Exchange Rate Volatilities & Stock Return in Iran
Ahmad
Jafari Samimi
استاد گروه اقتصاد دانشکده علوم اقتصادی دانشگاه مازندران
author
Hasan
Kazemi Zaroie
دانشجوی دکتری اقتصاد دانشگاه مازندران
author
Keivan
Riahi Vazvari
دانشجوی کارشناسی ارشد علوم اقتصادی دانشگاه پیام نور
author
Moslem
Rahmanian
دانش آموخته کارشناسی ارشد علوم اقتصادی دانشگاه مازندران
author
text
article
2014
per
Exchange rate volatility as a sign of instability and uncertainty affects all important economic variables .The purpose of the present paper is to determine the impact of Exchange rate volatility on stock returns in Tehran stock market during 2001 -2010. To do so, we have concentrated on the so-called GARCH and multivariable regression models using monthly data. Our finding indicates that the real exchange rate volatilities as expected have a detrimental negative impact on stock 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
6
v.
22
no.
2014
4
17
https://www.iaaaar.com/article_104362_02bd89469dadcdb315d10425ff4b6fc7.pdf
dx.doi.org/10.22034/iaar.2014.104362
Information quality proxies analysis from precision Aspect
Hamideh
Asnaashari
دانشجوی دکتری حسابداری، دانشگاه الزهرا (س)
author
Rezvan
Hejazi
استاد حسابداری، دانشگاه الزهرا (س)
author
Vida
Mojtahedzadeh
استاد حسابداری، دانشگاه الزهرا (س)
author
text
article
2014
per
This Research Examined and Compares the usefulness of Information quality proxies Including persistency, predictability, smoothness, abnormal accruals, accrual quality, earnings surprise, earnings volatility and nearest to cash from precision aspect (earnings quality) by using absolute excess returns as one of the information quality consequences. To this end, information quality proxies, Backed by Research Literatures, is measured by the most Common models in this area. Thus, information about 67 firms (1139 year- firm) listed on Tehran stock exchange securities during 1996 to 2011 have been collected and studied with due consideration of certain characteristics. OLS and correlation method (Time series and Pooled data) for measuring independent variables and Hedging portfolio and Paired samples t-test for testing Research hypothesis have been applied. The Results reveal that Absolute Excess Returns can evaluate the usefulness of information quality proxies (persistency, predictability, smoothness, abnormal accruals, accrual quality, earnings surprise, earnings volatility and nearest to cash) that is investigated in this research. In addition, accrual quality and earnings volatility can earn significant more absolute excess returns (Positive) compared to other proxies.
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
6
v.
22
no.
2014
18
35
https://www.iaaaar.com/article_104364_f1810967085200f67f7c8b71392d4e9a.pdf
dx.doi.org/10.22034/iaar.2014.104364
Study of Effect of Implementation of Cost of Quality System on Cost Management in Fajr Jam Gas Refinering Company
Naser
Eizadinia
استادیار دانشگاه اصفهان
author
Reza
Kamali
کارشناس ارشد حسابداری دانشگاه آزاد اسلامی واحد مبارکه
author
text
article
2014
per
Continuous improvement in quality is one of the elements of being successful in modern competitive markets. In addition to quality enhancement, extra expenses and ineffective activities are eliminated by using CoQ system. So as a result, in addition to supply customer satisfaction, quality expenses and eventually product expenses can be reduced by using resources and facilities better and more appropriate and also by investing in preventative actions. With the aim of expanding practical knowledge about CoQ system, this research tries to study and inspect this system’s execution’s effects on management of expenses in Fajr Jam Gas Refinering Company, in the way that in addition to improving product’squality, by offering suitable solution, this system reduces quality expenses and helps superior managers in making decisions. In consideration of this company’s vital and crucial role as one of the important units in economical and industrial growth in society, it seems really important that the necessity of defining a specific purpose, aim and policy in improving product’s quality by using CoQ system is so clear and essential. In order to do this research with the aim of identification of topics of hidden quality expenses in organization for an one – year term, quality expenses paper work was sent to units in order to completing the information. After collecting data, calculations and necessary processes were performed on them and the quality expenses were recognized separately and brought out of every unit’s financial expenses.In this research correlation examination was used in order for testing theories. Furthermore software packages (EXCEL and SPSS) and descriptive statistics were used in order for analyzing data. The research’s findings indicate that there’s a negative correlation between prevention, appraisal costs and profit’s organization with inner and outer organization mistake costs that by increasing the efforts towards prevention and appraisal activities, inner and outer organization mistake costs decrease and by using CoQ reporter and informer system (quality expenses chart, proportions …) managing the expenses in order to deduct the mistake in organization and subsequently decreasing in total of costs and increasing gas sell income will be easier and more accessible.
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
6
v.
22
no.
2014
36
51
https://www.iaaaar.com/article_104388_cf31eb7e4a707bfb6724ec8446fdd133.pdf
dx.doi.org/10.22034/iaar.2014.104388
The investigation of effect of firm's performance and institutional ownership in intellectual capital about firm's accepted in TSE
Seyed Ali
Hosseini
دانشگاه الزهرا، ایران
author
Seyed Jalal
Seyedi
دانشجوی دکتری حسابداری دانشگاه علامه طباطبایی، ایران
author
Hojat
Esmaielzadeh
دانشجوی دکتری حسابداری دانشگاه تهران
author
Amir
Sarvestani
کارشناس ارشد حسابداری از دانشگاه شهید باهنر کرمان
author
text
article
2014
per
Intellectual capital (IC) is one of the most important intangible assets in the firms. Theoretical literature and empirical evidences suggest that IC has direct effect in the firm's value and performance.
With regard the importance of topic, this paper investigates effect of firm's performance and institutional ownership in intellectual capital about firms accepted in TSE.
In this sense the ROA is considered as proxy of performance measurement, the ratio of stock in institutional ownership to total issued stocks as institutional ownership measure
For measuring of IC, the difference between market value and book value of net assets with adjusting regard to inflation is selected.
Control variables that used are firm size and growth opportunity. The empirical evidence from investigating of 73 firms in the period between 2001 and 2011, suggest that firm performance has positive relation with IC, significantly. Although there was no significant relation between institutional ownership and IC. The positive relation between firm performance and IC suggests that market shows more positive reaction to the firms with better performance and this caused IC.
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
6
v.
22
no.
2014
52
69
https://www.iaaaar.com/article_104389_c1932d43615f5a66ff69ae6759252399.pdf
dx.doi.org/10.22034/iaar.2014.104389
The Effectiveness of Cash flow patterns and genetic programming Model in Predicting Financial Distress
Ghasem
Blue
استادیارگروه حسابداری دانشگاه علامه طباطبایی
author
Asghar
Karami
کارشناسی ارشد حسابداری دانشگاه علامه طباطبایی
author
text
article
2014
per
Bankruptcy of companies is one of the ways which cause the resource to be wasted and the investment opportunities to be faded. Financial Distress Prediction, by providing necessary warnings, can make the companies aware of financial failure and consequently of bankruptcy. In this way they can, take necessary measures, and investors can distinguish between desirable and undesirable opportunities for investment too. Moreover, it will be possible for them to invest their resource in an appropriate time and place. One of methods going concern companies prediction, use of financial distress prediction models. In this present research valuation the effective cash flow patterns and genetic programming model in predicting financial distress of the firms accepted in Tehran Stock Exchange (TSE), duration 6 years period (1381-1386) examine by use data of 82 companies. The combination of cash flow patterns represents firm's resource allocations and operational capabilities interacted with their strategy choices. Predictions about each individual cash flow component (operating, Investing, financing) are derived from economic theory, which forms the basis for the life proxy. In this present research use of cash flow patterns in the decline stage and then result of these patterns compare with genetic programming model. Result of this research indicate cash flow patterns can predict financial distress companies in Iran, Also result this research show that the effective genetic programming model in prediction financial distress is more than cash flow patterns.
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
6
v.
22
no.
2014
70
93
https://www.iaaaar.com/article_104390_b1e1824b5afe89413ad8a4d0a8df00a7.pdf
dx.doi.org/10.22034/iaar.2014.104390
Investigating the Impact of Product Market Competition on the Dividend Payouts of Listed Companies on the Tehran Stock Exchange
Hamid
Mahmodabadi
استادیار حسابداری دانشگاه شیراز، ایران
author
Shahla
Ebrahimi
دانشجوی دکترای حسابداری دانشگاه شیراز، ایران
author
text
article
2014
per
The purpose of this article is to investigate the impact of product market competition on the dividend payout policy of listed companies on the Tehran Stock Exchange. To achieve this aim, Herfindal-Hirshman index was considered as a measure of competition. Furthermore, cash dividend scaled by lagged total assets, cash dividend scaled by net income, cash dividend scaled by lagged sales and dividend per share was used as measures of dividend payouts. The data sample is restricted to 81 companies during an 8 years old period from 1381 to 1388. The results of hypothesis testing using panel data regression indicate that there is an insignificantly negative relationship between cash dividend scaled by lagged total assets, cash dividend scaled by lagged sales and Herfindal-Hirshman index even after controlling for potential confounding effects. Also, there is a significantly negative relationship between cash dividend scaled by net income, dividend per share and Herfindal-Hirshman index. In other words, the more the competition in industry group, the more is the dividend payouts. This finding is consistent with the outcome model. The implication of this result is that the competition will force companies to return excess cash to shareholders as dividend than investing them in non-profitable projects. Therefore, competition will be an effective disciplinary device.
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
6
v.
22
no.
2014
94
109
https://www.iaaaar.com/article_104391_c505fb68cf7a3b2727bbf5b74440f987.pdf
dx.doi.org/10.22034/iaar.2014.104391
The Effect of Diversification on the Financial Performance of the Manufacturing Companies of Tehran Securities Bourse.
Mohammad Javad
Sheikh
استادیار دانشگاه شاهد
author
Mohsen
Zamani Gandomani
کارشناس ارشد حسابداری – دانشگاه پیام نور مرکز شهرکرد
author
Maryam
Mohajerani
کارشناس ارشد حسابداری – دانشگاه پیام نور مرکز شهرکرد
author
text
article
2014
per
In the recent years, the relationship between financial performance and business diversity of companies is an important empirical subject in financial management. Strategies of business diversity can affect competitive capability of an industry. For a manager, there is nothing more important than the understanding of the business which is not limited to understanding the factors affecting the relationship between the businesses. Strategic thinking is the approach inviting the managers to learn immediately from the business environment and to use creativity for creating new values. The purpose of the present research is to assess the effects of business diversity strategy on financial performance of the companies listed at Tehran Stock Exchange. By using appropriate statistical tests, the paper tires to review the relationship between the two variables of “diversity” as the independent variable and “financial ratios” as the dependant variable. The dependant and independent variables are compared through using parametric tests including T test, K-S test, Kolmogorov–Smirnov’s nonparametric test and the Mann-Whitney U test. The gathered data of 8 financial periods are analyzed. The results obtained show that there is no relationship between business diversity and financial ratios.
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
6
v.
22
no.
2014
110
123
https://www.iaaaar.com/article_104392_51bdb07a2e4eea7c00eae9c29e770dc1.pdf
dx.doi.org/10.22034/iaar.2014.104392
Survey about relation between institutional ownership and stocks price fluctuations in acceptable companies in stock exchange of Tehran.
Hasan
Mehrmanesh
استادیاردانشگاه آزاد اسلامی واحد تهران مرکزی
author
Ali
Andarz Jadeh Kenari
دانشجوی کارشناسی ارشد رشته مدیریت مالی دانشگاه آزاد اسلامی واحد بین المللی کیش
author
text
article
2014
per
This research surveys bilateral and reciprocal relation between institutional ownership and stocks price fluctuations in acceptable companies in stock exchange of Tehran. In line with this purposes, All of the acceptable companies in stock exchange of Tehran be surveyed on the basis of that, they had presented financial account (balance sheet, profit and detriment account and necessary information in 2007-2011. In totally be selected 95 companies of different industries. For hypothesis test be used of multiple variable regression (Inter method) and their meaning done by F and T. too, for model self-cohesiveness be used of Camera- Watson test. The result of the research shows that between received results of this research be confirmed meaning full relation between institutional ownership and stocks price fluctuations. But not confirmed bilateral and reciprocal relation between institutional ownership and stocks price fluctuations.
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
6
v.
22
no.
2014
124
139
https://www.iaaaar.com/article_104393_9212e82b0bf9a1bbc0dde5f66ad9130e.pdf
dx.doi.org/10.22034/iaar.2014.104393
Evaluating Governmental Corporations Financial Performance after Privatization in Tehran Stock Exchange
Saeid
Mirzamohammadi
استادیار دانشگاه علم و صنعت
author
Seyed Ali
Seyed Khosroshahi
دانشجوی دکتری مدیریت مالی دانشگاه تهران
author
Alireza
Deliri
دانشجوی دکتری مدیریت مالی دانشگاه علامه طباطبائی
author
text
article
2014
per
Privatization as a economic policy bases on private ownership and control is more efficient than public ownership. According to rapid growth of large scale governmental corporations (norm44), evaluating their IPO can explain importance of this paper.
The Fama and French regression model shows the intercept has no significant different from zero. So we can conclude IPO return equals to market index 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
6
v.
22
no.
2014
140
155
https://www.iaaaar.com/article_104394_01679e85f98d99136501b297618b4916.pdf
dx.doi.org/10.22034/iaar.2014.104394