Explaining the Effect of the Dynamics of the Capital Structure, Profitability and Economic Value Added on EPS of the Company Listed in Tehran Stock Exchange
Mohammad
Kashanipour
Associate Prof, Faculty of Management and Accounting, College of Farabi, University of Tehran, Qom, Iran
author
Mehdi
Kazemi
MSc., Faculty of Management and Accounting, College of Farabi, University of Tehran, Qom, Iran
author
Mohammad
Rahmani
Phd. Student, Faculty of Management and Accounting, College of Farabi, University of Tehran, Qom, Iran
author
text
article
2019
per
EPS is one of the favorite statistics to investors and financial analysts. On the other side determine the best combination of company resources or the capital structure is one of the most important financial issues that managers should consider to maximize shareholder wealth. In addition, EVA is a measure of effective management policies quality and as a reliable indicator of future growth of the company worth. The purpose of this research is to explain the effect of the Changes of capital structure, profitability and EVA on EPS of companies listed on the Tehran Stock Exchange. The statistical population consists of companies listed on the Tehran Stock Exchange and examined sample are 55 companies from different industries in during the 1389 till 1394. The dependent variable of this study is EPS. For hypothesis testing, multiple regression models based on panel data techniques is used and is done through econometric software Eviews. The results indicate that the capital structure of the variables, which between them long-term debt ratio variable coefficient without the benefits of the end of the service to the property have been a negative relationship with EPS and the other had a positive and significant relationship between capital structure variables with EPS. As well as there is positive and significant relationship between the profitability of the company and the EVA with EPS.
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
11
v.
41
no.
2019
5
20
https://www.iaaaar.com/article_98835_22f0efc945d6b6dda9f88b24097d7d86.pdf
Macroeconomic Variables Fluctuations and Management Earnings Forecast Horizon
Rafik
Baghoomian
Assistant Professor in Faculty of Management & Accounting, Shahid Beheshti University, Tehran, Iran
author
Sajad
Naghdi
Ph.D. in Accounting, Shahid Beheshti University, Tehran, Iran
author
Hojjat
Mohammadi
Ph.D. Student in Allame Tabatabaei University, Tehran, Iran
author
text
article
2019
per
This paper assesses the impact of a comprehensive set of macroeconomic factors (including changes in Gross Domestic Production (GDP), changes in trade balance, changes in exchange rate, and changes in inflation rate) on management earnings forecast horizon in companies’ annual reports. The data set includes 85 companies listed on Tehran Stock Exchange (TSE) for the period of 1386 -1393. The study used Ordinary Least Squares (OLS) regression model to examine the relationship between above mentioned macroeconomic factors and management earnings forecast horizon. The empirical results show that among the macroeconomic variables that have been examined, there are only significant relationships between two of above mentioned macroeconomic factors (including changes in exchange rate, and changes in inflation) and management earnings forecast horizon. Therefore we infer that by increasing volatility of both exchange and inflation rates, managers prefer to choose short term horizon for making their earnings forecast. We did not find any statistically significant association between other macroeconomic factors (including changes in GDP and trade balance) and management earnings forecast. The results suggest that macroeconomic variables can affect time horizon (short-term and long-term) of management earning forecast.
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
11
v.
41
no.
2019
21
36
https://www.iaaaar.com/article_98836_2a9d86a9c2eea5d2763bbb568f01fa4a.pdf
Role of Off-Balance Sheet Lease Financing on Capital Structure and Financial Distress
Reza
Nazari
Assistant professor ,Faculty of Management and Accounting of Islamic Azad University karaj Branch, Iran.
author
Majid
Vahed Bagheri
Master of Accounting , Faculty of Management and Accounting of Islamic Azad University karaj Branch, Iran.
author
text
article
2019
per
Operating leases have grown significantly as a source of corporate financing. In business world, financing is one of the essential issues that companies are usually faced. Access to sources with low-cost and low- risk is an important aim for managers. In spite of the effects of off Balance sheet activities on assets, they are just disclosed in the notes to the financial statements. In this research we have studied the Role of Off Balance Sheet Lease Financing in Capital Structure and financial distress. In this regard, a sample of 75 companies listed in Tehran Stock Exchange over the period of 2006 - 2014 have been selected. In this study two hypotheses were developed. The results of the first hypothesis show that there is significant relation between Off Balance Sheet Financing and debt ratio .The second hypothesis results indicate there is relation between Off Balance Sheet and financial distress, but the adjusted coefficient determination indicates the relationship is too weak.
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
11
v.
41
no.
2019
37
52
https://www.iaaaar.com/article_98837_f569ab041bf872661d39b5926a037851.pdf
Investigation on the Relationship Between Earning Quality and Excess Returns
Mohamad Mahdi
Naderi Noor Eyni
Assistant Prof & faculty member at Parandak Institute of Higher Education, Iran
author
Mansour
Sarfaraz
Phd student at Shahid Beheshti university, Iran
author
Ali Reza
Mohammadi
Accounting MSc, Shahid Beheshti university, Iran
author
text
article
2019
per
In this research relationship between earning quality and excess returns in the Tehran Stock Exchange (TSE) was investigated. Indeed, this research aimed to investigate “whether earning quality have significant role in market response relative to mispricing and its result on excess returns or not. Therefore, foremost, 59 company for time period 2002-2015 was selected then, those companies earning quality was measured by using eight measures including: earning persistence, earning predictability, earning volatility, accruals relative to the volatility of operating cash flows, abnormal accruals, accruals quality, earning response coefficient and value relevance and in final relationship between earning quality and excess returns of companies with high earning quality and low earning quality was investigated. Result indicated that relationship between many measures of earning quality and excess returns are insignificant. Specifically, from measures of earning quality, only earning volatility and accruals related to the volatility of operating cash flows have significant relationship with excess returns.
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
11
v.
41
no.
2019
53
70
https://www.iaaaar.com/article_98838_5ac9c002665ac9c9b86dc4fb462dc9e6.pdf
Calculation of Cost of Products Through the Activity-Based Costing Method Using Simulation
(Case Study of Industrial Group Manufacturing Group)
Hasan
Mehrmanesh
Department Of Management, Central Tehran Beranch, Islamic Azad University, Tehran, Iran
author
text
article
2019
per
In the present study, we have attempted to present a simulation model based on activity-based costing to estimate the price of a new product. In this regard, the combination of the cost-based approach to activities with the value engineering approach and the expansion of quality performance has been profited. In this regard, a conceptual model was developed and, to better understand the simulation model, a case study of the new product of the fourth generation of CNG capsules was examined and under two objective functions maximizing customer satisfaction and minimizing the final cost of the product simulation model Solved. The results of the study indicate that the study of the new product of the fourth generation of CNG capsules, taking into account 22 important requirements from the customer's perspective, and offering a total of 12 proposals to meet customer needs and attract customer satisfaction with the initial price of the fourth-generation CNG capsule, 150 thousand tomans with the primary goal of maximizing customer satisfaction, the price of a product is equal to one million 811 thousand USD, while in the second function with the consideration of minimizing the final cost of the product, the final cost value is estimated at 1 778 thousand tomans. To be This is while the amount of customer satisfaction varies from 464 to 307 for the first and second objective function, respectively.
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
11
v.
41
no.
2019
71
88
https://www.iaaaar.com/article_98839_55753820be5441ec1c1fc93f775e6138.pdf
Inflectional Factors on Mostazafan Foundation Organizational Excellence
Rahmatollah
Sadeghian
PhD of Human Resources, Research Institute of Shakhes Pajouh
author
Ali
Rashidpoor
Assitant Professor and Faculty Member Professor in Islamic Azad University, Iran
author
text
article
2019
per
Organizational excellence is a long range, planned and sustainable effort based on a total leadership strategy that tries to implement a change plan by utilizing present resources. These days, organization are performing in dynamic environments and computational markets, So that they need organizational excellence for their success. Differences among sizes and profession of organizations result in differences among their organizational planning that is why majority of designed models are compatible with industrial and commercial organizations’ characteristics and they can plan for organizational excellence in any time they want. Although a little studies have been carried out about organizational excellence in Mostazafan Foundation and its little experience in this field indicates the planning approach. In this paper, the role of influential factors (leadership, partnership, human resources, customer satisfaction, staff enabling, learning organization, innovation, creativity and knowledge management) are studied regarding organizational excellence in Mostazafan Foundation.
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
11
v.
41
no.
2019
89
110
https://www.iaaaar.com/article_98840_67d84c62c8acbb2794c509883f2b812c.pdf
The Review of the Effect of Audit Quality Informational Consequences on the Investors' Decisions with Emphasis on Audit Partners' Switches
Mehrdad
Kheirkhah
Audit Supervisor, Audit Organization
author
Mehran
Aghaei
Faculty Member of accounting Department faculty of Humonities Islamic Azad University, Ashtian Branch, Iran
author
Esa
Nouranifar
Faculty Member of accounting Department faculty of Humonities Islamic Azad University, Ashtian Branch, Iran
author
text
article
2019
per
The present study aimed to investigate the effect of audit quality information focusing on the consequences of investment decisions of an audit partner. In this study, in accordance with the aforementioned purpose, four hypotheses were proposed that were used for statistical analysis and research. A sample of 99 companies listed on the Tehran Stock Exchange data for a period of 5 years (from 1389 to 1393) was used for statistical analysis. Through multiple regression models were tested hypotheses that are consistent with the findings, with increasing audit quality of audit partner change, the relevance of corporate profit has gone up. The results show that investors and capital market participants to change audit partner institutions, have a positive reaction. According to the findings, increasing the likelihood of audit quality of audit partner change, strengthen security mispricing. Finally, the results showed that the terms of contracts with audit quality corporate debt resulting from the change audit partner, statistically significant relationship existed.
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
11
v.
41
no.
2019
111
128
https://www.iaaaar.com/article_98841_2a11ec965432d4a241f60957871b6317.pdf
Investigating Factors Affecting Internal Audit Quality
Touraj
Moshtaridoost
PhD of Accounting, Islamic Azad University, Oloum Tahghighat Branch
author
Mohsen
Dastgir
Faculty Member of Accounting, Islamic Azad University, Iran
author
text
article
2019
per
Strengthen of the internal audit department in the public sector as one of the internal key aspects of corporate governance has and effective relationship with the quality of audit in internal audit. Quality of internal audit has an aligned and meaningful connection with measures such as related education level, professional experience, and membership in professional bodies, and independence of internal audit department, however, the professional experience of chief audit executive in the department does not have such a meaningful connection. Following studies in this research, it has been concluded that disconnection of professional experience of a chief audit executive with quality of audit could have been related to ignoring the professional experience of he/ she as the chief audit executive. It has been also concluded in this research that audit quality could happen through employing auditors who have related education degree, professional experience, good command of internal audit standards, mastery in accounting standards, deep insight into management principles, understanding of economy and information technology sciences, and also adhering the auditors to independence and objectivity and their membership in local and international professional bodies in appropriate scale for internal audit department. The professional experience of the chief audit executive could also have a great contribution to the strengthening of the quality of the internal audit.
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
11
v.
41
no.
2019
129
146
https://www.iaaaar.com/article_98842_112aa724f1783ea3c6b16f22b0e536b8.pdf
A Study of the Effect of Corporate Governance Score on the Relation between Fundamental Variable of Accounting and Stock Return in Companies Listed on the Tehran Stock Exchange
Giti Azam
Shahverdi
Instructor of Arshad Damavand Higher Education Institute, Iran
author
Nafiseh
Ashena
M.A. of Accounting at Arshad Damavand Higher Education Institute, Iran
author
text
article
2019
per
One of the main purposes of accounting is to provide information for use in investment decisions. The discovery of the value of financial information is one of the most important pillars of empirical studies in the field of finance and accounting knowledge. The analysis and study of financial information are conducted in two general categories of correlative and predicting studies. In the first method, based on the acceptance of market efficiency hypothesis, the stock price is considered as one of the main criteria of the value of institutions. According to this approach, the existence of statistical correlation between accounting data and stock price or return means that accounting information summarizes efficient events and information on stock prices. Therefore, it can contain a value close to the market value. In this study, the effect of corporate governance on the relation between the fundamental variable of accounting and stock return over the period 2007-2014 has been studied. The results of the first hypothesis suggesting the role of corporate governance in adjusting the relation between fundamental analyses and stock return, are accepted.
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
11
v.
41
no.
2019
147
162
https://www.iaaaar.com/article_98843_16f6099ec193f969e7715fe891011c28.pdf
Providing Conceptual Model for Internal and External Factors Affecting Credit Sale
Esmaeil
Akglaghi Yazdinejad
PhD Student at Shahid Bahonar University of Kerman, Iran
author
Mahdi
Bahar Moghadam
Associate Professor of Shahid Bahonar University of Kerman, Iran
author
text
article
2019
per
Credit sale is a significant portion of working capital. Determining the credit sale amount is always an important concern of corporate executives in managing resources and consumption. This study followed qualitative method and used valid and reliable structured questionnaire.The results showed that managers use internal factors such as working capital, current ratio, quick ratio, profit margin and sales growth to determine credit sale amount. In addition they use some external factors such as, seasonal depression, bank financing conditions, the exclusivity, customer's profitability, liquidity and leverage of customer.
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
11
v.
41
no.
2019
163
182
https://www.iaaaar.com/article_98844_aa735eb03ea48896ab66766b716e8490.pdf
Impact of Investments of Institutional Shareholders and Forecast Error Per-Share Earnings and Dividends the Cumulative Abnormal Return
Hamid
Khavari
M.A. in Accounting, Parandak Institute of Higher Education
author
Farzaneh
Heidarpoor
Associate Professor, Accounting Department, Economic and Accounting Faculty, Tehran centeral Branch, Islamic Azad University, Tehran, Iran
author
text
article
2019
per
This paper examines the impact of investments institutional shareholders and forecast error per-share earnings and dividends The cumulative abnormal return(CAR),In order to do this research sample of 123 companies listed on Tehran Stock Exchange on 5 year period(1390-1394) were selected For hypothesis test be used of multiple variable regression and their meaning done by F and T. and, for model self-cohesiveness be used of Durbin-Watson test. The results of this study show that there is a significant negative relationship between Investments of institutional shareholders and cumulative abnormal return and there is a significant positive correlation the forecast error earnings per share and cumulative abnormal return and there is not significant relationship the forecast error dividend and cumulative abnormal return.
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
11
v.
41
no.
2019
183
198
https://www.iaaaar.com/article_98845_fd191504da919322adcbe44d051092e0.pdf