فصلنامه پژوهش های حسابداری مالی
سال چهاردهم شماره 3 (پیاپی 53، پاییز 1401)

Earning is valued because of the information it provides to the capital market. But managers use abnormal Items to manipulate earning to achieve their intended goal, such as maintaining stock prices. Since the manager's benefit depends on the value of the company, he tries to maintain the status quo. So at first it uses accruals abnormal to manipulate earning, but accruals are reversible in nature, so they use abnormal items in later years. On the other hand, this may be different in state-owned companies. The present study examines the relationship between highly-valued firms and abnormal accruals items with emphasis on state ownership. In this regard, samples including 130 companies listed on the Tehran Stock Exchange during the period 2014-2020 have been selected and tested. The results show that companies use more accruals abnormal in the first years and less really abnormal items. But over time, the use of accruals abnormal decreases and they turn more to really abnormal items. Also, in overvalued state-owned companies, the use of accruals abnormal has received more attention, but the really abnormal items manipulation has not had a major impact.

The intrinsic value of the company is determined based on the information obtained regarding the operational ability of the company. But in practice, sometimes the stock price in the market is not an accurate reflection of the available information and the market does not act rationally in the face of the information, as a result of which the intrinsic value of the stock market will be different. If the market price of a company's stock is higher than its intrinsic value, overvaluation is created. In these cases, managers of overvalued companies may manipulate earnings through actual or accrued activity. Managers may do more accrual earnings management and less actual earnings management in the first years so that the company's future cash flows are not jeopardized. But over time, since accruals are reversible, they turn to real earnings management. Also, in addition to the financial status of economic enterprises, government ownership affects the motivation of managers during financial reporting and preparation of financial statements. Government support in the form of state ownership helps companies to use this advantage, to obtain more financial resources, so managers of overvalued state-owned companies have less incentive to manipulate earnings to maintain the company's overvaluation. Therefore, the main goal of this research is to investigate the relationship between company overvaluation and abnormal earnings with an emphasis on government ownership in companies listed on the Tehran Stock Exchange.

This research is applied in terms of purpose. Abnormal accruals and actual abnormal earnings are dependent variables and stock overvaluation is the independent variable. State ownership is also a moderating variable. The first and second hypotheses of the research state that there is a positive relationship between the overvaluation of the company and the amount of abnormal accruals and earnings. There is a negative relationship between the overvaluation of the company and the amount of real unusual items of earnings. Also, the third and fourth hypothesis of the research states, the increase in the duration of overvaluation has a negative relationship with the amount of accrual items of abnormal earnings, but it has a positive relationship with the amount of actual items of abnormal earning. Finally, the fifth and sixth hypotheses state that state ownership has an effect on the relationship between company overvaluation and the amount of abnormal accrual items of Earning and the amount of actual abnormal items of Earning. In order to collect data, a sample consisting of 130 listed companies in Tehran Stock Exchnge were selected for the period of 2014 to 2020. Also, to test research hypotheses, multivariate regression with panel data and ordinary least squares (OLS) approach and robust standard error method have been used.

The results of the research showed that when companies are overvalued, they manipulate earnings through abnormal accruals and use less manipulation of abnormal real earnings. Also, in the first and second year of stock valuation, companies manipulate earnings through accruals and due to the reversible nature of abnormal accruals, over time it becomes difficult for managers to show more earnings through the manipulation of abnormal accruals. So the manager has to reduce the use of unusual accruals over time. Continuing the process of manipulation in the fourth year, the amount of manipulation of unusual accrual items decreases and the use of actual unusual items increases. In addition, during the overvaluation of the company, the use of accruals has increased in government companies as well as in non-government companies. On the other hand, the overvaluation of corporate shares in non-government firms leads to a reduction in the use of abnormal real earnings manipulation.  But in overvalued public companies, the real unusual items of earning have decreased, but this decrease is not significant.

It is recommended to investors, creditors, including investors, while evaluating companies for investment, keep in mind that some companies may be overvalued due to the use of unusual earnings items. In this case, they should do more experience and analysis and not only pay attention to the last figure of the Earning and Loss report and consider the process of preparing the reports. So investors and creditors are suggested to be more aware of the overvaluation of the company. In addition, managers are also suggested that if the company under their supervision is overvalued, there is this insight for users that the company has used abnormal earnings items. Therefore, to prevent the market from creating a negative view of the company, try to improve the financial reports and increase the quality of the reports. Also, law makers and standard setters should take effective measures and measures to prevent the continuation of overvaluation of the company by applying stricter laws and stronger supervision.

The main purpose of this study was to present an integrated model of Dimtel method and fuzzy hierarchical analysis process in order to identify and prioritize the factors affecting the quality of financial information in the Iranian public sector using the grounded theory approach. The present study was of applied and exploratory type. To determine the sample size, the snowball method was utilized, based on which the statistical sample size of 70 people was considered. To achieve the research objectives, the questions to be designed for the interviews and finally the 5 structural factors of environment, process, output, outcome, and sub-component related to each factor were identified as effective factors in financial information quality based on the grounded theory approach. Then, the combined model, fuzzy hierarchical analysis, and fuzzy Dimtel were applied to prioritize, determine the impact intensity and effectiveness, and draw a causal diagram between the components. The results showed that among the main factors of the research, the structural factor gained the highest rank and the factor of process was the least important factor in the quality of financial information in the public sector.

The expansion of the duties, activities and programs of the governments has caused the use of a coherent and integrated government accounting and financial reporting information system to carry out public sector financial affairs and make logical and useful decisions to achieve organizational goals and fulfill the responsibility of accountability. Therefore, in recent years, there have been many developments in the accounting and financial reporting system of the public sector in developed and sometimes developing countries.
In this regard, in recent years, in Iran, due to the growing economic, social, and cultural environment and the communication of the general strategies of the twenty-year vision document and the fourth and fifth programs of the country's economic, social, and cultural development, and following that, changing the budgeting system from a program The need to calculate the cost of government services and activities, the need to make fundamental changes in the accounting and financial reporting system of the public sector is clearly felt; Therefore, measures have recently been taken in the field of reforming the country's financial system, the turning point of which is the formulation of accounting standards for the public sector and the theoretical concepts of public sector financial reporting, which became effective at the beginning of 2014 (Kazazi, 2005).
In fact, providing high-quality information about public sector activities by using the optimal public sector accounting system increases the usefulness of the information provided in financial reports for users and makes it possible to achieve the goals of financial reporting, including accountability and decision-making (Kordestani and Nasiri, 2018). Obviously, the implementation of a high-quality financial reporting system in the public sector will be accompanied by serious obstacles and challenges in the early years; Therefore, it is essential to identify obstacles, challenges and factors affecting the quality of financial reporting in the public sector.
Therefore, in this research, an attempt was made to provide a more comprehensive criterion by using more observable criteria of the quality of public sector financial reporting, which also have theoretical support, and to answer the following question:What are the factors affecting the quality of financial reporting in the public sector? 

Methods & Material:

The present research method is of mixed type. The mixed research approach is a type of research method in which the researcher combines the elements of quantitative and qualitative approaches in order to reveal the existing obstacles and deeply understand the phenomena. In order for the combination of two approaches (quantitative and qualitative) to take place in the most effective way, the researcher must combine different data in such a way that not only they do not overlap, but in the results, the strengths are strengthened and the weaknesses are eliminated (Mohammadi et al., 2019).
In the qualitative part of the research, first the indicators are identified through interviews and using the method of grounded theory. In this section, the aim is to identify the components related to the quality of financial information of the public sector and extract the relevant categories.
In the quantitative part of the research, the relationships between the categories and indicators obtained from the qualitative part are analyzed by the combined method of fuzzy hierarchical analysis and Fuzzy Dimetal technique 4. In this way, the fuzzy hierarchical analysis process approach was used to prioritize the quality components of public sector financial information, and finally, by using the fuzzy Dimetal model, the cause-effect diagram between the components was presented. 

In the grounded theory method, after collecting the interview and textual data, analysis and coding have been done in three stages of open, central and selective coding; Therefore, in this research, based on the grounded theory method and after performing the steps of open, central and selective coding, the factors extracted from library sources, literature review and collective opinion of experts were categorized into 5 structural factors, environment, processes, output and consequences.
The results of the combination of two methods, fuzzy hierarchy and fuzzy Dimethal, are presented in Table 7. According to the results of Table 7, the order and prioritization of the mentioned factors are as follows. In the structural factor, the infrastructure component in the public sector has the highest weight in the hierarchical analysis, and it also has the highest rank in the fuzzy Dimetal method and is in maximum interaction with other components; Therefore, due to its greater effectiveness, it is considered a disabled criterion. In the environmental factor, the component of technological changes has the highest weight in the hierarchical analysis, and it has the highest rank in the Fuzzy Dimetal method and is in the maximum interaction with other components; Therefore, due to its greater effectiveness, it is considered a disabled criterion. In the factor of processes, the component of not fully implementing operational budgeting has the highest weight in the hierarchical analysis, and in the Fuzzy Dimtel method, it interacts with other components in a low way and ranks twelfth; But due to its greater impact on other components, it is considered causal. In the output factor, the quick response component has the highest weight in the hierarchical analysis and the highest rank in the fuzzy Dimetal method, which shows that this component has the most interaction with other components and is considered a causal criterion due to its high impact on other components. In the effect factor, the component of selecting capable managers is in the first rank of the hierarchical analysis, and it has the highest rank compared to other components in the Fuzzy Dimtel method, and it is more effective than other components; Therefore, it is considered a disabled criterion.

In order to achieve the goals of the research, first the research literature has been reviewed and the questions for the interview have been designed. Then, using the grounded theory method, 5 structural, environmental, processes, output and consequence categories and their sub-components were identified as factors affecting the quality of public sector financial information. Further, considering the importance of the issue and determining the importance of each of the factors affecting the quality of financial information of the public sector, this research prioritized the mentioned factors with the approach of fuzzy hierarchical analysis. The final result of prioritization showed that the process factor is the least important factor in the quality of financial information in the public sector, and structural factors have been determined as the most important factor in the quality of financial information. This result shows that the structures of the public sector are currently not desirable in Iran and have problems and ambiguities.
The combination of the results of the combination of fuzzy hierarchical analysis and fuzzy Dimetal showed that among the structural factors, the infrastructure component in the public sector has the highest weight and rank in the hierarchical analysis and fuzzy Dimetal method. This result indicates that from the point of view of the respondents, infrastructure is necessary and important to achieve high-quality financial reporting in the public sector. In the environmental factor, the component of technology changes has the highest weight and rank in hierarchical analysis and fuzzy Dimetal method. The significant development of information technology and its benefits make a lot of information available through the public database, especially the Internet, and as a result, decision makers can increasingly use more timely and relevant information to make decisions. This interpretation is in line with the result that from the point of view of the respondents, the component of technological changes has the highest rank among the environmental factors. In the factor of processes, the complete non-implementation of operational budgeting has the highest weight in the hierarchical analysis and in the Fuzzy Dimtel method, it has a low interaction, which shows that this component has a strong interaction with other components and is considered a causal criterion due to its high impact on other components.
In the output factor, the component of quick response from the point of view of the respondents is in the first rank of hierarchical analysis and fuzzy Dimetal method. Based on the strategies proposed by the respondents to improve the quality of financial reporting, it is expected that this strategy (accountability) will bring the highest result for the quality of financial reporting of the public sector. Obviously, from the point of view of the respondents, the existence of high-quality financial information in democratic systems plays a major role in fulfilling the government's duty as public accountability; Because it is used as a tool to evaluate accountability and make economic, social and political decisions by people.

Improving the level of usefulness of financial reporting of companies plays an important role in the decision-making of users of financial reports. One of the ways to improve the usefulness of financial reporting is to pay attention to the factors affecting it. In current research, the researcher seeks to present the usefulness of consolidated financial reporting using structural equations. The current research is descriptive-correlational in the field of applied research. The tool used in this research is a researcher-made questionnaire with 48 items. A sample of 125 people was selected from the auditor community, members of the Iranian Certified Accountant Society. In line with the aim of the research, the influencing factors on the usefulness of consolidated financial reporting were identified and tested. Research hypotheses have been analyzed using PLS and SPSS software. The results show that the factors of companies' behavior, legal barriers, financial dimensions, industry and business, capital market rules, corporate governance, auditor's knowledge and training, special standards, accounting demand, synergy, economic conditions, environmental conditions, intrinsic and executive limitations have a positive and significant effect on the usefulness of consolidated financial reporting.

The trend towards consolidated financial reporting has been subject to change with the globalization of the issue of improving the management of financial resources and accountability in the public sector. In this regard, studies have been conducted about the literature on the public sector. The quality of financial reporting is defined as the level of honesty of managers in providing fair and true information for decision-makers. Requiring managers to observe neutrality and objectivity in the items included in the financial statements leads to the improvement of the quality of financial reporting (Al‐Shaer, 2020). The quality of financial reporting improves the usefulness of financial information. Regulators and investors agree to have financial reporting with higher quality. Although the quality of financial reporting cannot be measured directly, prominent commentators consider it important as a major factor in the capital market; because the quality of financial reporting is a prerequisite for the proper functioning of the capital market and the economy, and has become an essential resource for market participants. Also, it reduces information asymmetry between managers, investors, regulatory agencies, society, and other stakeholders (Abbott et al, 2016).
The accurate process of the usefulness of accounting information leads to the interpretation of stock returns, which is still a current issue and is a very necessary issue in accounting and finance so that this issue provides evidence about the usefulness of financial information related to each company that exists in the capital market. The greatest pioneers and authors of this field are those who have done a lot of work in this field and have provided a lot of evidence that supports the relevance of accounting profit value in explaining stock returns (Bentley et al, 2017).
Consolidated financial reporting plays a major role in fulfilling the duty of accountability in a democratic society. Financial reporting should, on the one hand, help the government to fulfill its public accountability responsibility, and on the other hand, enable users to identify issues, obstacles, and challenges affecting the usefulness of consolidated financial reporting in different sectors. It seems that conducting research in Iran to discover and identify the external factors and mechanisms governing the usefulness of consolidated reporting by using the foundational context theory, in addition to opening a new perspective on financial reporting research, provides the necessary ground for promoting the usefulness of consolidated reporting. In general, a better understanding of the companies with consolidated reporting due to their volume discontinuity will help to better understand the market to increase efficiency and will lead to the creation of better financial markets, which is why this research is valuable. It seems that conducting research in Iran to provide an optimal model of the usefulness of consolidated financial reporting using the structural equations of the new perspective on financial reporting research provides the necessary ground for improving the quality of financial reporting. Therefore, in line with the goal of the research, the researcher seeks to identify the factors and dimensions influencing the usefulness of consolidated financial reporting.

This research is practical in terms of purpose and descriptive-surveying in terms of data collection. To collect information, a mixture of library and field methods has been used. Using library studies, subject literature, and research history were examined and components were extracted. This research was done in 1401. In this research, the structural equation model will be used to confirm or disconfirm the research hypotheses and the regression test will be used to investigate the effect of the intervention variable. Inferential statistics methods have been used to answer the research hypotheses and questions.
The statistical population of the research is people working as certified accountants, members of the certified accountant's society of Iran. It should be noted that the participants in this research were 125 experts. The raw data obtained from the statistical population were analyzed using appropriate statistical techniques and SPSS and Smart PLS software, and after processing, they were presented in the form of information. In current research, structural equation modeling methods, namely the Partial Least Squares (PLS) method, were used to test the measurement model and research hypotheses.

The results show that the factors of companies' behavior, legal barriers, financial dimensions, industry and business, capital market rules, corporate governance, auditor's knowledge and training, special standards, accounting demand, synergy, economic conditions, environmental conditions, intrinsic and executive limitations have a positive and significant effect on the usefulness of consolidated financial reporting. 

The relationships obtained from research hypotheses show that this relationship is stronger in the case of consolidated accounts than in non-consolidated accounts. Consolidated financial statements provide a clear picture of the financial information of the combined companies as a single company. Also, financial dimensions. laws and capital market and corporate governance provide more useful information than other factors and have more information content. The findings show that in Iran's capital market, investors pay special attention to the economic and environmental conditions in their decisions in evaluating the usefulness of the main companies. And causal conditions including behavioral, knowledge and ethical, structural and managerial, legal, and financial dimensions can have positive effects on the usefulness of financial information. Also, the components used in this research have not been tested in any of the previous research; therefore, the findings of the present study were not consistent with any of the previous studies

Accounting Conservatism and risk disclosure are two information policies that managers can use to transfer business uncertainties to external users. Managers are expected to coordinate their reporting and disclosure choices by considering the cost and benefit of these two choices when making financial reporting decisions and coordinate or trade off the two options of conservatism and risk disclosure. This study investigated the relationship between conditional conservatism and risk disclosure. It also analyzed the effect of the factors of the level of debt financing needs and the manager's overconfidence by using a multiple regression model based on the sample of 87 companies listed on the Tehran stock exchange for the period of 2011 to 2020. The results indicate that managers use conditional conservatism and risk disclosure as two complementary information policies to reduce information asymmetry and agency costs. By applying more Conditional conservatism, managers improve the level of risk disclosure in proportion to the level of uncertainty perceived through risk disclosure by users to maintain consistency between quantitative and qualitative information. The debt financing needs has a negative and significant effect, and the overconfidence characteristic of managers has no significant effect on the relationship between the level of conditional conservatism and the level of risk disclosure of firms. Companies with a higher debt financing needs use more conditional conservatism than risk disclosure to reduce debt Costs. The results show that the relative costs and benefits of conservative reporting and risk disclosure affect financial reporting policies regarding risks and uncertainties.

Auditor switching has major implications for companies. Understanding the dynamics and determinants of auditor switching is especially important for the stakeholders. The present research investigated the financial determinants of auditor switching and the market response to it using meta-analysis. 122 articles between 1996 and 2021 were selected and reviewed. 67 articles examined the financial determinants of auditor switching and 55 articles examined its consequences as well as market reactions. Egger’s linear regression was used for data analysis and funnel plots were used to assess for potential publication bias. The results showed that return on assets and sales growth were negatively associated with auditor switching, while financial leverage, losses, market-to-book ratio, cash flow from operations, ratio of inventory to total assets, and foreign sales were positively associated with auditor switching. Regarding the consequences of auditor switching, the results showed that auditor switching is negatively associated with stock price changes, stock returns, discretionary accruals, and financial restatement, but positively associated with audit firm size and timeliness of audit reports.
 

In recent years, auditor switching and its determinants have been the subject of considerable research in the auditing and accounting literature. Auditor switching as a multi-dimensional concept is affected by various factors and leads to different and sometimes opposite results. Understanding auditor switching is important as it can have major implications for audit firms, clients, clients’ stakeholders, and others. Various factors related to the audit firm and auditors can lead to auditor switching, including certain auditor and audit firm characteristics and client characteristics (e.g., financial and accounting ratios), among others.
Studies on the determinants of auditor switching have reported mixed results for various reasons such as differences in sampling, statistical population, and data analysis. The present research investigates financial characteristics and accounting ratios as key factors in auditor switching. That is because these ratios provide a window into the company’s performance and have been widely used to explain various phenomena.
A review of the literature reveals that auditor switching has been extensively, but studied some caveats. First, the results of these studies have been mixed. Second, to our knowledge, no study has used meta-analysis to investigate the determinants and implications of voluntary auditor switching. Third, most studies have examined the effect of auditor switching on either external or internal dynamics of the company, not both. Therefore, the present research uses meta-analysis to synthesize the evidence, identify and examine the primary determinants and implications of auditor switching, remove studies that cause bias in the results, and document the remaining factors using robust statistical methods.
Auditing literature suggests that distinct aspects of accounting practices affect auditor switching by the client. First, new statements by the FASB on financial accounting standards creates new disagreements between the auditor and the client. Literature shows that auditor switching increases when a new standard is introduced, and that clients in industries that are more affected by the new standard are more likely to change audit firms if harmed. A number of studies provide more direct evidence that auditor-client disagreements lead to auditor change [18]. Other studies document a positive relationship between auditor conservatism and a company’s propensity to switch auditors [50]. Hennes et al. found that liquidity ratios (working capital to total assets; current assets to current liabilities), profitability (operating income before interest and taxes to total assets), and asset turnover (net sales divided by total assets) are lower for companies that have changed auditors. These findings support the notion that weak financial position of companies increases the likelihood of switching auditors [28].
Tessema and Abou-El-Sood investigated audit rotation and information asymmetry at the international level and found that companies that periodically rotate auditors receive higher quality audits, which leads to higher trading volume and lower stock return volatility, thus reducing investors’ information asymmetry [57].
Bani Mahd and Akbari found no significant relationship between the variables of Altman’s bankruptcy model and auditor switching [3]. Cameran et al. showed that companies with a high proportion of debt in their capital structure should assure creditors and bankers of their financial stability. Any change of auditor may be a concern for creditors and bankers [13]. Hudaib and Cooke investigated the effect of financial distress on auditor switching. They showed that financial distress affects audit opinion, which may in turn influence the company’s decision to change its auditor [29]. Wang et al. found a significant relationship between Altman’s z-score and auditor change [53]. Pirayesh and Ashtari investigated the relationship between auditor switching and ownership structure, and reported that auditor switching is positively associated with board independence and institutional ownership. They also found a positive, but non-significant relationship between stock returns and auditor switching in firms with independent boards [8].
Based on this theoretical framework, the present research uses meta-analysis to investigate the relationship between various financial and accounting factors and auditor switching. These factors include financial leverage, return on assets, losses, sales growth, market-to-book ratio, cash flow from operations, inventory to total assets ratio, and foreign sales. 122 articles published between 1996 and 2021 are selected and reviewed, with 67 articles examining the financial determinants of auditor switching and 55 articles examining its consequences as well as market reactions. Egger’s linear regression was used for data analysis and funnel plots are used to assess for potential publication bias. 
The results show that return on assets and sales growth were negatively associated with auditor switching, while financial leverage, losses, market-to-book ratio, cash flow from operations, ratio of inventory to total assets, and foreign sales are positively associated with auditor switching. Regarding the implications of auditor switching, the results indicate that auditor switching is negatively associated with stock price changes, stock returns, discretionary accruals, and financial restatement, but positively associated with audit firm size and timeliness of audit reports.

The current research aims to investigate the effect of the causes and consequences of determining the risk perception of annual reports with the approach of structural equations. The research sample includes 130 companies admitted to the Tehran Stock Exchange in the period from 2008 to 2020. Using the structural equation modeling method, the depth of influence of each of the causes on the feeling of risk and its consequences have been extracted. The consequences of risk perception are the cost of capital and information asymmetry and the causes of risk perception are macroeconomic characteristics, financial performance, ownership structure, board characteristics, structural characteristics, and auditing. In short, based on the obtained results, risk perception has a positive and significant effect on the cost of capital and a positive and significant effect on information asymmetry. In addition, the results of the model test showed that the variables of ownership structure, macroeconomic characteristics, and characteristics of the board of directors have a positive and significant effect on risk perception. Also, the variable of company structural characteristics and ownership structure do not have a significant effect on information asymmetry; And the variables of the company's structural characteristics, the characteristics of the board of directors, and the ownership structure have a positive and significant effect on financial performance.

The annual report issued by a company is an important source of information for its stakeholders, such as investors, to obtain an accurate picture of the company's business, risks, and operational and financial results. In addition to the quantitative financial data contained in these reports, one of the most important sections on the form is the disclosure of risk factors about the company, as stakeholders are particularly sensitive to risks. This risk disclosure is considered so important that since 2005 the US Securities and Exchange Commission has required all companies to include a separate section on their forms to discuss the most significant factors that expose the company to risk. This section is now one of the most controversial sections of company annual reports (Campbell et al, 2014). The sense of risk is one of the most important pieces of information disclosed in the capital market and is useful for investors in making decisions and estimating risk and return; So, there is a demand for that disclosure. In fact, the importance of risk perception is due to the impact that different risks have on investors' decisions (Ntim et al, 2014). Based on this, the aim of the current research is to answer the question, what are the factors and consequences that determine the sense of risk in annual reports? 

Methods & Material:

The research method in this study is practical in terms of purpose and "causal and post-event" in terms of design. The relationships between the variables are formulated in the form of a causal model like the model of structural equations in a coherent framework. A two-step path has been taken to test the research hypotheses. In this way, first, the validity of the measures of the latent variable and the optimal fit of the measurement model have been ensured, and then the structural model has been investigated. The current research is for the period 1387-1399 in terms of time and in terms of location, the companies admitted to the Tehran Stock Exchange. The statistical sample of the research was selected using the systematic elimination sampling method and the companies that did not have the desired characteristics were excluded from the statistical sample. Finally, by applying restrictions, 130 companies were selected as the research sample. After classifying the information of the sample companies in Excel software, Max Kyuda software was used to count the frequency of risk feeling words in each report, and then PLS software was used for statistical analysis. 

Once 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 resultsRisk Sentiment → Information Asymmetry0/5677/1370/000Not rejectedRisk Sentiment → the cost of capital0.2993.5660/000Not rejectedAudit → Risk Sentiment0/1061/3600.174rejectedAudit → financial performance-0/0590/8460.398rejectedOwnership Structure→ Risk Sentiment0/2372/4130/016Not rejectedOwnership Structure→ Information Asymmetry0/0861/1790/239rejectedOwnership Structure→ financial performance0/5047/1010/000Not rejectedfinancial performance → Risk Sentiment-0/0110/1340/894rejectedfinancial performance → the cost of capital0/2302/5240/012Not rejectedMacroeconomic → Risk Sentiment0/2122/2260/026Not rejectedMacroeconomic → the cost of capital0/1221/2870/199rejectedStructural characteristics of the company→ Risk Sentiment0/0871/0750/283rejectedStructural characteristics of the company→ Information Asymmetry0/0660/9280/354rejectedStructural characteristics of the company→ financial performance0/2053/4510/001Not rejectedBoard Characteristics→ Risk Sentiment0/1762/1440/033Not rejectedBoard Characteristics→ financial performance0/1922/7580/006Not rejected Source: Research findings 

The results showed that the sense of risk has a positive and significant effect on the cost of capital and information asymmetry, so the seventh and eighth hypotheses were confirmed. The results of previous research were different in this case, for example, the results of Al-Shammari (2014) and Netim et al. (2013) were similar to the results of this research, but Campbell et al. (2014) showed the effect of risk perception on information asymmetry to be insignificant. The effect of audit variables, financial performance, and structural characteristics on the sense of risk has shown to be non-significant, that is, factors such as audit opinion or quality, profitability, liquidity, company size, conservatism, financial leverage per unit of change of these variables have no effect on the company's sense of risk. and does not change, so the first, second, and third hypotheses of the research are rejected. This conclusion was similar to the research result of Ghazali (2008), although Al-Shammari (2014) showed that the larger the size of the company, the greater the sense of risk. Also, the results of the research show that the characteristics of the board of directors have a positive and significant effect on the sense of risk and that factors such as the independence of the board of directors, the size of the board of directors, and the stability of the CEO and the number of board meetings increase the sense of risk in companies. The results of Khoshkhal and Vakili Fard (1400) also reported the effect of the size of the board of directors and the stability of the CEO and the number of meetings of the board of directors on risk, which is in accordance with the present research. Based on the results of the data analysis, the ownership structure and macroeconomic factors have a positive and significant effect on the sense of risk, which has confirmed the fourth and fifth hypotheses of the research, and these results are in line with the findings of Zarik and Lohichi (2017) and Khoshkhlokh and Talibnia (1400).