جستجوی مقالات مرتبط با کلیدواژه « جریان وجه نقد » در نشریات گروه « حسابداری »

Stock value and performance reflect the ability of a firm to generate cash flow. Therefore, it is helpful for investors to predict cash flow in order to forecast stock returns. This study aims to propose a model for evaluating firm performance by analyzing the correlation between cash flow and stock returns in both distressed and non-distressed financial situations. The population consisted of firms listed in Tehran Stock Exchange, out of which 197 were selected within the 2012–2021 timeframe as samples for statistical analysis using multiple linear regression. Findings reveal that the independent variable, cash flow, does not have a direct effect on the dependent variable, stock returns, in distressed firms, but there is a significant effect in non-distressed ones. In distressed firms, independent variables (cash flows: operational, free, equity, and capital) and control variables (firm size, financial leverage, and Tobin’s Q) do not have a significant relationship with stock returns. However, they have an inverse significant relationship with free cash flow in non-distressed firms, and no relationship with other independent variables. Thus, it is possible to evaluate firms in non-distressed financial situations through an analysis of the relationship between stock returns and free cash flow. To identify distressed and non-distressed firms, Kordestani and Tatli’s model was used; several models are derived from this model that are widely used in Iran and include the best explanatory variables in discriminant and logit analyses with an overall accuracy of 93%.

One purpose of accrual accounting is to mitigate the timing and matching problems inherent in cash flows. Cash flows have timing and matching properties that impair their ability to measure performance. Net cash receipts and payments can occur in periods that differ from the economic event (the timing or spreading problem), and cash inflows and outflows from a given economic event might occur in different periods (the matching problem). The economic role of accruals is to mitigate these timing and matching issues. These problems cause temporary fluctuations in cash flows. Accruals smooth temporary timing fluctuations in operating cash flows and thus it is expected to find a negative correlation between accruals and changes in cash flows. It is also expected that the negative correlation between accruals and cash-flow changes grows as cash flow problems intensify because accruals will increasingly counteract cash flow changes as a firm’s cash flows increasingly stray from desired properties.According to Dechow et al. (1998), the negative serial correlation in cash flow changes shows the cash flow timing and matching problem. The timing and matching problems of cash flows counteract each other. The timing problem leads to a positive serial correlation in cash flow changes. While the matching problem leads to a negative serial correlation in cash flow changes. According to Dechow et al. (1998) model,  the serial correlation in cash flow changes is a function of operating cash cycle and profit margin and the magnitude of negative serial correlation in cash flow changes depends on the relative magnitude of the operating cash cycle and the profit margin.  The longer the operating cash cycle and the smaller the profit margin, the negative serial correlation in cash flow changes is more severe. So it is expected that the negative correlation between accruals and cash-flow changes grow as the negative serial correlation in cash flow changes is severe (longer operating cash cycle and smaller profit margin). This study investigates the extent to which accruals are reconciled whit their ultimate purpose in mitigating timing and matching problems inherent in cash flows. A sample of 153 firms listed in the Tehran Stock Exchange (TSE),,is analyzed using panel data regression models. we observed that there is a negative correlation between accruals and cash-flow changes and this negative correlation increases as the timing and matching problems of cash flows become more severe. The results of this study show that accruals are used to mitigate timing and matching problems of cash flow and firms listed in the Tehran Stock Exchange use accruals more when there are more problems with cash flows.

The cash flow statement is a financial statement that helps significantly in decision-making about organizations’ financial flexibility. Although providing this financial statement is arbitrary as specified in the public sector’s accounting standard no. 1, no standard has been introduced about how to present this financial statement. Current research has sought to establish a suitable model for the cash flow statement of reporting units of the public sector, considering the diversity of users of financial statements in the public sector, their informational needs, and the distinction between these needs and the private sector.

This research is applied research considering the objective and descriptive-survey research considering the nature and data acquisition method. The research area includes all the administrative bodies included in Article 219 of the Law on Fifth Program of Iran’s Development that somehow utilize Iran’s general budget. Various relevant questionnaire models were established after the interviews with experts and comparative research. Next, these models were distributed among accountants, accountant assistants of administrative bodies, and university professors, which were then collected and analyzed. Context analysis was utilized in this research for analyzing conducted interviews, while statistical methods and SPSS software were used to analyze distributed and collected questionnaires.

Results of the generalization test of three divisions of operating, investment, and financing activities were approved significantly. Next, the significance of their existence in the internal structure was determined by testing other questionnaire items. In the test for observations distribution symmetry, Kolmogorov–Smirnov test has been utilized for the data normality test in this research. The chi-square single variable test illustrates the chi-square goodness of fit test. Following this table, the level of significance of the chi-square of all hypotheses is less than the 5% error level. In the Kruskal–Wallis test, the distribution of research observations was not symmetric. Hence, the Kruskal–Wallis test has been used to analyze research hypotheses among respondents’ three occupational categories. Mann–Whitney test allows the comparison between outcomes of two independent groups. For ordinal-qualitative data in a study, it is better to use the Mann–Whitney test, which is an asymmetric test equivalent to the two-sample independent t-test.

The general categories of the private sector’s cash flows statement can be applied to the public sector. However, in the details and structure of each category, according to the test results of the items, the internal structure of the categories is suggested. Considering data analysis results and research findings, it is concluded that the main three divisions of cash flow statements in the private sector can be applied to the public sector’s reporting units. Also, the suggested model can be proposed for presenting cash flow statements in the public sector’s reporting units based on findings resulting from analyzing questionnaire items’ response. The said model can then be used by the public sector’s Accounting Standards Committee in audit organizations and the Islamic Republic Iran Ministry of Economic Affairs and Finance to establish standards relevant to the public sector.

 According to the users of financial reporting of financial statements in the public sector and their information needs, the present study has examined the generalizability of the three main parts of the cash flow statement in the private sector to the reporting units of the public sector.

The statistical population of this study was financial controllers of executive agencies and their deputies and university professors who were selected by regular sampling of the relevant sample. Data were collected through a library study and field surveys, through a questionnaire in the form of 17 questions (items), data related to the three research hypotheses and the research hypotheses were tested using statistical tests.

The results show that from the respondents' point of view, the three main categories (operational sector, investment and financing) of the private sector cash flow statement can also be used and generalized for public sector reporting units.

According to the results, the main classes of cash flow statements according to national standards can be generalized to public sector reporting units, which can be used by the competent authorities in developing the relevant standard in the public sector.

This paper investigates the effect of the firm life cycle on the cost of equity capital. To test the hypothesis we use mean difference test of cost of equity capital and regression model (ordinary least squares method). The sample includes 586 firms – year observation about firms listed in Tehran Stock Exchange, during the period of 1384 to1393. The mean difference test shows that cost of equity is higher in the decline stage than growth and mature stages. Also using Dickinson’s life cycle (2011) measure reveals that decline stage of firm life cycle is positively associated with cost of equity, while the growth and mature stages of the life cycle are negatively associated with many estimates of the cost of equity. Therefore, relationship between decline, growth and mature stages of the firm life cycle and cost of equity resembling U-shaped pattern.

The characteristic of managers'' personality is a key factor in their dividend policy. Overconfidence is an important feature of managers who are optimism about future earnings and cash flows and have a positive view of potential risk and return. Hence، we are going to investigate the effect of managers'' overconfidence on dividend policy. We study 56 companies listed in Tehran Stock Exchange in the period of 2007 to 2012 to test the hypothesis. The results show that there is a significant and negative relation between managers'' overconfidence and dividend policy; in other words they have lower dividend payout. We also demonstrate that an overconfident manager perceives the current operating cash flow as a stronger predictor of future operating cash flow so and increases the dividend payout. In addition regardless of whether the manager is rational or overconfident، a manager in a higher-growth firm pays a smaller dividend than a similar manager in a lower-growth firm.