risk and return. Investors underreact the stock with a recently negative return (exposed to downside risk) resulting in a negative return momentum or the persistence of downside risk in future. In the present study, the negative relationship anomaly between the downside risk and the expected excess return is investigated. Also, the exploration of the relation of firm-specific characteristics and other risk measures with downside risk is investigated for the accurate explanation of the anomaly. In addition, the persistence of downside risk and the relationship between the amount of downside risk and persistence severity are investigated.

The Effect of Cost Stickiness on Firm Value by Considering the Resource Adjustment Cost and Agency ProblemAbstract:Cost stickiness is one of the factors affecting the value of the firm, which can be caused by resource adjustment costs or agency problems, and this was the main motivation of this study. The statistical the population of this study are all companies listed in Tehran Stock Market, in which 102 companies in the period 2013 to 2022 have been selected by systematic elimination method. For data analysis and hypothesis testing, multivariate regression model based on compound data is used. The research results showed that cost stickiness has a negative effect on firm value. Also, the findings showed that when the resource adjustment cost is high, the effect of cost stickiness on the value of the firm increases. In addition, agency problems do not affect the relationship between costs and firm value.Keywords: Firm Value, Cost Stickiness, Resource Adjustment Cost, Agency Problem

Earning is valued because of the information it provides to the capital market. But managers use abnormal Items to manipulate earning to achieve their intended goal, such as maintaining stock prices. Since the manager's benefit depends on the value of the company, he tries to maintain the status quo. So at first it uses accruals abnormal to manipulate earning, but accruals are reversible in nature, so they use abnormal items in later years. On the other hand, this may be different in state-owned companies. The present study examines the relationship between highly-valued firms and abnormal accruals items with emphasis on state ownership. In this regard, samples including 130 companies listed on the Tehran Stock Exchange during the period 2014-2020 have been selected and tested. The results show that companies use more accruals abnormal in the first years and less really abnormal items. But over time, the use of accruals abnormal decreases and they turn more to really abnormal items. Also, in overvalued state-owned companies, the use of accruals abnormal has received more attention, but the really abnormal items manipulation has not had a major impact.

The intrinsic value of the company is determined based on the information obtained regarding the operational ability of the company. But in practice, sometimes the stock price in the market is not an accurate reflection of the available information and the market does not act rationally in the face of the information, as a result of which the intrinsic value of the stock market will be different. If the market price of a company's stock is higher than its intrinsic value, overvaluation is created. In these cases, managers of overvalued companies may manipulate earnings through actual or accrued activity. Managers may do more accrual earnings management and less actual earnings management in the first years so that the company's future cash flows are not jeopardized. But over time, since accruals are reversible, they turn to real earnings management. Also, in addition to the financial status of economic enterprises, government ownership affects the motivation of managers during financial reporting and preparation of financial statements. Government support in the form of state ownership helps companies to use this advantage, to obtain more financial resources, so managers of overvalued state-owned companies have less incentive to manipulate earnings to maintain the company's overvaluation. Therefore, the main goal of this research is to investigate the relationship between company overvaluation and abnormal earnings with an emphasis on government ownership in companies listed on the Tehran Stock Exchange.

This research is applied in terms of purpose. Abnormal accruals and actual abnormal earnings are dependent variables and stock overvaluation is the independent variable. State ownership is also a moderating variable. The first and second hypotheses of the research state that there is a positive relationship between the overvaluation of the company and the amount of abnormal accruals and earnings. There is a negative relationship between the overvaluation of the company and the amount of real unusual items of earnings. Also, the third and fourth hypothesis of the research states, the increase in the duration of overvaluation has a negative relationship with the amount of accrual items of abnormal earnings, but it has a positive relationship with the amount of actual items of abnormal earning. Finally, the fifth and sixth hypotheses state that state ownership has an effect on the relationship between company overvaluation and the amount of abnormal accrual items of Earning and the amount of actual abnormal items of Earning. In order to collect data, a sample consisting of 130 listed companies in Tehran Stock Exchnge were selected for the period of 2014 to 2020. Also, to test research hypotheses, multivariate regression with panel data and ordinary least squares (OLS) approach and robust standard error method have been used.

The results of the research showed that when companies are overvalued, they manipulate earnings through abnormal accruals and use less manipulation of abnormal real earnings. Also, in the first and second year of stock valuation, companies manipulate earnings through accruals and due to the reversible nature of abnormal accruals, over time it becomes difficult for managers to show more earnings through the manipulation of abnormal accruals. So the manager has to reduce the use of unusual accruals over time. Continuing the process of manipulation in the fourth year, the amount of manipulation of unusual accrual items decreases and the use of actual unusual items increases. In addition, during the overvaluation of the company, the use of accruals has increased in government companies as well as in non-government companies. On the other hand, the overvaluation of corporate shares in non-government firms leads to a reduction in the use of abnormal real earnings manipulation.  But in overvalued public companies, the real unusual items of earning have decreased, but this decrease is not significant.

It is recommended to investors, creditors, including investors, while evaluating companies for investment, keep in mind that some companies may be overvalued due to the use of unusual earnings items. In this case, they should do more experience and analysis and not only pay attention to the last figure of the Earning and Loss report and consider the process of preparing the reports. So investors and creditors are suggested to be more aware of the overvaluation of the company. In addition, managers are also suggested that if the company under their supervision is overvalued, there is this insight for users that the company has used abnormal earnings items. Therefore, to prevent the market from creating a negative view of the company, try to improve the financial reports and increase the quality of the reports. Also, law makers and standard setters should take effective measures and measures to prevent the continuation of overvaluation of the company by applying stricter laws and stronger supervision.

Deciding on the amount of capital expenditure is one of the most critical managers' decisions in companies. Information published in financial statements (mainly accounting profit) and market-based information (primarily the market value of companies) have always been considered two complementary sources of information that influence economic decisions from the perspective of users (including managers). However, the quality of companies' internal information can strengthen or weaken this influence. In other words, the quality of companies' internal environment is expected to influence both the information in financial statements, which is the product of such an environment and the market value of companies, which responds to this product. The better the accounting information quality, the more efficient investment decisions will be. In this study, the term "internal information quality" refers to the quality of the information products produced in the company's internal environment, of which accounting information is only one. According to the "internal information quality" hypothesis, this paper examines the modifying role that the company's internal information quality can play in the impact of the company's value and accounting profit on capital expenditures. 

Two variables, including non-restatement and corporate transparency, have been selected as indicators of the quality of internal information of the company. Then, four hypotheses were compiled, and a sample consisting of 181 Tehran stock exchange listed companies in the period 2011 to 2019 was created. The research hypotheses were tested using multiple regression in Eviews 12 applying the combined data method. In addition, descriptive statistics and correlation analysis were used to analyze the data before testing the hypothesis. In this study, Limer F and Hausman tests were used to determine the nature of the combined data. Brush-Godfrey and Wiggins and poi's (2003) tests were used to determine autocorrelation and heteroscedasticity, respectively. In addition, the VIF statistic was used to test for multicollinearity. We applied the GLS method to reduce heteroskedasticity and added a first-level autoregressive variable ((AR (1)) to control for autocorrelation. To ensure that the results of the research hypotheses did not depend on the measurement method for the variable "quality of internal information," these hypotheses were retested in this study using the variable "corporate transparency" as an alternative indicator to measure the quality of internal information.

The results revealed that firm value and accounting profit have a positive effect on capital expenditures. This is because managers consider the market value of the company as a signal for their investment decisions, and the profitability of these decisions (capital expenditures) is reflected in the accounting profit. It was also found that the "internal information quality" hypothesis does not fit companies operating in Iran. The quality of companies' internal information does not affect the relationship between accounting profit and capital expenditure. No reliable results were found about the internal information quality effect on the relationship between firm value and capital expenditures. The results of this research show that the corporate transparency index is more consistent with the theoretical basis of this research and may be a more appropriate index to measure the quality of internal information than compared to non-restatement. 

Managers of companies operating in Iran in deciding on capital expenditures do not pay much attention to the internal information environment of the company and the information produced by it. This result is probably due to the fact that the quality of internal information is not reliable from the managers' point of view. The provision of this information is associated with high costs for the company. This means that the cost of producing information within the company outweighs the benefits. If managers focus their efforts on improving and enhancing the internal information environment, the information generated by this environment will become a powerful source of information for investment decisions and the benefits will outweigh the costs. Also, to measure companies' internal information quality, the corporate transparency variable is a more reliable indicator than the non-restatement of financial statements. Accounting profit is probably not the most influential product of companies' internal information environment. The results of this study can be helpful for regulatory bodies such as the Securities and Exchange Commission and validation accreditation bodies such as the auditing organization and the Society of Certified Public Accountants. Future researchers are also suggested to design and conduct research that can extract the essential products of companies' internal information environment from the managers' perspective and then use these products as a proxy for accounting profit in this research so that the results can be compared with the current study.

The Financial market analysis is an important issue that influences investors' decisions. This paper developed the stock pricing model by comparing the predicted stock price based on the anchoring and adjustment theory and the real stock price through collecting and analyzing the initial information and data of 122 companies listed on the Tehran Stock Exchange during the period 2011 to 2019. The results of this study show the effectiveness of the anchoring and adjustment theory based on the separation of stock return components and measuring the irrationality coefficient and emotional reactions of investors' decisions in stock prices. Accordingly, the limitations of investors 'ability to process information seem to affect the level of use of reasoning and rationality in decision-making and the effect of bounded rationality through the irrationality and limited attention on stock pricing. Therefore, it is expected that knowledge about the process of bounded rationality based on the rational bounded of investors and the behavioral biases resulting from the irrational part of their thinking, will provide a good explanation for the process of changes in financial markets. This can provide both profit opportunities and costs in investment management so that it can be used in modeling, analysis and investmentstrategies.

The Aim of this study is to introduce the left tail risk as a driver for creating idiosyncratic volatility and explainer the negative returns due to high unsystematic volatility. In addition, the present study is trying to determine how the idiosyncratic volatility puzzle occurs. In this study, univariate and bivariate portfolio analysis as well as Fama and Macbeth (1973) regression have been used. For this purpose, the information of Tehran stock exchange and Iran fara bourse companies during the years 1384 to 1398 has been used. The results of this study indicate the existence of the idiosyncratic volatility puzzle (the low (high) returns of high (low) idiosyncratic volatility stocks) and left tail risk anomaly (the low (high) returns of high (low) left tail risk) in the research sample. The idiosyncratic volatility puzzle (the low (high) returns of high (low) idiosyncratic volatility stocks) is no longer detected when idiosyncratic volatility-sorted portfolios are neutralized to left tail risk, regression control for left tail risk and factor models include a left tail risk factor. The left tail risk plays the important role to explain idiosyncratic volatility puzzle (the low returns of high idiosyncratic volatility stocks) and the reason for this explanation is the falling stock price pressure with high left-tail risk on stocks with high unsystematic volatility.

Fraud is a clever manipulation of financial statements by management that misleads users. The accounting literature shows that companies with higher social responsibility are less likely to engage in fraudulent activities. Therefore, the purpose of this study is to determine the effect of corporate social responsibility on fraudulent financial reporting in companies listed on the Tehran Stock Exchange.

The statistical population of this research is the companies listed on the Tehran Stock Exchange. The required data has been extracted from Rahavard Novin database and Codal site. Based on the screening method, 165 companies in the period 1390 to 1398 have been selected. The logit regression was also used to test the research hypothesis.

Findings show that social responsibility reporting has a negative effect on fraudulent financial reporting and as the corporate social responsibility score increases, the likelihood of fraudulent financial reporting decreases.

Based on the research results, it can be stated that socially responsible companies are more inclined to pursue ethical activities to achieve social welfare. So they have less incentive to engage in fraudulent activity. Social responsibility also increases the company's profitability. As a result, good profitability and lack of financial problems reduce the possibility of fraudulent activity.

 Providing evidence to reduce the likelihood of fraudulent reporting by increasing corporate social responsibility scores raises awareness of users of financial statements and legislatures and improves future economic decisions. The results of this study also expand the accounting literature in the field of fraud and social responsibility.

The purpose of this study is to explain and investigate the effect of unsystematic risk on earnings management and the effect of firm size on the impact of unsystematic risk on earnings management. In order to obtain a sample of 143 companies from the companies listed on the Tehran Stock Exchange during the year's 2005 to 2015 using multivariate linear regression with panel data was examined. The research method in this research is applied in terms of purpose and descriptive-correlational in terms of method. The findings indicate that unsystematic risk has a positive and significant effect on earnings management and also the size of the company does not affect the severity of the effect of unsystematic risk on earnings management.

Organizational culture is the starting point for movement and dynamism. Also, many experts consider organizational culture as the most fundamental context of change and organizational change in line with the new programs.The main purpose of this study was to investigate the effect of organizational culture on financial performance of listed companies in Tehran Stock Exchange through innovative managerial accounting techniques. Target sample consists of 27 of listed companies in Tehran Stock Exchange in 1398. Two questionnaires were used to collect the data. The first questionnaire was designed by the researchers and contained 19 questions related to managerial accounting techniques in the domains of Activity-Based Costing, Balanced Scorecard, Kaizen and Target Costing. The second questionnaire was adopted from Denison’s model and contained 60 question in the domains of Involvement, Consistency, Adaptability and Mission. Collected data were analyzed using the structural Equations Model. The findings of the study show that the organizational culture had effect on the financial performance. However, by adding the innovative managerial accounting techniques as a mediator, the findings demonstrated the effect of innovative managerial accounting techniques on organizational culture on financial performance. The findings of this study provide the shareholders with valuable information in electing board of directors in line with improvement of the company’s financial performance

The purpose of this study is to investigate the effect of informed and noise investors' perceptions of financial statements on stock returns. In this regard, the qualitative data of the reports of the board of directors of 116 companies listed on the Tehran Stock Exchange during the period 2011-2019 have been used. To qualitative analyzing the reports of the board of directors and extracting the textual elements considered by the two groups of informed and noise traders, the text mining and Lasso regression approach was used and to separate the capital market traders into two groups of informed and noise traders, Kalman filter was used. Findings of the study show that both groups of informed and noise traders can achieve abnormal returns by using the information of board reports and basing words and separating them into words with real and fact basis. In the case of mix-meanning based words, the perception of informed traders can affect abnormal stock returns, while noise traders are unable to distinguish mix-meaning words and do not seem to pay much attention to them in their decisions. The results of the research are generally in line with the theory of noise traders and show the behavioral basis (imitative effect) in the Tehran Stock Exchange.

The purpose of this study is providing a model for investors' beliefs, considering the political, social, economic and cultural characteristics of the country. So, regarding the exploratory approach of the research and the specific conditions of investments and capital market of the country, in this study is used qualitative research method and grounded theory approach and the interviewees are selected by snowball sampling method. Taking into account the views of capital market participants, the main beliefs of micro investors have been identified. After conducting 24 interviews and obtaining theoretical saturation, "Investor's belief model" including the causal and intervening conditions, context, strategies and consequences is presented. The research findings show that in the present context, the factors of "information asymmetry, lack of awareness, cultural factors, mental constraints, social factors and emotions" as causal factors affect the core category (investor's belief) and the categories of "education system, information systems, Political factors, corruption, media and inefficiency of intermediary financial institutions "as intervening factors, affect the strategies and consequences resulting from investor beliefs. To maximize the richness of the model, strategies and consequences are categorized and interpreted at two levels.

According to the Social Cognitive Theory, human behavior is influenced by individual differences and environment. Auditors’ Organizational Attitudes, that is, Organizational Commitment and Job Satisfaction can be effective on  audit quality improvement. The purpose of this study is to examine the effect of auditors’ individual differences on their organizational commitment and job satisfaction. For this purpose, according to the social cognitive theory, two criteria of internal locus of control and self-efficacy are used as auditors’ individual differences. The study is based on a survey of 252 certified public accountants working in Audit Organization and audit firms. Research hypotheses are tested using ordinary least-squares regression. The results indicate that auditors’ internal locus of control and self-efficacy has positive and significant effect on their organizational commitment and job satisfaction. These results reflect the importance of attention of authorities to individual differences of current auditors and applicants for recruitment in the Audit Organization and audit firms such as internal locus of control and self-efficacy.

A review of the accounting theoretical literature confirms the role of CEO human capital as a valuable intangible asset for the company. The purpose of this study is to determine the effective criteria on the CEO human capital and to explain a comprehensive and multi-criteria model for measuring the CEO human capital of Iranian corporate and evaluate the impact of that on the Earnings Forecasts Quality. For this purpose, firstly, the CEO human capital criteria were identified according to Iranian information environment and experts' opinions regarding the weight and importance of each of these criteria collected through a questionnaire and explained using the Shannon entropy technique of comprehensive CEO human capital model. Then, using the proposed model, the CEO human capital index was calculated for a sample of 70 the firms listed on the Tehran Stock Exchange during the period 2012-2017 and the impact of CEO human capital on Earnings Forecasts Quality was tested by estimating the regression model. The results of the research show that Education level, work experience (tenure) and industry-related field of study are recognized by the CEO as important criteria from the experts' point of view. Also, the results of the analysis of the research hypothesis showed that the improvement of the CEO human capital index has a positive effect on the horizon of earning forecast and reduces the bias of earning forecast. While the impact of the CEO human capital on the error of earning forecast and the range of earning forecast was not confirmed.

Many accounting and auditing variables represent forecasts of future events. Accordingly, decision making under conditions of uncertainty is of fundamental importance in accounting and auditing studies. An important aspect of such studies is estimating the risk of corporate bankruptcy. The estimated risk occurs because the probability of the customer going bankrupt is unknown and must be determined statistically. The bankruptcy risk is somehow different from the estimated risk. Some companies can have the same point estimates of bankruptcy while they do not have the same risk estimates. The level of risk estimation indicates the degree of inaccuracy in the point estimates of bankruptcy. We measure the risk estimate using the standard errors of point estimates of the bankruptcy because the risk estimate is the second-moment risk and measures the estimation precision and uncertainty around the point estimates of bankruptcy. In other words, we use the variance-covariance matrix to compute the standard errors of point estimates. In general, given the importance of bankruptcy and its consequences, our research aims to assess auditor's conservatism by measuring the risk estimates and analyzing their impacts on auditor behavior.

In this study, we first obtained the point estimates of bankruptcy and their standard errors, and then we predicted bankruptcy by specific models over rolling windows over the past five years. Then, we estimated multiple regression and probit models using the data set of 110 companies listed in the Tehran Stock Exchange, TSE, from 2007 to 2017. The data set was collected using financial statements, audit reports on the financial statements, the official website of the TSE, and the official data from the Iranian Association of Certified Public Accountants. At last, we performed data analysis to test related research hypotheses.

According to the research findings, an increase in the estimated risk of bankruptcy leads to a positive effect on the issuance of going opinion and no effect on audit fees.

The main idea of this study is reporting auditors are risk-averse. The estimated risk imposes incremental uncertainty on the risk-averse auditors and consequently, affects their behaviors. On the other hand, our findings suggest that auditors are more conservative when they face a greater risk. Auditors are cautious about their professional responsibility and social accountability related to the bankruptcy of their client firms. Auditors get more conservative along with the increase of the estimated risk.

The aim of this study was to investigate the effect of behavioral interventions on knowledge sharing behavior using the theory of planned behavior among independent auditors. Attitudes, abstract norms and inclinations are important aspects of this theory and their mediating role in the relationship between behavioral interventions and knowledge sharing behavior has also been investigated.

The present study is applied and falls into the category of experimental research. The method of execution is multi-group post-test design. The statistical population of this study is the auditors working in the auditing organization and auditing institutes in Tehran. The sample is selected from the available sampling method and eliminated (screening). The of structural equations technique and non-parametric Kruskal-Wallis and Mann-Whitney tests have been used to test the research hypotheses.

The results show that behavioral interventions affect the knowledge-sharing behavior of independent auditors by influencing abstract attitudes and norms. In other words, abstract attitudes and norms play a mediating role in the relationship between behavioral interventions and knowledge sharing behavior. There is also a significant difference between the amounts of information shared by each group; Participants who received targeted messages about both behavioral and normative beliefs shared more information.

Independent auditors have a positive attitude about knowledge sharing in their institutions and their mental norms are also influenced by a positive attitude towards knowledge sharing behavior. On the other hand, abstract attitudes and norms are reinforced by purposeful messages (behavioral interventions). These two factors have intensified their desire to share knowledge; But knowledge sharing behavior has not increased in line with this desire.

This study investigates the quality and sustainability of accruals of listed companies in Tehran Stock Exchange through qualitative and unstructured reports in the period 2011-2017. Statistical technique used to test hypotheses, Multivariate regression of panel data type using The STATA software was used to measure accruals in board reports (accrual accruals) using support vector regression technique in Python software. The accruals in board reports (textual accruals) were measured using support vector regression technique in Python software. The research findings show that textual accruals are more explanatory power than actual accruals (company level accruals) for measuring accrual quality. Also textual accruals estimated by the support vector regression technique are more stable than non-textual accruals that are not determined by this method using text mining techniques (especially support vector regression) is able to transform qualitative and unstructured disclosures such as Board of Directors Reports to an estimate of the fundamental elements (quality and sustainability of accruals) at the company level.

The purpose of this study is to measure and estimate accruals of listed companies in Tehran Stock Exchange through qualitative and unstructured reports using text mining techniques. The study sample included 205 companies in the period 2011-2017. The statistical technique used to test the hypotheses is multivariate regression of the panel data type using stata software Textual accruals were measured by the board of directors' report to the corporation using two support vector regression and dictionary-based methods in Python software.The findings showed that 19.6% of firm-level accruals changes (actual accruals) can be explained by textual accruals. The results also indicate that dictionary accruals (estimated on the basis of dictionary) are able to explain15/3% of the changes are actual accruals, thus textual accruals have more interpretative power than dictionary accruals to explain and describe actual accruals in listed companies in Tehran Stock Exchange. Textual and vocabulary accruals can be used to explain 53% of actual accrual variations if they are used simultaneously in a model to describe actual accruals.

Corporate Governance is a very important factor in increasing the value of the company. The impact of corporate governance on the company's value varies from firm to company, which can be attributed to the company's features, including financial leverage and dividend policy. Corporate governance and financial leverage play an important role in increasing the value of the company and the shareholders' wealth, so that in general terms one can point out that when corporate governance increases the value of the company, the use of leverage is inappropriate Fiscal declines in stock prices and even risk of bankruptcy. The purpose of this study was to investigate the moderator role of financial leverage and dividend policy in the effect of corporate governance on the value of companies in listed companies in Tehran Stock Exchange. In this research, a systematic deletion method has been used to determine the statistical sample and finally a sample of 104 companies listed in Tehran Stock Exchange was investigated in the period from 2009 to 2016. To test the research hypotheses, multiple regression has been used in combination data. The results of this study showed that corporate governance has a positive impact on the value of the company. The results also showed that financial leverage increases the severity of corporate governance impact on company value. In addition, it was found that dividend policies reduce the effectiveness of corporate governance on corporate value.

Comparability in the capital market and debt is very important for investors and creditors, because investment and debt decisions are based on evaluating alternative opportunities or projects, and without this comparable information, it is not possible to make optimal decisions. The aim of this study was to investigate the effect of comparing financial statements on idiosyncratic return volatility taking into account the moderating role of Earnings forecasting errors. Using Samandmand's elimination method, a sample of 105 companies was selected from the companies listed on the Tehran Stock Exchange during the years 2012 to 2018. To test the hypotheses, multivariate regression models were used by combined data method. The results of the research show that the ability to compare financial statements has the opposite effect on idiosyncratic return volatility. The results of the study also show that Earnings forecasting errors have the opposite effect of comparing the financial statements on the idiosyncratic return volatility.

Financial and investment issues are one of the essential areas of every person's life that make one makes many decisions in different situations; however, it is the beliefs of the individual that make the decisions and shape their behavior in the financial arena. Referring to the lack of in-depth and, as far as possible, comprehensive research in this regard in the Iran context, a careful examination of the factors influencing investor beliefs and the importance of each factor in making an investment seems necessary in analyzing behavior, justifying a decision, and providing effective solutions to improve the process of judgment and decision making. So, the purpose of this study is to identify investor's beliefs, factors influencing them and rank the categories in the capital market of Iran. To this end, after identifying the beliefs of investors and the factors affecting them by interview, the hierarchical analysis process (AHP) and the DEMATEL technique have been used to prioritizing investors' beliefs and ranking the factors affecting them, respectively. Following a deep interview with 24 experts and the collection of beliefs and causal factors through coding, a questionnaire was prepared to prioritize the identified factors and was completed by experts who, in addition to having sufficient knowledge about investor's behavior were well acquainted with Iran capital market. Based on the findings of the research, it was found that among the 14 beliefs known by the experts, over confidence, loss aversion, self- attribution, self-control and regret – aversion are the most significant beliefs observed in the Iran capital market. In addition, among the six causal factors identified, emotions, investor capacity limitations for processing existing information and their lack of awareness of the fundamental issues of economy and investment were identified as the most important factors influencing investors' beliefs.

Considering the inverse relationship between the value and momentum factors and the lack of simultaneous use of them in capital asset pricing models such as CAPM and Fama and French's three-factor model, the basis of this study is to provide a new functional model has been replacing pricing models of investing in stocks based on value, momentum with market risk and explain the anomalies of accruals and financial constraints through it. By imposing restrictions during the period from 1386 to 1395, 120 companies were sampled and tested. The results of the test of models and assumptions indicate the existence of convergence between the value and momentum factors with the excess return on stocks based on value / momentum, value / size, accruals / size, financial constraints / size, and these factors lead to Risk taking in the embedding portfolios based on the property of value (momentum), accruals (size) and financial constraints (size). Also, the three-factor model of value, momentum with market risk, has less GRS test statistic among competing models, and has the best performance compared to capital asset pricing models such as the CAPM and the Fama and French three-factor model.