فهرست مطالب

Finance and Managerial Accounting - Volume:6 Issue: 23, Autumn 2021

International Journal of Finance and Managerial Accounting
Volume:6 Issue: 23, Autumn 2021

  • تاریخ انتشار: 1400/05/11
  • تعداد عناوین: 17
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  • Seyed Ali Hosseini *, Soraya Khalighi, Parisa Saadat Behbahaninia Pages 1-13
    This study was conducted aiming at examining the impact of accounting information quality (AIQ) on overinvestment and underinvestment problems by considering the impact of auditor specialization on the industry. The statistical population consisted of the listed companies on the Tehran Stock Exchange from 2013 to 2017. According to the result, accounting information quality contributed to the reduction of overinvestment and underinvestment problems. Also, the auditor specialization was mostly effective in improving investment efficiency. It was also found that accounting information quality and the auditor specialization were partially alternative mechanisms in enhancing investment efficiency. There was a significant positive relationship between accounting information quality and investment efficiency in companies where the auditor was a specialist in the industry. The conclusion of this paper might be the first empirical evidence to support prior research that auditor specialization on the industry is positively related to investment efficiency at the Tehran Stock Exchange. Also, it shows the impact of the replacement of auditor specialization and accounting information quality was studied.
    Keywords: Investment Efficiency, Under Investment, Over Investment, auditor specialization, Accounting Information Quality
  • Sirvan Azizi, MohammadReza Vatanparast *, Mehrdad Sadr Ara, Farzin Rezaei Pages 15-23

    In this paper, the effect of internal and external information shocks on the value relevance of dividend policy is examined by considering the information asymmetry, which is one of the indicators of the information environment. It is argued that managers act on the information they have so that they maximize their profits at the expense of uninformed groups. In this way, managers adopt dividend policies by creating information shocks caused by asymmetry. To achieve the research goal, the data of 90 sample companies were collected for the period of 2012-2018 and analyzed by a descriptive-correlation approach using multiple regression and Wong tests. The findings showed that, among the internal information shock (fundamental changes in the institutional ownership and fundamental changes of the board of directors) and external shock, the internal information shock of fundamental changes in institutional ownership had more value relevance with the dividend policy, compared with two other information variables.

    Keywords: Value Relevance of Dividend Policy, External Information Shocks, Internal Information Shocks
  • Bahman Ghadimi, Fereydon Rahnamay Roodposhti *, Bahman Banimahd Pages 25-34
    The main purpose of this study is to compare the impact of critical thinking on fraud risk assessment in public and private sector auditors. The present research is applied in terms of purpose, quantitative in terms of data type, and descriptive-correlational in terms of data collection method. To measure the variables, standard questionnaires were used, which their face and content validity, and reliability were investigated using Cronbach's alpha test. Theses questionnaires were administered in two separate statistical population of public and private sector auditors, each including 226 people. In the inferential part, the research hypotheses were tested using the structural equations modeling . In this part, the results showed that critical thinking is one of the factors affecting the fraud risk assessment among the public and private sector auditors. Further study also emphasized that despite the higher impact factor for private sector auditors, this difference was not statistically significant .
    Keywords: critical thinking, fraud risk, Auditing
  • Arash Khirkhah, Mohammadreza Abdoli *, Hasan Valiyan Pages 35-57
    The audit profession is considered one of the jobs where gender inequality exists, especially in developing countries. This has made educational programs more inclined towards enhancing masculine abilities, followed by less well-regarded feminine functions in the field. The Purpose of this research is present a Dacum model based on the triple-strength empowerment approach of women working in the field of internal auditing in companies operating across the capital market. This is a goal-oriented, descriptive-applied developmental research, and a combination of data types. In the qualitative section, three-dimensional empowerment indicators of women working in the field of the internal auditing were identified based on the Dacum model approach participated by 15 research experts, using cross-sectional and Delphi analyses. A comprehensive interpretive-structural analysis was performed with the participation of 20 women as internal auditors of companies listed on the Tehran Stock Exchange. According to the results, 17 indices reached theoretical adequacy during the two rounds of Delphi analysis out of the initial 19 indices in the cross-mix analysis. Furthermore, the results of the interpretive/structural analysis indicated that educational planning was selected to balance the other roles of women as internal auditors, and the most influential Dacum indicator was to enhance the capabilities of women in internal auditing in listed companies in Tehran Stock Exchange.
    Keywords: Female Internal auditors, Analysis of Dacum Approach, Triple-Strength Empowerment Approach
  • Kiomars Darabpour, Saber Molla Alizadeh Zavardehi *, Allah Karam Salehi Pages 59-79

    The Purpose of this research is SAP-LAP Scenario Analysis of Financial/Accounting Functions Decision. This research in terms of methodology, Is the mixed method studies, and in terms of results, It is part of developmental research, and in terms of purpose, in the category of descriptive research, it is separated with the aim of describing the phenomenon in question, finally, in terms of logic, data collection is inductive-deductive. The statistical population of this study consists of two parts. In the first part, 16 experts in the field of finance, accounting and management of Abadan Oil Refining Company participated. And in the second part of the study, 8 first-step specialists who had priority in terms of both academic education and experience participated in most of the focus groups. In this study, data collection tools were score and matrix checklists that were analyzed based on the SAP-LAP scenario analysis process. This analysis considers 6 approaches (Situation), (Actor), (Process) → SAP, and (Learning); (Action); (Performance) → LAP in identification to scenarioization. The results of the research were examined in the form of 4 Self-interaction Matrices; Cross-interaction Matrices; Assessment Matrices; Quantitative Strategic Planning Matrices and finally the results were determined the best scenario for the financial flexibility of Abadan Oil Refining Company is the effective scenario of financial flexibility as an actor-learning, and the lowest possible scenario in this field is the process-learning scenario

    Keywords: Functions of Financial Flexibility, Self-interaction Matrices, Cross-interaction Matrices, Assessment Matrices, Quantitative Strategic Planning Matrices
  • Majid Rahmanifirouzjae, Zadalah Fathi *, Mirfeiz Fallah Shams Pages 81-92
    The purpose of this research is to investigate the factors affecting migration of growth companies with financial health in the Tehran Stock Exchange. In order to make better decisions and also to innovate, this research was conducted only on companies with financial health based on the Black, Scholes and Merton (BSM) model. The statistical population of this study is all companies listed on the Tehran Stock Exchange between 2012 and the end of 2019; therefore, all companies have been operating on the stock exchange during these years and their fiscal year ends in March, Participated in this research. After extracting the statistical sample, the researcher calculated the financial health of the statistical sample companies based on the model introduced by Black, Scholes and Merton (BSM) model, and then by using the Fama and French model, companies with growth migration were identified. Due to superiority of artificial intelligence methods over statistical linear models as well as the benefits of nonlinear methods in prediction, the present study presented a model for predicting the migration of growth stocks using nonlinear algorithm of random forests. Based on the results of the present study, it can be acknowledged that by using historical information, we can suggest factors for modeling growth migration.
    Keywords: Growth Migration, Random forest, Modeling
  • Hossein Badiei, Yahya Hasas Yeganeh *, Ali Saghafi, Jafar Babajani Pages 93-102
    The purpose of this study was to investigate the structural pattern of the effect of corporate governance mechanisms (internal organization) on audit quality considering the role of the intermediary variable of behavioural components of auditors. The statistical population of this research is independent auditors and auditors working in audit firms. A sample of 395 people was selected by simple random sampling method. In this research, the correlation coefficient, hierarchical regression and Structural Equation Modeling (SEM) were used for statistical analysis. The results of the correlation test and hierarchical regression model confirm the role of auditors' behavioural components in the relationship between corporate governance mechanisms and audit quality as mediators. Then, by adapting the research data and conceptual model, structural equation model was fitted to examine the effect of auditors ' behavioural factors as an intermediary variable. Finally, the significant effect of corporate governance mechanisms on audit quality was demonstrated by explaining the mediating role of auditors' behavioural components.
    Keywords: Audit quality, Behavioural components of auditors, Corporate Governance Mechanisms, Structural Equation Modeling (SEM)
  • ELAHEH SEFIDBAKHT, Jalil Beytari *, Ehsan Raygan Pages 103-111
    The spread of Corona Virus (COVID-19) has a significant impact on financial markets around the world. This creates an unprecedented amount of risk and causes investors to incur significant losses in a very short period of time. The aim of this study was to investigate the volatility of the main stock market indices of COVID-19 in countries with the highest number of Corona Virus patients during the period 12/30/2019 to 04/27/2020 with the help of daily data by test. GARCH-BEKK is done. The results of this study show that, the COVID-19 method in China has not affected the fluctuations of the Chinese stock index according to the obtained results, but in Iran and Italy with the outbreak of COVID-19, the stock index has begun to grow and increase. The outbreak of COVID-19 in South Korea has also caused the stock index to fall. On the other hand, fluctuations in China's stock market index have no effect on Iran's stock index, but reduce Italy's stock index and increase South Korea's stock index.
    Keywords: Covid-19, stock market index, pandemic, financial markets
  • Soheila Shahrestani, Mahmoud Moeinadin *, Forough Heyrani, Shahnaz Nayebzadeh Pages 113-127
    Management accounting emphasizes managers' using of accounting information in organizations in order to make informed business decisions. The main objective of this study was to determine the factors affecting the application of management accounting techniques in small and medium industrial units. In this regard, using the content analysis method, an inclusive set of factors affecting the application, based on Institutional and Contingency Theories, was recognized, and factors appropriate to the nature of small and medium- sized enterprises were selected via measuring expertise and screening method. Finally, using fuzzy cognitive mapping technique, the causal relationships between the effective variables and the intensity of the relationships were examined. The findings indicated that from the viewpoint of the financial experts in the present study, such variables as in-service training of employees, spirit of cooperation among managers and their collectivism, type of industry and corporate activity, level of production technology, intensity of competition in industry and environmental uncertainty were found to have the highest impact. on small and medium-sized companies; thereby by strengthening these factors, the process of applying management accounting techniques can be improved in these enterprises.
    Keywords: management accounting techniques, Small, Medium Enterprises, Institutional Theory, contingency theory, Fuzzy Cognitive Mapping
  • Hamidraza Vakilifard *, Afshin Armin, Ghodatolah Talebniya, Ali Amiri Pages 129-150
    The sustainable growth and development of the capital market has always been considered as one of the strategies of countries to create economic stability. However, the existence of behavioral biases in decision-making in the capital market has made this market less productive, especially in developing countries, and has posed problems, such as inefficiency of macro-level investment and the existence of micro-level financial constraints in a competitive market. Accordingly, the present study aims to investigate the effect of recognizing managers' behavioral biases on Company life cycle models through the gray analytic hierarchy process. The research methodology is hybrid. In the first step, meta-synthesis analysis with the participation of 18 academic experts is used to identify the components of managers' behavioral biases. Then, the identified indicators are examined through Delphi analysis and out of a total of 51 identified indicators, 26 indicators are finally approved. In Delphi analysis, the identified components are examined and it is found that recognizing the CEO's utilitarian behavioral biases can lead to an increase in the Company life cycle. Then, in the quantitative part, hypotheses are formulated according to the results of the qualitative part. In this regard, 101 companies have been investigated from 2012 to 2019 and the results show that the management of real and accrued profits has a negative and significant impact on Company life cycle.
    Keywords: Behavioral bias, company life cycle, Gray Analytic Hierarchy Process
  • Maryam Aghamohammadi, Roya Darabi *, Ali Najafi Moghadam Pages 151-167

    The quality of financial reporting is an effective factor in reducing information asymmetry that can affect different dimensions of the company. Although this has been the subject of many researches in the financial and accounting literature, a few researches have been done on the impact of the quality of accounting information and risk management on the quality of reporting through structural analysis. In this study, in order to measure the quality of financial reporting, six methods have been used in Iranian companies. For this purpose, 138 companies from selected companies in the Tehran Stock Exchange have been selected as the sample and their financial information has been examined during the years 2011 to 2018. Evidence of analysis on the method of structural equations shows that the quality of accounting information has a significant and positive effect on the quality of financial reporting, but risk management cannot play a role in moderating this relationship.

    Keywords: financial reporting quality, Accounting Quality Information, risk management, structural equations
  • Narges Rohani, Narges Yazdanian * Pages 169-179
    The aim of this study was to evaluate the effects of financial knowledge and financial socialization on financial satisfaction considering the role of attitude towards financial risk and financial behavior. This study was a descriptive-correlation based on gathering information and an applied research based on its purpose. The statistical population of research consists of all investors in investing funds in Tehran whom have active trading code in year 1397. Referring to Cochran’s sampling formula, a number of 384 investors were selected among 2333558 investors through in access sampling method and validated questionnaires of study distributed among them. The validity of questionnaires assessed by experts and its reliability evaluated by Cronbach’s alpha, which found greater than 0.7 for all variables. The structural equation modeling used to analyze data and test hypotheses. Findings showed that there is positive and significant relationship between financial knowledge and financial socialization with attitude toward risk and investors financial behavior. Also, the attitudes toward risk and investors financial behavior have positive and significant effects on the financial satisfaction. The results showed that financial knowledge and financial socialization have direct and inverse effect on the financial satisfaction respectively and, two variables attitude toward risk and financial behavior, have mediating role in their relationship with financial satisfaction.
    Keywords: financial knowledge, Financial Socialization, financial satisfaction, Financial Behavior
  • ALI MEHRNOOSH, Ali Jafarilarigani *, Sayyed Hassan Nasl Moosavi Pages 181-192
    Derivative instruments are regarded as a basic need of investors and portfolio ‎managers in the capital market, whereby they can cover their portfolio risk ‎from price fluctuations. Among the derivative instruments, index-based derivative instruments are a ‎type of instruments that allow investors to insure against systemic risk. ‎ This function is particularly necessary for encouraging foreign investors to invest ‎in a highly volatile country. ‎ These functions have been the source of the highly significant trading of these ‎instruments in reputable stock exchanges. ‎ Therefore, this study examines the impact of trading authority and ‎subordinate sales authority on the synchronization of stock returns by ‎considering the moderating role of financial leverage and using the Difference-in-‎Difference approach‏. ‏ A sample of 112 companies from Tehran Stock Exchange was ‎selected using the sampling method.‎ This research was conducted in Tehran Stock Exchange for the period ‎2013-2018.‎ The statistical method used in this research is “Difference-in-Difference”. The results of this study showed that: 1) The decrease in stock price ‎synchronization for companies that issued embedded equity put option was ‎more than the companies that issued options contracts; ‏.‏2) The fall in stock ‎price synchronicity occurs more rapidly in companies that issued ‎embedded equity put options and with higher trading leverage ratios.
    Keywords: Derivative Financial Instruments, Contract Option, Embedded equity Put Option, ‎Stock Return Syncroncity, Difference-in-Difference Approach
  • Einollah Zamani Eskandari, Mohammadreza Mehrabanpour *, Azita Jahanshad Pages 193-203
    The purpose of this study is to identify the strengths, weaknesses, opportunities and threats in the Iran's tax system and explain the desired strategy in the Iran's tax system. This research is from the perspective of the research process; Hybrid, from a methodological point of view; Survey research in terms of purpose and result of implementation; It is a development-applied and descriptive-exploratory research method. The aim of this study was to explain the organizational strategy, based on environmental scanning, semi-structured interviews with judgmental and snowball sampling (targeted sampling) and open questionnaire with tax experts using Triangular fuzzy Delphi technique, , and SWOT matrix analysis (SWOT) methods have been performed. Analysis of the internal and external factors evaluation matrix showed that this organization is in an aggressive strategic position (SO). Therefore, the country's tax affairs organization, while using its internal strengths and environmental opportunities, should be prepared to deal with threats.
    Keywords: Strategy, SWOT, Tax system, Triangular fuzzy Delphi, SO-ST-WO-WT
  • Saeid Karimipour Saryazdi, Sina Kheradyar *, Seyed Reza Seyed Nezhad Fahim, Farzin Farahbod Pages 205-216
    Financial toxicity is a problem that endangers the individual and social health of human beings and imposes many costs on individuals and governments. Given that financial toxicity has so far been studied only in medical sciences and no financial solution has been identified for it, this study tries to investigate the possibility of using financial and accounting techniques to reduce financial toxicity among patients in order to Introduce and expand the use of financial and accounting techniques to take effective action in health accounting. The research method is a combination of grounded theory and structural equations method and theoretical sampling has been used in 2019 and 2020.Data collection sources were conducted through in-depth and semi-structured interviews, participatory and non-participatory observation, personal experiences, respondents' memories, existing literature, and the researcher's personal reflections. To evaluate the goodness of the model fit, In the qualitative part, three methods of peer-debriefing, member checking, and triangulation techniques, and in the quantitative part, Chi-square, GFI, CFI, and RMSEA indices were used to evaluate the structural equations model. The results show that the use of financial and accounting techniques (including budgeting, cost management, mental accounting and financial therapy) by financial therapists and financial advisors can be effective in reducing the rate of financial toxicity. This research is the first research that expands the dimensions of financial methods and techniques in financial toxicity.
    Keywords: Oncology, Grounded Theory, Moneygrams
  • Afshin Shalchi, Zadollah Fathi *, Hossain Shafii Pages 217-227

    Evidences suggested that investors do not use of quantitative methods to determine stock value and judgements are made on mental imagery, non-scientific information and psychological conditions. According to limit literature, in other hand, increased investment efficiency is one of the most important problems in addition to investment development. Therefore, this study aimed to the mediation role of growth opportunities on the impact of sentiment tendencies of investors as a behavioral financial criteria and political connections on investment efficiency. This study is a causal, applied and post-event one. To end, sample were selected including 149 firms at Tehran Stock Exchange 2009-2019. According to composed data analysis method and multivariate-linear regression and logistic regression, results showed that investors’ sentiments as a behavioral financial criteria and political connections directly impacted on investment efficiency. In addition, growth opportunities play mediating role on the impact of investors’ sentiments and political connections on investment efficiency

    Keywords: Behavioral Financial, Political connections, Growth Opportunities, Investment Efficiency
  • Mahdi Taheri, Fraydoon Rahnamay Roodposhti *, Hossein Panahian, Behrooz Khodarahmi Pages 229-242
    An efficient capital market requires companies to provide quality financial information. It is also expected that with the development of the capital market, market participants pay more attention to the Information content of accounting. Therefore, the present study seeks to answer the question to what extent the Information content of accounting and capital market development are affected by each other? 207 companies were selected in the period of 2013-2019 using fixed and random effects method as well as generalized torque estimator (GMM) and with the help of Stata software, the research hypotheses have been tested. To measure market development, three variables of stock market size, activity volume and turnover ratio were used and to calculate the Information content of accounting the model of Kevin et al. [29] has been used. The results of examining the hypotheses showed that both the variables of capital market development and the Information content of accounting have a positive effect on each other. Also, the development of the market in the past one and two periods has had a significant and positive effect on the development of the capital market in the current period, while the Information content of accounting of the past one and two periods do not have a significant impact on the content of current accounting information.
    Keywords: Content of accounting information, capital market development, generalized torques Introduction