فصلنامه دانش حسابداری مالی
سال دوم شماره 2 (پیاپی 0، تابستان 1391)

The firm life cycle theory states that the enterprises have different risk characteristics in the different stage of the life cycle and pricing the firm factors by the capital market depends on the relative importance of these factors in different stages of the life cycle. The subject examined in this study is that whether the life cycle stages caused the different capital market reaction to risk factors? And if there is a convergence between the changes in the life cycle stages and risk factor relations? Common risk factors examined here are book value to market value, beta, size and financial leverage. The statistical universe of this study is the nonfinancial firms in Tehran Stock Exchange during the years 1383 to 1389. These enterprises firstly divided into three groups of growing, mature and declining ones by using the sales growth variables, change in capital expenditure and the firm age. The estimated regression model is a combination of the risk factors and performance with stock return which is adapted from the Arbitrage Pricing Theory. These results show that the capital market isn`t pricing the risk factors equally and the value relevance of the risk factors depends on the firm life cycle. Also the Cramer test results show that there is a significant difference between the risk factors` adjusted R-squared of the enterprises in the growth and decline stages with the mature ones. But this difference does not exist between the enterprises in growth and decline stages.

This research aims to provide empirical evidence whether investors in the Iranian capital market rationally or naively interpret information content of discretionary accruals. To do this، information about 79 companies listed in Tehran Stock Exchange during the years 1379 to 1388 have been collected and analyzed. The study founds the following: 1) Stock prices can predict future profitability in Iranian companies; current profitability has incremental information relative to stock prices when predicting future profitability; discretionary accruals have incremental information content to current profitability and stock prices when predicting future profitability; and 2) Discretionary accruals are associated with the level of systematic risks and are associated with the level of insolvency risks. Thus، the level of discretionary accruals should have impact on the market valuation of company risk (naive investor hypothesis).

Companies need financial resources for their project financial supply and new investments and choose the best company resources or capital structure to maximize stock holder’s wealth. The way that company supplies asset resources is noticeable for people and interest party companies، so the amount of debt and stock that the company is used for its asset financial supply is important، for this will affect their decisions in relation with company. This research has resorted to investigate some factors such as liquidity، systematic risk، share price، growth opportunities and fluctuations of profit which affect financial structure of SME’s. To examine the research hypothesis، 82 companies that have listed in Tehran stock between 2005 to 2009، according the factors that are called SMEs، have been selected. To examine econometric model which is tested in Panel format Eviews software، and to examine correlation between variables that is determined through coefficient correlation، Spss software is used. The research results show opposite relationship between liquidity and growth opportunities variables and financial structure of SMEs، and also show there is no significant relationship between other research variables (systematic risk، share price and fluctuations of profit) and financial structure of mentioned companies.

The purpose of this paper is to examine the association between investor perception management through reporting aggressive management earnings forecasts and earnings management through real activities or by manipulating accruals. For this purpose، A sample of 85 firms selected from listed firms in TSE as sample of research، and elicited their data over 1384 – 1389. Modified Jones model was used to estimate the discretionary accruals. Real earnings management is calculated by accelerating sales، increasing production، and reducing discretionary expenses. To test the hypothesis، a t-test and a regression analysis was implemented and statistical analysis done by SPSS17. The aggressiveness of earnings forecasts reporting was measured by the difference between GAAP earnings and management earnings forecasts. The paper finds that manager''s report more aggressively calculated earnings Forecast numbers if they do not meet their earnings targets or they have limited abilities to manage earnings. Also it was found that the gap between the value relevance of GAAP earnings and management earnings forecasts is not smaller for firms with relatively low level of discretionary accruals or real earnings management.

Persistence of earnings، accruals and operating cash flows as a qualitative characteristic can effect on information risk. Research literatures indicate that book-tax difference may influence assessment of investors about future earnings persistence. Management may use tax calculation for earnings management purposes and as a result of this action may reduce earnings persistent. In the other words، book-tax differences may be informative about discretion of management in the accruals. In this research، we investigate the impact or role of the level of book-tax differences on the persistence of earnings، accruals، and cash flows. The research sample is based on the 70 active firms listed on Tehran Stock Exchange for the period 1382 to 1389 and we also applied multi regression for hypotheses analysis. The Findings of the research is similar as the research literature. The results indicate that in the general، the persistent for the firm-years with large book-tax differences is less than for the firm-years with small book-tax differences.

Existence non-institution shareholders، created agency conflict between management and ownership. This agency conflict may lead to information asymmetry and put to impact corporate dividend policy. The main objective of this study is investigation of effect of the non-institution shareholders on dividend policy in companies listed in Tehran Stock Exchange. Indeed، this study seeks to answer this question whether non-institutional shareholders can to play efficiency role in corporate dividend policy، and if so، how this effect can be interpreted? To answer this question used of three the dividend main theories namely agency theory، signaling theory، pecking order theory. Our sample included 144 companies listed in Tehran Stock Exchange during the period are 1389-1380. We used Tobit Model based on cumulative data to test the research hypothesis. Our findings this study indicate that exists significant and negative relationship between ownership Percent non-institution shareholders and dividend policy. Indeed، with increasing ownership Percent non-institution shareholders، decreases corporate dividend.

Now days a suitable Trademark can influence the firm performance and it is considered as a fundamental economic asset for the firm. On one hand valuing and determining the relationship between Trademarks and performance measures can aid stakeholders such as stockholders، creditors، employees and etc، to better assess firm performance and on the other hand it can assist standard setters in measuring and recognizing issues related to business Trademarks and other intangible assets in financial statements. The first step in this research was to select acquired and developed brands from listed companies of Tehran Stock Exchange and computing their value via financial model. The next step was to assess the relationship between the brand’s value and performance measures such as Net income، ROA، ROE and ROS. The results in ten year time (between 2000 till 2010) shows a significant and direct relationship between the value of Trademarks and all mentioned performance measures (net income، return on assets، return on sale and return on equity).