فهرست مطالب فرید غلامی حسن کیاده

The effect of information disclosure procedures and policies on the cost of equity capital is one of the important issues which always is considered by regulators, entities and financial and accounting researchers. This relation is affected by various contextual characteristics (e.g. ownership structures, legislating system, economy and so on). The aim of this research is to examine the effect of ownership dispersion on the relation between voluntary disclosure and cost of equity capital. In doing so, the number of 610 firms of TSE listed Company were selected via systematic screening method. Data for variables were collected from several databases, such as CODAL, Central Bank, TSE-Client 2 software, and Statistical Centre of Iran. These data were analysed by the regressions model. The evidence shows that voluntary disclosure, ownership dispersion, and their interaction have significantly negative relations with the cost of equity capital. These findings indicate that an increase in voluntary disclosure and ownership dispersion causes a decrease in cost of equity capital. In addition, ownership structure intensifies the negative effect of voluntary disclosure on the cost of equity capital.

Many studies have shown that users of financial statements are not able to correctly price the components of earnings. Based on competitive and signalling theories, firms’ reporting and earnings quality vary in different stages of the life cycle. Therefore, in this research, we try to study the pricing of earnings components over the life cycle of firms. This study was conducted through the mishkin test expanded by the model of Allen et al (2013). In order to implement this plan, data of 78 companies accepted on the Tehran Stock Exchange during the years 2004 to 2014 were collected from CODAL and TSE-Client. The evidence suggests that cash component and accruals components are respectively underpriced and overpriced by market in growth stage. In addition, there was no evidence of mispricing of accruals related to the growth of the company at the maturity stage. Evidence also showed that these items are underpriced in the declining stage. The pricing of other components of earnings was similar in three stages. Given that the smallest and largest amount of absolute value of the difference in the coefficients of earnings components was respectively observed in the maturity and the declining stages, it can be concluded that earnings at the maturity and the declining are respectively the lowest and the most misleading.

This research is aimed to identify factors misleading investors in determining future profitability, focusing on good accruals and accruals estimation error.This study is an applied and quantitative research. Also, because of using past information, it is considered asex-post facto research. The sample consists of 78 firms listed in Tehran Stock Exchange during the years 2004 to 2013 and the hypotheses is tested using regression coefficient analysis. Findings show that the cash component of profit is more persistent than all accrual components and also accruals related to growth is the most persistent component of accruals. In addition, the findings show that cash flow and accruals related to growth have a positive relationship with future returns, and accruals related to temporary fluctuations and accruals estimation errors have a negative relationship with the mentioned variable.According to the results, accruals related to temporary fluctuations and accruals estimation errors lead to investors misleading, due to their lower persistency

The aim of this paper is studying the effect of timely disclosure on the relation between voluntary disclosure and cost of equity capital. In this regard, a Pourheidary's disclosure checklist, Gordon’s growth model and a dummy variable based on Ashton et al definition were respectively used for measuring companies’ disclosure score, their cost of equity capital and their timely disclosure. Also, the number of one hundred eleven companies listed on Tehran Securities Exchange during 2010 to 2014 (totally 560 firm-year observations) were selected as the sample of research using systematic screening method. Furthermore, required data related to these observations were collected from ‘Codal’ database and ‘Rahavard Novin’ software. The results of hypotheses testing applied with regression analysis showed a significant negative relation between voluntary disclosure and cost of equity capital. Also, tests implicate a significantly negative association between timely disclosure and cost of equity capital. In addition, the tests demonstrated that interaction effect of voluntary and timely disclosure on cost of equity capital is negative and significant. In the other words, the reducing effect of voluntary disclosure on cost of equity capital of companies that timely disclose their information is more than companies that untimely disclose their information.