The Study of the Role of Information Asymmetry in Capital Structure Decisions for Corporations Listed in Tehran Stock Exchange (TSE)
Mohammad
Kashanipoor
Assistant Professor, Faculty of Economic and Administrative Science at Mazandaran University, Department of Accounting
author
Abolfazl
Momeni Yanesari
Master of Science Student, Payam Noor University of Behshahr
author
text
article
2012
per
In this paper the role of information asymmetry in the capital structure decisions through augmenting the Rajan and Zingales Model and using a sample data of 60 corporations listed in Tehran stock exchange (TSE) during 1382-1386 has been examined. To measure capital structure (debt ratios) as dependent variables ,We used the ratios of: total debt to total equity, total debt to total assets, short-term debt to total assets and long-term debt to total assets, we also used the relative bid-ask Spread as a proxy for information asymmetry. To test the hypothesis, we used the multivariate linear regression models based on Panel data technique. We also used the T-static and F-static tests to test the statistical significance of coefficients and models respectively. Our findings indicate that there is a positive and significant relationship between information asymmetry and 3 measures of capital structure namely, the ratios of total debt to total equity, total debt to total assets and short-term debt to total assets. However according to obtained results there is no significant relationship between information asymmetry and the ratio of long-term debt to total assets.
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
4
v.
14
no.
2012
4
19
https://www.iaaaar.com/article_104682_4417ad4926643ec8221c83f9ed4dbf51.pdf
dx.doi.org/10.22034/iaar.2012.104682
The Relationship between Environmental Uncertainty and manager's Use of Discretionary Accruals among Listed Firms in the Tehran’s Stock Exchange
Darioush
Foroughi
Assistant Professor of Accounting Department, Isfahan University
author
Mostafa
Ahmadinejad
MA Accounting Department, Isfahan University
author
text
article
2012
per
The aim of this research is to investigate the way environmental uncertainty affect firms’ performance and profitability and managers’ tools for avoiding its negative consequences. It is generally assumed that environmental uncertainty causes many fluctuations in firms’ performance and profitability and to avoid its negative consequences, managers carry out income smoothing using discretionary accruals. In the present research, data was analyzed annually, for 1380-87 time period. To test hypotheses, five multivariate regression models were employed.
In the current study, to calculate discretionary accruals, model of Kothari et al was used and coefficient of variation of sales was considered as a criterion for environmental uncertainty of firms belonged to our studied sample. Findings indicate that environmental uncertainty creates many fluctuations in firms’ performance and profitability and to avoid its negative consequences, managers perform reported income smoothing using discretionary accruals
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
4
v.
14
no.
2012
20
37
https://www.iaaaar.com/article_104683_af7d4a4cd6a16d58940ee3995dc3a324.pdf
dx.doi.org/10.22034/iaar.2012.104683
The Study of Corporate Governance Mechanisms and Auditor Election of Listed Companies of Tehran Stock Exchange
Shokrollah
Khajavi
Assistant Professor of Accounting, Shiraz Uuniversity
author
Gholam Hassan
Zare
M. A of Accounting
author
text
article
2012
per
The goal of this research is to study the relation of corporate governance and auditor's election. Having access to goals of research, five hypotheses have designed to test the relation significancy between corporate governance mechanisms and firms’ auditor election. According to multi-dimension nature of dependant variable, statistical method of this research has been the logistic regression. Statistical sample of research includes 84 companies during a nine-year period from 1380 to 1388. Generally, results driven from testing hypotheses reveal weak significant relation between corporate governance mechanisms and firms’ auditor election of listed companies of Tehran Stock Exchange. Moreover, according to coefficient of determination resulted from anticipating model of auditor election based on corporate governance, it sounds that there are some other factors to which auditor election are related.
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
4
v.
14
no.
2012
38
51
https://www.iaaaar.com/article_104684_8d4cdf4e7b71c2e8880f27066283ad94.pdf
dx.doi.org/10.22034/iaar.2012.104684
The comparison between the quality of reported earnings and restated earnings
Mehdi
Baharmoghadam
Assistant Professor of Accounting،Shahid Bahonar Kerman University
author
Mahdieh
Dolatabadi
Master of Accounting،Shahid Bahonar Kerman University
author
text
article
2012
per
This study investigates the comparison between the quality of reported earnings and restated earnings. Restated earnings means that the previous period reported earnings was incorrect and therefore they must adjust. Since the decisions are based on reported earnings, we confront a question. Which of is greater: The quality of reported earnings or the quality of restated earnings?
For this purpose, 144 firms listed in Tehran Stock Exchange during the period 1381-88 have been investigated. In this study, we used two criteria (earnings predictability and earnings persistence) for measuring earnings quality. Research methodology is the regression and t test. The results indicate that restated earnings (compared to reported earnings) have more persistence and predictability.
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
4
v.
14
no.
2012
52
65
https://www.iaaaar.com/article_104685_2b4be9d3e671348f63b5c4d46fead41c.pdf
dx.doi.org/10.22034/iaar.2012.104685
The Impact of Private Ownership ratio on Economic Value added (EVA) And Return On Asset (ROA) in Tehran Stock Exchange Corporations
Abdolkarim
Moghadam
Faculty member of payam – e – nor university
author
Somaieh
Kazempoor
Master of Accounting
author
text
article
2012
per
Since abandoning public corporations on the other hand, transferring to private is proceeding in recent years, therefore this research follows investigating and comparing public and private enterprises performance in Tehran stock exchange corporations through out economic value added (EVA) and return on asset (ROA) criteria.
The domain of this query is 1383 to 1386 and population includes all of Tehran stock exchange corporations. Forecasted sample size for 4 years for this research equals 160 cases that 40 competent cases from 181 cases is sampling.
Result of statistical analysis illustrate that direct relation between private ownership ratio and return on asset and economic value added also about 0.14 EVA changes and about 0.7 ROA changes are explained by private ownership ratio, besides the relationship between ROA and EVA is directive and 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
4
v.
14
no.
2012
66
81
https://www.iaaaar.com/article_104686_a144212d7e5f9bd976a23b4e3e81ee9c.pdf
dx.doi.org/10.22034/iaar.2012.104686
Influence of Corporate Governance and Capital Structure Indexes on Agency Cost
Farzin
Rezaei
Assistant professor and faculty member of Islamic Azad University, Qazvin Branch, corresponding author
author
Mahboobeh
Mahdavidoost
Master student of Islamic Azad University, Qazvin Branch
author
text
article
2012
per
This investigate examines the effects of governance and ownership variables on the agency costs. In this study, 74 firms were selected as a statistical sample from 16 different industry groups during 1383-87 that totally created 356 year firm. Here, we have investigated stimulant duality Chief Executive Officer and the membership of board, the board tenure, non-executive directors' ratio on the board, and institutional owners as research assumptions.
For testing research assumptions from multivariate regression and Tobit, it is benefited by using panel data in the 5 year period. To determine effect of agency cost, we choose two variables: 1) net sale to total asset: we used multivariate regression and due to applying incorporated data, to eliminate variance inconsistency, we used the EGLS method. 2) Q-Tobin multiple by free cash flow: in which Q is the firms tobin that they will accept virtually 0 and 1 numbers we conducted Tobit regression by estimating maximum likelihood
Findings corroborate the presence of positive and significantly relationship between the ratio variables non-executive directors on the board and the board tenure and the significantly and negative relationship between institutional owners' variable and the agency cost. But there was no significant relation between duality Chief Executive Officer and the membership of board.
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
4
v.
14
no.
2012
82
97
https://www.iaaaar.com/article_104687_76c3a5dd87bb1ee7f977f525f670505b.pdf
dx.doi.org/10.22034/iaar.2012.104687
The determinants of value-adding internal audit departments in companies listed in Tehran Stock Exchange
Omid
Pourheydari
Associate Professor, Faculty of Management & Economics, Shahid Bahonar University of Kerman, Iran.
author
Omid
Rezaei
MSc student in Shahid Bahonar University of Kerman, Iran.
author
text
article
2012
per
Value-adding internal audit departments need to possess varying attributes. In this study, we investigate eight attribute that create Value-adding internal audit departments for companies listed in Tehran Stock. Questionnaire techniques, after confirmation of validity and reliability, were used to collect data from respondents. The findings of this study indicated that the organizational position of internal auditors, training, working environment, risk assessment, diversity of services, performance evaluation, advertising, and use of new methods and technologies influence the effectiveness of internal auditors and lead to added value of internal audit departments for companies. Also, our findings provide a conceptual model for creating maximum value of internal auditing for companies.
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
4
v.
14
no.
2012
98
113
https://www.iaaaar.com/article_104688_7129e0d4b7ccf26d30f435bdeda68b09.pdf
dx.doi.org/10.22034/iaar.2012.104688
Studing Transylvania Effect on Stock Return and Trading Volume
Azita
Jahanshad
Assistant Professor of Islamic Azad University
author
Zahra
Nazari Talkhabi
Master of Accounting
author
text
article
2012
per
Financial science started with classic theory of finance and passing through the behavioral finance has reached to Neuro finance stage. The stage that indicates finance is related to medicine in addition to psychology. Indeed, this area of finance is based on changes occurring in the human body and examination of its effects on human characteristics and decisions that can cause changes in capital market. One of the influential factors based on the physiological and biological evidence is the effect of moon light on the human brain and its influence on their behaviors and decisions.
The purpose of this study is to evaluate the effect of Transylvania (full moon) on the return and stock trading volume in the stock market in Iran. In this regard, Tehran Stock Exchange (TSE) which is the statistical population of this research has been evaluated for a period of 15- years (1376-1390) on a daily basis and with the use of total index. In this study, student's T test, Welch and Satterthwait -Welch were used to analyze data.
The research results indicate that the radiation of full moon in different cycles and new moon had no effect on investment decisions and there is no significant impact on stock trading volume and returns in the stock market in Iran.
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
4
v.
14
no.
2012
114
133
https://www.iaaaar.com/article_104689_931ece840e66d3617ce6687783f0107b.pdf
dx.doi.org/10.22034/iaar.2012.104689
Determining the Relationship between QToobin Ratio and Dividend per Share Criteria for Listed Companies in the Tehran Security Exchange
Seyed Mohammadreza
Raeiszade
Assistant Professor of Azad University, Chalous Branch
author
Ebrahim
Mohseni
Allameh Mohades Nouri Institute of Higher Education
author
Omid
Abdollahi
Payam – e – Noor University, Behshahr Branch
author
text
article
2012
per
In today's world the companies can will benefit owners of more benefit to the best of the asset management deal.This case requires information about the company's actual performance. In this regard, appropriate measures should be used to achieve this goal. The relationship between Tobin Q ratio and the dividend per share to be named. This study examines the relationship between the Tobin Q ratio and dividend per share in the profits of companies listed in Tehran Stock Exchange deal. In this study, 100 companies listed in Tehran Stock Exchange in the period 1382 -1388 have been reviewed. The results of these tests are a test used in this study shows that the Spearman correlation coefficient between the Tobin Q ratio and the dividend per share is positively and significantly and Tobin Q ratio of dividend per share of the profits instead of replacing possibility there. In this study, Mann-Whitney test was used to determine significant differences.
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
4
v.
14
no.
2012
134
150
https://www.iaaaar.com/article_104690_98255db4b73aa12efa3ba9016f18ff01.pdf
dx.doi.org/10.22034/iaar.2012.104690