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پژوهش های حسابداری مالی - سال چهاردهم شماره 2 (پیاپی 52، تابستان 1401)

فصلنامه پژوهش های حسابداری مالی
سال چهاردهم شماره 2 (پیاپی 52، تابستان 1401)

  • تاریخ انتشار: 1401/06/01
  • تعداد عناوین: 6
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  • بهروز بادپا، سهراب استا*، وحید حسن بیگی صفحات 1-26
    برخی از ویژگی های مدیریت صاحبکار می تواند ازطریق سازوکارهای مختلف بر ذهنیت، نگرش و رفتار حسابرس تاثیر بگذارد و قضاوت حسابرس را به عنوان یکی از ارکان اساسی حسابرسی مستقل با چالش مواجه کند. بر این اساس، یکی از اهداف پژوهش حاضر، بررسی تاثیر کاریزمای مدیریت صاحبکار به عنوان یکی از عوامل تهدیدکننده بی طرفی حسابرس بر فرآیند قضاوت و تصمیم گیری او و هدف دیگر آن، بررسی تاثیر رتبه و هویت شغلی حسابرس به عنوان عوامل خنثی کننده این تهدیدها بر قضاوت حسابرس است. حسابرسان معتمد بورس شامل حسابرسان شاغل در موسسات بخش خصوصی و سازمان حسابرسی، جامعه آماری این پژوهش را تشکیل داده و داده های پژوهش در سال های 1398 و 1399 با بهره گیری از ابزار پرسش نامه گردآوری شده اند. نمونه آماری پژوهش شامل 170 حسابرس مستقل بوده و آزمون فرضیه ها نیز با استفاده از نرم افزار SmartPLS انجام شده است. یافته های پژوهش در سطح اطمینان 95 درصد نشان دادند کاریزمای مدیریت صاحبکار بر آشنایی (هویت یابی) حسابرس با صاحبکار و نگرش حمایتی حسابرس تاثیر مثبت و معنادار دارد. همچنین، آشنایی حسابرس با صاحبکار و نگرش حمایتی حسابرس به طور معناداری بر قضاوت عینی حسابرس تاثیر منفی دارند. همچنین، رتبه حسابرس و هویت شغلی او موجب بهبود قضاوت عینی می شوند. بر این اساس، با وجود اینکه حسابرس عضوی از موسسه صاحبکار محسوب نمی شود، می تواند از نفوذ مدیریت صاحبکار تاثیر بگیرد؛ اما نفوذ صاحبکار در مسیولیت های رده بالاتر موسسه حسابرسی کمتر است؛ بنابراین، تدوین کنندگان استاندارد، جامعه حسابداران رسمی، حسابرسان مستقل و پژوهشگران می توانند نتایج پژوهش حاضر را به کار گیرند.
    کلیدواژگان: کاریزمای مدیریت صاحبکار، آشنایی با صاحبکار، نگرش حمایتی حسابرس، رتبه حسابرس، قضاوت حسابرس
  • شیما احمدی، علی رحمانی*، سید علی حسینی، سعید همایون صفحات 27-61

    هدف این پژوهش، ارایه چارچوبی جامع از مولفه های با اهمیت پایداری صنعت بورس ایران به سبب ادغام در استراتژی ها، اندازه گیری، ارزیابی و گزارشگری عملکرد پایداری است. به منظور شناسایی مهم ترین موضوعات پایداری در صنعت بورس ایران، یافته های پژوهش احمدی و همکاران (1401) مبنا در نظر گرفته شد که مبتنی بر تحلیل محتوای گزارش های پایداری صنعت بورس اوراق بهادار خارج از ایران و مشتمل بر 33 مولفه اصلی و 352 زیرمولفه است. به سبب تدوین یک چارچوب بومی، از مشارکت 21 نفر از متخصصان صنعت برای انطباق مولفه های پایداری بورس های خارجی با توجه به فرهنگ و محیط کشور ایران استفاده شده است. پس از نهایی شدن چارچوب پایداری صنعت بورس ایران، به منظور ارزیابی اهمیت و اولویت بندی مولفه های اصلی پایداری با در نظر داشتن دیدگاه های خبرگان، از رویکرد AHP فازی استفاده شده است. با توجه به تاثیرات اقتصادی گسترده بورس ها از منظر تامین مالی بنگاه های اقتصادی و دولت (ازطریق مالیات کارمزد معاملات و انتشار اوراق)، یافته های این پژوهش حاکی از اولویت مولفه های بعد اقتصادی نسبت به سایر ابعاد است. مولفه های اقتصاد کلان، دولت و سایر مقررات گذاران و اعتماد و اطمینان دارای بیشترین اهمیت نسبی در میان کلیه مولفه ها هستند. همچنین، با توجه به آلایندگی اندک شرکت های بورس، اولویت نسبی مولفه های بعد زیست محیطی نسبت به سایر ابعاد در این صنعت کمتر است.

    کلیدواژگان: گزارشگری پایداری، AHP فازی، صنعت بورس، ابعاد پایداری
  • رحیم بنابی قدیم*، سید علی واعظ، رامین انسانی صفحات 63-90
    سرمایه فکری به عنوان دارایی نامشهود و نیز به سبب قابلیت یادگیری مستمر، عامل محرکی برای ایجاد مزیت رقابتی شرکت ها و درنتیجه، پایداری بیشتر و نگاه آینده نگرانه در کسب سود است و توجه به آن در کاهش شکاف ارزشی و افزایش قابلیت اتکای اقلام صورت های مالی راه گشا است. هدف این پژوهش، بررسی تاثیر سرمایه فکری بر گزارشگری عملکرد پایداری تجاری و استراتژی کسب وکار شرکت های پذیرفته شده در بورس اوراق بهادار تهران است. برای این منظور داده های 126 شرکت بورس اوراق بهادار تهران در فاصله زمانی 1392-1400 انتخاب و با استفاده از مدل های رگرسیونی چندگانه تحلیل شدند. نتایج نشان دادند ضریب ارزش افزوده فکری و عناصر آن دارای تاثیر مثبتی بر گزارشگری عملکرد پایداری شرکت ها دارند و نیز ضریب سرمایه فکری و کارایی سرمایه ساختاری و فیزیکی تاثیر مثبتی بر استراتژی آینده نگرانه دارند؛ ولی کارایی سرمایه انسانی تاثیری بر استراتژی کسب وکار ندارد که در راستای شفافیت اطلاعاتی بیشتر، لزوم آگاه سازی و استانداردگذاری گزارش سرمایه فکری در گزارش های مالی را می طلبد.
    کلیدواژگان: ارزش افزوده سرمایه فکری، کارایی سرمایه فکری، عملکرد پایداری، استراتژی کسب وکارو کار
  • ساسان مهرانی، اکبر رحیمی پور* صفحات 91-116

    وقوع اشتباه در حسابداری امری اجتناب ناپذیر بوده و عواملی چون تنوع و پیچیدگی موضوعات اقتصادی، حجم بالای کار، خستگی و... این احتمال را افزایش می دهد. همچنین به دلیل تغییرات مداومی که در شرایط اقتصادی ، اجتماعی و... صورت می گیرد، ممکن است که ایجاد تغییر در اصول و روش های حسابداری به منظور هماهنگ کردن واحد تجاری با شرایط جدید ضروری باشد که همه این موارد به تجدید ارایه صورتهای مالی منتج می شود .موضوعی که در نتیجه رسوایی های گزارشگری مانند شرکت انرون و... بسیار مورد توجه قرار گرفته است.هدف این پژوهش ارایه مدل بسط یافته بنیش، در شرکت های پذیرفته شده در بورس اوراق بهادار تهران بین سال های 1388 تا 1399 می باشد. نمونه آماری پژوهش 265 شرکت بوده که با استفاده از رگرسیون لاجیت و الگوریتم ژنتیک به برآورد و بهبود مدل بنیش پرداخته شده است.نتایج پژوهش حاکی از این است که براساس ماتریس درهم ریختگی، در بین مدل های پیش بینی کننده تجدید ارایه صورتهای مالی، دقت و کارآیی مدل بهبود یافته بنیش با الگوریتم ژنتیک 21/73 درصد دقت پیش بینی کل داشته که دارای بالاترین قدرت پیش بینی در مقایسه با مدل اولیه بنیش و مدل ارایه شده با رگرسیون لاجیت بوده است و فرضیه های پژوهش تایید می گردد.

    کلیدواژگان: تجدید ارائه صورتهای مالی، تعدیلات سنواتی، مدل بنیش، رگرسیون لاجیت، الگوریتم ژنتیک
  • محسن تنانی*، رامین کریمی ارقینی صفحات 117-152

    کیفیت گزارشات مالی و سودهای گزارش شده از اهمیت بسزایی برای سرمایه گذاران، قانون گذاران، محققان و غیره برخوردار است. مدیران شرکت ها از انواع روش های مدیریت سود به منظور افزایش قیمت سهام و حفظ ارزش زیاد سهام استفاده می کنند که درواقع آن را می توان به انگیزه های مدیریت سود نسبت داد. به طور کلی، برخی از مدیران از انگیزه های کافی در راستای ارزش گذار بیش از واقع سهام شرکت برخوردارند. در این راستا، یکی از روش های اعمال پذیر به منظور جلوگیری از کاهش ارزش سهام، استفاده از اقلام تعهدی اختیاری است. در این رابطه، هزینه های نمایندگی به عنوان یکی از عوامل تعیین کننده اقلام تعهدی در شرکت ها مطرح بوده و ساختار مالکیت نیز بر سطوح هزینه های  نمایندگی تاثیرگذار است. بر این اساس، در پژوهش حاضر، به بررسی تاثیر ساختار مالکیت بر میزان اقلام تعهدی اختیاری در شرکت های با ارزش گذار بالا پرداخته شده است. بدین منظور، داده های 160 شرکت بورسی طی سال های 1389 تا 1398، گردآوری شدند و به منظور آزمون فرضیه ها از رگرسیون چندگانه در حالت ترکیبی / تلفیقی در نرم افزار ایویوز 9 استفاده شد. نتایج پژوهش نشان دادند بین ارزش گذار بالای شرکت و میزان اقلام تعهدی اختیاری، رابطه مستقیم وجود دارد. همچنین، نتایج نشان دادند میزان اقلام تعهدی اختیاری در دوره های آغازین ارزش گذار بالا، افزایش و در دوره های بعدی کاهش می یابد. افزون بر این، مدیران شرکت های دولتی از انگیزه لازم برای استفاده از اقلام تعهدی اختیاری در راستای ارزش گذار بالای شرکت برخوردار نیستند. به طور خلاصه، نتایج این پژوهش، در زمینه درک تاثیر ساختار مالکیت بر نحوه رفتار گزارشگری مدیران در بازار سرمایه ایران کمک می کند.

    کلیدواژگان: ارزش گذار بالا، اقلام تعهدی اختیاری، مالکیت دولتی و شرکت های بورسی
  • سعید فتحی، حمید ابوطالبی صفحات 153-178

    مدیران از طریق مدیریت برخی متغیرها در ساختار مالی بنگاه (نظیر ساختار سرمایه، تقسیم سود و سرمایه‏گذاری) می‌توانند هدف حداکثرسازی ثروت سهامداران را دنبال کنند. سهامداران با به کارگیری ابزارهای حاکمیت شرکتی، تلاش می‌کنند مدیران را به اصلاح این متغیرها در راستای حداکثر ثروت، هدایت کنند. جامعه آماری این پژوهش آزمون‌های آماری در مطالعات تجربی گذشته است که فرضیه‌های این پژوهش را به روش تجربی آزمون کرده‌اند. در این پژوهش، با رویکرد فراتحلیل (در هفت مرحله) تاثیرپذیری متغیرهای مذکور از حاکمیت شرکتی و تاثیر آن‌ها بر عملکرد مالی آزمون شده است. به دلیل وجود سه متغیر واسطه‌ای، سه فرضیه در مورد تاثیر حاکمیت شرکتی بر متغیرهای مذکور و سه فرضیه در مورد تاثیر متغیرهای واسطه‌ای بر عملکرد مالی و یک فرضیه در مورد تاثیر مستقیم حاکمیت شرکتی بر عملکرد مالی طراحی و 64 مقاله شامل مجموعا 260 اندازه اثر (از نوع r) که تاریخ انتشار آنها بین سال‌های 1993 تا 2019 بوده فراتحلیل شد. برای محاسبه اندازه اثر در مورد طبقاتی که اندازه اثر در آن واگرا بوده است از روش اثرات تصادفی و برای طبقات با اندازه اثر همگرا، از روش اثرات ثابت استفاده شد. بر اساس نتایج به دست آمده حاکمیت شرکتی بر عملکرد مالی، ساختار سرمایه، تقسیم سود و سرمایه‏گذاری تاثیر دارد. ضمنا هر سه متغیر ساختار سرمایه، تقسیم سود و سرمایه‏گذاری بر عملکرد مالی تاثیر دارد. به ازای هر فرضیه پس از تعیین اندازه اثر مشترک، آزمون پایایی روی نتایج انجام و تحلیل شده است.

    کلیدواژگان: تقسیم سود، حاکمیت شرکتی، ساختار سرمایه، سرمایه ‏گذاری، عملکرد مالی
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  • Behrooz Badpa, Sohrab Osta *, Vahid Hasanbeigy Pages 1-26
    Some characteristics of client management can shape auditors' mentality, attitudes, and behaviors through various mechanisms, and even challenge their judgment as one of the basic pillars of an independent audit. Therefore, one of the main objectives of the present study is to investigate the effect of charismatic client management among the threats to auditor impartiality on auditor judgment and decision-making process. The other objective is to reflect on auditor's rank and organizational identity, as the factors neutralizing these threats, on auditor judgment. The trusted auditors of the Tehran Stock Exchange, including those involved in private institutions and Iran Auditing Organization, constitute the statistical population in this study, in which the data in 2020-2021 were collected using a questionnaire. The target sample consists of 170 independent auditors, and the research hypotheses were tested via the Smart PLS software. The study findings at 95% confidence interval demonstrated that charismatic client management has a significant positive effect on client identification and auditor advocacy attitude. Moreover, client identification and auditor advocacy attitude have a significant negative impact on auditor objectivity. On the other hand, auditor's rank and organizational identity improve objective judgments. Accordingly, auditors can be affected by client management even though they are not a member of their institution, but client influence is less in higher-level responsibilities of the audit firm. Thus, the results of this study can be exploited by standard developers, the Iranian Association of Certified Public Accountants, as well as independent auditors and researchers.IntroductionJudgment and decision-making have been documented as the main pillars of auditing, to the extent that auditors are always required to exploit their professional judgment and decision-making during the audit process (Khoshtinat & Bostanian, 2007). Auditors' professional judgments are often influenced by professional and constructive auditor-client relationships. In this respect, identifying the significant factors that might threaten auditors' objective judgments and then undermine their objectivity, impartiality, and independence following these relationships is so important that it has received much attention among those involved in developing standards on auditing (Ashforth et al, 2008). Some characteristics of client management can thus shape auditors' mentality, attitudes, and behaviors through various mechanisms, and even challenge their judgments. From this perspective, charismatic client management is among the major factors that make threats to auditors' impartial judgments (Akbari & Jahanshad, 2021). Therefore, the first objective of the present study is to investigate the effect of charismatic client management among the threats to auditors' impartiality on auditors' judgment and decision-making process, and the second objective is to reflect on auditors' ranks and organizational identities, as the factors neutralizing these threats, and their effects on auditors' judgments.In this regard, the general research questions addressed were as follows:Does charismatic client management have an effect on auditors' judgments through client identification?Does charismatic client management have an effect on auditors' attitudes, mentality, and behaviors toward clients?Do auditors' attitudes toward client and client identification affect auditors' judgments?Do auditors' ranks and organizational identities have a neutralizing effect on dealing with threats to auditors' objective judgments? Materials & Methods Considering its paradigm, a descriptive-correlational design was used in this applied quantitative research for data collection and analysis, based on structural equation modeling. The trusted auditors involved in private institutions and Iran Auditing Organization also constituted the statistical population in this study, and the statistical sample included 170 independent auditors, of which the data were collected through a questionnaire in 2020-21.A standardized questionnaire, in the form of open- and closed-ended items, was employed in this study. The auditor's rank was further determined using six categories, viz., 1=auditor, 2= senior auditor, 3=audit supervisor, 4=audit manager, 5=senior audit manager, and 6=audit partner. In order to evaluate auditors' objective judgments, the scenario approach centered on the Client Agreement Index by Bamber and Iyer (Bamber & Iyer, 2007) was practiced. The biggest client identification and auditor's occupational identity were also evaluated based on the Organizational Identification Scale, developed by Mael and Ashforth (Mael & Ashforth, 1992) and Bamber and Iyre (Bamber & Iyer, 2007), and the necessary revisions were made to its items with reference to the study by Svanberg, Öhman, and Neidermeyer (Svanberg et al, 2017). The given questionnaire consisted of five items and a five-point Likert-type scale. Another part of the questionnaire was related to the evaluation of auditors' advocacy attitudes, which included eight items to examine the levels of auditors' advocacy attitudes toward clients based on a five-point Likert-type scale. To measure auditors' advocacy attitudes, the scales established by Pennington et al. (Pennington et al, 2017) and Badpa and Osta (Badpa & osta, 2021) were employed. Charismatic client management was correspondingly measured by the local Charismatic Leadership Questionnaire designed by Rezaiyan et al. (Rezaeyan, et al, 2009), containing 15 items and three dimensions, i.e., environmental awareness, aligning an organization with visions, and modeling, based on a five-point Likert-type scale.  FindingOnce the measurement model of the research variables was confirmed using confirmatory factor analysis, path analysis was utilized to test the research hypotheses. The summary of the results of evaluating the structural model in this study is illustrated in the following table:Table 1: A summary of the evaluation results of the structural model of the research   Direct pathPath coefficientT Statistics (|O/STDEV|)P ValuesHypothesis testing resultsCharismatic Client Management → Client Identification0.4046.1920.000Not rejectedClient Identification → Auditor’s Client Acquiescence0.1782.4020.017Not rejectedAuditor's Organizational Identity → Auditor’s Client Acquiescence-0.3114.3770.000Not rejectedCharismatic Client Management → Auditor's Advocacy Attitude0.2132.3970.018Not rejectedAuditor's Advocacy Attitude → Auditor’s Client Acquiescence0.2163.2600.001Not rejectedAuditor's Rank  → Auditor’s Client Acquiescence-0.1822.7820.006Not rejectedSource: Research findings  Results & ConclusionBased on the results of testing the first and second research hypotheses, charismatic client management has a positive effect on client identification, and then client identification has a negative effect on auditor's objective judgment. These findings are consistent with the results reported by Svanberg et al. (Svanberg et al, 2017), Bamber and Iyer (Bamber & Iyer, 2007), and Badpa and Osta (Badpa & osta, 2021), and can be further explained based on Social Identity Theory. According to this theory, the specific characteristics of clients can directly and indirectly have a negative effect on auditors' objective judgments through client identification.Considering the results of testing the third research hypothesis, auditors' organizational identities have a positive effect on their objective judgments. With regard to the significant positive effect of organizational identity on the dimensions of professional self-doubt in independent auditing, a higher organizational identification can thus improve auditors' professional behaviors, and consequently their objective judgments (Rezaei et al, 2017). Testing the fourth and fifth research hypotheses also showed that charismatic client management has a positive effect on auditors' advocacy attitudes to clients, and such attitudes have a negative effect on their objective judgments. To elucidate these findings, it is argued that client management characteristics can influence auditors' attitudes and thinking, as the principles of organizational leadership have not considered any limits for clients' influence on the attitudes of people who are not officially employed by that organization (Badpa & osta, 2021; Akbari &  Jahanshad, 2021).In addition, auditors' advocacy attitudes toward clients and their management affect their judgments, and auditors' advocacy attitudes toward clients indicate the degree of willingness to support clients' favorable accounting procedures in the state of ambiguity (namely, contradictory evidence) (Lembke & Wilson, 1998; Kock, 2015). These findings are in line with the results reported by Badpa and Osta (Badpa & osta, 2021), Bobek, Hageman, and Hatfield (Bobek et al, 2010), Pennington et al. (Pennington et al, 2017), and Badpa et al (Badpa et al, 2019).The results of testing the final research hypothesis correspondingly demonstrated that auditors' ranks have a positive effect on their objective judgments. In other words, the higher levels of the auditing institute can make more favorable judgments than the lower levels. Putting these results in plain words, it is claimed that auditors with lower ranks have more flexibility in dealing with clients in the face of challenging situations due to various reasons, such as the lower levels of occupational (or organizational) identification and experience, and younger age. These findings are also in harmony with the results in Bamber and Iyer (Bamber & Iyer, 2007).Accordingly, auditors can be affected by client management even though they are not a member of their institution, but clients' influence is less in higher-level responsibilities of the audit firm. Thus, the study results can be exploited by the developers of standards on auditing, the Society of Certified Public Accountants, as well as independent auditors and researchers.Against this background, the effects of other dimensions of client management leadership on auditors' advocacy attitudes and the extent of their client identification, as well as the judgment and decision-making process, including initial judgment, evidence search strategy, evidence evaluation, and final judgments, can be investigated in future research.  * Corresponding author
    Keywords: Charismatic Client Management, Client Identification, Auditor Advocacy Attitude, Auditor's Rank, Auditor Judgment
  • Shima Ahmadi, Ali Rahmani *, Seyed Ali Hosseini, Saeed Homayoun Pages 27-61

    Considering the important role of the exchange industry in the optimal allocation of resources and economic growth, as well as promoting a culture of attention to sustainability issues, the purpose of this study is to provide a comprehensive framework of material sustainability criteria in the exchange industry for integration into strategies, performance measurement, evaluation and reporting. In order to identify material sustainability criteria in the Iranian exchange industry, the findings of Ahmadi et al research  (1401) which include 33 criteria and 352 sub-criteria have been used as a basis. In order to formulate a local framework, the participation of 21 industry experts was used to modify the criteria identified in the Ahmadi et al, according to the culture of Iran. Finally, after finalizing sustainability framework of the Iranian exchange industry, in order to evaluate materiality and prioritize the main criteria, the Fuzzy AHP method has been used. Considering the extensive effects of exchanges from the perspective of financing economic enterprises and the government (through transaction fee tax and issuing bonds), the findings of this study indicate the priority of economic dimension over other sustainability dimensions. Macroeconomics, government and other regulators and trust and confidence have the greatest relative importance among all other criteria. On the other hand, due to the low emissions of exchanges, the relative importance of environment dimension criteria is less than other dimensions in the industry. IntroductionThe number of countries that have organized capital markets has increased greatly in recent decades and investors' interest in capital markets have experienced unprecedented growth in recent years. As a result of the increased attention of society towards investing in capital markets, their awareness of sustainability issues has also increased. As a result, in such a situation, the necessity of proper management and sustainable performance of exchanges and issuing sustainability reports is more important than before. Sustainability reporting deals with how a company can report its sustainability performance in the form of a formal report, taking into account its responsibilities regarding positive and negative economic, social and environmental impacts (Hahn & Michael, 2013).In the current situation of Iranian exchanges and the volatility of stock prices and indices, the attention of a wide range of domestic stakeholders has been drawn to the performance of the exchanges. Therefore in the current situation, it is very important to achieve sustainable performance and be responsible to stakeholders. Therefore, the aim of this study is to answer the question that paying attention to what factors will guarantee the sustainable performance of exchanges and as a result economic development in the long term. Methods and material In order to identify the important sustainability criteria of the Iranian exchange industry in the present study, the results of Ahmadi et al were used as a basis. They presented a comprehensive international framework of sustainability. In order to confirm and modify their proposed model in domestic exchanges, the method of interviewing 21 experts has been used. Then, the fuzzy AHP method has been used to prioritize the sustainability criteria. The results of this process is providing a framework of the most important sustainability issues, considering the priority coefficients of each criterion.The paradigm of the current research is an interpretive paradigm, and in order to extract the sustainability criteria, an inductive approach has been used. From the perspective of research strategy, this study can be classified in the field of documentary and survey studies. Also, due to the use of quantitative and qualitative approaches to answer the research questions, this study used mixed method. On the other hand, due to the fact that this study was conducted at a specific point in time, this study is classified as a cross-sectional study. FindingsBased on the research findings, the most important sustainability criteria of the exchange industry can be classified in four economic, social, environmental, and corporate governance dimensions. After summarizing Ahmadi et al. (under publication) findings with the results of the interview coding process regarding the most important sustainability criteria of the Iranian exchange industry, 6 main criteria under the environmental dimension, 6 criteria under the social dimension, 11 criteria under the economic dimension and 13 criteria under the corporate governance dimension has been classified. Based on the findings of this study, the criteria of the economic dimension are the most important and the criteria of the environmental dimension are the least important in the Iranian exchange industry. Table 1: The relative and ultimate priority of sustainability framework criteria of Iran's exchange industryDimensionCriteriaRelative Importance of CriteriaUltimate Importance of CriteriaRelative Priority of CriteriaUltimate Priority of CriteriaEconomicMacroeconomics0.1400.07211EconomicGovernment and Other Regulators0.1290.06622EconomicTrust and Confidence0.1280.06533EconomicOperational Excellence0.1060.05444EconomicDiversified Products and Services0.0980.05055EconomicInnovation and Technology0.0930.04866EconomicListed Companies0.0830.04277Corporate GovernanceBoard of Directors0.1320.04018EconomicTransparency0.0740.03889Corporate GovernanceSelf-Regulation and Independence0.1250.037210EconomicDisclosure and Reporting0.0720.037911Corporate GovernanceMarket Regulation and Surveillance0.1190.036312EconomicFinancial and Economic Performance0.0670.0341013Corporate GovernanceRisk Management0.1060.032414Corporate GovernanceFinancial Crimes0.1050.031515SocialHuman Capital0.2250.027116Corporate GovernanceResponsibility and Accountability0.0840.025617SocialEducation and Training0.1850.022218SocialSupport for Startups and SMEs0.1830.022319SocialHuman Rights0.1780.022420Corporate GovernanceConflict of Interest Management0.0700.021721Corporate GovernanceStakeholder Management0.0660.020822SocialDiversity and Equality0.1630.020523Corporate GovernanceAudit and Assurance0.0610.018924Corporate GovernanceEthics0.0510.0151025EnvironmentalEnergy and Resource Management0.1960.014126EnvironmentalAwareness Raising and Participation in The Environment0.1930.013227EnvironmentalDesigning Environmental Instruments0.1790.012328EnvironmentalEnvironmental Requirements for Listing0.1780.012429Corporate GovernanceValues ​​and Culture0.0390.0121130Corporate GovernanceVision0.0380.0111231EnvironmentalCarbon Footprint and Greenhouse Gas Emissions0.1500.010532SocialImproving the Living Standards0.0660.008633EnvironmentalCompliance with Environmental Rules0.1030.007634EconomicSupply Chain Management0.0110.0051135Corporate GovernanceWhistleblowing0.0040.0011336Total 1  Conclusion & ResultsAccording to the survey conducted by Wfe in 2016, the most important sustainability issues for exchanges include ethics and corruption, board of directors composition and remuneration, health and safety, risk management, labor standards, water use and recycling, pollution (air, water and waste), climate change and energy, supply chain, human rights and diversity. The findings of the survey conducted by Wfe are limited to 11 criteria, while in the present study a comprehensive approach has been used to identify the most important sustainability criteria and prioritize them. Findings include 36 main criteria and include all the provided criteria in the Wfe survey. The findings of this study will help exchanges to identify the most important issues that help to create shared value. The findings of this study can be used to develop sustainable strategies as well as the findings can also help providers of sustainability reports to choose the most important sustainability issues to report. In addition, due to the similarity of the mechanisms of the financial industry to the exchange industry, financial industry professionals can also use the findings of this research in their sustainability decisions.

    Keywords: Sustainability Reporting, Fuzzy AHP, Exchange Industry, Sustainability Dimensions
  • Rahim Bonabi Ghadim *, Seyed Ali Vaez, Ramin Ensani Pages 63-90
    Intellectual capital as an intangible asset and also due to the possibility of continuous learning can be a stimulus for creating a competitive advantage for companies and as a result, more stability and a forward-looking view in earning profits, and paying attention to it may result in reducing the value gap and increasing the reliability of financial statements items. This study aims to investigate the effect of intellectual capital on sustainability performance reporting and business strategy of companies listed on the Tehran Stock Exchange. For this purpose, the data of 126 companies listed on the Tehran Stock Exchange in the period of 2013-2021 were collected and analyzed using multiple regression models. The results showed that the intellectual capital coefficient and its elements have a positive effect on companies’ sustainable performance reporting and also the intellectual capital coefficient and the efficiency of structural and physical capital have a positive effect on futuristic strategy while the efficiency of human capital has no effect on business strategy, Which in order to provide more information transparency, it is necessary to increase information and standardization of intellectual capital reporting in financial statements.IntroductionIntellectual capital as an intangible asset and also due to the possibility of continuous learning can be a stimulus for creating a competitive advantage for companies and as a result, more stability and a forward-looking view in earning profits, and paying attention to it may result in reducing the value gap and increasing the reliability of financial statements items. Business sustainability is a strategy that integrates social, economic, and environmental principles into the business model. Sustainable enterprises prioritize and apply environmental principles and socially responsible behavior in all business decisions and incorporate it into their business strategy. In a broader context, social, environmental, and economic demands are considered as three pillars of sustainable development. Business sustainability is not only desired for ethical and commercial reasons but also dictated by historical necessity. In the era of globalization and increasing competition, companies cannot underestimate the importance of social and environmental aspects, which should be equal in priority to financial aspects. Achieving economic, social, and environmental goals can bring many benefits and increase competitiveness. Considering that the institutionalization of intellectual capital and continuous innovation through it is considered a factor for creating a sustainable competitive advantage, the sustainable configuration of companies requires the configuration of intellectual capital to create sustainable added value. Today, the stability of companies depends on the use of a knowledge economy, and the prerequisite for the optimal use of a knowledge economy is the effective use of intellectual capital, and in general, it is necessary to create stability of performance to achieve sustainable competitive power, which according to previous researches, through the added value of intellectual capital can be realized. When talking about the role of knowledge in strategies, it means the knowledge of managers and employees of the organization. Employee knowledge can usually be a limiting factor in formulating organizational strategies, as some employees may not understand them. This is one of the biggest problems that managers face and it is the risk that employees do not understand organizational strategies. Developing a strategy is an activity that originates from the creativity of the human brain, and there is no written formula that gives the correct answer. On the other hand, intellectual capital as a knowledge-based approach has strengthened the interactions of individuals and groups in creating knowledge for the formulation and effective implementation of organizational strategy, the effective management of intellectual capital determines the structure, systems, and processes created by the company and the customer community in It is in line with interactive and competitive strategies inside and outside the organization. Considering the paradigm of a competitive force regarding the role of intellectual capital in gaining profitability and competitive power and the paradigm of the resource-based approach regarding the role of intellectual capital as a strategic asset, intellectual capital is considered one of the important drivers of organizational strategy and added value. Most intellectual capital will be associated with future-oriented and innovative strategy. This research aims to investigate the effect of intellectual capital on sustainability performance reporting and business strategy of companies listed on the Tehran Stock Exchange. Methods & MaterialThis research is a correlational research, and in terms of the purpose, the research is of an applied type, because the data of the listed companies in the past (historical) years were used; therefore, it is considered a type of post-event research. For this purpose, the data of 126 companies of the Tehran Stock Exchange in the period of 2013-2021 were selected and analyzed using multiple regression models. FindingThe result of test the first hypothesis of the research shows that the coefficient of added value of intellectual capital, and the efficiency of structural, physical, and human capital have a significant positive effect on the reporting of the commercial sustainability performance of the studied companies, and among the elements of intellectual capital, the efficiency of human capital It has the highest coefficient and effectiveness. The result of test the second hypothesis of the research showed that the coefficient of intellectual capital and its two elements, i.e. structural and physical capital efficiency, have a significant positive effect on business strategy, but human capital efficiency has no effect on business strategy. It requires the creation and standardization of intellectual capital reporting in financial reports. Conclusion & ResultsThe obtained result shows that the coefficient of intellectual capital and its elements turns knowledge into a sustainable competitive advantage and as a valuable intangible asset causes innovation in products and processes and creates an increasing quality that expresses the role of The knowledge-based economy in the changing environment and with today's advanced technology plays a role in gaining sustainable profits by acquiring new customers and innovations in the company's sustainability path and results in the creation of value and sustainable competitive advantage. Also, companies with a higher intellectual capital coefficient choose an aggressive strategy to rely on intellectual and knowledge-based abilities as a factor of superiority among competitors, to produce products with more innovations and a more differentiated quality compared to Provide competitors. Because this is the business strategy that can turn the company's intellectual capabilities and intangible capital into value, and in the meantime, intellectual capital as a source of value creation with the direction of a future-oriented strategy in earning sustainable profits. The motivation of the process of continuous improvement causes more efficiency in the use of the company's available resources. Considering that human capital, through structural capital and customer capital, turns knowledge into a sustainable competitive advantage, the need to pay attention to the structures and facilitate the business environment and training managerial and entrepreneurial skills seems necessary. Therefore, it is suggested to the policy-making and standard-setting institutions, in the direction of training to transform knowledge into a competitive advantage, to introduce procedures for registering and reporting intellectual capital as a competitive advantage, to reduce the gap between book value and market value, reliable financial reports should be provided for decision making. Also, to achieve the interests of all interested groups in society by influencing the environmental and social effects of companies, more emphasis is needed on the standardization of intellectual capital reporting as a stimulus for commercial sustainability. Investors are suggested to consider the coefficient of the added value of intellectual capital as a factor to strengthen sustainable performance and future-oriented strategy to achieve sustainable profit and also to choose stocks with a long-term perspective in earning profit. Investors are suggested to consider the added value factor of intellectual capital as an intangible asset that stimulates value creation in choosing their optimal portfolio.  Corresponding author
    Keywords: Intellectual Capital Value Added, Intellectual Capital Efficiency, Sustainability Performance, Business Strategy
  • Sasan Mehrani, Akbar Rahimi Poor * Pages 91-116

    The occurrence of mistakes in accounting is inevitable and factors such as diversity and complexity of economic issues, high volume of work, fatigue, etc. increase the possibility of mistakes. Also, due to the continuous changes that take place in the economic, social, etc. conditions, it may be necessary to make changes in accounting principles and methods in order to harmonize the business unit with the new conditions, all of which result in the re-presentation of financial statements. A subject that has received a lot of attention as a result of reporting scandals such as Enron and... The purpose of this research is to present the expanded model of Banish in companies admitted to the Tehran Stock Exchange between 2009 and 2019. Also, the data of 265 companies were used using Benish model and logit regression and genetic algorithm were also used to estimate the improvement of the prediction model. The results of the research indicate that, based on the confusion matrix, among the predictive models for re-presentation of financial statements, the accuracy and efficiency of the improved Benish model with the genetic algorithm has a total prediction accuracy of 73.21%, which has the highest predictive power in The comparison with the original Benish model and the presented model was with logit regression.

    Keywords: restatement of financial statements, annual adjustments, Benish model, logit regression, Genetic Algorithm
  • Mohsen Tanani *, Ramin Karimi Arghini Pages 117-152

    The quality of financial reports and reported profits is very important for investors, legislators, researchers, etc. On the other hand, company managers use a variety of profit management methods to increase the stock price and maintain a high stock value. In general, some managers have enough incentives for a high valuation of the company's shares. In this way, one of the methods that can be applied to prevent the decrease in stock prices is the use of discretionary accruals. In this regard, agency costs are considered one of the determining factors of accruals in companies, and the ownership structure affects the levels of agency costs, also. Based on this, in current research, the effect of the ownership structure on the magnitude of discretionary accruals in companies with high valuations has been investigated. For this purpose, the data of 160 companies listed on the Tehran Stock Exchange during the years 2010 to 2019 have been collected. The research results show that there is a direct relationship between the high valuation of the company and the magnitude of discretionary accruals. Also, the results show that the magnitude of discretionary accruals increases in the initial periods of high valuation and decreases in the following periods. In addition, managers of state-owned companies do not have the necessary motivation to use discretionary accruals in line with the company's high valuation. In short, the results of this research help to understand the effect of the ownership structure on the reporting behavior of managers in the Iranian capital market.

    Keywords: High valuation, Discretionary accruals, Governmental Ownership, listed companies
  • Saeed Fathi, Hamid Aboutalebi Pages 153-178

    Managers can maximize shareholders' wealth by managing variables in the financial structure (such as capital structure, dividend, and investment). Using corporate governance mechanisms, shareholders try to guide managers in this direction. The sample of this research is the statistical tests in past experimental studies that experimentally tested the research hypotheses. In this research, with the meta-analysis approach (in seven stages), the influence of the aforementioned variables on corporate governance and their effect on financial performance is tested. Due to the presence of three intermediate variables, three hypotheses about the effect of corporate governance on the mentioned variables and three hypotheses about the effect of intermediate variables on financial performance, and one hypothesis on the direct effect of corporate governance on financial performance were designed and 64 studies including a total of 260 effect size (r type) that their publication dates were between 1993 and 2019 were meta-analyzed. In the groups of the sample where the effect sizes were divergent, the random effects method, and for the convergent cases, the fixed effects method was used to calculate the cumulative effect size. Based on the results, corporate governance affects financial performance, capital structure, dividends, and investment. In addition, all three variables of capital structure, dividend, and investment have a significant influence on financial performance. For each hypothesis, after determining the size of the joint effect, a robustness test has been performed and analyzed on the results.

    Keywords: Dividends, Corporate Governance, Capital Structure, Investment, Financial Performance