دانشگاه اصفهان نشریه پژوهش های حسابداری مالی 2322-3405 14 2 2022 08 23 The Effect of Charismatic Client Management and Auditor's Rank on Auditor Judgment and Decision-Making Process اثر کاریزمای مدیریت صاحبکار و رتبه حسابرس بر فرآیند قضاوت و تصمیم‌گیری حسابرس 1 26 27095 10.22108/far.2022.134600.1907 FA بهروز بادپا استادیار، گروه حسابداری، دانشگاه ایلام، ایلام، ایران. 0000-0002-1048-0787 سهراب استا استادیار، گروه حسابداری، دانشگاه ایلام، ایلام، ایران.. وحید حسن بیگی دکتری حسابداری، دانشکده مدیریت، دانشگاه تهران، تهران، ایران Journal Article 2022 08 01 Some characteristics of client management can shape auditors' mentality, attitudes, and behaviors through various mechanisms, and even challenge their judgment as one of the basic pillars of an independent audit. Therefore, one of the main objectives of the present study is to investigate the effect of charismatic client management among the threats to auditor impartiality on auditor judgment and decision-making process. The other objective is to reflect on auditor's rank and organizational identity, as the factors neutralizing these threats, on auditor judgment. The trusted auditors of the Tehran Stock Exchange, including those involved in private institutions and Iran Auditing Organization, constitute the statistical population in this study, in which the data in 2020-2021 were collected using a questionnaire. The target sample consists of 170 independent auditors, and the research hypotheses were tested via the Smart PLS software. The study findings at 95% confidence interval demonstrated that charismatic client management has a significant positive effect on client identification and auditor advocacy attitude. Moreover, client identification and auditor advocacy attitude have a significant negative impact on auditor objectivity. On the other hand, auditor's rank and organizational identity improve objective judgments. Accordingly, auditors can be affected by client management even though they are not a member of their institution, but client influence is less in higher-level responsibilities of the audit firm. Thus, the results of this study can be exploited by standard developers, the Iranian Association of Certified Public Accountants, as well as independent auditors and researchers. Introduction Judgment and decision-making have been documented as the main pillars of auditing, to the extent that auditors are always required to exploit their professional judgment and decision-making during the audit process (Khoshtinat & Bostanian, 2007). Auditors' professional judgments are often influenced by professional and constructive auditor-client relationships. In this respect, identifying the significant factors that might threaten auditors' objective judgments and then undermine their objectivity, impartiality, and independence following these relationships is so important that it has received much attention among those involved in developing standards on auditing (Ashforth et al, 2008). Some characteristics of client management can thus shape auditors' mentality, attitudes, and behaviors through various mechanisms, and even challenge their judgments. From this perspective, charismatic client management is among the major factors that make threats to auditors' impartial judgments (Akbari & Jahanshad, 2021). Therefore, the first objective of the present study is to investigate the effect of charismatic client management among the threats to auditors' impartiality on auditors' judgment and decision-making process, and the second objective is to reflect on auditors' ranks and organizational identities, as the factors neutralizing these threats, and their effects on auditors' judgments. In this regard, the general research questions addressed were as follows: Does charismatic client management have an effect on auditors' judgments through client identification? Does charismatic client management have an effect on auditors' attitudes, mentality, and behaviors toward clients? Do auditors' attitudes toward client and client identification affect auditors' judgments? Do auditors' ranks and organizational identities have a neutralizing effect on dealing with threats to auditors' objective judgments? Materials & Methods Considering its paradigm, a descriptive-correlational design was used in this applied quantitative research for data collection and analysis, based on structural equation modeling. The trusted auditors involved in private institutions and Iran Auditing Organization also constituted the statistical population in this study, and the statistical sample included 170 independent auditors, of which the data were collected through a questionnaire in 2020-21. A standardized questionnaire, in the form of open- and closed-ended items, was employed in this study. The auditor's rank was further determined using six categories, viz., 1=auditor, 2= senior auditor, 3=audit supervisor, 4=audit manager, 5=senior audit manager, and 6=audit partner. In order to evaluate auditors' objective judgments, the scenario approach centered on the Client Agreement Index by Bamber and Iyer (Bamber & Iyer, 2007) was practiced. The biggest client identification and auditor's occupational identity were also evaluated based on the Organizational Identification Scale, developed by Mael and Ashforth (Mael & Ashforth, 1992) and Bamber and Iyre (Bamber & Iyer, 2007), and the necessary revisions were made to its items with reference to the study by Svanberg, Öhman, and Neidermeyer (Svanberg et al, 2017). The given questionnaire consisted of five items and a five-point Likert-type scale. Another part of the questionnaire was related to the evaluation of auditors' advocacy attitudes, which included eight items to examine the levels of auditors' advocacy attitudes toward clients based on a five-point Likert-type scale. To measure auditors' advocacy attitudes, the scales established by Pennington et al. (Pennington et al, 2017) and Badpa and Osta (Badpa & osta, 2021) were employed. Charismatic client management was correspondingly measured by the local Charismatic Leadership Questionnaire designed by Rezaiyan et al. (Rezaeyan, et al, 2009), containing 15 items and three dimensions, i.e., environmental awareness, aligning an organization with visions, and modeling, based on a five-point Likert-type scale. Finding Once the measurement model of the research variables was confirmed using confirmatory factor analysis, path analysis was utilized to test the research hypotheses. The summary of the results of evaluating the structural model in this study is illustrated in the following table: Table 1: A summary of the evaluation results of the structural model of the research Direct path Path coefficient T Statistics (|O/STDEV|) P Values Hypothesis testing results Charismatic Client Management → Client Identification 0.404 6.192 0.000 Not rejected Client Identification → Auditor’s Client Acquiescence 0.178 2.402 0.017 Not rejected Auditor's Organizational Identity → Auditor’s Client Acquiescence -0.311 4.377 0.000 Not rejected Charismatic Client Management → Auditor's Advocacy Attitude 0.213 2.397 0.018 Not rejected Auditor's Advocacy Attitude → Auditor’s Client Acquiescence 0.216 3.260 0.001 Not rejected Auditor's Rank → Auditor’s Client Acquiescence -0.182 2.782 0.006 Not rejected Source: Research findings Results & Conclusion Based on the results of testing the first and second research hypotheses, charismatic client management has a positive effect on client identification, and then client identification has a negative effect on auditor's objective judgment. These findings are consistent with the results reported by Svanberg et al. (Svanberg et al, 2017), Bamber and Iyer (Bamber & Iyer, 2007), and Badpa and Osta (Badpa & osta, 2021), and can be further explained based on Social Identity Theory. According to this theory, the specific characteristics of clients can directly and indirectly have a negative effect on auditors' objective judgments through client identification. Considering the results of testing the third research hypothesis, auditors' organizational identities have a positive effect on their objective judgments. With regard to the significant positive effect of organizational identity on the dimensions of professional self-doubt in independent auditing, a higher organizational identification can thus improve auditors' professional behaviors, and consequently their objective judgments (Rezaei et al, 2017). Testing the fourth and fifth research hypotheses also showed that charismatic client management has a positive effect on auditors' advocacy attitudes to clients, and such attitudes have a negative effect on their objective judgments. To elucidate these findings, it is argued that client management characteristics can influence auditors' attitudes and thinking, as the principles of organizational leadership have not considered any limits for clients' influence on the attitudes of people who are not officially employed by that organization (Badpa & osta, 2021; Akbari & Jahanshad, 2021). In addition, auditors' advocacy attitudes toward clients and their management affect their judgments, and auditors' advocacy attitudes toward clients indicate the degree of willingness to support clients' favorable accounting procedures in the state of ambiguity (namely, contradictory evidence) (Lembke & Wilson, 1998; Kock, 2015). These findings are in line with the results reported by Badpa and Osta (Badpa & osta, 2021), Bobek, Hageman, and Hatfield (Bobek et al, 2010), Pennington et al. (Pennington et al, 2017), and Badpa et al (Badpa et al, 2019). The results of testing the final research hypothesis correspondingly demonstrated that auditors' ranks have a positive effect on their objective judgments. In other words, the higher levels of the auditing institute can make more favorable judgments than the lower levels. Putting these results in plain words, it is claimed that auditors with lower ranks have more flexibility in dealing with clients in the face of challenging situations due to various reasons, such as the lower levels of occupational (or organizational) identification and experience, and younger age. These findings are also in harmony with the results in Bamber and Iyer (Bamber & Iyer, 2007). Accordingly, auditors can be affected by client management even though they are not a member of their institution, but clients' influence is less in higher-level responsibilities of the audit firm. Thus, the study results can be exploited by the developers of standards on auditing, the Society of Certified Public Accountants, as well as independent auditors and researchers. Against this background, the effects of other dimensions of client management leadership on auditors' advocacy attitudes and the extent of their client identification, as well as the judgment and decision-making process, including initial judgment, evidence search strategy, evidence evaluation, and final judgments, can be investigated in future research. * Corresponding author برخی از ویژگی‌های مدیریت صاحبکار می‌تواند ازطریق سازوکارهای مختلف بر ذهنیت، نگرش و رفتار حسابرس تأثیر بگذارد و قضاوت حسابرس را به‌عنوان یکی از ارکان اساسی حسابرسی مستقل با چالش مواجه کند. بر این اساس، یکی از اهداف پژوهش حاضر، بررسی تأثیر کاریزمای مدیریت صاحبکار به‌عنوان یکی از عوامل تهدیدکننده بی‌طرفی حسابرس بر فرآیند قضاوت و تصمیم‌گیری او و هدف دیگر آن، بررسی تأثیر رتبه و هویت شغلی حسابرس به‌عنوان عوامل خنثی‌کننده این تهدیدها بر قضاوت حسابرس است. حسابرسان معتمد بورس شامل حسابرسان شاغل در مؤسسات بخش خصوصی و سازمان حسابرسی، جامعه آماری این پژوهش را تشکیل داده و داده‌های پژوهش در سال‌های 1398 و 1399 با بهره‌گیری از ابزار پرسش‌نامه گردآوری شده‌اند. نمونه آماری پژوهش شامل 170 حسابرس مستقل بوده و آزمون فرضیه‌ها نیز با استفاده از نرم‌افزار SmartPLS انجام شده است. یافته‌های پژوهش در سطح اطمینان 95 درصد نشان دادند کاریزمای مدیریت صاحبکار بر آشنایی (هویت‌یابی) حسابرس با صاحبکار و نگرش حمایتی حسابرس تأثیر مثبت و معنادار دارد. همچنین، آشنایی حسابرس با صاحبکار و نگرش حمایتی حسابرس به‌طور معناداری بر قضاوت عینی حسابرس تأثیر منفی دارند. همچنین، رتبه حسابرس و هویت شغلی او موجب بهبود قضاوت عینی می‌شوند. بر این اساس، با وجود اینکه حسابرس عضوی از مؤسسه صاحبکار محسوب نمی‌شود، می‌تواند از نفوذ مدیریت صاحبکار تأثیر بگیرد؛ اما نفوذ صاحبکار در مسئولیت‌های رده بالاتر مؤسسه حسابرسی کمتر است؛ بنابراین، تدوین‌کنندگان استاندارد، جامعه حسابداران رسمی، حسابرسان مستقل و پژوهشگران می‌توانند نتایج پژوهش حاضر را به کار گیرند.

https://far.ui.ac.ir/article_27095_868d139d1811cbb2661642d965ddf3be.pdf

دانشگاه اصفهان نشریه پژوهش های حسابداری مالی 2322-3405 14 2 2022 08 23 A Framework for Identifying Material sustainability Criteria in the Exchange Industry Using Fuzzy AHP Method چارچوب شناسایی مؤلفه های با اهمیت پایداری در صنعت بورس با استفاده از رویکرد تحلیل سلسله‌مراتبی فازی 27 62 27209 10.22108/far.2022.133193.1875 FA شیما احمدی دانشجوی دکتری حسابداری، گروه حسابداری، دانشکده علوم اجتماعی و اقتصاد، دانشگاه الزهرا (س)، تهران، ایران علی رحمانی استاد حسابداری، گروه حسابداری، دانشکده علوم اجتماعی و اقتصاد، دانشگاه الزهرا(س)، تهران، ایران سید علی حسینی دانشیار حسابداری، گروه حسابداری، دانشکده علوم اجتماعی و اقتصاد، دانشگاه‌الزهرا(س)، تهران، ایران سعید همایون دانشیار حسابداری، گروه حسابداری، دانشگاه یوله، یوله، سوئد Journal Article 2022 04 25 Considering the important role of the exchange industry in the optimal allocation of resources and economic growth, as well as promoting a culture of attention to sustainability issues, the purpose of this study is to provide a comprehensive framework of material sustainability criteria in the exchange industry for integration into strategies, performance measurement, evaluation and reporting. In order to identify material sustainability criteria in the Iranian exchange industry, the findings of Ahmadi et al research (1401) which include 33 criteria and 352 sub-criteria have been used as a basis. In order to formulate a local framework, the participation of 21 industry experts was used to modify the criteria identified in the Ahmadi et al, according to the culture of Iran. Finally, after finalizing sustainability framework of the Iranian exchange industry, in order to evaluate materiality and prioritize the main criteria, the Fuzzy AHP method has been used. Considering the extensive effects of exchanges from the perspective of financing economic enterprises and the government (through transaction fee tax and issuing bonds), the findings of this study indicate the priority of economic dimension over other sustainability dimensions. Macroeconomics, government and other regulators and trust and confidence have the greatest relative importance among all other criteria. On the other hand, due to the low emissions of exchanges, the relative importance of environment dimension criteria is less than other dimensions in the industry. Introduction The number of countries that have organized capital markets has increased greatly in recent decades and investors' interest in capital markets have experienced unprecedented growth in recent years. As a result of the increased attention of society towards investing in capital markets, their awareness of sustainability issues has also increased. As a result, in such a situation, the necessity of proper management and sustainable performance of exchanges and issuing sustainability reports is more important than before. Sustainability reporting deals with how a company can report its sustainability performance in the form of a formal report, taking into account its responsibilities regarding positive and negative economic, social and environmental impacts (Hahn & Michael, 2013). In the current situation of Iranian exchanges and the volatility of stock prices and indices, the attention of a wide range of domestic stakeholders has been drawn to the performance of the exchanges. Therefore in the current situation, it is very important to achieve sustainable performance and be responsible to stakeholders. Therefore, the aim of this study is to answer the question that paying attention to what factors will guarantee the sustainable performance of exchanges and as a result economic development in the long term. Methods and material In order to identify the important sustainability criteria of the Iranian exchange industry in the present study, the results of Ahmadi et al were used as a basis. They presented a comprehensive international framework of sustainability. In order to confirm and modify their proposed model in domestic exchanges, the method of interviewing 21 experts has been used. Then, the fuzzy AHP method has been used to prioritize the sustainability criteria. The results of this process is providing a framework of the most important sustainability issues, considering the priority coefficients of each criterion. The paradigm of the current research is an interpretive paradigm, and in order to extract the sustainability criteria, an inductive approach has been used. From the perspective of research strategy, this study can be classified in the field of documentary and survey studies. Also, due to the use of quantitative and qualitative approaches to answer the research questions, this study used mixed method. On the other hand, due to the fact that this study was conducted at a specific point in time, this study is classified as a cross-sectional study. Findings Based on the research findings, the most important sustainability criteria of the exchange industry can be classified in four economic, social, environmental, and corporate governance dimensions. After summarizing Ahmadi et al. (under publication) findings with the results of the interview coding process regarding the most important sustainability criteria of the Iranian exchange industry, 6 main criteria under the environmental dimension, 6 criteria under the social dimension, 11 criteria under the economic dimension and 13 criteria under the corporate governance dimension has been classified. Based on the findings of this study, the criteria of the economic dimension are the most important and the criteria of the environmental dimension are the least important in the Iranian exchange industry. Table 1: The relative and ultimate priority of sustainability framework criteria of Iran's exchange industry Dimension Criteria Relative Importance of Criteria Ultimate Importance of Criteria Relative Priority of Criteria Ultimate Priority of Criteria Economic Macroeconomics 0.140 0.072 1 1 Economic Government and Other Regulators 0.129 0.066 2 2 Economic Trust and Confidence 0.128 0.065 3 3 Economic Operational Excellence 0.106 0.054 4 4 Economic Diversified Products and Services 0.098 0.050 5 5 Economic Innovation and Technology 0.093 0.048 6 6 Economic Listed Companies 0.083 0.042 7 7 Corporate Governance Board of Directors 0.132 0.040 1 8 Economic Transparency 0.074 0.038 8 9 Corporate Governance Self-Regulation and Independence 0.125 0.037 2 10 Economic Disclosure and Reporting 0.072 0.037 9 11 Corporate Governance Market Regulation and Surveillance 0.119 0.036 3 12 Economic Financial and Economic Performance 0.067 0.034 10 13 Corporate Governance Risk Management 0.106 0.032 4 14 Corporate Governance Financial Crimes 0.105 0.031 5 15 Social Human Capital 0.225 0.027 1 16 Corporate Governance Responsibility and Accountability 0.084 0.025 6 17 Social Education and Training 0.185 0.022 2 18 Social Support for Startups and SMEs 0.183 0.022 3 19 Social Human Rights 0.178 0.022 4 20 Corporate Governance Conflict of Interest Management 0.070 0.021 7 21 Corporate Governance Stakeholder Management 0.066 0.020 8 22 Social Diversity and Equality 0.163 0.020 5 23 Corporate Governance Audit and Assurance 0.061 0.018 9 24 Corporate Governance Ethics 0.051 0.015 10 25 Environmental Energy and Resource Management 0.196 0.014 1 26 Environmental Awareness Raising and Participation in The Environment 0.193 0.013 2 27 Environmental Designing Environmental Instruments 0.179 0.012 3 28 Environmental Environmental Requirements for Listing 0.178 0.012 4 29 Corporate Governance Values and Culture 0.039 0.012 11 30 Corporate Governance Vision 0.038 0.011 12 31 Environmental Carbon Footprint and Greenhouse Gas Emissions 0.150 0.010 5 32 Social Improving the Living Standards 0.066 0.008 6 33 Environmental Compliance with Environmental Rules 0.103 0.007 6 34 Economic Supply Chain Management 0.011 0.005 11 35 Corporate Governance Whistleblowing 0.004 0.001 13 36 Total 1 Conclusion & Results According to the survey conducted by Wfe in 2016, the most important sustainability issues for exchanges include ethics and corruption, board of directors composition and remuneration, health and safety, risk management, labor standards, water use and recycling, pollution (air, water and waste), climate change and energy, supply chain, human rights and diversity. The findings of the survey conducted by Wfe are limited to 11 criteria, while in the present study a comprehensive approach has been used to identify the most important sustainability criteria and prioritize them. Findings include 36 main criteria and include all the provided criteria in the Wfe survey. The findings of this study will help exchanges to identify the most important issues that help to create shared value. The findings of this study can be used to develop sustainable strategies as well as the findings can also help providers of sustainability reports to choose the most important sustainability issues to report. In addition, due to the similarity of the mechanisms of the financial industry to the exchange industry, financial industry professionals can also use the findings of this research in their sustainability decisions. هدف این پژوهش، ارائه چارچوبی جامع از مؤلفه‌های با اهمیت پایداری صنعت بورس ایران به سبب ادغام در استراتژی‌ها، اندازه‌گیری، ارزیابی و گزارشگری عملکرد پایداری است. به‌منظور شناسایی مهم‌ترین موضوعات پایداری در صنعت بورس ایران، یافته‌های پژوهش احمدی و همکاران (1401) مبنا در نظر گرفته شد که مبتنی بر تحلیل محتوای گزارش‌های پایداری صنعت بورس اوراق بهادار خارج از ایران و مشتمل بر 33 مؤلفه اصلی و 352 زیرمؤلفه است. به سبب تدوین یک چارچوب بومی، از مشارکت 21 نفر از متخصصان صنعت برای انطباق مؤلفه‌های پایداری بورس‌های خارجی با توجه به فرهنگ و محیط کشور ایران استفاده شده است. پس از نهایی‌شدن چارچوب پایداری صنعت بورس ایران، به‌منظور ارزیابی اهمیت و اولویت‌بندی مؤلفه‌های اصلی پایداری با در نظر داشتن دیدگاههای خبرگان، از رویکرد AHP فازی استفاده شده است. با توجه به تأثیرات اقتصادی گسترده بورس‌ها از منظر تأمین مالی بنگاه‌های اقتصادی و دولت (ازطریق مالیات کارمزد معاملات و انتشار اوراق)، یافته‌های این پژوهش حاکی از اولویت مؤلفه‌های بعد اقتصادی نسبت به سایر ابعاد است. مؤلفه‌های اقتصاد کلان، دولت و سایر مقررات‌گذاران و اعتماد و اطمینان دارای بیشترین اهمیت نسبی در میان کلیه مؤلفه‌ها هستند. همچنین، با توجه به آلایندگی اندک شرکت‌های بورس، اولویت نسبی مؤلفه‌های بعد زیست‌محیطی نسبت به سایر ابعاد در این صنعت کمتر است.

https://far.ui.ac.ir/article_27209_6e1c1dc733f6da5011ca07ab71fd4a41.pdf

دانشگاه اصفهان نشریه پژوهش های حسابداری مالی 2322-3405 14 2 2022 08 23 The Effect of Intellectual Capital on Sustainability Performance Reporting and Business Strategy تأثیر سرمایۀ فکری بر گزارشگری عملکرد پایداری تجاری و استراتژی کسب‌وکار 63 90 27094 10.22108/far.2022.133847.1890 FA رحیم بنابی قدیم استادیار حسابداری، واحد هشترود، دانشگاه آزاد اسلامی، هشترود، ایران سید علی واعظ دانشیار حسابداری دانشگاه شهید چمران اهواز، اهواز، ایران رامین انسانی کارشناسی ارشد حسابداری، واحد مراغه، دانشگاه آزاد اسلامی، مراغه، ایران Journal Article 2022 06 26 Intellectual capital as an intangible asset and also due to the possibility of continuous learning can be a stimulus for creating a competitive advantage for companies and as a result, more stability and a forward-looking view in earning profits, and paying attention to it may result in reducing the value gap and increasing the reliability of financial statements items. This study aims to investigate the effect of intellectual capital on sustainability performance reporting and business strategy of companies listed on the Tehran Stock Exchange. For this purpose, the data of 126 companies listed on the Tehran Stock Exchange in the period of 2013-2021 were collected and analyzed using multiple regression models. The results showed that the intellectual capital coefficient and its elements have a positive effect on companies’ sustainable performance reporting and also the intellectual capital coefficient and the efficiency of structural and physical capital have a positive effect on futuristic strategy while the efficiency of human capital has no effect on business strategy, Which in order to provide more information transparency, it is necessary to increase information and standardization of intellectual capital reporting in financial statements. Introduction Intellectual capital as an intangible asset and also due to the possibility of continuous learning can be a stimulus for creating a competitive advantage for companies and as a result, more stability and a forward-looking view in earning profits, and paying attention to it may result in reducing the value gap and increasing the reliability of financial statements items. Business sustainability is a strategy that integrates social, economic, and environmental principles into the business model. Sustainable enterprises prioritize and apply environmental principles and socially responsible behavior in all business decisions and incorporate it into their business strategy. In a broader context, social, environmental, and economic demands are considered as three pillars of sustainable development. Business sustainability is not only desired for ethical and commercial reasons but also dictated by historical necessity. In the era of globalization and increasing competition, companies cannot underestimate the importance of social and environmental aspects, which should be equal in priority to financial aspects. Achieving economic, social, and environmental goals can bring many benefits and increase competitiveness. Considering that the institutionalization of intellectual capital and continuous innovation through it is considered a factor for creating a sustainable competitive advantage, the sustainable configuration of companies requires the configuration of intellectual capital to create sustainable added value. Today, the stability of companies depends on the use of a knowledge economy, and the prerequisite for the optimal use of a knowledge economy is the effective use of intellectual capital, and in general, it is necessary to create stability of performance to achieve sustainable competitive power, which according to previous researches, through the added value of intellectual capital can be realized. When talking about the role of knowledge in strategies, it means the knowledge of managers and employees of the organization. Employee knowledge can usually be a limiting factor in formulating organizational strategies, as some employees may not understand them. This is one of the biggest problems that managers face and it is the risk that employees do not understand organizational strategies. Developing a strategy is an activity that originates from the creativity of the human brain, and there is no written formula that gives the correct answer. On the other hand, intellectual capital as a knowledge-based approach has strengthened the interactions of individuals and groups in creating knowledge for the formulation and effective implementation of organizational strategy, the effective management of intellectual capital determines the structure, systems, and processes created by the company and the customer community in It is in line with interactive and competitive strategies inside and outside the organization. Considering the paradigm of a competitive force regarding the role of intellectual capital in gaining profitability and competitive power and the paradigm of the resource-based approach regarding the role of intellectual capital as a strategic asset, intellectual capital is considered one of the important drivers of organizational strategy and added value. Most intellectual capital will be associated with future-oriented and innovative strategy. This research aims to investigate the effect of intellectual capital on sustainability performance reporting and business strategy of companies listed on the Tehran Stock Exchange. Methods & Material This research is a correlational research, and in terms of the purpose, the research is of an applied type, because the data of the listed companies in the past (historical) years were used; therefore, it is considered a type of post-event research. For this purpose, the data of 126 companies of the Tehran Stock Exchange in the period of 2013-2021 were selected and analyzed using multiple regression models. Finding The result of test the first hypothesis of the research shows that the coefficient of added value of intellectual capital, and the efficiency of structural, physical, and human capital have a significant positive effect on the reporting of the commercial sustainability performance of the studied companies, and among the elements of intellectual capital, the efficiency of human capital It has the highest coefficient and effectiveness. The result of test the second hypothesis of the research showed that the coefficient of intellectual capital and its two elements, i.e. structural and physical capital efficiency, have a significant positive effect on business strategy, but human capital efficiency has no effect on business strategy. It requires the creation and standardization of intellectual capital reporting in financial reports. Conclusion & Results The obtained result shows that the coefficient of intellectual capital and its elements turns knowledge into a sustainable competitive advantage and as a valuable intangible asset causes innovation in products and processes and creates an increasing quality that expresses the role of The knowledge-based economy in the changing environment and with today's advanced technology plays a role in gaining sustainable profits by acquiring new customers and innovations in the company's sustainability path and results in the creation of value and sustainable competitive advantage. Also, companies with a higher intellectual capital coefficient choose an aggressive strategy to rely on intellectual and knowledge-based abilities as a factor of superiority among competitors, to produce products with more innovations and a more differentiated quality compared to Provide competitors. Because this is the business strategy that can turn the company's intellectual capabilities and intangible capital into value, and in the meantime, intellectual capital as a source of value creation with the direction of a future-oriented strategy in earning sustainable profits. The motivation of the process of continuous improvement causes more efficiency in the use of the company's available resources. Considering that human capital, through structural capital and customer capital, turns knowledge into a sustainable competitive advantage, the need to pay attention to the structures and facilitate the business environment and training managerial and entrepreneurial skills seems necessary. Therefore, it is suggested to the policy-making and standard-setting institutions, in the direction of training to transform knowledge into a competitive advantage, to introduce procedures for registering and reporting intellectual capital as a competitive advantage, to reduce the gap between book value and market value, reliable financial reports should be provided for decision making. Also, to achieve the interests of all interested groups in society by influencing the environmental and social effects of companies, more emphasis is needed on the standardization of intellectual capital reporting as a stimulus for commercial sustainability. Investors are suggested to consider the coefficient of the added value of intellectual capital as a factor to strengthen sustainable performance and future-oriented strategy to achieve sustainable profit and also to choose stocks with a long-term perspective in earning profit. Investors are suggested to consider the added value factor of intellectual capital as an intangible asset that stimulates value creation in choosing their optimal portfolio. Corresponding author سرمایۀ فکری به‌عنوان دارایی نامشهود و نیز به سبب قابلیت یادگیری مستمر، عامل محرکی برای ایجاد مزیت رقابتی شرکت‌ها و درنتیجه، پایداری بیشتر و نگاه آینده‌نگرانه در کسب سود است و توجه به آن در کاهش شکاف ارزشی و افزایش قابلیت اتکای اقلام صورت‌های مالی راه‌گشا است. هدف این پژوهش، بررسی تأثیر سرمایۀ فکری بر گزارشگری عملکرد پایداری تجاری و استراتژی کسب‌وکار شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران است. برای این منظور داده‌های 126 شرکت بورس اوراق بهادار تهران در فاصله زمانی 1392-1400 انتخاب و با استفاده از مدل‌های رگرسیونی چندگانه تحلیل شدند. نتایج نشان دادند ضریب ارزش افزوده فکری و عناصر آن دارای تأثیر مثبتی بر گزارشگری عملکرد پایداری شرکت‌ها دارند و نیز ضریب سرمایۀ فکری و کارایی سرمایه ساختاری و فیزیکی تأثیر مثبتی بر استراتژی آینده‌نگرانه دارند؛ ولی کارایی سرمایه انسانی تأثیری بر استراتژی کسب‌وکار ندارد که در راستای شفافیت اطلاعاتی بیشتر، لزوم آگاه‌سازی و استانداردگذاری گزارش سرمایۀ فکری در گزارش‌های مالی را می‌طلبد.

https://far.ui.ac.ir/article_27094_a3a345827bde91ff0ee852b0e4ec1c91.pdf

دانشگاه اصفهان نشریه پژوهش های حسابداری مالی 2322-3405 14 2 2022 08 23 Predicting The possibility Of Restatement Financial statements using Benish Model And Improving The Model Through Logit Regression And Genetic Algorithm پیش‌بینی احتمال تجدید ارائه صورت‌های مالی با استفاده از مدل منفرد بنیش و بهبود مدل ازطریق رگرسیون لاجیت و الگوریتم ژنتیک 91 116 27259 10.22108/far.2023.135009.1920 FA ساسان مهرانی دانشیار، گروه حسابداری، دانشکده مدیریت، دانشگاه تهران، تهران، ایران اکبر رحیمی پور دانشجوی دکتری حسابداری، دانشگاه تهران، پردیس البرز، تهران، ایران Journal Article 2022 10 12 Errors are inevitable in accounting and factors such as diversity and complexity of economical subjects, workloads, exhaustion, and similar issues increase their likelihood. As well, the constant change of the economic, social, and other factors makes it vital to consider the change of the accounting principles and methods, in order to enable the adaptation of the enterprises to new conditions, since all these issues can result in the detection of manipulation of earnings in the financial statements.This subject received serious attention after the Enron Corporation scandal incurred. This research aims to prove the need for the application of the enhanced Beneish Model for credited companies listed in the Tehran Stock Exchange between the years 2009 and 2020. Target sample consists of 265 companies, which have been used to estimate and improve the Benish model using logit regression and genetic algorithm. The result shows that, according to the Confusion Matrix, among all models of detection of manipulation of earnings in financial statements, the genetic algorithm Beneish model has maintained 73.21 accuracies, which is considered the highest rate for predictability compared to the primary Beneish model and models offered with logistic regression, thus the theory of this writing is approved. Introduction From the early 1980s, financial statements became subject to disputes. Accounting and auditing, management and earning manipulations, and various forms of fraud, similar to the Enron and WorldCom scandals in the US had become the center of attention for many researchers since they all resulted in the manipulation of financial statements to show earnings. From the perspective of the users, manipulation of the financial statements is not just revealing past issues, they give a form of predictions for future problems for the enterprises and their managers. The issues could create distrust against the management's credibility and competence, as well as the credibility of the reported earnings. It is also detrimental to the credibility of the financial statements and causes the mismanagement of capital and resource distributions, creating further distrust against capital markets for people. Taking all into consideration, this research aims to create an optimal and precise model suitable for the detection of the probability of the manipulation of earnings in financial statements according to the Beneish model in Iran’s stock market. To achieve the target, the theories are presumed and tested as follows: First theory: the enhanced Beneish model with logistic regression has higher accuracy to detect the manipulation of financial statements compared to its primary model. Second theory: the enhanced Beneish model with genetic algorithm has higher accuracy to detect the manipulation of financial statements compared to its primary model. Third theory: the enhanced Beneish model with logistic regression has higher accuracy to detect the manipulation of financial statements compared to the enhanced model with logistic regression. Methods & Material Data collections are based on the library method with the application of post-event methodology. The required data are extracted from the Codal website, as well as, using the published financial statements and reports of the listed companies in the Tehran Stock Exchange between 1388 and 1399. Furthermore, Spss software, Matlab, and Phyton are used to analyze the data. Before modeling was processed, new detection models were developed based on two input data sets (training and testing). First, the data collection of the companies were divided into two groups: The data from the year 1388 to 1398 have been selected as the assessor (training) data set and the data from 1399 as the testing data set, with the aim that after finding the ultimate model based on the training data, it can also be assessed for its application for future issues, with the help of testing data. The population under this research was selected from the listed companies the Tehran Stock Exchange, among them, 265 companies were selected as samples. The manipulation of the financial statements is a dependent variable. To measure this variable, number one is dedicated to the companies that resubmitted their statements and number zero is dedicated to companies that did not resubmit their statements. As well, the independent variables are the indexes of the Beneish model (1999). Finding In table (1), the primary Beneish model (1999), submitted with other models offered with the application of logistic regression and a combination of neuro-algorithm networks to enhance the Beneish model. Table 1: the regression equation of the Beneish model with other models offered on the enhancement of the Beneish model 𝑀 − 𝑆𝑐𝑜𝑟𝑒 = −4.84 + 0.92𝐷𝑆𝑅𝐼 + 0.528𝐺𝑀𝐼 + 0.404𝐴𝑄𝐿 + 0.892𝑆𝐺𝐼 + 0.115𝐷𝐸𝑃𝐼 − 0.172𝑆𝐺𝐴𝐼 + 4.679𝑇𝐴𝑇𝐴− 0.327𝐿𝑉𝐺𝐼 Beneish primary model (1999) (LVGI) 0.250 + (TATA) 0.784 – 0.259- = S-score Logistic regression model (LVGI) 0.84 + (TATA) 0.60 – 0.46- = S-score combination of a neuro-algorithm network of neuro-algorithm networks After testing the difference of the averages with the regression test, the best ratios for the detection of the manipulation of the financial statements were selected in a step by step process. Two index ratios were selected, which included Total Accruals to Total Assets (TATA) and Leverage index (LVGI) as the final financial indexes and are chosen to enter to offer a model with the logistic regression and genetic algorithm. According to the result obtained with the use of the logistic regression, genetic algorithm, and the selected indexes of the Beneish model, the result obtained is as follows in the tabl(2): Table 2: results of the Beneish model with other models offered on the enhancement of the Beneish model Beneish primary model (1999) According to the logistic regression model According to the combination of a neuro-algorithm network of neuro-algorithm networks Cut off -1.78 -0.012 0.5 Model’s accuracy in correct detection of the manipulations by companies 70% 37.04 29.63 Model’s accuracy in correct detection of the non- manipulations by companies 25% 72.27 78.15 Model total accuracy 29.43% 68.68 73.21 Table (2) shows that, having total accuracy of 29.43 percent, the Beneish primary model detected and categorized the companies in terms of manipulation or non-manipulations. Further, the total accuracy offered by logistic regression and genetic algorithm were 68.68 and 73.21 percent. Conclusion & Results The existing research aims to offer “an optimal model for detection of the probability of the manipulation of financial statements” for Iran’s capital market. In this research, the Beneish Fraud model was tested to detect the probability of the manipulation of financial statements. In next phase, with the application of the logistic regression, as a classic method, and genetic algorithm, as Meta-Heuristic Approach, the model was assessed for the detection of the probability of manipulation of financial statements in companies that are listed in the Tehran Stock Exchange and, the best model was selected after they were compared. The result from the test data for year 2020 demonstrates that the Beneish total accuracy for detection is 29.43 percent. As well, the total accuracy of the enhanced model of logistic regression is 68.68 percent and the total accuracy in the Beneish enhanced model with genetic algorithm for the detection of the manipulation of financial statements are 73.21 percent.Therefore, the research theories are approved and, compare to other models, the Beneish enhanced model with genetic algorithm maintains the highest accuracy to detect the probability of manipulation of the financial statements. According the research’s finding, the suggestions are as follows: -Given that the statistical methods, the selected ratio and final ratios have the most capability for detecting the manipulation of financial statement, it is suggested that auditors, investors, creditors and all other users of financial statements to pay detailed attention to the referred ratio in their analysis. -Given that the Meta-Heuristic Approach (e.g. neuro network, genetic algorithm, etc.) offers higher accuracy for detecting the probability, it is suggested that researchers take this approach and model in their analysis. -Given that the manipulation of financial statements could be because of insolvency, bankruptcy, fraud, etc., therefor it is highly suggested for supervision and legal authorities, such as tax organizations, stock exchange organization, etc., to apply the models that are used in this research to assess the companies’ risks. وقوع اشتباه در حسابداری امری اجتناب ناپذیر بوده و عواملی چون تنوع و پیچیدگی موضوعات اقتصادی، حجم بالای کار، خستگی و... این احتمال را افزایش می دهد. همچنین به دلیل تغییرات مداومی که در شرایط اقتصادی ، اجتماعی و ... صورت می گیرد، ممکن است که ایجاد تغییر در اصول و روشهای حسابداری به منظور هماهنگ کردن واحد تجاری با شرایط جدید ضروری باشد که همه این موارد به تجدید ارائه صورتهای مالی منتج می شود .موضوعی که در نتیجه رسوایی های گزارشگری مانند شرکت انرون و ... بسیار مورد توجه قرار گرفته است. هدف این پژوهش ارائه مدل بسط یافته بنیش، در شرکت های پذیرفته شده در بورس اوراق بهادار تهران بین سال های 1388 تا 1399 می باشد. نمونه آماری پژوهش 265 شرکت بوده که با استفاده از رگرسیون لاجیت و الگوریتم ژنتیک به برآورد و بهبود مدل بنیش پرداخته شده است. نتایج پژوهش حاکی از این است که براساس ماتریس درهم ریختگی، در بین مدل های پیش بینی کننده تجدید ارائه صورتهای مالی، دقت و کارآیی مدل بهبود یافته بنیش با الگوریتم ژنتیک 21/73 درصد دقت پیش بینی کل داشته که دارای بالاترین قدرت پیش بینی در مقایسه با مدل اولیه بنیش و مدل ارائه شده با رگرسیون لاجیت بوده است و فرضیه های پژوهش تایید می گردد.

https://far.ui.ac.ir/article_27259_0d017e2963e39af4945b36efb5f3ad3c.pdf

دانشگاه اصفهان نشریه پژوهش های حسابداری مالی 2322-3405 14 2 2022 08 23 High Valuation, Discretionary Accruals, Governmental Ownership, Listed Companies نوع مالکیت، ارزش‌گذاری بیش از واقع و اقلام تعهدی اختیاری 117 152 27282 10.22108/far.2023.133368.1878 FA محسن تنانی استادیار گروه حسابداری، دانشکده علوم مالی، دانشگاه خوارزمی، تهران، ایران رامین کریمی ارقینی دانشجوی ارشد حسابداری ،دانشکده علوم مالی ، دانشگاه خوارزمی ، تهران ، ایران Journal Article 2022 04 24 The quality of financial reports and reported profits is very important for investors, legislators, researchers, etc. On the other hand, company managers use a variety of profit management methods to increase the stock price and maintain a high stock value. In general, some managers have enough incentives for a high valuation of the company's shares. In this way, one of the methods that can be applied to prevent the decrease in stock prices is the use of discretionary accruals. In this regard, agency costs are considered one of the determining factors of accruals in companies, and the ownership structure affects the levels of agency costs, also. Based on this, in current research, the effect of the ownership structure on the magnitude of discretionary accruals in companies with high valuations has been investigated. For this purpose, the data of 160 companies listed on the Tehran Stock Exchange during the years 2010 to 2019 have been collected. The research results show that there is a direct relationship between the high valuation of the company and the magnitude of discretionary accruals. Also, the results show that the magnitude of discretionary accruals increases in the initial periods of high valuation and decreases in the following periods. In addition, managers of state-owned companies do not have the necessary motivation to use discretionary accruals in line with the company's high valuation. In short, the results of this research help to understand the effect of the ownership structure on the reporting behavior of managers in the Iranian capital market. Introduction The quality of financial reports and reported profits is very important for investors, legislators, and researchers. The type of ownership and management resulting from it can also affect the quality of information and financial performance of companies. Company managers use a variety of profit management methods to increase the stock price and maintain its high value. This issue continues until the company's stock price exceeds its economic value, which is called high stock valuation. In fact, highly valued companies lack the ability to achieve the expected level of performance commensurate with the stock price. For this purpose, the managers of such companies turn to profit management by using bold accounting procedures to cover this weak performance. In this regard, one of the usual profit management tools is the use of discretionary accruals. Therefore, it is expected that the magnitude of discretionary accruals in companies with high stock valuation is more than in other companies. Also, in this context, Badercher concluded that the level of abnormal (optional) accruals changes with the increase of the high valuation period. In particular, to keep the stock price (value) high, managers tend to use abnormal (discretionary) accruals before using real abnormal transactions (or in other words, real profit management). Based on this, the first and second hypotheses have been formulated as follows: First hypothesis: the level of discretionary accruals of companies with high valuation is higher than other companies. Second hypothesis: in companies with a high valuation, as the valuation period lengthens (from one period to three periods), the magnitude of accruals increases at first and then decreases. On the other hand, in relation to how state ownership affects the relationship between permanent (sustainable) high valuation and the magnitude of accruals, managers of state-owned companies compared to managers of private companies, have a less monetary incentive to keep the stock price (value) high and also there has been less supervision of the CEOs in public companies. Therefore, despite the low motivation of the managers of public companies to act on profit management, weaker monitoring of such managers may increase their motivation and ability to manage profits. Based on this, the third hypothesis is as follows: The third hypothesis: the type of ownership has a significant effect on the relationship between high valuation and discretionary accruals. Conducting this research helps to understand the effect of ownership structure on the reporting behavior of managers in Iran`s capital market and also the results of this research also help to understand the role of political background in the quality of financial reporting of companies. Research Method The research is practical in terms of purpose and descriptive-correlative in terms of method. which has been done using the data of the financial statements of the companies listed on the Tehran Stock Exchange. For this purpose, the data of 160 companies listed on the Tehran Stock Exchange from 2010 to 2019 have been collected. To estimate discretionary accruals based on the performance index model of Kothari et al., the model proposed by Dicho and Dicho and modified by McNichols has been used also. In this research, if the abnormal return of the company last year is among the top decile of the sample, the number 1 is assigned to the variable HV, and otherwise it is assigned the number 0, and the P/E ratio is also used to identify overvalued companies. To test the first hypothesis of the research, a regression model was used according to the following relationship: To test the second hypothesis, the following experimental model has been used: To test the third hypothesis, the following experimental model has been used: Findings and Suggestions The results of the first hypothesis showed that the effect of different high valuation criteria on different indicators of discretionary accruals was positive and significant. The results of the second hypothesis showed that among the different periods of high valuation (from one to three periods), the effect of different criteria of high valuation in one and two periods on various indicators of discretionary accruals was positive and significant. This is despite the fact that the effect of different criteria of high valuation in three periods on various indices of discretionary accruals (except for the effect of high valuation in three periods based on the abnormal return criterion on the magnitude of discretionary accruals based on the Dicho and Dicho indices) was insignificant. Is. The results related to the weakening of the effect of the high valuation of the company (with the lengthening of the high valuation period) on the magnitude of discretionary accruals confirm that with the lengthening of the high valuation period, the cost and difficulty of managing accruals also increases. The results of the third hypothesis showed that among the different indicators of discretionary accruals as well as various criteria of high valuation, only the interactive effect of high valuation according to the criterion of abnormal return in the type of ownership on discretionary accruals according to the model of Kothari et al. was negative and significant. This is despite the fact that in relation to other regression models, the relationship between high valuation and discretionary accruals was independent of the type of ownership. Based on this, it can be concluded that the effect of ownership type on the relationship between high valuation and discretionary accruals was significant only according to Kothari et al.'s discretionary accruals model and high valuation of abnormal returns. The negative and significant effect of the interactive effect of high valuation according to the abnormal return criterion in the type of ownership on discretionary accruals according to the model of Kothari et al. is in line with this view that managers of public companies have fewer shares and stock options than managers of private companies and have less monetary incentive to generate abnormal stock returns as well as the level of discretionary accruals (earnings management). It is suggested that the users of the information of listed companies and especially financial analysts and potential shareholders in evaluating the quality of profit and potential performance of the mentioned companies (companies with high valuation) and also for future investment in the mentioned companies, due to the high risk of investing in such companies, be more careful. Considering the negative and significant effect of the interactive effect of high valuation according to the abnormal return criterion in the type of ownership on discretionary accruals according to Kothari et al.'s model, it seems that managers of public companies have a less monetary incentive to create abnormal returns as well as the level of discretionary accruals (earnings management). So; It is suggested that the companies that are responsible for ranking companies should consider their type of ownership. کیفیت گزارشات مالی و سودهای گزارش‌شده از اهمیت بسزایی برای سرمایه‌گذاران، قانون‌گذاران، محققان و غیره برخوردار است. مدیران شرکت‌ها از انواع روش‌های مدیریت سود به‌منظور افزایش قیمت سهام و حفظ ارزش زیاد سهام استفاده می‌کنند که درواقع آن را می‌توان به انگیزه‌های مدیریت سود نسبت داد. به‌طور کلی، برخی از مدیران از انگیزه‌های کافی در راستای ارزش‌گذار بیش از واقع سهام شرکت برخوردارند. در این راستا، یکی از روش‌های اعمال‌پذیر به‌منظور جلوگیری از کاهش ارزش سهام، استفاده از اقلام تعهدی اختیاری است. در این رابطه، هزینه‌های نمایندگی به‌عنوان یکی از عوامل تعیین‌کننده اقلام تعهدی در شرکت‌ها مطرح بوده و ساختار مالکیت نیز بر سطوحِ هزینه‌های نمایندگی تأثیرگذار است. بر این اساس، در پژوهش حاضر، به بررسی تأثیر ساختار مالکیت بر میزان اقلام تعهدی اختیاری در شرکت‌های با ارزش‌گذار بالا پرداخته شده است. بدین منظور، داده‌های 160 شرکت بورسی طی سال‌های 1389 تا 1398، گردآوری شدند و به‌منظور آزمون فرضیه‌ها از رگرسیون چندگانه در حالت ترکیبی / تلفیقی در نرم‌افزار ایویوز 9 استفاده شد. نتایج پژوهش نشان دادند بین ارزش‌گذار بالای شرکت و میزان اقلام تعهدی اختیاری، رابطه مستقیم وجود دارد. همچنین، نتایج نشان دادند میزان اقلام تعهدی اختیاری در دوره‌های آغازینِ ارزش‌گذار بالا، افزایش و در دوره‌های بعدی کاهش می‌یابد. افزون بر این، مدیران شرکت‌های دولتی از انگیزه لازم برای استفاده از اقلام تعهدی اختیاری در راستای ارزش‌گذار بالای شرکت برخوردار نیستند. به‌طور خلاصه، نتایج این پژوهش، در زمینه درک تأثیر ساختار مالکیت بر نحوه رفتار گزارشگری مدیران در بازار سرمایه ایران کمک می‌کند.

https://far.ui.ac.ir/article_27282_fd3570a768d7d38a121b727a785cfd86.pdf

دانشگاه اصفهان نشریه پژوهش های حسابداری مالی 2322-3405 14 2 2022 08 23 The Effect of Corporate Governance on the Firms` Financial Performance Using Meta-Analysis Approach تاثیر حاکمیت شرکتی بر عملکرد مالی شرکت‌ها با استفاده از روش فراتحلیل 153 178 27385 10.22108/far.2023.135066.1921 FA سعید فتحی دانشیار، گروه مدیریت، دانشکده علوم اداری و اقتصاد، دانشگاه اصفهان، اصفهان، ایران حمید ابوطالبی کارشناس ارشد، گروه مدیریت، دانشکده علوم اداری و اقتصاد، دانشگاه اصفهان، اصفهان، ایران Journal Article 2022 09 08 Managers can maximize shareholders' wealth by managing variables in the financial structure (such as capital structure, dividend, and investment). Using corporate governance mechanisms, shareholders try to guide managers in this direction. The sample of this research is the statistical tests in past experimental studies that experimentally tested the research hypotheses. In this research, with the meta-analysis approach (in seven stages), the influence of the aforementioned variables on corporate governance and their effect on financial performance is tested. Due to the presence of three intermediate variables, three hypotheses about the effect of corporate governance on the mentioned variables and three hypotheses about the effect of intermediate variables on financial performance, and one hypothesis on the direct effect of corporate governance on financial performance were designed and 64 studies including a total of 260 effect size (r type) that their publication dates were between 1993 and 2019 were meta-analyzed. In the groups of the sample where the effect sizes were divergent, the random effects method, and for the convergent cases, the fixed effects method was used to calculate the cumulative effect size. Based on the results, corporate governance affects financial performance, capital structure, dividends, and investment. In addition, all three variables of capital structure, dividend, and investment have a significant influence on financial performance. For each hypothesis, after determining the size of the joint effect, a robustness test has been performed and analyzed on the results. Introduction In many past studies, the impact of corporate governance on the company's financial performance has been measured directly (Che et al., 2008). It is expected that corporate governance will lead to the improvement of financial performance not directly but through the impact on some structural variables of the company. If these variables do not have a favorable impact on corporate governance or on performance, the impact of corporate governance on performance will be distorted. In this research, the effect of corporate governance on mediating variables and the effect of mediating variables on financial performance are tested with a meta-analysis approach. After meta-analyzing about 110 studies searched with the keywords of corporate governance and financial performance, the mediating variables identified are capital structure (Hussainey and Aljifri, 2012), dividend (Elmagrhi, et al. 2017), and investment (Sharma, 2012). Optimal capital structure as a structure for which the wealth of shareholders is maximized is one of the mediators of corporate governance and performance. While the dividend is one of the important factors studied by previous studies in maximizing shareholders' wealth. Opportunistic managers use the extra cash for their self-serving. With the effective implementation of corporate governance mechanisms, dividend policy works to overcome agency problems (Ogden, et al., 2003). Does corporate governance influence management actions? Do companies with different degrees of governance experience different managerial practices? Do management practices facilitate the achievement of the goal of maximizing shareholders` wealth? And in general, has the development of corporate governance directly or indirectly affected the company's financial performance? These are the questions that the authors were motivated to find answer to solve the functional paradox of corporate governance and performance. Methods & Material The meta-analysis of this research has been implemented in seven stages. In the first stage, corporate governance as an independent variable, financial performance as a dependent variable, and capital structure, dividend, and investment as intermediate variables were defined. In the second stage, three main steps, including determining keywords, determining databases, and searching for studies, were implemented. Indexing databases include Science Direct, Emerald, Google Scholar, SSRN, ResearchGate, Jstor, and Semantic Scholar and keywords include “Corporate governance, Board of directors, Board independence, Ownership, Concentration, Institutional ownership, Performance, Financial performance, ROE, ROS, ROA, Tobin’s Q, EVA, Return on equity, Return on Sales, Return on assets, Economic value added, Capital expenditure, Corporate investment, Positive NPV projects, Dividend, DPS, Capital structure, Debt ratio, and Leverage ratio”. In the third stage, after applying the conditions: 1) the subject of the research is following one of the hypotheses of this meta-analysis, 2) the information necessary to calculate the effect size is reported, and 3) the study is correlational. 64 published studies including 260 empirical tests (the sample of this research) were meta-analyzed between 1993 and 2019. In the fourth stage, general information, information related to the effect size, and information necessary for the reliability test were extracted, sorted in the form of an Excel spreadsheet, and entered into the CMA software for the next steps. In the fifth step, the effect size was calculated for each member of the sample (each test). In cases where the correlation coefficient between the independent and dependent variable has been calculated, the correlation coefficient has been recorded as the r effect size. In cases where the regression analysis method was used, the t statistic corresponding to each regression coefficient was converted into the effect size r with the following formula (Rosenthal, 2001). where “t” is the value of the test statistic, and n is the number of observations in the empirical test in the field study. In the sixth step, the cumulative effect size was calculated for each hypothesis. After testing the hypotheses using the significance of the cumulative effect size, it has been tried to check the robustness of the results by changing the research conditions. Findings In all hypotheses, the common effect size is divergent, that is, it is related to a group of different effect sizes with high deviation, and the random effects method is used for calculating the cumulative effect size. The results indicate the rejection of the null hypothesis related to all hypotheses. In other words, the effect of corporate governance on financial performance and all three mediating variables and the effect of all three mediating variables on financial performance are confirmed. Therefore, based on the meta-analysis of past studies, capital structure, dividends, and investment play a mediating role between corporate governance and financial performance. To robustness check the results, the answer to this question is considered: Does the relationship between corporate governance and financial performance change with changing the research conditions? The conditions that are the basis of the robustness check include the country's development, the corporate governance index, and the time of the study. That is, it is checked that when the tests are separated based on the development of the countries, the time of the empirical study, and the indicators of corporate governance, do the results remain the same? The robustness check results show that in developed countries the results of hypothesis 1 remain stable, but the impact of investment and dividends on financial performance is not. The time of empirical studies was categorized into three subperiods (2005-2009), (2010-2014), and (2015-2019). The direct relationship between corporate governance and financial performance and capital structure, even though it was positive and significant in the whole sample and the past, in recent years, has become insignificant. The impact of dividends and investment on financial performance and the impact of corporate governance on investment in recent years, i.e., from 2015 to 2019, has been positive and significant. In other words, these five relationships have changed from a negative state in the past years to a significant positive state in recent years. Conclusions and Results During the first hypothesis test, the existence of a positive relationship between corporate governance and financial performance and the repetition of this relationship in developing and developed countries have shown the success of shareholders in directing management and governance policies to protect their wealth. This effect on the level of financial performance indicators due to the positive and significant impact on asset return, equity return, and Q-tubin shows that the corporate governance system has been able to align the accounting and market indicators of financial performance. Since the independence of the board of directors and the audit committee has the greatest impact on financial performance (Buallay, et al., 2017; Kajola, 2008; Merendino & Melville, 2019), it is appropriate for shareholders to try to ensure that the board of directors is not empty of independent directors and that internal audit and a strong internal control system are under the supervision of independent members of the board. The positive relationship between corporate governance and capital structure, and dividends, as well as its significant relationship with financial performance (especially return on equity and return on assets) and the strengthening of both relationships in the last five years, allow this index to be one of the mediators of performance. Shareholders have managed to direct the company's financial policies to improve financial performance through corporate governance. This and the effective role of many corporate governance indicators show the effectiveness of the corporate governance system in this regard. Investment is the last mediating variable between corporate governance and financial performance. The positive relationship of this variable with corporate governance and financial performance (especially return on assets and Q-Tobin) has made it accepted as one of the mediators of these two variables in this research. It means that the shareholders have been able to control the investment policies of the management and improve the financial performance criteria through that. مدیران از طریق مدیریت برخی متغیرها در ساختار مالی بنگاه (نظیر ساختار سرمایه، تقسیم سود و سرمایه‏گذاری) می‌توانند هدف حداکثرسازی ثروت سهامداران را دنبال کنند. سهامداران با به کارگیری ابزارهای حاکمیت شرکتی، تلاش می‌کنند مدیران را به اصلاح این متغیرها در راستای حداکثر ثروت، هدایت کنند. جامعه آماری این پژوهش آزمون‌های آماری در مطالعات تجربی گذشته است که فرضیه‌های این پژوهش را به روش تجربی آزمون کرده‌اند. در این پژوهش، با رویکرد فراتحلیل (در هفت مرحله) تأثیرپذیری متغیرهای مذکور از حاکمیت شرکتی و تأثیر آن‌ها بر عملکرد مالی آزمون شده است. به دلیل وجود سه متغیر واسطه‌ای، سه فرضیه در مورد تاثیر حاکمیت شرکتی بر متغیرهای مذکور و سه فرضیه در مورد تاثیر متغیرهای واسطه‌ای بر عملکرد مالی و یک فرضیه در مورد تاثیر مستقیم حاکمیت شرکتی بر عملکرد مالی طراحی و 64 مقاله شامل مجموعاً 260 اندازه اثر (از نوع r) که تاریخ انتشار آنها بین سال‌های 1993 تا 2019 بوده فراتحلیل شد. برای محاسبه اندازه اثر در مورد طبقاتی که اندازه اثر در آن واگرا بوده است از روش اثرات تصادفی و برای طبقات با اندازه اثر همگرا، از روش اثرات ثابت استفاده شد. بر اساس نتایج به دست آمده حاکمیت شرکتی بر عملکرد مالی، ساختار سرمایه، تقسیم سود و سرمایه‏گذاری تاثیر دارد. ضمناً هر سه متغیر ساختار سرمایه، تقسیم سود و سرمایه‏گذاری بر عملکرد مالی تاثیر دارد. به ازای هر فرضیه پس از تعیین اندازه اثر مشترک، آزمون پایایی روی نتایج انجام و تحلیل شده است.

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