جستجوی مقالات مرتبط با کلیدواژه « value relevance » در نشریات گروه « علوم انسانی »

Despite the revision of Iran's Accounting Standard No.15 and the requirement of Standard No.42, fair value measurement, since the beginning of 1400, marketable investments in financial statements are generally identified at the lower of cost and net sales value.According to the disclosure requirements of the Securities and Exchange Organization, investment companies are required to disclose the current price of investments on the CODAL site at monthly intervals.The purpose of this study is to investigate the appropriate criteria for this important item of assets in investment companies.that's mean, it compares the current practice of fair value disclosure in the notes to the financial statements and CODAL against its recognition.This study is based on the relative and incremental value relevance of competing measures (cost and market value) from the point of view of measurement using linear regression of accounting variables on the stock price.Robust regression method was also used to test the robustness of the results.The time period is monthly from 2018/03/21 to 2022/04/30 and the statistical population is all investment companies that were accepted to the Tehran Stock Exchange market before 2018.Finally, according to the available information of 47 companies, the population has been limited to 2350 Company - month.The evidence of this study showed that the market value of the marketable investments portfolio has both a relative and incremental value relevance compared to its cost.The findings of the additional tests also showed that the investors had an appropriate reaction to the crisis by reducing the value relevance of the numbers related to the market value of the marketable securities portfolio.that's mean, at the time of crisis when the value of stocks in the investment portfolio of companies falls sharply, this decrease in the value of assets is reflected with a gentle slope in the stock price of the investing company.

Sociology is a science that explains social phenomena. But the nature of causal explanation in the social sciences has always been controversial. One of the main disputes in the causal explanation of social phenomena is about the relationship between knowledge and value, whether it is necessary and possible for the social scientist to avoid the entry of cultural values or whether values are the logical elements of causal analysis. In this case, how can a value-laden causal analysis be objective and valid for others? The response of the classics and contemporaries of sociology and social theory to the possibility of "objectivity of value-based analysis" can be formulated in the form of two competing theses. Positive thesis; Causal analysis is Value-Neutrality and objective. From post-positive; Causal analysis is value-laden but objective. The present paper argues through the analysis of Weber's post-positivist theory that, first; Causal analysis is value-laden. Second; value-laden causal explanation is not only detrimental to objectivity but also a condition for achieving objectivity in the social sciences.

The value relevance of financial statements is of great significance to investors and standard setters. Comparability of accounting is one of the increasing features in the financial reporting system. It generally means that two reporting entities that face the same economic events use the same accounting methods to record underlying transactions. The present research examines whether the accounting comparability among industry peers enhances the value relevance of earnings and book value. This is an important question because both the Financial Accounting Standards Board and the Securities Exchange Commission seek greater comparability in financial reporting.Research

In order to study the subject based on the panel regression model, in the period 2010 to 2020, data of 111 companies listed on the Tehran Stock Exchange were collected and used to test research hypotheses.

The results show that accounting comparability increases the value relevance of earnings, but not book value. Financial statements that are more comparable do better in gaining the trust of users, which increases the value relevance of earnings per share. This means that when companies demonstrate the ability to compare more information than their industry counterparts, investors place a higher value on reported profits. However, the incremental benefits of accounting comparability are attenuated when financial reporting opacity is high or when there exists an internal control material weakness over financial reporting. In contrast, comparability benefits are enhanced when an industry specialist auditor is employed.

The relevance and usefulness of the information can be measured by the relationship between financial information, types of returns, and market value. This is the basis of the activities carried out in the field of evaluating value relationships. The concept of value communication is the ability of financial figures to summarize information under stock prices. Accordingly, the aggressive financial reporting motives reduce value communication. One of the reasons for the opportunistic actions of executives and the audacious financial reporting of Tunneling. Tunneling views are the collusion between major shareholders and management that is conducted through management transactions with affiliated entities. The identification and elimination of tunneling will help to improve the relevance and usefulness of financial statements and the relevance of financial information. Therefore, by choosing the best criteria for corporate governance mechanisms, good governance can be used as the best deterrent to tunneling. Accordingly, the purpose of this study was to investigate the ability of financial figures to summarize stock price information based on the tunneling approach using the role of moderating good governance. The statistical population of the study consisted of all listed companies in Tehran Stock Exchange during the period of 2009-2017. The sample size is based on a systematic elimination method of 158 companies. The research method is based on combined data and multiple regression. Evidence from research suggests that tunneling reduces the level of financial information relevance. Other results of the study are not that good governance has a reverse effect on tunneling. Good governance also undermines the inverse effect of tunneling on value ties. These results suggest the need for good governance in companies and the limitation of tunneling.

The purpose of the present research was to investigate the effect of structural failure on the value relevance of accounting information.

This is a quasi-experimental, post-event, and interdisciplinary study. Various econometric methods including multiple regression analysis with panel data econometric method, endogenous calculation of structural failures, and Wong's test-z were applied to determine the difference between the coefficients of the models. To measure and calculate the structural failure, the endogenous structural failure model proposed by Bay and Peron was used and to measure the value relevance of accounting information, the two variables of profit and book value in both price and return models were used.

The research findings indicated the existence of three valid structural failures during the research period.  Iran's capital market was suffering a structural failure during the time span of 2011, 2012, and 2017. It was also found that when a structural failure occurs, the value relevance of accounting information decreases. The value relevance of accounting information while ignoring structural failure is 16%. This figure reaches 37% if structural failure is taken into consideration. In addition, the findings of the research showed that due to the difference in the coefficients of determining the fitting patterns, the price pattern is more explanatory than the yield pattern in case of structural failure.

According to the achieved results, a structural failure has occurred in the capital market. When structural failure occurs, the value relevance of accounting information decreases. Having considered the structural failures, fitting models show different performances. By applying structural failure, the explanatory power of fitting models increased to more than twice its initial value. Therefore, it can be accepted that the value relevance of accounting information is influenced by structural failure. For this reason, paying attention to the phenomenon of structural failure makes the obtained results to be real and reliable.  It also makes it different from the case where structural failure is not taken into account. The models show different performances while considering the phenomenon of structural failures; hence, just considering accounting variables without structural failure events seems to be the simplification of the problem. This issue leads to an unfavorable effect on the interpretation of accounting information users to predict the results of the future economic activities of companies. Therefore, by ignoring the phenomenon of structural failure, linear models with constant parameters cannot explain the behavior of accounting variables efficiently. In other words, ignoring structural failures is in fact using an incorrect model. According to the results of the research, the price model shows a better explanatory power in studies compared to the yield model in case of structural failure. The research results suggest that increasing the reliability of the results in accounting research requires the implementation of regression and econometric models. The concepts and assumptions of economics and the fitting model based on structural failure should be used similar to the present study.

Companies operating in global markets that prepare their financial statements based on international accounting standards adopted the fair value approach a few years before the start of the 2008 financial crisis as part of the new regulations of international financial reporting standards. However, there are still debates about the role of IFRS and reliance on fair value accounting in weakening the stability of the financial system. In other words, fair value accounting is at the center of discussion regarding the causes and consequences of recent financial crises. One of the ways to deal with such issues is through value relevance studies. These studies focus on the role of key accounting figures, such as book value of equity and net profit, in supporting and validating company valuation in various circumstances. Therefore, the main purpose of this research is to investigate the impact of investment companies' exposure to fair value accounting on changing the valuation roles of key accounting items in financial crises.

Considering its data collection method, this is a descriptive-correlational study. It is an applied study, carried out using the Ex-Post Facto approach. In this research, according to the type of data, the multiple regression method with panel data was used. The data needed for testing the hypotheses were extracted from the text of the audited financial statements of the companies and the stock exchange websites. Since studies are considered to be based on event-type value relevance, short-term intervals are much more effective, especially in the economy of Iran, where variables such as exchange rates are very influential on stock pricing. Based on this, the period of this research includes eight interim financial reporting periods from 21/06/2019 to 21/06/2021. The first four periods were considered as the ones before the crisis and the next four as the time of the crisis. According to the available information of 76 firms during eight seasons, the firm is limited to 608 firms-courses.

In line with the research question, three hypotheses were designed. The evidence obtained to examine the first hypothesis indicated that in companies with the least amount of exposure to fair value accounting, the earnings number has an increasing content of information compared to the equity book value. In this type of investment company, it is usually difficult to estimate the net value of assets and it is associated with measurement error. The evidence of the interaction effect between the number of assets reported with fair value and the equity book value showed that this factor does not have a significant effect on the valuation role of the book value of equity. This is while the coefficient of earning is negative and significant and indicates a less positive relationship between market value and earning (i.e. reducing the role of earning valuation) in the case of companies that are more exposed to fair value accounting. The estimation results of the second model, designed in line with the second hypothesis, implied that the result of the interaction of crisis with key accounting items is both positive and significant. Accordingly, during a financial crisis, the relationship between the value of earnings and the equity book value is strengthened. However, the increase in the value of the variable coefficient of earning in interaction with the crisis is greater than the coefficient of the equity book value. Based on the achieved results, during a crisis, investment companies can realize profit by selling shares, and the faster this happens, the better companies realize the remaining unrealized profits caused by the growth of prices during the boom. By realizing a profit, they prevent the decrease of their portfolio value during the recession. Also, investment companies with more potential to receive cash profits from investable companies during the recession can still be positively valued regardless of the decrease in the daily value of the portfolio due to falling prices. The result of the interaction of the simultaneous occurrence of the financial crisis and fair value accounting on the value relevance of the equity book value indicated the weakening of this relationship, and in the case of earning, it showed the strengthening of the relationship. Therefore, if both the influencing factors of the financial crisis and the level of exposure to fair value accounting are simultaneously considered, the value relationship weighting system of companies that are more exposed to fair value accounting and are in a financial crisis will be changed in favor of earning value relationship. In other words, for such companies, the book value of equity is reduced from the value relationship and the value relevance of earning is added. Accordingly, the findings of the empirical models indicated that: 1) companies that are more exposed to fair value accounting have a lower earning value relevance, 2) During a financial crisis, the equity book value and especially the net earnings increase, and 3) More exposure to fair value accounting during the financial crisis reduces the value relevance of the equity book value and increases the value relevance of earning.

If both the financial crisis and the level of exposure to fair value accounting are considered at the same time, the value relevance weighting system of firms that are more exposed to fair value accounting and are experiencing a financial crisis changes in favor of value relevance of earning. In other words, for this group of firms, the value relevance of the equity book value is reduced and the value relevance of earning is added. Therefore, the exposure of financial statements to fair value accounting should be considered as an influencing factor when studying the valuation roles of key accounting items, i.e. book value of equity and earnings, especially when companies are facing financial crises.

Decision usefulness of accounting information as the main aim of financial reporting has recently been questioned. Some Researches have documented the declining path of information usefulness. The evidence reveals a huge gap between the market value of firms and their financial information. This is an issue of concern that follows financial reporting under current theoretical frameworks to what extent it expresses the market value of firms and as a result, it is able to provide information needs of users? According to this many investigations the concern raises that current financial reporting fails to satisfy the information needs for decision making of investors. Due to the importance of this issue, in this research Information usefulness trend from perspective of the relation of accounting information with market value of companies has been investigated.

To examine the usefulness of accounting information collecting data like other empirical researches is based on using archival data such as firm financial information and information about financial markets. In this direction, data from 1210 observation or firm-years of listed firms at Tehran Stock Exchange and Iran Fara Bourse was collected and the data about earnings, net book equity values and market capitals was collected. Using accounting information including net profit and book equity value and examining the explanatory power of this information about the market value of companies is a common method in the value relevance researches. The data analysis then, was performed based on charts of trends and the estimation of multiple linear cross-sectional regression models. In such a way that for more robustness of the research results In addition to regression analysis charts and their interpretations have also been used.

The research results indicate that despite accounting information consist of Net Book Equity Value and Earning per Share are still value relevance and useful in decision making but this usefulness significantly decreased during time and its role in explaining the market value of companies has been declining and diminishing. At the beginning of the study period net income and book value information explains 67 percent of the market value of companies whilst by taking a downward path it has decreased to 30 percent. In the other words the trend of divergence of the firms market value compared to accounting information including net income and book value over time continues to increase and this means reduction in the usefulness of information and its fading in the analysis and valuations of investors. The time series test of adjusted multiple determination coefficients also confirms this matter. In a general conclusion it can be said this results indicates a degradation of position of financial reporting in the analysis and decisions of investors that alarms for the future of accounting and reducing the usefulness of this information can still be a concern of the responsible institutions in the field of accounting policy.

This research has been done due to the increase in criticisms towards financial reporting that the accounting information has lost the feature of being relevant and therefore its usefulness in investors' decisions. Research findings in line with other research conducted in this field, indicates reduction in the ability of financial information of firms in explaining the market values over time and as a result reducing its role in investors' analyzes and decisions. In the other words, The results has highlighted concerns about the reduction in usefulness of accounting information and creates insights that regulators and researchers investigate the root causes of declining information usefulness and if necessary, current Financial Reporting Regulations be revised. In other words according to the results of this research, it can be said that conducting more researches and finding the root causes of the decrease in the usefulness of accounting information seems necessary from the legislative institutions, researchers and academic community. In this regard, paying more attention to improving the quality of financial reports especially the quality of reported profits by firms along with addressing macroeconomic variables can improve the usefulness of accounting information. Also, in order to further investigate the reasons for such a situation research on behavioral financial effects in stock markets also seems necessary. Examining the effect of these factors along with the analysis of the reasons for the decrease in the usefulness of financial reporting will definitely lead to better knowledge and more appropriate policy making. Besides these, paying attention to the views and opinions of financial reporting users and examining the differences in their views with financial reporting objectives and what is now published as general purpose financial reporting can definitely be beneficial for the future of accounting.

The relevance and usefulness of accounting information can be measured by the simultaneous relationship between accounting information, returns or stock market prices. The Comparability of accounting information, as a qualitative feature of information, increases the value relevance of accounting information. Also opacity in financial reporting through the corporate financial system increases stock volatility and, as a result, increases investment risk and investor distrust. Accordingly, the purpose of this study is the effect of comparability of financial statements and opacity in financial reporting on the value relevance between earnings and book value per share. Accordingly, a sample of 137 companies was selected from the companies listed on the Tehran Stock Exchange during the years 2013 to 2019 and to test the hypotheses, a multivariate regression model using the panel data method was used. The results showed that earnings and book value per share have a value relevance and the comparability of financial statements increases the value relevance of earnings per share. But contrary to the literature, comparability reduces the value relevance of book value per share. On the other hand, the opacity of financial reporting reduces the value relevance of book value per share due to comparability of financial statements, but does not affect the value relevance of earnings per share due to comparability.

The nature of fact in the social sciences and their relation to values has been one of the most important classical and modern controversies of the methodology of the social sciences. The present article addresses the question, "Is social fact value-laden? "If so, how is the objectivity of a valuable social fact possible?". In response to this question, the three approaches of positivity, anti-positivity and post-positivity of three competing theses are discussed.The present study argues through the content analysis of Max Weber's post-positive views, which are based on Kant's epistemology and the neo-Kantian school of Baden, that in the social sciences, first; The intervention of values in the collection, recording and construction of social fact is possible, legitimate and even necessary, and therefore, social fact is value-laden.Secondly; The value of social fact is not only detrimental to objectivity but also to the subjective condition of objectivity. In Weber's approach, the values of social actors play a " constitutive " role and the values of social researchers play a "regulating" role in constructing social fact.

In this study, an attempt was made to find a value-relevance relationship of the Iranian social sciences field and to formulate the concerns that effect researchers in this field. The main question was what the social sciences in Iran is thinking about and the question of which field is considered to be the main issue that can be pursued at the social level. In this regard, doctoral dissertations in this field during 2009-19 as one of the final products of this field were analyzed. The work began with a review of 437 dissertations by using "thematic analysis" method and by dividing them according to different fields of sociology, changes in the hegemony of areas were observed during these ten years. In some areas where there were a large number of dissertations at the beginning of the study period, including Sociology of Culture and Political Sociology, fewer dissertations were seen in recent years. While other popular fields, such as "Development Sociology" and "Economic Sociology", have continued to grow rapidly until the end of this period. In addition, areas in which fewer dissertations have been written throughout this period, including Sociology of Environment and Sociology of Education, have attracted significant interest from researchers in recent years. As a result of the second type of codification, a kind of "Economic-turn" is observed in the titles of dissertations during these ten years; this means that the economic issues of the society are becoming more and more important, and in the same way, addressing the issues of democracy, freedom and civil society has been marginalized.

Value relevance is one of the most important areas of focus in accounting, and due to the recent studies accounting measures’ value relevance alleviate by the passage of time. One of factors that these studies relate to this event is conservatism. In other words, recent studies show that conservatism will drop value relevance of earnings and other measures in accounting. In the other side, an important characteristic of earnings is non-linear behavior of this measure. Therefore, examining the effect of conservatism on value relevance of earnings with this characteristic in mind, is disregarded in the literature. In this research, this area will be covered. The Khan & watts measure is used for operating conservatism and Easton & Harris model is take to account the value relevance. The results of this research show that conservatism with no respect to extreme and non-extreme earnings has no relation to value relevance of earnings.

The purpose of accounting, as an information system, is to provide information needs and improve economic decisions. In this research, the use of accounting information as a style in "style investing" has been surveyed. In style investment, instead of paying attention to a particular company, assets are first categorized on the basis of a specific attribute then an asset is selected from that category. The accounting variables are the earnings per share, the book value, the size, and the operating cash flows to sales ratio. The sample includes 381 companies listed in Tehran Stock Exchange between 1387 and 1393. The results show that all of the variables are used as "style" by investors; however, the operating cash flow ratio narrowly used. According to the results, companies with lower the earnings per share, book value and size have experienced higher purchasing demand.

The Extra-assurance management is one of the most important characteristics of executives that effect on financial decision. When sales decline, overconfident managers, ensure to their capabilities to restore previous levels of sale. It is therefore more likely to overestimating sales will be in the near future, the result will be an increase in cost stickiness. However, the cost stickiness by manipulating the natural process costs and expected costs could affect informational content. The confidence comes through influencing management costs stickiness (connection interface), can also affect the value relevance. So management overconfidence comes through influencing costs stickiness, can also affect the value relevance. Hypothesis test results during the years 2007 and 2017 showed that showed that the relationship between cost stickiness and management overconfidence is significant positive. On the other hand the relationship between management overconfidence and value relevance is significant negative. The third hypothesis of the research about the effect of management overconfidence through the costs stickiness on the value relevance could not be verified.

The value relevance of accounting information is termed as "the beneficial financial statements" is defined as the effect of such information on the economic-related decisions of the users regarding the evaluation of the past and the present events as well as verification or rectification of the previous assessments. The higher the value relevance of accounting information, leads to the stronger and greater cohesion between financial statement items and firm stock-share prices or returns. The main objective of this research is study of the changes in the value relevance of accounting information among listed companies in Tehran Stock Exchange for the period of 2009 to 2015. In this research, 165 listed companies have been selected as sample and two hypotheses have been surveyed. Result of the study showed the significant changes in the value relevance of accounting information among listed companies over time. In addition, variables such as long-term debt to assets and tangible assets and percentage of state-owned shares, have positively and significantly impact on the value relevance of accounting information, whereas variables such as firm ‘size, firm’ grow and one-year cumulative stock market return have negatively and inversely impact on the value relevance of accounting information.

The purpose of this study is to explain the role of gender diversity in the value relevance of social responsibility reporting. When a firm deals with the social responsibility issue, executives and stockholders gain incentives to obtain potential benefits. On the other hand, the existence of gender diversity in a firm reflects its commitment to social laws and regulations and can affect the reputation and, ultimately, the value of the firm. This study is a post-event, causal and applied research. The sample consists of 156 firms listed in Tehran Stock Exchange during the period from 2012 to 2016. To test the hypothesis, panel data method and multivariate linear regression analysis are used. Findings show that social responsibility has value relevance in line with the theory of legitimacy. Gender diversity also increases the firm value based on the agency theory and also increases the value relevance of corporate social responsibility reporting.

Conservatism and value relevance are both the main subjects of researches included in accounting literatures. The recent value relevance decreases are, according to some academics, due to increased conservative accounting because conservatism prefers credit to relevance. So this research investigates the relation between conditional conservatism and value relevance of financial reporting and their trends. This study is an applied and descriptive - correlation research in terms of the aim and the nature and method of implementation, respectively. The sample consists of 930 firm- year observations for the period from 2011 to 2015. The research findings indicate that there is a significant positive relation between conditional conservatism and value relevance of financial reporting, that is, an increase in conservatism leads to improvement of information reliability and consequently, an increase in the value relevance of financial reporting. Moreover, findings show that conditional conservatism and value relevance of financial reporting have had an incremental trend in this period.

This study reviews The Exposure Draft provided by FASB and IASB about restructuring of financial statements, that is supposed to be the basis for amendments to International Financial Reporting Standards (IFRS). Therefore, the purpose of this research is to compare the value relevance of current and noncurrent assets disaggregated into operating and investing as well as the value relevance of aggregated current and noncurrent assets in traditional balance sheet, with the stock return.The study uses data from 144 firms listed in Tehran Stock Exchange for the years from 2002 to 2014. Also, the asset section of the firms' balance sheet is restructured based on FASB and IASB Exposure Draft. To test the hypotheses, the multivariate regression analysis based on pool data has been used. The results show that the disaggregation process of current, non-current and total asset have significant positive effects on value relevance of balance sheet items to stock return, as compared to the aggregated asset disclosure in traditional balance sheet format