An investigation the impact of exchange rate fluctuations on profitability of listed export companies in Tehran Stock Exchange
Reza
Raei
Professor of Faculty of Management, University of Tehran, Iran
author
Parviz
Hasanzade
M. A. of Financial Management, University of Tehran, Iran
author
Anvar
Bayazidi
Ph.D. Student of Accounting, University of Tehran, Iran
author
text
article
2017
per
This research pays to investigate the relationship between exchange rate fluctuations and profitability of listed export companies in Tehran Stock Exchange (TSE). Monthly exchange rate fluctuations average were used to determine of exchange rate fluctuations (ERF) and 3 criteria contain return on sale (ROS), return on assets (ROA), and return on equity (ROE) applied to measure of profitability of export companies. In the study, 56 listed export companies in Chemical products (28 companies), Basic metals products (20 companies), and Metal ores (8 companies) industries were investigated during 2004-2011. Pooled/panel regression models in econometric software EViews 6 were exerted to test of hypotheses. Findings indicate that the effect of ERF on different criteria of company performance wasn’t significant in mentioned industries.
Accounting and Auditing Research
Licence Holder
Iranian Accounting Association
Director & Editor-in-chief
Ali Saghafi(PhD)
Director & General Secretary
Naser Partovi
Editorial Assistant
Maryam Asgharzadeh Badr
2251-8428
9
v.
35
no.
2017
5
20
https://www.iaaaar.com/article_98773_ddc51f4aede5dbf38e7ee3cc316dec18.pdf
The Association of Earning Management and Financial Distress With in Global Financial Crisis Period in Tehran Stock Exchange
Gholamhossein
Assadi
Associate Professor of accounting, faculty management and accounting university of shahid beheshti Iran.
author
Keyvan
Shabani
PhD student of accounting of Tehran university, Iran.
author
Seyed Morteza
Nabavian
PhD student of accounting of Islamic azad universiry, Babol, Iran.
author
Mahmoud
Ghorbani
PhD student of accounting of Tehran university, Iran.
author
text
article
2017
per
Different economic condition require relevant reporting policies. Because of this, it is expected that managers use different Technique for reporting profits in times of crisis. environmental factors are also impact this matter. This research examine the relationship between profit management and financial crisis in TSE listed companies whit an emphasis on the time scale associated with the global financial crisis of 2008. 73 companies for a seven years period (1384-1390) were selected as sample. With respect to the data and regressions analyses, we found no association between earning management and financial distress, and this relationship had not been changed in global financial crisis period.
Accounting and Auditing Research
Licence Holder
Iranian Accounting Association
Director & Editor-in-chief
Ali Saghafi(PhD)
Director & General Secretary
Naser Partovi
Editorial Assistant
Maryam Asgharzadeh Badr
2251-8428
9
v.
35
no.
2017
21
38
https://www.iaaaar.com/article_98774_c2ad3c1809709419ac6462568a0c9c22.pdf
Explaining the market value of real options in TSE
Reza
Tehrani
Associate Professor, Finance, Tehran University, Tehran, Iran.
author
Mohammad Javad
Sheikh
Assistant Professor, Accounting, Shahed University, Tehran, Iran.
author
Amirreza
Khosravi
PhD Student of Finance, Tehran University, Tehran, Iran
author
text
article
2017
per
In this paper we examine this idea that the market prices of shares reflecting expectations of investors to the real options value. To this end, the relationship between the market value of the stock-firm, that is the result of real options (ROR) and variables that are associated with real options, were studied. The empirical analysis of a panel of 133 industrial companies listed on the Tehran Stock Exchange (TSE) during the period 1381–1390 shows that for the three approaches net income (NI), free cash flow to equity (FCFE) and free cash flow to the firm (FCFF) an average of 24.14, 29.37 and 23.68 percent of the market value of stock-companies related to real options that are statistically different from zero too. Compared to the power and precision of prediction models from the three approaches show that net income (NI) approach in the explaining real options market value is relatively better than the other two approaches.
Accounting and Auditing Research
Licence Holder
Iranian Accounting Association
Director & Editor-in-chief
Ali Saghafi(PhD)
Director & General Secretary
Naser Partovi
Editorial Assistant
Maryam Asgharzadeh Badr
2251-8428
9
v.
35
no.
2017
39
56
https://www.iaaaar.com/article_98775_ba71d45dc12a9672fcaea9cbdb528a97.pdf
Appraising Expected Return Prediction on Corporate Using the Carhart Four-Factor Model
Masoud
Iman
Master of Accounting, Central Tehran Branch, Islamic Azad University, Tehran, Iran
author
Zahra
Pourzamani
Department of Accounting, Associate Professor, Central Tehran Branch, Islamic Azad University, Tehran, Iran
author
text
article
2017
per
The aim of this study is to compare the ability to predict the expected return of the company by using Carhart four-factor model. This research is of library study and analytical- scientific kind and is based on the analysis of panel data. In this study, the financial information of 102 companies listed on the Stock Exchange in Tehran, during the period of 2003 to 2014 is studied (1224 companies - year). To analyze the results obtained from the study software's like Spss 20, Eviews7 and Minitab 16 have been used. The results in connection with the confirmation of the first hypothesis of the study showed that the expected returns forecasted using Carhart four-factor model is close to the actual one.
Accounting and Auditing Research
Licence Holder
Iranian Accounting Association
Director & Editor-in-chief
Ali Saghafi(PhD)
Director & General Secretary
Naser Partovi
Editorial Assistant
Maryam Asgharzadeh Badr
2251-8428
9
v.
35
no.
2017
57
70
https://www.iaaaar.com/article_98776_27a99d20afa8bc0a67b641645c8a9ece.pdf
Accounting disclosure and Future performance: Structural equation approach
Gholamreza
Karami
Associate professor of accounting, Faculty of management, University of Tehran, Iran.
author
Omid
Faraji
PhD student of accounting, Faculty of management, University of Tehran, Iran
author
text
article
2017
per
This paper examines the relationship between accounting disclosure and corporate future performance. To this end, 140 companies listed in Tehran Stock Exchange for the period 2008-2013 were selected as samples. Structural equation modeling was used to measure the performance measure and using confirmatory factor analysis, latent variables profitability and market-growth were measured by eight observable performance measured. In order to examine the research hypothesis, two separate models were estimated using ordinary least squares (OLS) and the only difference between models was the dependent variable. The measure of performance in the first model is profitability and in the second model is market-growth. For both models, the findings indicate a significant positive relationship between disclosure quality variable and the future performance and so the research hypothesis (Information transmission hypothesis) was confirmed.
Accounting and Auditing Research
Licence Holder
Iranian Accounting Association
Director & Editor-in-chief
Ali Saghafi(PhD)
Director & General Secretary
Naser Partovi
Editorial Assistant
Maryam Asgharzadeh Badr
2251-8428
9
v.
35
no.
2017
71
90
https://www.iaaaar.com/article_98777_03a4f65ec713d26ea1b2aff0ad84e1dc.pdf
The investigation of relationship between volatility of profit ability ratios, retained earnings, capital expenditures, and changes incorporate dividend policy on firms listed in Tehran Stock Exchange
Zohreh
Hajiha
Associate professor of Islamic Azad University, East Tehran Branch, Iran.
author
Mahmood
Meyvand
MSc in Accounting, Islamic Azad University Shahre Ghods Branch, Iran.
author
text
article
2017
per
The purpose of this study is to examine the investigation to relationship between volatility of profitability ratios, retained earnings, capital expenditures, and changes in corporate dividend policy of the company. This study is based on data analysis of literature and analytical – causative panel (panel data).
The research sample consists of 102 companies listed in Tehran Stock Exchange during the period 2008 to 2013.To analyze the results of the software is used toSpss20، Eviews7andMinitab16.The results show that the criteria of profitability and changes in dividend policies of companies and there is a direct relationship. The analysis has been done suggests that the ratio of retained earnings and the ratio of capital expenditure to changes in a company's dividend policy and an inverse relationship exists
Accounting and Auditing Research
Licence Holder
Iranian Accounting Association
Director & Editor-in-chief
Ali Saghafi(PhD)
Director & General Secretary
Naser Partovi
Editorial Assistant
Maryam Asgharzadeh Badr
2251-8428
9
v.
35
no.
2017
91
106
https://www.iaaaar.com/article_98778_f837428d772c1946bf2cb730b69b8e26.pdf
Investigate the relationship between liquidity, disclosure quality and firm value based on the system of simultaneous equations
Saeid
Ghorbani
Tarbiat Modares (TMU), Tehran, Iran
author
Tofigh
Khezri
Professor of Accounting, Tarbiat Modares (TMU), Tehran, Iran
author
Vahid
Ahmadian
PhD Candidate, Tarbiat Modares (TMU), Tehran, Iran
author
text
article
2017
per
In this paper the relation between liquidity and firm value considering the quality of disclosure as an intermediate has been examines. For this purpose, a model system of simultaneous equations using Panel Data and Seemingly Unrelated Regression Approach are used. The data used in the estimation of time series and related companies in Tehran Stock Exchange for the years 1385 to 1391 have been. The data are paired with the transparency and disclosure (TD) scores provided by Standard and Poor's which are used. Also we employ three liquidity indicator the log of trading volume, the Amihud illiquidity ratio, and the proportion of zero-return days. Based on the results, liquidity thereby increasing the company's value will improve directly through its effect on Tobin's Q indicator and indirectly by improving the quality and level of disclosure has been made.
Accounting and Auditing Research
Licence Holder
Iranian Accounting Association
Director & Editor-in-chief
Ali Saghafi(PhD)
Director & General Secretary
Naser Partovi
Editorial Assistant
Maryam Asgharzadeh Badr
2251-8428
9
v.
35
no.
2017
107
128
https://www.iaaaar.com/article_98779_cd656e2b3fb8a07694bd44085ae2036b.pdf
Surveyingof capital structure effect and its chanyer on profit division policy in companiesaccepted in tehran stok Exchange (TSE)
Asghar
Asadi
Faculty member of Islamic Azad University, Firouzkouh branch
author
Seyed Mohammad
Asghari
M.A. in Accounting
author
text
article
2017
per
In this paper, it has been surveyed the effect of capital structure (the ratio of cash from operating cash flows, the stock holders' rights ratio to assets) on profit division policies and also the variables interactive effect on profit division policy in various industries. The profit division policy is the cash dividend ratio on Earning per share. The research hypotheses test has been performed by multiple regression analysis using sign data. In present research, it has been surveyed the effect of independent variables on dividend in two ways. It has been evaluated the effect of each variables on dividend separately using the method of consolidated least squares and interactive effect of possession structure variables with the industry type as virtual variable on dividend using the method of least generalized squares. Surveying statistical society of all accepted companies in Tehran Stock Exchange (TSE) between the years 2008 to 2013, except investment companies and financial intermediary/. Finally, 35 accepted companies in Tehran Stock Exchange (TSE) were tested in Cement, pharmaceutical, Mines, Metals and petrochemical industries (Chemical and petrochemical) which all required data on them were available. The results represented that among capital structure variables (the ratio of cash from operating cash flows, the stock holders' rights ratio to assets) have significant relationship with dividend and also the interactive effect of capital structure on profit division policy is significant.
Accounting and Auditing Research
Licence Holder
Iranian Accounting Association
Director & Editor-in-chief
Ali Saghafi(PhD)
Director & General Secretary
Naser Partovi
Editorial Assistant
Maryam Asgharzadeh Badr
2251-8428
9
v.
35
no.
2017
129
144
https://www.iaaaar.com/article_98780_d6d326b48daf3464736f0c8819fa8d91.pdf
Evaluating corporate social responsibility using entropy weight and grey relation analysis
Seyyed Jafar
Larimi
Lecturer at Mazandaran University, Mazandaran, Iran
author
Mohammad
Norouzi
PhD student of Accounting,Babol Branch, Islamic Azad University, Babol. Iran
author
Ebrahim
Mohseni
Instructor of Allameh Mohaddes Noori, and Tax expert of the country tax organization, Iran.
author
text
article
2017
per
The aim of this study, corporate social responsibility performance evaluation using gray relational analysis of entropy weight in the companies listed in Tehran stock Exchange. In this study seeks to measure the relative weight of corporate social responsibility performance using variables (shareholder, customers, employees, society and public bodies) have been made. Then, based on the results of gray relational analysis in our company. The results of this research show that many companies have outperformed the disclosure of social responsibility.
Accounting and Auditing Research
Licence Holder
Iranian Accounting Association
Director & Editor-in-chief
Ali Saghafi(PhD)
Director & General Secretary
Naser Partovi
Editorial Assistant
Maryam Asgharzadeh Badr
2251-8428
9
v.
35
no.
2017
145
164
https://www.iaaaar.com/article_98781_b0fb62a03613a830ae10ee855cf62108.pdf