فصلنامه پژوهش های حسابداری مالی
سال چهاردهم شماره 1 (پیاپی 51، بهار 1401)

Earning news is of particular importance to investors, and investors’ emotions are expected to influence their reaction to the actual content of earning news. Also, it is expected that positive emotions along with the publication of positive earning news and negative emotions along with the publication of negative earning news have a double effect on stock returns. In this regard, five hypotheses were developed in this study. A sample consisting of 125 companies was selected from among the companies listed on the Tehran Stock Exchange (TSE) from 2014 to 2019, and a multivariate regression model was used to test the hypotheses. The findings of the study showed that in companies with high emotions, the sensitivity of returns to good earning news was higher, and in companies with low emotions, the sensitivity of returns to bad news was higher. Also, the results indicated the informational content of earning news. These findings remind investors to be careful of the irrational market atmosphere and to pay more attention to overreacting to earning news both from the negative and positive aspects of price changes.

The purpose of the present study was to investigate the effects of entrepreneurial orientation on financial performance by considering the moderating role of accounting information quality. The research method was correlational and the data were analyzed using structural equation modeling. The statistical population included the companies listed on Tehran Stock Exchange (TSE), which were selected and studied through the systematic elimination of 140 companies in the period of 2012-2019. The statistical results of the 1st and 2nd research hypotheses showed that the criteria of entrepreneurial orientation improved the indicators of financial performance (accounting and economics) and those of the 3rd hypothesis revealed that the criteria of entrepreneurial tendencies ameliorated the quality of accounting information. According to the 4th and 5th hypotheses, financial performance (accounting and economics) also improved the quality of accounting information. The 6th hypothesis indicated that the quality of accounting information made better the impact of entrepreneurial orientation on performance based on the accounting data. However, the results of the 7th hypothesis demonstrated that the quality of accounting information had a negative effect on the relationship between the entrepreneurial orientation criteria and indicators of economic performance in Tehran Stock Exchange (TSE).

Financial statement information is one of the potential sources used by auditors to assess the entity's going-concern determination. However, the numbers reported in the financial statements may not fully reflect all available information about entity's performance. Therefore, auditors' attention to non-financial factors is necessary when assessing the going-concern client. Earning management through manipulation of real activities can be one of the non-financial factors that are relevant to the likelihood of auditors’ going-concern opinions considering its detrimental consequences on the long-term performance of the company, especially those with poor financial health. Hence, the purpose of this study was to investigate the effect of real earning management on the going-concern audit opinion for financially distressed firms. To achieve the research goal, the information related to 194 financially distressed firm-years listed in Tehran Stock Exchange (TSE) was collected for the period 2009-2019. The results showed that real earning management through operating cash flows and manipulation of discretionary expenses has a positive and significant effect on the likelihood of the going-concern uncertainty paragraph in the audit report; However, no evidence was found on the significant effect of real earning management through manipulation of production costs on the likelihood of the going-concern uncertainty paragraph in the audit report.

Forecasting approaches to stock price are one of the most important issues for investors. Price momentum shows that past stock price performance predicts future performance for future periods of 3 to 12 months. However, fundamental momentum is a new reciprocal approach that bilaterally analyzes price momentum and fundamental momentum. Thus, the financial literature has tried to explore whether it reinforces the effect of momentum strategy. Accordingly, the present study aimed to comparatively investigate the combination of dual price and fundamental momentums in companies with different fundamental levels for the strategy of winners and losers of the capital market. This study was an applied research with a correlation approach. The necessary data were collected from the statistical population, including 210 companies listed on Tehran Stock Exchange (TSE) from 2007 to 2019. The data were collected by using a combined, cross-sectional, and time-series method and analyzed by FAMA regression and Macbeth. The results showed that the effect of dual price and fundamental momentums as a dual strategy was more substantial than the price momentum for the losers and strengthened the capital market for the winners. As a political recommendation, a combination of the dual momentums of price and fundamentals can differentiate between past performance drivers.

The system of internal controls is the main foundation of banks' governance system and is established to guide and supervise banking activities in order to achieve their goals and transparency and accountability. Despite the importance and necessity of the effective functioning of the internal control system in banks, no research has been conducted to identify its weaknesses in Iran. Accordingly, considering the consequences that the weaknesses of the internal control system can have for the banking system, this study, aims to identify the weaknesses of the internal control system of Iranian banks. In order to achieve the objectives of the study, first, the operational audit reports of banks were reviewed. Experts were then interviewed to identify other weaknesses in the banks' internal control system. Finally, the experts' opinions about the weaknesses were collected through a questionnaire and their consensus on each of the weaknesses was examined using the fuzzy Delphi method. Confirmatory factor analysis was used to evaluate the accuracy of clustering in this study. Based on the results of reviewing banks' operational audit reports and interviewing experts, a total of 64 weaknesses were identified. The findings indicate that 60 of the identified weaknesses gained a general consensus in favor of the Delphi group, and by factor analysis, the accuracy of the clustering of items was confirmed. The findings of this study can help to identify the current situation and plan to address the weaknesses of the internal control system of Iranian banks.

Examining the corporate characteristics affecting the informational content of annual and interim earnings, while creating a context for the favorable presentation of financial information in order to improve financial reporting, can gain the confidence of current and potential shareholders, too. Accordingly, this research investigated company characteristics and information content of annual and interim earnings using a meta-analysis approach during the last 20 years. In this regard, 63 domestic and foreign articles were reviewed. To answer research questions, a meta-analysis approach was used in CMA2 software. In the present study, the information content of annual and interim earnings as the dependent variable is defined as the correlation and regression relationship between accounting earnings with different price reaction criteria such as return, price, abnormal, or accumulated return in previous studies. Also, corporate characteristics have the role of an independent variable, which should be investigated in previous studies in the form of an interactive effect in accounting profit, multiplication, and their effect on different price response criteria. The findings indicate the negative and significant effect of company characteristics such as financial leverage and loss of the company on accounting earnings information content. However, accounting earnings information content has been independent of other company characteristics such as company size, growth opportunity, profitability, and systematic risk. Regarding company size, the type of financial reporting (annual and interim) is a moderating factor, so the information content of annual earnings was independent of company size. In contrast, the effect of company size on the information content of interim earnings was negatively significant.