جستجوی مقالات مرتبط با کلیدواژه "growth opportunities" در نشریات گروه "حسابداری"

The factor affecting investors' decisions is the company's growth opportunities, which factors such as environmental, social and governance (ESG) sustainability performance are effective in improving it by creating the trust of current and future shareholders. By increasing the level of ESG performance, the risk level of the shareholders will decrease and will have a negative effect on the growth opportunity. Also, in different financial conditions, managers' decisions to perform ESG performance are different. The purpose of this research is to investigate the non-linear effects of ESG sustainability performance on growth opportunities by considering financial constraints in companies listed in the Tehran Stock Exchange. The sample consists of 130 companies in the period 2014-2021. For testing hypotheses, multivariable regression model and Eviews software version 14.have been used. Research findings show that sustainability performance has an inverted U-shaped relationship with the company's growth opportunities, and the environmental dimension and corporate governance have a more important impact than the social dimension. Also, in financially constrained companies, the relationship becomes positive linear. Therefore, considering that the importance of ESG is expected to increase following the current social problems, it is suggested to design and manage ESG sustainability practices in companies. Therefore, managers should pay more attention not only to strategic features such as ESG performance, but also to its potential to enhance future growth opportunities for their companies.

The purpose of this study is to investigate the effect of investors' accounting on debt maturity and growth opportunities of assets of companies listed on the stock exchange. The statistical population of the present study includes the top 109 investment companies that have a total of more than 50% of the value of stock trading (according to the Statistics and Information Office of the Tehran Stock Exchange) and its invested companies. Are in the stock portfolio of investment companies and their names are listed in the period 1390 to 1396. In this study, Stata software is used to test the research hypotheses. The results showed that investors' accounting has a significant effect on debt maturity, the ratio of long-term debt to equity. Also, investor accounting is the relationship between growth opportunities and the growth of tangible fixed assets, the relationship between growth opportunities and the growth of non-current assets, the relationship between growth opportunities and the growth of long-term investments, and the relationship between Growth and growth opportunities significantly adjust the sum of fixed assets and investments.

The main purpose of the research is the impact of growth opportunities and cash flow on investment. The statistical population of this research includes companies admitted to the Tehran Stock Exchange that were active during the years 1394 to 1400. Their number is 120 companies. Based on how to obtain the required data and in terms of classification of research according to their purpose, the current research is in the category of descriptive research. Based on the nature and objectives of this research, it is applied research. The results showed that growth opportunities have a negative and significant relationship with investment, but cash flow has no significant relationship with investment.

The main purpuse of the Firm is to maximize the shareholders' equity. To achieve this purpuse, management seeks to increase the value of the stock market and consequently increase the value of the firm. Holding excess cash by Firms leads to the formation of agency conflicts between managers and shareholders, which increases the authority of the manager and harms the interests of shareholders. Cash is an important and vital resource in any for-profit unit; a company that does not have enough cash may go bankrupt. In this regard, the purpose of this study is to investigate the effect of excess cash on the value of the company, due to financial constraints and growth opportunities on this relationship, among companies listed on the Tehran Stock Exchange in a period of 10 years between 2010 to 2019. . The statistical population of this study was the companies listed on the Tehran Stock Exchange that 147 companies were selected for the test using the systematic elimination method. To test the hypotheses, multiple regression and pooling data were used. Findings showed that excess cash did not have a significant effect on the firms value. Other research findings showed that financial constraints and growth opportunities did not affect the relationship between excess cash and firm value.

Conservatism is an action that is used in conditions of uncertainty and limiting management optimistic behaviors to increase the reliability of financial statements. Financial distress and growth opportunities are among the factors that can improve the level of accounting conservatism. Meanwhile, managers' behavioral characteristics are expected to influence the relationship between financial distress and growth opportunities with accounting conservatism. Therefore, the aim of this study was to investigate the effect of management uncertainty on the relationship between financial distress, growth opportunities and accounting conservatism. The results of this study show, the variables of financial distress and growth opportunities have a positive and significant effect on conservatism. Management overconfidence has no significant effect on the relationship between financial distress and conservatism but it moderates the relationship between growth opportunities and conservatism and has a negative and significant effect on the relationship between them. In other words, that managers with unfavorable financial situation do not have a positive outlook on the future situation of the company and increase the level of conservatism. Managers of large and growing companies also tend to opt for more conservative accounting practices to minimize their political and social costs. On the other hand, overconfident managers are optimistic about the future state of the company and reduce the level of accounting conservatism.

This paper explores the impact of Seasoned Equity Offering (SEO) on the Agency cost of companies using free cash flow and growth opportunities, and considering the cost of capital. Agency cost is an important indicator of the manager's behavior to protect the interests of owners and shareholders. To test the research hypotheses, we used tow sample of companies listed in Tehran Stock Exchange during the period of 2001-2018. The experimental sample includes companies that have seasoned equity offering and the control sample includes companies in the same industry but didn't have SEO. The experimental sample contains 1543 company-year observations and the control sample contains 1938 company-year observations. To test of hypotheses, we used multivariate linear regression models. Findings show that at the time of seasoned equity offering, companies with high free cash flow and low growth opportunities and companies with low free cash flow and high growth opportunities, despite the increase in free cash flow available to management, there is no change in their agency costs. This means that in proportion to the increase in the company's free cash flow, an increase in surveillance costs (agency costs) to monitor the manager's behavior to a certain extent is affordable. As a result, companies that raise capital from shareholders' claims and contributions, do not see a change in their agency costs when seasoned equity offering.

The main purpose of this study is to investigate the relationship between CEO power, audit quality and financial performance evaluation criteria in listed companies in Tehran Stock Exchange. To measure the CEOchr('39')s power, a combination of the CEOchr('39')s duality criteria, CEO tenure and CEO ownership percentile was used and to measure the quality of audit, the audit fee criterion was used. Market value added, economic added value and growth opportunities have also been used to evaluate corporate financial performance. The research hypotheses were tested on the basis of statistical sample of 77 companies over a 10-year period from 2009 to 2018 using multivariate regression models and panel data alignment. The results show that there is a negative significant relationship between CEO power and economic value added and growth opportunities (ratio of equity market value to book value of equity). Also, there is a negative significant relationship between audit fees and economic value added and there is a positive and significant relationship between audit fees and growth opportunities. Finally, CEO power has a positive and significant moderating effect on the relationship between audit fees with economic value added and growth opportunities (the ratio of market value of equity to book value of equity).

Stock liquidity is one of the most critical factors for investors in the capital markets and one of the main functions of the stock exchange. The tendency to investigate this issue stems from the fact that investors decide to trade in the capital market by comparing the risk and return of investment opportunities, and liquidity risk is one of the main risks. Managers are considered this issue, and various aspects of it have been studied so far. The purpose of this study is to determine the effect of excess cash on firm value and investigating the benefits of cash holding in firms with higher growth opportunities or financial constraints.

Liu's 2006 measure for liquidity risk is used, which instead of focusing on a specific aspect of liquidity risk, such as trading volume and the difference between the buy and sale price, covers all aspects of it. The present study is in the category of post-event research. The data used in the research is related to 189 firms of the Tehran Stock Exchange from 2008 to 2018. In this study, Jark-Bra, Arch-Engel, BDS, Box-Pierce, IPS unit root, cohesion test, F-Limer, Hausman tests were used to evaluate descriptive statistics and results.

Excess cash has recently been considered by researchers as one of the measures for estimating the liquidity risk of firms. The research variables were examined for reliability. For this purpose, IPS test were used. Based on the results of this test, all research variables except for the cost of Research and Development (R&D) which is scaled by sales and institutional shareholders are at a stable level, while the latter variables are stable with a one-time differentiation. Accordingly, due to the lack of significance of a number of variables in the level, the existence of a long-run relationship was tested by the co-integration test method. The results of the test show that despite the unreliability of some research variables at the level, there is a long-term relationship between research variables. The results indicate that excess cash is a valuable criterion for firms’ liquidity risk and its effect becomes more severe under the influence of growth opportunities or financial constraints.

The results indicate that the excess cash had a significant negative effect on the value of the firms. Additionally, in the study of firms with growth opportunities or financial constraints, it is found that for firms that have growth opportunities or financial constraints, the relationship between excess cash and liquidity of firms’ shares was more intense.

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.

In accounting and finance literature, leverage is a very attractive and one of the most controversial issues facing companies. The purpose of this study is to investigate the effect of some financial characteristics such as firm size, profitability and fixed assets on financial leverage and the effect of financial distress on each of these factors. For this purpose, 176 stock companies were selected during the period from 2013 to 2016 (880 years-corporation). Multivariate correlation and regression methods were used to analyze the data. The results showed that indicators of firm size, profitability, and tangible fixed assets had a significant negative relationship with financial leverage, but there was a significant positive relationship between growth opportunities and financial leverage index. It was also found that adjustment index of financial helplessness had a significant positive effect on the relationship of growth opportunities with financial leverage but had a negative and significant effect on the relationship of fixed assets with financial leverage. On the other hand, the moderating effect of financial distress on profitability and financial leverage is significant.

The Speed of Adjustment of Cash Holding is not constant due to the optimal level of cash holding in companies and factors such as growth opportunity, financial constraint and financial distress can have an impact on achieving optimal cash holding level.The purpose of this study was to investigate the effect of financial distress on Speed of Adjustment of Cash Holding Emphasizing opportunity growth and financial constraints. For this purpose, the statistical sample of the research includes 118 firms from time period of 2013 to 2020 selected among the firms listed in Tehran Stock Exchange and tested the hypotheses using panel data and generalized method of moments. The results indicate that the Speed of Adjustment of Cash Holding in financial distress firms is higher than non- financial distress firms. Also, the effect of financial distress is higher on the Speed of Adjustment of Cash Holding in firms with high growth opportunities and firms with financial constraints than other firms.

This study explores the impact of seasoned equity offering (SEO) on financial reporting quality (FRQ), using free cash flow and growth opportunities, considering the cost of capital. Financial reporting quality is a potential factor in reducing information asymmetry between managers and shareholders of the companies.

We used two samples of the companies listed in the Tehran Stock Exchange from 2001 to 2018. The principal sample consists of the companies that had seasoned equity offerings, and the parallel sample consists of the companies that are in the same industry and did not have SEO. The principal sample consists of 1543 company-year observations, and the parallel sample consists of 1938 company-year observations. We used two methods to calculate growth opportunities, the market-to-book value ratio, and Hyland and Diltz (2002) method. Free cash flow (FCF) was estimated using the Richardson (2006) method. To examine the role of cost of capital,  we used the five-factor model of Fama and French (2015). Financial reporting quality was estimated using the methods of Dechow and Dichev (2002) and McNichols (2002). To test the hypotheses, we estimated multivariate linear regressions using the findings of Dechow and Dichev (2002), Doyle et al. (2007), and Huang et al. (2012) and the portfolio formation approach.

Given that there are various measurements of  financial reporting quality and there is no universally accepted way of the measurement of financial reporting quality, the results showed that the companies with high free cash flow and low growth opportunities and those with low free cash flow and high growth opportunities increase their financial reporting quality when seasoned equity offering. The companies with higher cost of capital have higher financial reporting quality compared with those with lower cost of capital, and when seasoned equity offering, the companies with lower cost of capital increase their financial reporting quality. The results also showed that while the companies without capital raising have high free cash flow and low growth opportunities, they have low financial reporting quality, and while the companies have low free cash flow and high growth opportunities, they have high financial reporting quality.

Companies that accept seasoned equity offerings increase the quality of their financial reporting to attract more funding and succeed in underwriting new stocks.

Cognition and awareness of the firms' capital structure is important for potential shareholders and investors, and information on capital structure is used by creditors. The financing decisions of many firms depend on the market value of the stock. firms are issued when stocks are high and when they are redeemed when stocks are low, the reason for this action is obtaining more finance. The purpose of this study is to examine the effect of market past values on investment decisions and Cumulative leverage changes of firms from the perspective of market timing theory.In this study, using financial information of 134 companies listed on Tehran Stock Exchange over the period of 2012-2018 and using generalized least square (GLS) regression analysis, the market timing theory was tested with growth opportunities and leverage changes of companies. Results of the study suggest that in a 95% certainty level, the first hypothesis was confirmed i.e. past market values have positive and significant impact on investment decisions. Also, the second hypothesis was confirmed i.e. past market values have negative and significant impact on Cumulative leverage changes. These observations confirm the market timing theory, that is, companies’ growth opportunities are controlled via the  ratio, and leverage has a negative relationship with the  ratio. Also variables of ratio of fixed assets and size of company have a significant and negative impact on investment decisions, while profitability, leverage, market value to liquidity ratio and liquidity have positive and significant effect on investment decisions. Finally, profitability and the ratio of total liabilities to total assets have a significant negative effect on the cumulative leverage changes.

The main purpose of this research is to investigate the effect of mandatory rotation of auditors on the relationship between audit fees and market value added, economic value added and growth opportunities for listed companies in Tehran Stock Exchange. Research hypotheses based on a statistical sample of 106 companies during an 11-year period from 2007 to 2017 were tested using the multivariable regression model and panel data method. Results suggested that there is a positive and significant relationship between audit fees and market value added, economic value added, and growth opportunities for companies. Also, there is no significant relationship between the mandatory rotation of auditors and market value added, economic value added, and growth opportunities for companies. In addition, the mandatory rotation of auditors has a negative and significant effect on the relationship between audit fees and market value added of companies and has a positive and significant effect on the relationship between audit fees and economic value added of companies. Finally, the mandatory rotation of auditors has no significant effect on the relationship between audit fees and corporate growth opportunities.

Managers, seeking economic benefits, maintain a high level of cash. Additional cash exacerbates agency problems between shareholders and managers; meanwhile auditors, in order to decrease audit risk related to cash holdings, demand more audit fees by more audit efforts. The current research, aimed to investigate the relationship between cash holdings and audit fees and also examine the role of growth opportunities in the relationship. In this study, the financial information of 65 companies listed in Tehran stock exchange during the period of 2006-2015 has been examined. The results from testing the research hypotheses indicated that there is a significantly positive relationship between cash holdings and audit fees, suggesting that higher level of cash holdings requires more audit efforts and in turn, higher audit fees. The other results suggested that both high and low growth opportunities of firms strengthen the relationship. In fact, due to the emergence of agency conflict resulting from cash holdings, their audit becomes difficult, and opportunistic behavior, especially in firms characterized by high growth level, increase managers’ activities toward gaining their goals and maintaining their positions, and finally, audit fees are increased due to auditors’ efforts.

Companies are looking for a targeted cash level so that they can maintain their financial flexibility. However, in some cases, companies may diverge from this level and return gradually to the optimal cash holdings level. The maintained cash and its targeted level may vary due to the adjustment costs, so the adjustments speed is affected by firm’s attributes. Accordingly, this study aims to investigate the effects of growth opportunities, financial constraints, and financial distress on the speed of adjustments in the cash holdings of listed small and medium sized companies (SMEs) on Tehran Stock Exchange.

For achieving this purpose, we selected 75 listed small and medium sized companies on Tehran Stock Exchange as a sample during 2012 to 2017, using multiple regression equations based on hybrid data.

Results show that the holding cash adjustment speed of small and medium sized enterprises to reach the targeted level is affected by growth opportunities, financial constraints, and financial distress.

The findings show that small and medium-sized companies are rapidly adjusting their cash due to concerns about losing growth opportunities, as well as financial constraints and costs related to financial distress.

These results could be beneficial for Iranian small and medium-sized companies with bank-based financing systems, or other small and medium-sized companies that have limited access to other financial resources. It can also improve managers' understanding of cash management and affect their responses to financial and economic shocks.

Drawing on pecking order and agency cost theories, this study assesses the extent to which information asymmetry is an important determinant of firm value and the extent to which this relationship is conditional on the leverage level of firms. The study also assesses the impact of information asymmetry on firm value and on high and low growth opportunity firms the statistical population of the research include all publicly-held companies listed in Tehran stock exchange (TSE) from which 132 companies were selected as the sample and examined in the period between 2012-2017. To test the hypotheses and estimate coefficiency, the statistical "panel data" technique was employed. Based on the research results the information asymmetry adversely influences firm value, and this effect is moderated by firm's leverage but this effect does not moderated with growth opportunities.

Dividend policy and factors affecting it are among the important topics widely used in modern financial literature. In most studies in this regard, researchers have pointed out some firms characteristics. The results of recent studies show that Managerial Ability is one of the determinants of dividend policy. In accounting literature, managerial ability is one of the dimensions of human capital, which is classified as an intangible asset. Some researchers define managerial ability as management efficiency for changing the company`s resources into revenue, as compared to the competitors,. This article is aimed to study the effect of managerial ability on dividend policy. The sample consists of 118 firms listed in Tehran Stock Exchange (TSE) from 2007 to 2014. Managerial ability is a part of firm`s performance, which is not affected by the firm's intrinsic factors. In order to calculate and analyse the managerial ability data, the model proposed by Demerjian et al. (2012, 2013) is employed. Hypothesis testing is performed using multivariate linear regression statistical methods and Data Envelopment Analysis model (DEA). The results show that managerial ability has a positive significant effect on dividend policy. In other words, more able managers pay more dividends. Also, according to the findings, cash flow is effective on a firm dividend level, that means dividend is sensitive to cash flows

This paper investigates the effects of growth opportunities on the relation between Free Cash Flow and Stock Return Synchronicity of firms listed in Tehran Stock Exchange. The aim is to test the hypothesis that firms with low growth opportunities and high free cash flow show higher stock returns synchronicity. To test the hypothesis, 54 firms during 2006-2014 were investigated using pooled panel regression analysis. Positive coefficient for interactive variable (FCF time's growth opportunities) confirms our hypothesis and showing a positive relation between free cash flow problem with stock return synchronicity.