فصلنامه دانش حسابداری مالی
سال دوم شماره 3 (پیاپی 0، پاییز 1391)

According to the information economics، financial reporting reduces information asymmetry between firm and its investors and between investors themselves. Therefore، the purpose of this study is to investigate the impact of financial reporting quality on stock market liquidity of listed companies in Tehran Stock Exchange (TSE). To achieve this aim، financial reporting quality was measured by estimating Kothari et all (2006) and McNichols (2002) accruals models. Furthermore، stock market liquidity was estimated by using Amivest liquidity ratio and Amihud illiquidity ratio. The data sample is restricted to 90 companies in the (TSE) during 1384 to 1389. In conducting this research، four main hypotheses were proposed to examine the impact of financial reporting quality on financial performance across the firms and during the designated period. Accordingly، the statistical technique known as the “Panel Data” was exerted to test the research hypothesis. The results of the hypotheses testing demonstrate that there is not a significant relationship between measures of financial reporting quality and stock market liquidity measures even after controlling for potential confounding effects.

The purpose of the paper is to investigate the managers’ motivation for income smoothing whether managers smooth to distort or information transferring. The task is done by investigating the association between current earnings on future earnings and cash flows. On the other hand، many papers illustrate effective factors on income smoothing such as Firm size and Industry type. So the aim of the paper is to investigate the Income Smoothing effect on future earnings and cash flows forecasting according to two variable; Industry type and Firm size. So، the 82 sample firms are divided into large and small firms according to firm size variable and are divided into Axial and Peripheral firms according to Industry type. Income smoothing was measured as the negative correlation of changes in discretionary accruals with its changes in pre-discretionary accruals from 1378-85 for separated firms and then was investigated the association between current and future earnings and Returns with different Income smoothing from 1382-85 by Tucker and Zarowin model. The examinations results show that income smoothing in separate groups accomplish for distortion and no for information transferring.

Declining trade of power accounting information، particularly earning، in explain stock price and increasing trade of the intellectual capital contained are the topics that in several research referred to. Researchers expressed the cause of these changes is entry to knowledge-based economy، replacement knowledge with physical and financial capital and increase mark to book value ratio. Intellectual capital has much definition. The definition that expressed intellectual capital is difference between market value and book value has more acceptability among experts. Thus، a model can assessment Intellectual capital through difference between market value and book value will have more acceptability. Among the several models that for valuation of market value exist، the residual income model is a applied and accepted model that use in paper. This paper، introduction a quantitative method to measure intellectual capital، compare explanatory power the stock price by intellectual capital and earnings for companies listed in Tehran stock exchange between the years 1380-1388 among the 115 firms. First for testing the hypothesis، calculation the value of each corporate intellectual capital by Residual income model. The result reveal that the relationship of intellectual capital and stock price is positive، and the explanatory power of intellectual capital is lower to that of earnings. But The combined use of earning and intellectual capital have most explanatory power for stock price.

The best corporate governance with regard to the specific circumstances of each country، is a system that has higher performance in companies. The purpose of this study is that investigating “the relationship between corporate governance mechanisms and corporate performance” that Percentage of ownership of the non- governmental public institutes and revolutionary institutes، percentage of government ownership، CEO duality and debt were selected as the Corporate Governance mechanisms in the152 firms listed in Tehran stock exchange from 1385-1389. Firms efficiency scores using Data Envelopment Analysis (DEA) was calculated and Tobit regression model was used to test the hypotheses. The results show that there is a significant positive relationship between the percentage of government ownership and percentage of ownership of the non-governmental public institutesand revolutionary institutes with firm performance. Investigating the nonlinear relationship between the percentage of ownership the non-governmental public institutes and revolutionary institutes with performance showed that increasing the percentage of ownership of the non-governmental public institutesand revolutionary institutes، up to the ownership threshold of 45. 22%، leads to improved corporate performance and thereafter it will lead to decreased performance. While، no significant nonlinear relationship was observed between the percentage of government ownership with corporate performance. Also، there was no significant relationship between CEO duality and debt with firm performance.

This study examines the effects of changes in stock price limit of 3 percent to 4 percent of the shares on the stock liquidity criteria have been studied in the Tehran Stock Exchange. Have been tested three liquidity criteria: the number of trades، trading volume and value of the Rial trading at three separate hypotheses by using ordinary least squares estimation (OLS) and t student -test. Significant model coefficients are calculated by using the P-Value in a significance level of 0. 05. The population of this study includes top companies and non-top companies and study is divided in two time periods (period 3. 5% limit، limit of 4%) from 1388/09/06 till 1389/11/07. The results show that the change in stock price limit on stock liquidity criteria is not effective for top companies and change the stock price limit on liquidity indexes for non-top companies in Tehran stock exchange is not effective. In other words، the results indicate that one percent stock price limit increasing in Tehran Stock Exchange has not a significant impact on market variables.

One of the agency problems، investment of free cash flows in projects with negative net present value which is leading to losses to investors. Creditors that funding for the project، are concerns from investing free cash flows in projects with a negative net present value due to information asymmetry and the managers possible misuse of confidential information. Whereas free cash flows can also be evaluated as a measure of the solvency. The main objective of this study is investigation of the relationship between free cash flows risk with debt and corporate governance variables. Then 120 listed companies in Tehran Stock Exchange (TSE) in the period 1381 to 1389 using screening method were selected and using three-stage least squares method for examining hypothesis. The results show that there is no significant relationship between corporate governance variables (ownership concentration، institutional ownership) and risk of free cash flow. Also، there is a significant positive relationship between financial leverage and tangible fixed assets، firm size، and growth opportunities; there is a significant negative relationship between leverage and tax revenue; and there is a significant negative relationship between board of directors independence and debt and risk of free cash flow.

Business unit profit is one of the financial statements items، which is important for all investors so that investors'' in investments decisions prefer smooth earn and reduced volatility. Hence، managers are trying to smooth earnings and growth rate. So the managers tend to Income Smoothing in order to convey and report the secret information about future profits. The fundamental question of this research is if there is significant relationship between Income Smoothing and future profitability? Several statistical tools have been used in this research. Firstly، descriptive analysis has been used in order to describe the data of the research. Next، simple and multi regression were used for testing the study hypotheses. Lastly، (Adjusted-R2) was used to indicate the incremental information content for the study variables. First، the descriptive statistical tools for the main variables are shown; then the main statistical problems in these regression models are discussed; and lastly the regression models statistical results are provided. The statistical technique used for examining the assumption is Pearson coefficient of correlation and variable Regression model. In the research there are 4 assumptions. Percent results show that there is a positive significant relationship between Income Smoothing and future profitability in 95% confidence level. Current profitability predicts future profitability. Income Smoothing has incremental information relative to current profitability when predicting future profitability. Past profitability provides incremental information relative to current profitability when predicting the future profitability. Income Smoothing has incremental information content with respect to current and past profitability when predicting future profitability.