mehran jahandoust marghoub

Social responsibility addresses ethical issues about the company's behavior and decisions on issues such as human resource management, environmental support, occupational health, social relationships, and relationships with suppliers and customers. One of the tasks of companies in the field of social responsibility is to help improve the economic situation and welfare of society, and on the other hand, financial reporting is done with the aim of providing correct information for correct financial decisions and thus economic growth. Therefore, it is expected that by implementing the social responsibility mechanism, companies' financial decisions will also be affected. Therefore, in this study, the relationship between social responsibility and financial leverage in member companies of the Tehran Stock Exchange has been investigated.

In order to investigate this issue, research hypotheses for 97 companies over a 7-year period from 2012 to 2018 were tested using multivariate regression models. For this purpose, leverage based on book value and leverage based on market value have been used as a representative of financial leverage.

The results show that there is a negative and significant relationship between social responsibility and financial leverage (book leverage and market leverage) of companies.

Research findings in line with management research show that social responsibility is one of the factors affecting the capital structure of companies. In other words, companies with higher social responsibility adopt lower leverage ratios. The results show that companies contribute to transparency of financial reporting and reduce information asymmetries between internal and external entities and agency problems by disclosing social responsibility. Therefore, for creditors, companies with high social responsibility are less risky and face lower capital constraints.

Corporate Social Responsibility (CSR) concept is closely related to the notion of sustainable development, and the outcome of the sustainable development approach is specific consideration to disclosure and reporting of CSR. One factor that is less considered in the Iranian economic environment and research is the competitive nature of the product market in today's highly competitive and sensitive environment. So, the main aim of this paper is to investigate the moderating effect of competition in the product market on the debts ratio and the CSR relation among companies listed on the Tehran Stock Exchange. The independent variable in this study is CSR, and the dependent variable is the debts ratio. In order to investigate this issue, the research sample was determined using the systematic elimination method, and 97 companies were selected for seven years from 2012 to 2018. Multivariate regression was used to analyze the data and test the hypothesis. For this purpose, the output-oriented BCC model has been used to measure companies' CSR, and the Lerner index has been used to represent competition in the product market. The results show that high competition in the product market moderates the relationship between CSR and debts ratio. In other words, when competition in the product market is high, Firms adopt lower debt ratios by fulfilling their social responsibilities. The investigation of the moderating effect of the competition is the distinguishing feature of our research compared to other studies. Therefore, players of industry, business, creditors, and investors should pay attention to the intensity of competition in the market.

The main purpose of this study was to investigate the impact of different information environments on the relationship between disclosure quality and idiosyncratic stock risk in listed companies in Tehran Stock Exchange. To investigate this issue, the research hypotheses were tested on the basis of a statistical sample of 86 companies over a 11 year period from 2009 to 2019 using multivariate regression models. For this purpose, management forecast error as a proxy for disclosure quality, capital asset pricing model for idiosyncratic risk measurement and company size criterion as representative of information environment are used. In order to calculate the management forecast errors, the absolute value of the composite measure of management forecast errors using the principal component analysis method was used. The results show that there is a negative and significant relationship between disclosure quality and idiosyncratic risk. Also, having a favorable (weak) information environment increases (decreases) the quality of disclosure and reduces (increases) idiosyncratic risk.

The main purpose of this study is to investigate the effect of corporate governance on the relationship between CEO power and capital structure decisions in listed companies in Tehran Stock Exchange. For this purpose, principal component analysis method was used to measure CEO power. The research hypotheses were tested on the 106 companies over a period of 8 years from 2011 to 2018 using multivariate regression models and panel data alignment. The results of linear models of research show that there is a negative and significant relationship between CEO power and book value leverage. The results of nonlinear models indicate that there is a significant nonlinear (U-shaped) relationship between CEO power and short-term leverage. Also, there is a significant nonlinear (U inverse) relationship between CEO power and long-term leverage. The results of the study of the effect of institutional shareholders on the relationship between CEO power and capital structure decisions indicate that institutional shareholders have a negative and significant moderating effect on the positive linear relationship between CEO power with book value leverage and short-term leverage. Also, institutional shareholders cause the nonlinear relationship between CEO power with market value leverage and short-term leverage to be change from inverted U to U-shaped. In the case of long-term leverage, the results also show that institutional shareholders cause the negative relationship between high power of the CEO and long-term leverage may be positively changed.

The main purpose of this study is to investigate the impact of corporate governance on the relationship between managerial ability and lack of information transparency in listed companies in Tehran Stock Exchange. Research hypotheses based on the 106 companies during a 9-year period from 2010 to 2018 were tested using multivariate regression models. Demerjian & et al. (2012) model was used to measure management ability and to calculate the corporate opacity, the criteria of the index rate of lack of transparency in company information and discretionary accrual items were used. The results show that there is a negative significant relationship between managerial ability and lack of transparency of company information. Also, the CEO duality has a negative impact on the relationship between managerial ability and lack of transparency of company information (in particular, discretionary accrual items). Finally, institutional shareholders have a negative effect on the relationship between managerial ability and lack of transparency of company information (the index rate of lack of transparency in company information and discretionary accrual items).

Stock liquidity is one of the main factors that affect firm value, which can be due to the behavior of major shareholders and the composition of the ownership structure of the company. this is the main motivation for this study. The research hypotheses were tested based on a statistical sample consisting of 125 companies during a 7-year period from 2014 to 2020 using multiple regression models. The results of hypothesis testing showed that there is a significant nonlinear (U-shaped) relationship between stock liquidity and corporate value. In other words, at the basic levels of liquidity (before the threshold point of 2.194), there is a negative and significant relationship between liquidity and the value of companies. However, at levels above the baseline level of liquidity, there is a positive and significant relationship between liquidity and the value of companies. Also, stocks with higher institutional owners, higher real owners, and shares of the largest shareholder should have a relatively lower level of liquidity (before the threshold point of 3.176 for institutional owners, 3.662 for real owners, and 2.988 for the largest shareholder) to trade to increase the value of the company.

The main purpose of this study is to investigate the effect of political relations with the government on the relationship between social responsibility and accounting conservatism in companies listed on the Tehran Stock Exchange. The research hypotheses were tested based on a statistical sample consisting of 124 companies over the period from 2014 to 2020 using multivariate regression patterns and panel data set. The results show that Social responsibility has a positive and significant effect on accounting conservatism. Also, political relations with the government have a negative and significant effect on the relationship between social responsibility and accounting conservatism. The results indicate that in relation-based economic systems, political relations are an important source of value for companies with these relations. Companies with political relations can easily access capital resources and other benefits through their relations, which makes them less dependent on high-quality financial reporting. Therefore, social responsibility in companies with political relations with the government neither changes the behavior of managers in connection with the low-quality reporting of financial information nor improves the quality of information. It also leads to neglect of reported financial information. Hence the quality of financial information decreases in terms of predictive value and earnings conservatism.

The main purpose of this study is to investigate the effect of managers' ability on the consequences of corporate opacity in companies listed in Tehran Stock Exchange. Research hypotheses based on a statistical sample consisting of 106 companies during a 9-year period from 2010 to 2018 were tested using multivariate regression models. Demerjian & et al. (2012) model was used to measure management ability and to calculate the corporate opacity, the criteria of the index rate of lack of transparency in company information, trading volume, the price difference in company stock trading, earnings forecast error and discretionary accrual items were used. The results show that there is a negative significant relationship between managers' ability with index rate of lack of transparency in company information, the price difference in company stock trading and earnings forecast error. Also, there is no significant relationship between managers' ability with trading volume and discretionary accrual items.

The main purpose of this study is to investigate the relationship between CEO power and capital structure decisions with an emphasis on the moderating role of firms size in listed companies in Tehran Stock Exchange.

In order to achieve the research purpose, the power of the CEO has been measured using the principal component analysis method and using the CEO task duality criteria, CEO tenure and CEO ownership percentage. Also, benchmarks such as book value leverage, market value leverage, short-term leverage and long-term leverage were used as capital structure representatives. Research hypotheses based on a statistical sample consisting of 106 companies during an 8-year period from 2011 to 2018 were tested using multivariate regression models and panel data

In general, the results show that there is no significant nonlinear relationship between CEO power and book value leverage and short-term leverage. Also, there is a significant nonlinear (U inverse) relationship between CEO power and market value leverage, and there is a significant linear (positive) relationship between CEO power and long-term leverage. In addition, in large corporations, there is a significant nonlinear (U shape) relationship between CEO power and book value leverage, market value leverage and short-term leverage, and there is a significant nonlinear (U inverse) relationship between CEO power and long-term leverage.

The results showed that the power of the CEO is one of the factors influencing the capital structure of companies. In other words, the effect of the CEO's power on the lever is complex, and it is simply incorrect to state a simple linear relationship. Also, the size of the company affects the relationship between the power of the CEO and the capital structure. Thus, in general, the results indicate that the powerful executives of large corporations do not take the same approach in their financing decisions.

The main purpose of study is to investigate the relationship between adjustment in the measurement of free cash flow with growth opportunities and abnormal returns of companies listed in Tehran Stock Exchange. The research hypotheses were tested on the basis of a statistical sample of 95 companies over a 10-year period from 2009 to 2018 using multivariate regression models. The results of the research show that, there is a significantly negative relationship between free cash flow based on full offset and partial offset with growth opportunities. Also, there was significantly positive relationship between no-offset free cash flow and growth opportunities. Finally, there is a significantly negative relationship between the free cash flow of full offset, partial offset, and no offset with abnormal returns. Overall, the results showed that unadjusted free cash flow is a measure that will provide better information for investors, managers, creditors and other shareholders with unbiased and more accurate value estimates for the company and its planned projects.

The main purpose of this study is to investigate the impact of company complexity on the relationship between management ability and lack of information transparency in listed companies in Tehran Stock Exchange. For this purpose, to measure information opacity, the ranking of three indicators of information uncertainty, information asymmetry and market metrics and availability of information areused.In order to measure management ability, model of Demerjian et al. (2012) is incorporated. The research hypotheses are tested based on a statistical sample consisting of 106 companies during a 9-year period from 2010 to 2018, using a panel data model regression model. The results show that there is a negative and significant relationship between management ability and lack of transparency of company information. Also, the complexity of the company negatively affects the relationship between management ability and lack of information transparency. In general, the results indicate that as management ability increases, information opacity decreases; so that this reduction shows the transparency of the company. However, complexity in the corporate environment affects the ability of managers to process information and reduces information transparency.