فصلنامه پژوهش های حسابداری مالی
سال یازدهم شماره 1 (پیاپی 39، بهار 1398)

Earning is one of the important components in capital market analysis. And Regarding the importance of the Earning in analyzing the companies, the study of Earnings components and its effect on other accounting variables can be useful. Earning is composed of accrual and cash flow. The accrual component is less persistent and some of the investors can’t distinguish this differential persistence. This matter is the cause of accrual anomaly formation. This study investigates the Accrual anomaly in Tehran Stock Exchange during 2007 to 2015 by using two accrual measures, percent accrual and traditional accrual. For this purpose in this study hedge portfolio method in whole sample, profit and loss firms and the arbitrage risk quantiles is used. The result shows that percent accrual measure is relatively better than traditional accrual in detecting accrual anomaly. And the results of this study robust after controlling other scales for traditional accrual. But the result weren’t robust for controlling Jensen alpha in CAPM and Fama French models.

The purpose of this study is to assess the effect of earnings management on tone of financial reporting in Iranian accounting system. The tone is characterized by the ratio of positive and negative words contained in the annual financial reports. Earnings management is feasible using two methods of real and accrual-based. In this research, the earnings management has been tested using three models (Jones, Modified Jones and Caznik) and real earnings management using Roychowdhury model. The present research sample includes 119 companies accepted in Tehran Stock Exchange for years 2010 to 2016. To test the research hypotheses, multivariate regression has been used. The results of the research show that the accrual-based earnings management calculated based on the models (Caznik and Modified Jones) has a significant and negative effect on the pessimistic tone. In other words, it increases pessimistic tone by reducing the accrual-based earnings management and the opportunistic behavior applies to the financial reporting tone of the managers to divert the perception of the users of information. However, calculated accrual-based earnings management of Jones model and real earnings management have no significant effect on the pessimistic tone.

With regards to the adaption and implementation of IFRS in Iran on one hand, and the importance of intangible assets in Iran’s economy on the other hand, this article induces a model for measurement of intangible assets in Iran. In common with standard- setting bodies, such as the International Accounting Standards Board (IASB), this article is based on a social construction, and as a result, it is constructed from a process of consultation. However, unlike the standard setters’ regulatory process, the analysis here, is structured using a grounded theory approach. This article has been saturated with conducting in- depth and unstructured interviews with 15 experts by using snowball method. The result shows that the central category in the intangible assets measurement model is “Decision Usefulness” and the casual conditions of this model are “Level of Aggregation”, “Condition of Free Riding”, “Capable of Being Measured”, and “Target of Valuation”. The action/ interaction strategy here is using mixed measurement approaches which is in line with the current policies of IFRS.

Investors, as one of the main elements of financial markets, have always looked up for a performance evaluation criterion for various companies. One of the most important performance criteria, is stock return. Considering the deployment of capital market, identifying the factors affecting stock return, is of a great significance. Researchers have always been looking for variables with which help the stock return behavior can be explained. Accounting profit is amongst accounting information which is used to predict stock return. The purpose of this research is to investigate the effect of profitability skewness on stock return prediction. In this regard, to explicate the relationship between profitability skewness and future stock return, three perspectives including behavioral explication, growth opportunity and future profitability have been used. To test the hypotheses, a sample of seasonal data from 127 Tehran Stock Exchange listed companies was selected from 2009 to 2017. The method used to test the hypotheses is two-step Fama-Mac Beth regression using the panel data. The results from testing hypotheses show that the skewness of profitability considering three criteria: gross profit, earning per share to price ratio, and net profit, has a significant and negative effect on future stock returns.

The logistic regression technique was used to propose a model for predicting stock targeting through block trades. Those characteristics related to the likelihood of companies turning into a target for block trades were investigated. For this purpose gathered data on 117 Tehran Stock Exchange members, whose target of block trades with a trades volume of over 5% and 117 companies that did not target trading, was selected during the period of 2009-2017, using Logit method And probit were studied. The results showed that financial leverage and the change in assets negatively influenced the (block trades) commercialization frequency of the studied companies. It was also found that companies having a greater free cash flow, a higher market share, and a more distributed ownership, as well as companies with state organizations as principal shareholders, were more likely to be turned into commercial blocks. In addition, a comparison was made between the proposed logistic regression model and other well-known prediction models, namely, the artificial neural network and the fuzzy neural network models. The obtained results showed that the fuzzy neural network approach provided a more accurate prediction in terms of stock targeting than other techniques.

The main purpose of this study is to empirically examine the relationship between financial information reliability and agency costs for listed companies in the Tehran Stock Exchange (TSE). Therefore in this study a sample of 106 listed companies in the TSE between 2010 to 2017 were investigated. Efficiency ratios (operating expenses to sales ratio and assets turnover ratio) are selected as agency costs proxies. Also, financial restatement occurrence and magnitude of financial restatement are employed as adverse measures of financial information reliability. For attaining the purpose of the study, two main hypotheses were proposed. To test these hypotheses multiple linear regression analysis in panel data mode were conducted. The main findings indicate that there isn’t relationship between financial restatement incidence and agency costs proxies. Also magnitude of financial restatement don’t related to agency costs measures. Therefore, it’s concluded that financial information reliability has no impact on agency costs of examined Iranian firms.