جستجوی مقالات مرتبط با کلیدواژه « محتوای اطلاعاتی سود » در نشریات گروه « حسابداری »

There are two views regarding income management. The first view aligns with good income management, whose arguments are based on blocked communication. According to this concept, managers have much information related to the company due to their expertise, but providing information directly to the public is very expensive. This prevents the direct presentation of information. In this view, income smoothing as one of the income management models can help the manager indirectly provide confidential information to users and reduce information asymmetry. However, the opposite point of view, whose arguments indicate bad income management, shows that managers use income smoothing for their personal interests, which aligns with opportunism. Managers with a high level of proficiency in improving company performance are typically expected to utilize smoothing to minimize information asymmetry. On the other hand, even managers with a lower level of ability in company performance may opt to employ smoothing techniques due to the required skill set and the potential negative consequences associated with poor smoothing decisions, such as financial abuses, damage to reputation, and job loss. Therefore, high-ability managers are generally expected to use their authority more effectively to disclose hidden information through smoothing techniques than their low-ability counterparts.Based on signaling theory and prior research on income smoothing and managerial ability, it is hypothesized that there is a relationship between managerial ability and income smoothing. Furthermore, it is expected that income smoothing, when associated with managerial ability, can enhance the informational value of income. Capable managers are expected to use income smoothing as a tool to communicate information to the market compared to weak managers; for this reason, they use more income smoothing, which leads to an increase in the informational content of income. Specifically, this study examines whether high-ability managers use income smoothing more than low-ability managers. It also examines whether smoothing by higher-ability managers increases the information of current earnings about future performance compared to earnings smoothing by lower-ability managers. 

The current research is applied in terms of purpose. Following the previous studies, ordinary least square regression correlation analysis was used to test the research hypotheses. The sample for this study comprises 791 firm-year observations from companies listed on the Tehran Stock Exchange from 2012 to 2018. 

Evidence shows that managerial ability has a positive relationship with earnings smoothing, and managers with high ability provide more forward-looking information through earnings smoothing, thereby increasing the information content of earnings about future performance. Indeed, smoothing by high-ability managers increases the ability of current earnings to predict future cash flows. In contrast, smoothing by managers with low ability reduces the ability of current earnings to predict future cash flows. This conflicting effect of smoothing by low-ability managers and reducing the informational content of earnings highlights the importance of considering management's ability to evaluate the usefulness of earnings smoothing. In the study, a common factor was used for smoothing at the company level based on three smoothing methods (1) the standard deviation of income divided by the standard deviation of operating cash flows; (2) the relationship between changes in accruals and changes in operating cash flows and (3) the correlation between changes in discretionary accruals and changes in earnings before management. MAScore has been used to measure managerial ability; MAScore is a measure of management team ability derived from data envelop analysis (DEA). 

Managers' ability can be considered one of the main factors in using income smoothing to communicate company information to the market. Capable managers use income smoothing to reduce information asymmetry and indirectly signal to the market. Managerial ability can be defined as the performance efficiency of managers compared to competitors in using the company's resources to create more Income. Evidence shows that capable managers use more income smoothing. Also, the evidence shows that capable managers use income smoothing to disclose the company's secret information to the market to reduce information asymmetry and indirectly signal to the market. High-ability managers have superior skills in evaluating the future performance of the firms under their management, so their smoothing of earnings increases the information content of earnings. High-ability managers smooth earnings to disclose information in current earnings. Therefore, they improve the information content of Incomes about future performance. These findings are consistent with the view that high-ability managers use their superior skills to predict their firms' economic prospects and use smoothing to transmit tacit information to the market. The results of this research can be useful for understanding the factors and benefits of income smoothing.

The aim of the current research is to investigate the impact of the auditor's conservatism on the informational content of profit by considering the role of comparability of accounting information.

Information of a sample of 131 companies listed in the stock exchange was collected for a period of 10 years from 2013 to 2022. To measure the information content of profit gained from the profit reaction coefficient and to evaluate the auditor's conservatism used model Chong and colleagues (2003) which is inspired by Basu's (1997) model and the profit-return criterion was used to measure the comparability of accounting information.

The results showed there is an inverse and significant relationship between the auditor's conservatism and the profit information content and presence of conservative auditor reduces the profit reaction coefficient to stock returns by providing more conservative information. In this regard high comparability gets intense the negative effect of the auditor's conservatism on the profit information content.

With the increase of the conservatism of the auditor, the amount of information content of the profit will decrease and the conservatism of the auditor reduces the sensitivity of the return to the declared profit to the market, and this can be the result of the caution of the auditor in confirming the declared profit figure of the company has been informed to the market in a reasonable manner. Comparability intensifies the negative relationship between two variables.

Contribution: 

The present research provides useful evidence for company managers and capital market agents by better using the financial information disclosure mechanisms and conservative auditors, a reasonable level of effectiveness of the return can be established and the information content of the profit can be placed at a balanced level in the market and abnormal reactions at the time of profit announcement reduced.

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.

One of the most important factors in explicit decision making is having appropriate information related to the subject of the decision which, if not properly provided and processed, will have negative effects on the decision maker. Therefore, one of the most important basic financial statements that managers use to inform the market of the company's performance is the profit and loss statement. The purpose of disclosing this information is to reduce the incorrect distribution of information influencing users' decision-making in the capital market. Therefore, the purpose of this study is to investigate the information content of the profitability of companies listed on the Tehran Stock Exchange. In this research, quarterly information of 138 companies listed on the Tehran Stock Exchange for the fiscal years 1393 to 1397 was selected.The results of quantitative research regression model showed that there is a significant and negative relationship between changes in expected market returns and profitability in the lower quartiles and also in the upper quartiles of the research.The results of the second hypothesis of the research indicate that there is a significant and positive relationship between the expected changes in sales growth and profitability in the upper quarters.

The desire to change the dividend payment method can indicate the ability of managers to control fluctuations in the capital market, so that managers limit changes in dividends to cover the risk of these fluctuations. In this research, the aim is to investigate the role of managers' ability and dividends smoothing in changing the information content of current earnings.

For this purpose, data related to 120 companies listed on the Tehran Stock Exchange for the period 2008 to 2019 has been extracted and the combined data regression model has been used to test research hypotheses.

The results indicate the confirmation of the first and second hypotheses of the research. In other words, the research results indicate that the ability of managers leads to increased dividends smoothing. In addition, the results of the second hypothesis of the research indicate a significant relationship between the managers’ ability and the information content of dividends smoothing.

Managers with high ability are more inclined n deliberately smooth dividends, and this smoothness relates to the company's future profitability. Managers with high ability provide information about the future earnings in the form of smoothing current dividends, given their skills in forecasting and estimating future performance.

Prior literature shows that a firm’s earnings tend to move with other firms in the same industry. This concept is called co-movement. So investors will be able to form an expectation of a firm’s earnings from the industry. Given that the reported earnings do reflect the flow of information to the market, the purpose of this study is investigating the effect of earnings co-movement on quarterly earnings response coefficient. The sample of this study consists of 134 listed companies in Tehran Stock Exchange during the period 2008 to 2019. The results of the first hypothesis showed that the response coefficients to quarterly earnings announcement have a positive and significant relationship with the buy and hold returns in the three-day earnings announcement window, and earnings co-movement weakens this relationship. Also, the results of testing the second and third hypotheses showed that when there is good news, earnings co-movement weakens earnings response coefficient, but under bad news, earnings co-movement has no effect on earnings response coefficient.

Profit and its information content are important for investors and shareholders to make the right decisions. The ability of managers is one of the factors that can affect the information content of profits. The present study examines the impact of management ability on earnings information content with emphasis on the auditor's reputation. This research is applied in terms of purpose and in terms of correlation methodology is causal (post-event) research. All companies listed on the Tehran Stock Exchange were the statistical population of the study. Using a series of restrictions, 121 companies were selected and surveyed over a period of 6 years between 1392 and 1397. The method used is data collection, library, and multiple linear regression is used to test the hypotheses. Statata software version 15 was used to perform the tests and final estimation of the models. After performing Limer and Hausmann F test and examining the heterogeneity of variance of the disturbing sentences, the final estimation of the models was performed. It is direct and meaningful, and the auditor's reputation strengthens the direct impact of management ability on earnings information content.

Reaching to the income information content is depend on the accuracy of each chain in the financial reporting chain including the requirement for doing independent audit, the determination and application of audit quality indicators, control, disclosure and presentation of strategies for remedies and reduction of internal control weaknesses. In this regard, the present research attempts to study the mediating role of internal control weaknesses on the relationship between indicators of companies’ income information content and audit quality. For this, the quality of information content of income and its criteria regarded as dependent variable, audit quality and its criteria regarded as independent variables and weaknesses of internal control and its criteria act as mediating variable. Research method is descriptive correlational. Research sample is includes 122 companies listed in Tehran Stock Exchange from 1386 to 1395. Research results showed that internal control weakness for financial reporting can play mediating role in the relation between audit quality and information content of income. However, internal control weakness for operation and rules do not such a role. These findings can improve the information content of companies’ income thorough the audit quality.

Earnings management is a degree of flexibility and theoretical actions that managers have in their financial reporting. Managers may use this power to manage the profit opportunities or transfer confidential information about the company's future performance. The purpose of this research is to examine the effect of effective earnings management on earnings information information, with emphasis on information asymmetry in listed companies. Tehran is In this regard, 103 companies accepted in Tehran Stock Exchange for the period of fiscal year 1393-1388 were used. The companies surveyed belong to the stock company. In this study, to measure real estate management based on Chudry's (2006) research, three models (1) estimate the normal level of optional costs (focusing on administrative, general, and sales costs), (2) the normal level estimation model Production costs; and (3) the standard estimation model for operating cash flows. To test the hypotheses of the research, a multivariate regression model has been used. The results of the research show that the information content of the profits on the real profit management in general has a negative and significant effect, that is, with the increase in real profit management, the information content of the profit decreases. Also, information asymmetry has a significant effect on the information content of profit, but genuine profit management does not have any effect on information content information asymmetry.

According to the need of all users of financial statements that pay much attention to the information content of the financial statements, in particular the declared figure, accounting profit. This important factor must be checked whether there has been a manipulation of the amount of profit that may be due to weaknesses in the internal controls of the worker. And based on the quality of financial reporting, the internal control weaknesses do not cause the amount of profit to be manipulated, and quality reporting to the market and investors will be offered and the information content will be higher. Therefore, this study examines the relationship between profit intelligence content and the weakness of internal control with the role of moderating the company's financial reporting quality. The purpose of the present research is to apply and methodology is a causal (post-event) research. The statistical population of this study is all companies accepted in Tehran Stock Exchange. Using a systematic elimination sampling method, 174 companies were selected as research sample and investigated in a 5-year period between 1392 and 1396. The method used to collect information is a library and to test the hypotheses, multiple regression with the combined data model of use The results of the research show that the positive and sensible relationship between the information content of the gain and control is not effective There is a moderator on its internal variable is impressive and this relationship is moderated.

Value of the earnings reporting process as one of the most important elements of decision making for the shareholders and also other capital market participants is contingent upon the amount of the information that this process makes available for the stock market. Elements such as information asymmetry and news in the company have impact on earnings reporting process and make changes to its earnings informativeness. The main objective of this study is to analyze the impact of information asymmetry and bad news on quarterly Earnings Informativeness of Tehran listed companies. In pursuance of this objective, data of 75 Tehran listed companies from 2010 to 2015 were used, and to gauge this correlation, panel fixed effects regression was applied. The results indicated that an increase in information asymmetry and bad news at the end of a quarter (but not the beginning of a quarter) has a positive and meaningful effect on the Earnings Informativeness of that quarter.

This paper examines the relationship between accounting conservatism and informational content of earnings using data of 167 firms listed on the Tehran Stock Exchange during 2004-2013. Accounting conservatism is measured based on Khan and Watt's (2009) model and Feltham and Ohlsson (1995) price model and Easton and Hariss (1991) return models were used to evaluate the informational content of earnings across different partitions of conservatism. The results of price and return models estimations on two and three partitions (levels) of conservatism show an inverse relation between conservatism and informational content of earnings. That is, the explanatory powers of price and return models are lower for the partition of high conservatism than the partition of low conservatism. Also, an inverse relation between stock returns and conservatism is observed. Our results are robust to sensitivity analyses.

The present study is to analyze the impact of bad news on quarterly earnings in formativeness of Tehran listed companies during a quarter. The value of earnings reporting process, which is considered an information source for investors, highly depends on the delay in the release of the bad news. This process, be it either due to creating incentives for early and voluntary disclosure or as a result of mandatory disclosure, leads to more precise and prompt release of bad news. It seems managers are more inclined to voluntary disclosure when there is good news or there is no information asymmetry rather than when there is bad news about the company. The main question of this research is whether or not there is a meaningful relation between presence of bad news during a quarter and quarterly earnings in formativeness. In pursuance of answering this question, the data of 80 Tehran listed companies from 2008 to 2012, whose entire information can be found on CODAL, were analyzed using fixed effects regression. The result shows that there is meaningful positive relation between the presence of bad news during a quarter and quarterly earnings in formativeness.

The purpose of the present study was to analyze the relationship between taxable income smoothing, future tax avoidance and information content of taxable income. To do so, a sample of 92 companies listed in Tehran Stock Exchange was studied. The criterion used to assess tax avoidance was cash effective tax rate (CETR). The research hypotheses were tested through multivariate regression models in the form of panel analysis methods. The results of the study suggested that there is a negative and significant relationship between taxable income smoothing and CETR; underlying the fact that taxable income smoothing will reduce the uncertainty associated with future tax earnings and allows companies to adopt more successful tax avoidance strategies. Moreover, it was noted that there is a negative and significant relationship between taxable income smoothing and its information content, indicating that taxable income smoothing will reduce the information content of taxable income.

Some empirical researches document the relation between idiosyncratic volatility and stock return and they have challenged classic finance literature on the issue that idiosyncratic risk is not priced. This research examines idiosyncratic risk pricing in Tehran Stock Exchange in addition to investigation of its information content about future earnings. For the purpose، it uses portfolio analysis approach and Fama-MacBeth regression. The results show that there is positive risk premium for bearing IVOL. Test of IVOL information content indicates that there is inverse relation between IVOL and future earnings so it can be claimed that IVOL strongly is affected by earnings accrual component. In this way، IVOL information content about future earnings is confirmed but this finding does not suffice to explain the reasons of idiosyncratic risk pricing. At the same time، latter relation is not affected by investors'' under-reaction and excess extrapolation on firms'' growth.

In this study, we investigated the effect of timeliness and conservatism on the information content of earnings. conservatism, Based on the Criterion The Asymmetric timeliness of earnings (basu, 1997). For this purpose, the Fixed Effects Model was used. Timeliness Was estimated by Ordinary Least Squares (OLS) method and Earning information content Was determined via Generalized Method of Moments (GMM). The study sample included of 191 companies listed in Tehran Stock Exchange During the period 1380-1388. Results obtained using the Software Eviews.6 Showed Companies that have a high level of timeliness, have a higher information content. While, on the earning of companies that are highly conservative, have lower information content.

This study investigates the effect of board composition on the informativeness and quality of earnings in the companies listed in Tehran Stock Exchange. The study sample was 100 firms over the period 2005-2012. The statistical methodology that is used to test the hypothesis is panel data. The findings show no significant relationship between informativeness of earning and outside directors and board size. The findings also show that firms with a higher proportion of outside members of board do not prove to be more conservative when reporting bad news. Additionally، they do not display greater time-liness on the recognition of good news. Also، after examining the relationship between earning quality that is measured by accruals and proportion of outside members of board، we found the firms with higher proportion of outside members of board report earnings of higher quality compared to the firms with lower proportion of outside members of board.

This research, examines the relationship between corporate governance strategies and changes in legal framework and earning's quality in previously public companies. The criteria selected for corporate governance strategies include ownership concentration, board of directors independency, management ownership, substantial ownership and auditor type; criteria considered for earnings quality are income informativeness, income predictability and accrual components of income. Thus, information from 38 companies listed on Tehran stock exchange was collected from 2003 to 2010 using certain traits (304 company-years). The panel data method was used to analyze the data and for testing the hypotheses, the minimum normal squares regression was applied. Results revealed that a significant relationship existed among all corporate governance strategies and changes in legal framework; ownership concentration, board independence and substantial ownership, and income predictability and board independence and audit type(quality) and the accruals of previously public entities.