Investigating the Relationship between Intangible Assets, Profitability and Value of Firms Listed in Tehran Stock Exchange
Mohammad Hossein
Setayesh
استاد حسابداری دانشگاه شیراز
author
Navid Reza
Namazi
استادیار حسابداری دانشگاه شیراز
author
text
article
2015
per
The purpose of this paper is to investigating the relationship between intangible Assets, profitability and value of firms listed in Tehran Stock Exchange (TSE). This research is Applied kind and has quasi experimental design with pre-post test approach. Data has collected from archival method with using books, Journals and sites, financial data with applicating Tadbir pardaz, Dena sahm and Sahra soft wares for period of 2000-2010. For analyzing data has utilized "Panel Data" with EViews software, for determining the proper estimation model has used Hausman and Chow tests. Also, for reliability of data has availed from Unit root, Levin, Lin, Chu; Im, Pesaran, Shin and Philips-Perron tests. for investigating of normalizing data has used KS test and for research hypothesis has availed Pearson Correlation, Multiple Regression and Friedman tests. Also for controlling autocorrelation has used DW Statistics. The result showed that there is no significant relation between changes in intangible assets, changes in short and long run profit, asset returns and changes in value of the firm. In addition, changes in accounting receivable and Selling and Administrative Expense can not affect on these relations. It seems that the importance of intangible assets has increased.
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
7
v.
26
no.
2015
4
27
https://www.iaaaar.com/article_103903_43b001704255c980516abaeca738082c.pdf
dx.doi.org/10.22034/iaar.2015.103903
Factors affecting free cash flow valuation of listed companies in Tehran Stock Exchange
Vali
Khodadadi
دانشیار گروه حسابداری دانشگاه شهید چمران اهواز
author
Hasan
Farazmand
دانشیار گروه اقتصاد دانشگاه شهید چمران اهواز
author
Ramin
Ghorbani
کارشناس ارشد حسابداری
author
text
article
2015
per
The aim of this research is to investigate the factors affecting free cash flow valuation of the companies. In this research, the variables of growth opportunities, earnings quality, managerial ownership, financial leverage and institutional ownership as factors affecting the valuation of corporate free cash flow was used. Therefore, data from companies listed in Tehran Stock Exchange for the period 1383 to 1389 were used and the panel data regression model was used to test the hypotheses. The results showed that the valuation of free cash flow for firms with higher growth opportunities are more than other companies' valuation of free cash flow. Also, the results showed that the valuation of free cash flow for firms with higher managerial ownership percent and financial leverage are less than other firms' free cash flow valuation. However, the results for the impact of institutional ownership and earnings quality are not 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
7
v.
26
no.
2015
28
45
https://www.iaaaar.com/article_103904_0749cf73eca4346c66180d2408e6a01b.pdf
dx.doi.org/10.22034/iaar.2015.103904
The effect of corporate governance level on the Earnings transparency and cost of capital in tehran stock exchange
Hamid Reza
Vakilifard
دانشیار و عضو هیات علمی واحد علوم و تحقیقات دانشگاه آزاد اسلامی
author
text
article
2015
per
The present study examined the effect of corporate governance level on the earnings transparency and the cost of capital . Population in this study are listed companies in Tehran Stock Exchange The use of targeted sampling of 107 companies among them is selected as the research sample . . Jark test results - to show that the distribution of the dependent variable is not normal . To normalize the data was used by Johnson . In order to test the hypothesis of the research of the regression model is used to Enter . The first hypothesis research is that the :if corporate governance level is higher ، the earnings transparency more.the asecond hypothesis of research : if corporate governance level is higher ، cost of capital is lower . The results of the regression model shown if corporate governance level is higher ، earnings transparency is higher and cost of capital is lower .
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
7
v.
26
no.
2015
46
57
https://www.iaaaar.com/article_103905_848107a85e1c78ea0b3c212d10a6a532.pdf
dx.doi.org/10.22034/iaar.2015.103905
The Relationship Between Future Profits and Free Cash Flows with Dividends Policy
Farzaneh
Heidarpour
دانشیار گروه حسابداری، واحد تهران مرکزی ،دانشگاه آزاد اسلامی، تهران، ایران
author
Masoud
Kazempour
کارشناس ارشد حسابداری، واحد تهران مرکزی، دانشگاه آزاد اسلامی، تهران، ایران
author
text
article
2015
per
The main aim of this paper is to study the relationship between future profits and free cash flows with dividends policy of companies listed on Tehran Stock Exchange during 2001 to 2011. In this research earnings per share of the next year, earnings per share of the two next years and free cash flows have been considered as independent variables and retained earnings to equity ratio, earnings per share in the current year, size of the company and investment opportunities have been considered as controlled variables to see their effect on dividends policy of companies.
The results obtained from analysis of 125 companies during 2002 to 2012, at the confidence level of 95%, indicate that there is a positive and significant relationship between earnings per share of the next year, earnings per share of the two next years and free cash flows with dividends ratio (dividends policy) of the companies listed on Tehran Stock Exchange.
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
7
v.
26
no.
2015
58
73
https://www.iaaaar.com/article_103906_207fe0175dbf3b013fdf87f0e1807c4b.pdf
dx.doi.org/10.22034/iaar.2015.103906
The effect of RISK on CONSERVATISM
Ali
Ebrahimi Kordlor
استادیار دانشگاه تهران
author
Zahra
Shams
دانشجوی دکتری حسابداری دانشگاه الزهرا
author
text
article
2015
per
In this paper I examine the relationship between systematic risk and accounting conservatism. I argue that in firms with higher systematic risk, managers have higher incentives to delay the recognition of bad news in the hope of future good news. They also face less demand for conservatism from investors and auditors. Consistent with my hypothesis, I find a significant and negative association between systematic risk and accounting conservatism, robust to various known determinants of conservatism. Results from a lead-lag test suggest that the direction of causality flows from systematic risk to conservatism, and not vice versa. Unsystematic risk, however, is not significantly related to conservatism. Furthermore, the effect of systematic risk on conservatism is likely to originate from downside systematic risk, rather than upside risk. My findings highlight the important role that systematic risk may play in shaping managers’ reporting behavior.
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
7
v.
26
no.
2015
74
91
https://www.iaaaar.com/article_103908_91c93c9ed8e78f7fe9b41f04d94af3c3.pdf
dx.doi.org/10.22034/iaar.2015.103908
The role of Trust on the Reaction of Investors against Announcement of Profit by Emphasizing on the Requirements of Official Institutions and Information Asymmetry
Azita
Jahanshad
دانشیار حسابداری آزاد تهران مرکز
author
Hamzeh
Malakian
کارشناس ارشد حسابداری
author
text
article
2015
per
Among the information provided by business units, profit information enjoy a special position as an important channel between investors and managers. Considering the separation of ownership from management and the motivation of managers to hide actual performance of business units, there are several impediments for arbitrary and desirable disclosure of information by companies. Therefore, it can be said that investors face some type of hesitation and distrust to the honesty of provided information. The goal of this research is to test the role of trust as a behavioral motivation and the most outstanding feature of social capital on the reaction of investors against announcement of profit by emphasizing on the requirements of official institutions and information. This was examined from the viewpoint of 165 investors throughout 55 active companies of stock exchange. The results indicate that the trust level of capital market is relatively average and that trust has no effect on investors’ reaction. Moreover, the results indicate that the role of trust on investors’ reaction against announcement of profit is influenced by emphasizing on information asymmetry.
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
7
v.
26
no.
2015
92
107
https://www.iaaaar.com/article_103909_0d08644bd8dd4ae5780b44b630b7caac.pdf
dx.doi.org/10.22034/iaar.2015.103909
The role of accounting conservatism in management earnings forecast bias
Seyed Ahmad
Khalifeh Soltani
استادیار و عضو هیات علمی دانشگاه الزهرا(س)
author
Narges
Ahmadi
کارشناسی ارشد حسابداری دانشگاه الزهرا(س)
author
text
article
2015
per
Managers are in charge of the financial reporting process, they likely possess superior information regarding the firm’s operations and reporting policies.As such, we expect that managers have a better understanding than other market participants of the implications of the firm’s accounting conservatism for future earnings and, therefore, at least partially adjust their forecasts for the effect of conservatism. The present study investigate whether management earnings forecasts fully consider implications of accounting conservatism on actual earning. We also investigate forecast difficulty due greater earnings volatility and longer operating cycles as one of the possible reasons for managers’ failure to incorporate conservatism fully in their earnings forecasts. Our final sample consists of 86 companies listed in TES for fiscal years 2008-2012. Results also show negative association between conservatism and management forecast errors is stronger for firms with longer operating cycles, greater earnings volatility.
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
7
v.
26
no.
2015
108
120
https://www.iaaaar.com/article_103910_2c3326e4b03faf343302b6c8202fce71.pdf
dx.doi.org/10.22034/iaar.2015.103910