University of IsfahanFinancial Accounting Research2322-34057420160220Earnings Quality and Firm Value: Evidence from Iranian FirmsEarnings Quality and Firm Value: Evidence from Iranian Firms11820606FAIrajNoraveshProfessor of Accounting, University of Tehran, Tehran, IranAbolfazlMomeni YanesariLecturer, Department of Accounting, Seminary Institute of Hakim Jorjani, Gorgan, IranMehdiSafari GerayliAssistant Prof. Department of Accounting, Bandargaz Branch, Islamic Azad University,Journal Article20161121Present study has been done to provide empirical evidence for the relationship between earnings quality measure with firm value and the impact of investment opportunity on this relationship.to do so, a comprehensive index based on scaled decile rank of six earnings attributes (e.g. accruals quality, persistence, predictability, value relevance, timeliness, and conservatism) was used as a proxy of earnings quality. Using a sample of 79 firms listed in Tehran Stock Exchange during the period of 1387-1391, we find a positive and significant association between firm valuation with an aggregate earnings quality and investment opportunity. Furthermore, results show that firm’s-Investment opportunities has no significant effect on the relationship between earnings quality and firm value.
<strong> </strong>Present study has been done to provide empirical evidence for the relationship between earnings quality measure with firm value and the impact of investment opportunity on this relationship.to do so, a comprehensive index based on scaled decile rank of six earnings attributes (e.g. accruals quality, persistence, predictability, value relevance, timeliness, and conservatism) was used as a proxy of earnings quality. Using a sample of 79 firms listed in Tehran Stock Exchange during the period of 1387-1391, we find a positive and significant association between firm valuation with an aggregate earnings quality and investment opportunity. Furthermore, results show that firm’s-Investment opportunities has no significant effect on the relationship between earnings quality and firm value.
<strong> </strong>https://far.ui.ac.ir/article_20606_c72b376435baf358fcff4046fb581d52.pdfUniversity of IsfahanFinancial Accounting Research2322-34057420160220The Impact of Operating Cash Flows on External Financing, Considering the Firm Financial Constraint and InflationThe Impact of Operating Cash Flows on External Financing, Considering the Firm Financial Constraint and Inflation193820607FASeyed AbbasHashemiAssociate Professor of Accounting, University of Isfahan, Isfahan, IranHadiAmiriM. Moshtaghian
Master of Accounting, University of Isfahan, IsfahanMahnooshMoshtaghianMaster of Accounting, University of Isfahan, Isfahan, IranJournal Article20161121Managers should use a perfected combination of various financial resources based on the elements effective on financing, so that it would result in increase of stockholders wealth and reduce the cost of financing. Among the factors affecting the financing, the operating cash flow, financial constraints and inflation considered effective. The objective of this study is to evaluate the effect of operating cash flow on external financing by considering the effect of the financial constraints and the inflation. The sample of this study consists of 117 companies listed in Tehran Stock Exchange for the period 2005 to 2013 (1384 to 1392 Iranian calendar). To test study hypothesizes, multivariable regression model to panel data was used. The result of this study shows, there is negative and meaningful relationship between operating cash flow and external financing in both of financially constrained and financially unconstrained firms and the Intensity of this relationship is less in the firms with financial constraint. Also the inflation variable increases the effect of cash flow on external financing and this effect is less in firms that have financial constraint.
Managers should use a perfected combination of various financial resources based on the elements effective on financing, so that it would result in increase of stockholders wealth and reduce the cost of financing. Among the factors affecting the financing, the operating cash flow, financial constraints and inflation considered effective. The objective of this study is to evaluate the effect of operating cash flow on external financing by considering the effect of the financial constraints and the inflation. The sample of this study consists of 117 companies listed in Tehran Stock Exchange for the period 2005 to 2013 (1384 to 1392 Iranian calendar). To test study hypothesizes, multivariable regression model to panel data was used. The result of this study shows, there is negative and meaningful relationship between operating cash flow and external financing in both of financially constrained and financially unconstrained firms and the Intensity of this relationship is less in the firms with financial constraint. Also the inflation variable increases the effect of cash flow on external financing and this effect is less in firms that have financial constraint.
https://far.ui.ac.ir/article_20607_5c6c9bc793cf097b2b3cd946277b2e44.pdfUniversity of IsfahanFinancial Accounting Research2322-34057420160220The Effect of Stock Liquidity on Stock Price Informativeness and Accruals-Based Earnings Management in Companies Listed in Tehran Stock ExchangeThe Effect of Stock Liquidity on Stock Price Informativeness and Accruals-Based Earnings Management in Companies Listed in Tehran Stock Exchange395620608FAMahdiBaharmoghadamAssociate Professor of Accounting, Shahid Bahonar University, Kerman, Iran0000-0002-6449-4092HojatHoseininasabLecturer, Department of Accounting, Vali-E- Asr University, Rafsanjan, IranHadiRaeisiMaster of accounting, Vali-asr University, Rafsanjan, IranJournal Article20161121Many researchers believe that stock liquidity can increase stock price efficiency by encouraging market participants to obtain confidential information about the company. So, in this research inspired by CKSS model we investigate the impact of stock liquidity on stock price informativeness. Regarding the impact that stock liquidity can have on stock price informativeness, it is able (by increasing aware investors) to reduce the managers` ability and motivation in earnings management (especially through accruals). Thus, the other purpose of this research is to investigate the impact of stock liquidity on earnings management through accruals. Based on what was stated, two research hypothesis were proposed and tested by the data of 80 companies listed in Tehran Stock Exchange between 2003 to 2012 (with regard to their panel structure). The results indicate that stock liquidity increase will increase the stock price informativeness, and will decrease the earnings management through accruals. <br /><strong> </strong> <br /><strong> </strong>Many researchers believe that stock liquidity can increase stock price efficiency by encouraging market participants to obtain confidential information about the company. So, in this research inspired by CKSS model we investigate the impact of stock liquidity on stock price informativeness. Regarding the impact that stock liquidity can have on stock price informativeness, it is able (by increasing aware investors) to reduce the managers` ability and motivation in earnings management (especially through accruals). Thus, the other purpose of this research is to investigate the impact of stock liquidity on earnings management through accruals. Based on what was stated, two research hypothesis were proposed and tested by the data of 80 companies listed in Tehran Stock Exchange between 2003 to 2012 (with regard to their panel structure). The results indicate that stock liquidity increase will increase the stock price informativeness, and will decrease the earnings management through accruals. <br /><strong> </strong> <br /><strong> </strong>https://far.ui.ac.ir/article_20608_bde535aaffafdc83f90e7f3046adc021.pdfUniversity of IsfahanFinancial Accounting Research2322-34057420160220Direct and Mediated Associations among Earnings Quality, Information Asymmetry and the Cost of Common Equity of companies in Tehran Stock ExchangeDirect and Mediated Associations among Earnings Quality, Information Asymmetry and the Cost of Common Equity of companies in Tehran Stock Exchange577220609FAAbdolKarimMoghaddamAssistant Professor of Accounting, Payamenoor University of Tehran, Tehran, Iran0000-0001-6036-6651MohamadHallajPhD Student of Accounting, Shiraz University, Shiraz, IranAhmadSharifiMaster of Accounting, Payamenoor University of Asalooyeh, Asalooyeh, IranJournal Article20161121This article investigates whether earnings quality effect cost of common equity through information asymmetry. It is expected that information asymmetry mediates direct relation between earnings quality and cost of common equity listed companies in Tehran Stock Exchange. Using simple regression and path analysis techniques and a sample of 76 companies selected by using systematic elimination method of sample selection, for a period of 2007-2012, research hypotheses are tested. The results of the research indicate that there is direct significant relationship between earnings quality and cost of common equity. Also, there is indirect significant relation between earnings quality and cost of common equity that is mediated by information asymmetry.
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This article investigates whether earnings quality effect cost of common equity through information asymmetry. It is expected that information asymmetry mediates direct relation between earnings quality and cost of common equity listed companies in Tehran Stock Exchange. Using simple regression and path analysis techniques and a sample of 76 companies selected by using systematic elimination method of sample selection, for a period of 2007-2012, research hypotheses are tested. The results of the research indicate that there is direct significant relationship between earnings quality and cost of common equity. Also, there is indirect significant relation between earnings quality and cost of common equity that is mediated by information asymmetry.
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https://far.ui.ac.ir/article_20609_b69118ba957b93ee427f2e332367207e.pdfUniversity of IsfahanFinancial Accounting Research2322-34057420160220Asymmetric Timeliness of Earnings: Conservatism or Sticky Costs?Asymmetric Timeliness of Earnings: Conservatism or Sticky Costs?738620610FAHamidHaghighatAssociate Professor of Accounting, Imam Khomeini International University, IranSeyyed MohammadTavassoliMaster of accounting, Imam Khomeini International University, IranJournal Article20161121The purpose of this study is to investigate the relationship between earnings response to conservatism and sticky cost. Conservatism leads to asymmetric relation between earnings and stock returns. In others word, Timely recognition of losses in case of bad news (negative stock returns) and undesirable, and not recognition of eraningsin in case of good news (positive stock returns) and desirable called conditional conservatism. while Cost stickiness denotes the asymmetric response of costs to increases and decreases in sales. In empirical tests, cost stickiness could be mistaken for conditional conservatism. so, it is possible in estimating conditional conservatism without considering the potentional effect of sticky cost, the degree of consedrvatism overestimate. For this end, multiple regression models for combined data was estimated. The Data was gathered from 78 manufacturing firm (730 observations), accepted in Tehran Stock Exchange during 1381-1390. The results indicate In addition conservatism, sticky costs leads to asymmetric timliness of earnings.
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The purpose of this study is to investigate the relationship between earnings response to conservatism and sticky cost. Conservatism leads to asymmetric relation between earnings and stock returns. In others word, Timely recognition of losses in case of bad news (negative stock returns) and undesirable, and not recognition of eraningsin in case of good news (positive stock returns) and desirable called conditional conservatism. while Cost stickiness denotes the asymmetric response of costs to increases and decreases in sales. In empirical tests, cost stickiness could be mistaken for conditional conservatism. so, it is possible in estimating conditional conservatism without considering the potentional effect of sticky cost, the degree of consedrvatism overestimate. For this end, multiple regression models for combined data was estimated. The Data was gathered from 78 manufacturing firm (730 observations), accepted in Tehran Stock Exchange during 1381-1390. The results indicate In addition conservatism, sticky costs leads to asymmetric timliness of earnings.
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https://far.ui.ac.ir/article_20610_f74165ca0f66769d330dd4333b10ffa5.pdfUniversity of IsfahanFinancial Accounting Research2322-34057420160220The Analysis of Efficiency of Inventory Management with Emphasis on Effect of Board Structure: Application of Panel Data Method in Producing CompaniesThe Analysis of Efficiency of Inventory Management with Emphasis on Effect of Board Structure: Application of Panel Data Method in Producing Companies8710620611FAShahryarZarokiAssistant Professor of Economic, University of Mazandaran, Babolsar, IranElnazTaherianMaster of Financial Management, Babol Islamic Azad University, IranJournal Article20161121According to the importance and role of board structure in inventory management this research’s aim is to analysis the effect of two criteria of board structure along with institutional ownership of public sector effect on efficiency of inventory management. The research uses panel data method during 2009-2013 for 54 producing companies in 7 industries. The results show that institutional ownership of public sector promotes efficiency of inventory management in chemical, automobile, metallic and non-metallic minerals; and metal products industries but this factor makes efficiency of inventory management weak in pharmaceutical industry. Also board size and non-executive members to all members of board ratio have a different effect on inventory to sale ratio. So that increase in board size causes a significant decrease in efficiency of inventory management while non-executive members to all members of board ratio has an improvement in efficiency.
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According to the importance and role of board structure in inventory management this research’s aim is to analysis the effect of two criteria of board structure along with institutional ownership of public sector effect on efficiency of inventory management. The research uses panel data method during 2009-2013 for 54 producing companies in 7 industries. The results show that institutional ownership of public sector promotes efficiency of inventory management in chemical, automobile, metallic and non-metallic minerals; and metal products industries but this factor makes efficiency of inventory management weak in pharmaceutical industry. Also board size and non-executive members to all members of board ratio have a different effect on inventory to sale ratio. So that increase in board size causes a significant decrease in efficiency of inventory management while non-executive members to all members of board ratio has an improvement in efficiency.
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https://far.ui.ac.ir/article_20611_056dbf030a382f90a52f43015a5f657a.pdf