ORIGINAL_ARTICLE
Development of Accounting in Iranian Universities
Objective: The purpose of this study is to try to understand the emergence and development of Academic accounting in Iran and the role played by Iranian universities in this regard, as well as how to develop Academic accounting education in Iran and finally compare the development of Academic accounting teaching with countries in the region and the impact of academics and universities. The West, especially the United States of America and England, is in the field of Academic accounting in Iran.Methods: The research method of the present study is qualitative (oral history with content analysis approach), interpretive research paradigm and research method from the perspective of exploratory purpose. The method of data collection is unstructured interviews with experts who have played an important role in the emergence and development of accounting in Iranian universities. The stages of this research include compiling research questions, data collection, data encryption, writing analytical notes, recording ideas and interpreting data, writing and compiling a documentary history of the development of academic accounting in Iran.Results: The results led to the formation of a category communication network in which 30 main categories related to the development of accounting education in Iranian universities were identified and explained. Also, based on the interviews, specific answers were given to the main research questions and the development of Academic accounting education in Iran was clarified.Conclusion: Academic accounting education has undergone extensive changes in Iran since its inception until today and it can be said that modern accounting is a product of the university and this role in Iran has become more colorful since the creation of postgraduate courses. The results indicate that in general, thirty factors have played a role in shaping the current face of Academic accounting in Iran. Experts believe that Academic accounting education and research in Iran owes much to Western countries, especially the United States and the United Kingdom, and has a higher quantity and quality compared to neighboring countries in the region. Most of the interviewees are worried and dissatisfied with the state of Iran's higher education system. They believe that education in Iran does not have its real place and usually other factors and goals other than education are superior to Iran's higher education system. Therefore, according to the current situation, the quality of education in universities has gradually declined and other factors such as commercial, political, economic, etc. approach play a role and require proper management of the education system at the macro level of the country.
https://acctgrev.ut.ac.ir/article_84149_db0550e6f21124e7345be5734d9eaaef.pdf
2021-10-23
398
434
10.22059/acctgrev.2021.318223.1008509
Accounting Education
Iranian universities
Oral History
USA and countries in the region
Mahdi
Piri Sagharloo
m.piris@alumni.ut.ac.ir
1
Ph.D. Candidate, Department of Accounting, Tonekabon Branch, Islamic Azad University, Tonekabon, Iran.
AUTHOR
Arash
Tahriri
arashtahriri@ut.ac.ir
2
Assistant Prof., Department of Accounting, Faculty of Management, University of Tehran, Tehran, Iran.
LEAD_AUTHOR
Rezvan
Hejazi
hejazi33@alzahra.ac.ir
3
Prof., Department of Accounting, Faculty of Social and Economic Sciences, University of Alzahra, Tehran, Iran.
AUTHOR
آراد، حامد؛ رهنمای رودپشتی، فریدون؛ بنیمهد، بهمن؛ نیکومرام، هاشم (1398). مدرنیسم، پست مدرنیسم و تئوری حسابداری مالی. فصلنامه علمی پژوهشی دانش حسابداری و حسابرسی مدیریت، 8(32)، 1-15.
1
ابوالمعالی، خدیجه (1391). پژوهش کیفی از نظریه تا عمل (چاپ اول). نشر علم، تهران، ایران.
2
اعتمادی، حسین؛ توکلی محمدی، محمد (1384). عوامل محیطی مؤثر بر توسعه حسابداری در ایران. دو ماهنامه علمی ـ پژوهشی دانشور رفتار دانشگاه شاهد، 12(14)، 21-34.
3
اعتمادی، حسین؛ نیکخواه آزاد، علی (1377). شناسایی عوامل و موانع رشد آموزش حسابداری در ایران و ارائه برنامه کارا و کارآمد. مدرس، (6)، 102-121.
4
اقدم مزرعه، یعقوب؛ نیکومرام، هاشم؛ رهنمای رودپشتی، فریدون؛ بنی مهد، بهمن (1398). مطالعه اثر شاخصهای مختلف آزادیهای مدنی. پژوهشهای حسابداری مالی و حسابرسی، 11(43)، 27-47.
5
ایمان، محمدتقی (1394). روششناسی تحقیقات کیفی (چاپ سوم). نشر پژوهشگاه حوزه و دانشگاه، قم، ایران.
6
بازرگان، عباس (1391). مقدمهای بر روشهای پژوهش کیفی و آمیخته. رویکردهای متداول در علوم رفتاری، نشر دیدار، تهران.
7
باغومیان، رافیک؛ رحیمی باغی، علی (1390). موانع پیشرفت آموزش حسابداری در ایران. فصلنامه مطالعات تجربی حسابداری مالی، 9(32)، 49-72.
8
توکلی، فائزه (1394). ضرورت تاریخ شفاهی در تاریخ نگاری و نقش فرا زبان در مصاحبه تاریخ شفاهی. دو فصلنامه تاریخ شفاهی، 2(1)، 8-23.
9
توکلی، فائزه (1396). تاریخ شفاهی (مبانی نظری، روش شناسی) (چاپ اول). انتشارات سوره مهر (وابسته به حوزه هنری)، تهران، ایران.
10
تهامی، مرتضی (1397). نقش تاریخ شفاهی در تاریخ نگاری. دوفصلنامه تاریخ شفاهی، ۴(2)، 60-74.
11
جامعی، رضا (1397). بررسی تناسب محتوا و شیوههای آموزش حسابداری (کارشناسی ارشد) با مهارتهای مورد نیاز بازار کار: از دیدگاه دانشجویان، اساتید دانشگاه و اعضای جامعه حسابداران رسمی ایران. فصلنامه علمی پژوهشی تدریس پژوهی، 6(3)، 218-233.
12
حریری، نجلا (1396). اصول و روشهای پژوهشهای کیفی (چاپ سوم). دانشگاه آزاد اسلامی واحد علوم و تحقیقات، تهران، ایران.
13
حسابرس. (1393). مشاهیر حسابداری ایران (عزیز نبوی مؤسس مؤسسه عالی حسابداری و مولفی برجسته در دانش حسابداری). مجله حسابرس.
14
حساس یگانه، یحیی (1394). آموزش عالی حسابداری در ایران دیروز، امروز و فردا. مجله حسابدار، شماره 279. وبسایت انجمن حسابداران خبره ایران.
15
حسنآبادی، ابوالفضل (1395). جایگاه تاریخ شفاهی در تحقیقات تاریخی (ایدهها و نبایدهای تدوین در تاریخ شفاهی). تاریخ شفاهی ایران (مرکز مطالعات و تحقیقات فرهنگ و ادب پایداری)، آدرس وب سایت: http://www.oral-history.ir.
16
خواجوی، شکراله؛ نحاس، کاظم (1398). افزایش یادگیری حسابداری به وسیله نقشه مفهومی. بررسیهای حسابداری و حسابرسی، 26(3)، 392-412.
17
خوش طینت، محسن (1382). حسابداری بینالمللی: نقش و جایگاه آن. مطالعات تجربی حسابداری مالی، 1(1)، 61-84.
18
خوش طینت، محسن؛ آذین فر، کاوه (1386). گزارشگری مالی بین المللی: نظام حسابداری و گزارشگری مالی بلغارستان. حسابدار، (191)، 36- 46.
19
دیانتی دیلمی، زهرا؛ پاکزاد، عطیه (1396). بررسی درجه اثربخش بودن آموزش حسابداری در دانشگاهها و عوامل مؤثر بر آن با استفاده از کارت ارزیابی متوازن. دانش حسابداری و حسابرسی مدیریت. 6(1)، 121-141.
20
زاوله، محمدمهدی؛ عباسی، یونس (1392). تاریخ آموزش حسابداری در ایران (قبل از آموزش در دانشگاه). همایش سراسری حسابداری ایران، دانشگاه فردوسی مشهد.
21
سالارزاده امیری، نادر؛ هولستی، ال آر. (1373). تحلیل محتوا در علوم اجتماعی و انسانی. انتشارات دانشگاه علامه طباطبائی.
22
کرسول، جان (2007). پویش کیفی و طرح پژوهش، انتخاب از میان پنج رویکرد (روایت پژوهش، پدیدارشناسی، نظریهپردازی دادهبنیاد، قومنگاری، مطالعه موردی) (چاپ دوم). (دانایی فرد و کاظمی، مترجمان) تهران: انتشارات صفار اشراقی.
23
کرمی قلعه سیدی، مریم؛ صالحی، الهکرم (1397). اثرات تغییرات اجتماعی بر توسعه حسابداری. فصلنامه علمی پژوهشی حسابداری مدیریت، 11(38)، 79-92.
24
گرکز، منصور (1387). بررسی نظام حسابداری و حسابرسی در ایران باستان دوره هخامنشی. فصلنامه تخصصی فقه و تاریخ تمدن، دانشگاه آزاد اسلامی مشهد، (18)، 128- 150.
25
گزنفون (1397). کوروشنامه، (رضا مشایخی، مترجم) (چاپ نهم). انتشارات علمی فرهنگی.
26
محمدیفر، یوسف؛ محمدیفر، یعقوب (1385). نگاهی بر شیوههای کنترل حساب و نظارت مالی در عصر باستان. مجله دانشکده علوم اداری و اقتصاد دانشگاه اصفهان، 18(3)، 139-159.
27
مشایخی، بیتا؛ شفیعپور، سید مجتبی (1391). عنوان بررسی کارایی نظام آموزشی رشته حسابداری در سطح دانشگاههای ایران با استفاده از تکنیک تحلیل پوششی دادهها. بررسیهای حسابداری و حسابرسی، 19(67)، 119-142.
28
مؤمنی راد، علی اکبر؛ علیآبادی، خدیجه؛ فردانش، هاشم؛ مزینی، ناصر (1392). تحلیل محتوای کیفی در آیین پژوهش: ماهیت، مراحل و اعتبار نتایج. فصلنامه اندازهگیری تربیتی، (14)، 187-222.
29
نمازی، محمد؛ تاک، فاطمه (1392). واکاوی الواح گلی استحکامات تخت جمشید با تمرکز بر شیوة حسابداری و دفترداری. بررسیهای حسابداری و حسابرسی، 2 (4)، 113-134.
30
نورائی، مرتضی؛ دهقان نیری، لقمان؛ابوالحسنی ترقی، مهدی (1389). مقایسه تحلیلی سنت شفاهی با تاریخ شفاهی. پژوهشهای تاریخی، 2(4)، 35-52.
31
نیکبخت، محمدرضا؛ رضایی، ذبیح الله؛ منتی، وحید (1396). طراحی مدل کیفیت حسابرسی داخلی. دانش حسابرسی، 17(69)، 5-57.
32
هرودت (1363). تاریخ هرودت. (وحید مازندرانی، مترجم) (چاپ سوم). تهران: مرکز انتشارات علمی و فرهنگی وابسته به وزارت فرهنگ و آموزش عالی.
33
References
34
Abolmaalee, Kh. (2012). Qualitive research from theory to practice (first edition), Science Publishing, Tehran. (in Persian)
35
Achalapathi, K.V. & Janakiram, M. (2016). Accounting education in india: A comparative analysis. Indian Journal of Accounting (IJA), 48(2), 1-6.
36
Aditor (2014). Iranian accounting celebrities (Aziz Nabavi Founder of the Higher Institute of Accounting and a prominent author in accounting knowledge), Aditor Journal.
37
(in Persian)
38
Albrecht, W. S., Sack, R. J. (2000). Accounting Education: Charting the Course through a Perilous Future. Sarasota, Florida: American Accounting Association.
39
Alsharari, N.M. (2017). The development of accounting education and practice in an environment of socio-economic transformation in the Middle East: The case of Jordan, International Journal of Educational Management, 31(6), 736-751.
40
Arad, H., Rahnamayeh Rodposhti, F., Banimahd, B., Nikomaram, H., (2019). Modernism, postmodernism and financial accounting theory. Journal of Management Accounting and Auditing Knowledge, 32, 1-15. (in Persian)
41
Ayhan, S. & Soslas, C. (2008). The Historical Evolution of accounting in china: the effects of culture. Journal of accounting and finance, pp: 1-34.
42
Azinfar, K. & Khoshtinat, M. (2007). Bulgarian financial accounting and reporting system, Accountant Magazine, 191, 36-46. (in Persian)
43
Baghomian, R. & Rahimi Baghi, A. (2011). Obstacles to the development of accounting education in Iran. Quarterly Journal of Experimental Studies in Financial Accounting, 32, 49-72. (in Persian)
44
Bazarghan, A. (2012). Introduction to qualitative and mixed research methods- Common approaches in behavioral sciences. Didar Publication, Tehran. (in Persian)
45
Clark, A. (2010). Talking About History: A Case for Oral Historiography. Public History Review, 17, 62–76.
46
Collison, D., Ferguson, J., Lorna Stevenson, L., Power, D. (2018). The development of accounting in UK universities: An oral history. Special Issue: Histories of Accounting Education, 23(1-2), 117– 137.
47
Corbin, J. & Strauss, A. (2008). Basics of Qualitative reseatechiniques and procedures for developing Grounded Theory (3th edition).
48
Creswell, J. W. (2007). Qualitative inquiry and research design: choosing among five approaches. (Danaeefard, H. and Kazemi, H, Trans.). (2th ed.). Safar Eshraghi Publishers. (in Persian)
49
Davies, P. & Delvin, R. (2006). Disciplines and the Outcomes of Learning in Social Science Education. Journal of Social Science Education, 5(2), 25-47.
50
Diyanati Deylami, Z. & Pakzad, A. (2017). Assessing the degree of effectiveness of accounting education in universities and the factors affecting it using a balanced assessment card. Management accounting and auditing knowledge. 6(1),121-141. (in Persian)
51
Eghdam Mazraeh, Y., Nikomaram, H., Rahnamayeh Rodposhti, F. & Banimahd, B. (2019). Civil Liberties and Accounting Development. Financial accounting and auditing research, 11(43), 27-47. (in Persian)
52
Elbayoumi, A. F., Awadallah, E. A., Basuony, M. A. K. (2019). Development of accounting and auditing in egypt: origin, growth, practice and influential factors. Journal of Developing Areas, 53(2), 204-220.
53
Etemadi, H., Nikkhah Azad, A. (1998). Identify the factors and obstacles to the growth of accounting education in Iran and provide an efficient and effective program, Educator, 6, 102-121. (in Persian)
54
Etemadi, H., Tavakoli Mohammadi, M. (2005). Environmental factors affecting the development of accounting in Iran. Bi-monthly scientific and research journal of Daneshvar Behavior of Shahed University, 12(14), 21-34. (in Persian)
55
Ghezanphoon (2018). Cyrus Letter, Translated by Reza Mashayekhi. Scientific and cultural publications (Ninth edition). (in Persian)
56
Ghorkez, M. (2008). Study of accounting and auditing system in ancient Iran of the Achaemenid period. Specialized chapter of jurisprudence and history of civilization, 18, 128-150. (in Persian)
57
Hariri, N. (2017). Principles and methods of qualitative research (3th ed.). Islamic Azad University. (in Persian)
58
Hasanabadi, A. (2016). The place of oral history in historical research (ideas and should not be compiled in oral history). Oral History of Iran (Sustainability Culture and Literature Studies and Research Center), website address: http://www.oral-history.ir. (in Persian)
59
Hassas Yeganeh, Y. (2015). Higher accounting education in Iran yesterday, today and tomorrow. Accountant Magazine, Volume 279. http://www.oral-history.ir (in Persian)
60
Herodet (1984). History of Herodotus. (Vahid Mazandarani, Trans.). (3th ed.) Scientific and cultural publishing center affiliated with the Ministry of Culture and Higher Education. Tehran. (in Persian)
61
Holesti, L.R. & Salarzadh Amiri, N. (1994). Content analysis in social sciences and humanities. Allameh Tabatabai University Press. (in Persian)
62
Iman, M. T. (2015). Methodology of Qualitative Researches (3th ed.). Publication of the seminary and university research institute, Qom. (in Persian)
63
Jamei, R. (2018). Investigating the Appropriateness of the Content and Methods of Accounting Education (MA) with the Labor Market Required Skills: From the Perspective of Accounting PhD Students, University Professors and Members of the Iranian Society of CPAs. Journal of Research in Teaching, 6(3), 218-233. (in Persian)
64
Karami Galeh Seyedi, M., Salehi, A.K. (2018). The effects of social change on accounting development. Journal of Management Accounting, 1(1), 92-97. (in Persian)
65
Khajavi, Sh. & Nahas, K. (2019). Increasing Accounting Learning Through Concept Map. Accounting and Auditing Reviews, 26(3), 394-412. (in Persian)
66
Khoshtinat, M. (2003). International Accounting: Its role and position. Empirical Studies in Financial Accounting, 1(1), 61-84. (in Persian)
67
Loncoln, Y.S. & Guba, E. G. (1985). Naturalistic inquiry. Thousand Oaks, CA, Sage Pub.
68
Mashayekhi, B. & Mashayekh, Sh. (2008). Development of accounting in Iran. The International Journal of Accounting, 43(1), 66-86.
69
Mashayekhi, B. & ShafiPoor, S. M. (2012). Investigation of Accounting Education System Efficiency in Iranian Universities. Accounting and Auditing Reviews, 19(67), 119-142.
70
(in Persian)
71
Mohammadifar, Y. & Mohammadifar, Y. (2006). A look at the methods of account control and financial supervision in ancient times. Journal of the Faculty of Administrative Sciences and Economics, 18(3), 139-159. (in Persian)
72
Momenirad, A. A., Aliabadi, Kh., Fardanesh, H., Mazini, N. (2013). Qualitative content analysis in the research procedure: nature, stages and validity of the results. Quarterly Journal of Educational Measurement, 14, 187-222. (in Persian)
73
Namazi, M. & Taak, F. (2014). Analyzing Persepolis Fortification Tablets with Focusing on Accounting and Bookkeeping Methods. Accounting and Auditing Reviews, 2(4), 113-134. (in Persian)
74
Nikbakht, M., Rezaee, Z., Menati, V. (2018). Design of internal audit quality model .Journal of Audit Science, 17(69), 5-57. (in Persian)
75
Noraee, M., Dehghan Niri, L., Abolhasani Taraghi, M. (2010).Analytical comparison of oral tradition with oral history. Historical research, 2(4), 35-52. (in Persian)
76
Ritchie, D. (2003). Doing Oral History (2th ed.). Oxford university press.
77
Tahami, M. (2018). The role of oral history in historiography. Quarterly Journal of Oral History, 4(2), 60-74. (in Persian)
78
Tavakoli, F. (2015). The necessity of oral history in historiography and the role of multilingualism In an oral history interview. Biannual Journal of Oral History Research. 2(1), 23-8. (in Persian)
79
Tavakoli, F. (2017). Oral history (Theoretical foundations, methodology). Soureh Mehr Publications (Affiliated with the art department). First Edition, Tehran. (in Persian)
80
Thompson, P. (1988). The Voice of the Past, Oral History. New Edition, Oxford New York, Oxford University Press.
81
Ullah, M. & Khan, NU. (2018). Perception of University Graduates about Accounting Education in Pakistan. The Journal of Humanities and Social Sciences, 26(2), 31-50.
82
Urbancic, F. R. (2009). Individual and Institutional Contributors to Research in Accounting Education. The Accounting Educators’ Journal, 19, 21–44.
83
Zavleh, M.M. & Abbasi, Y. (2013). History of accounting education in Iran (Before teaching at university). Iran National Accounting Conference. Mashhad Ferdowsi University.
84
(in Persian)
85
ORIGINAL_ARTICLE
Developing the Qualitative Model of the Factors Affecting the Accounting Information Quality Pricing in Iran
Objective: The aims of this study is to propose an appropriate model for identifying and classifying the factors affecting the pricing of the accounting information quality in Iran, further provide strategies for improving the contribution of the accounting information into the Iranian capital market.
Methods: In this research, thematic analysis method was applied on the data collected through interviews, as research instrument. For this purpose, 17 semi-structured interviews were performed with experts and authorities in the field of the capital market. The research method was validated in the coding, analysis, and modeling stages to ensure the quality of the research results.
Results: A total of 21 factors affecting the quality assessment of financial reports by investors were identified. Moreover, based on the roles of the different constituents of the capital market, some solutions were proposed for improving the state of the accounting information quality pricing in Iran. Finally, the findings were presented in the form of a qualitative model.
Conclusion: In the process of obtaining information for economic decision-making, the contribution of each investor to accounting reports depends on their investment goal, level of financial knowledge, and percentage of. The micro investors who consider long-term horizons for purchasing the stocks based on a relatively good deal of financial knowledge are expected to price the quality of accounting information under the effect of various factors. Mainly four groups of factors were found to affect the pricing of accounting information quality, including the capital market conditions, political and economic circumstances of the country, special characteristics of the entity, and behavioral attitudes of the investors. As the main elements of the capital market, the legislators, financial reporting practitioners, and investors can take steps, as proposed in the form of solutions in this research, toward improving the state of pricing the accounting information quality in Iran
https://acctgrev.ut.ac.ir/article_84151_ed586183e1d080616da371951c6b05c2.pdf
2021-10-23
435
459
10.22059/acctgrev.2020.303615.1008380
Pricing the Quality of Accounting Information
Accounting information quality
Thematic analysis
Economic conditions
Behavioral Biases of Investors
Zahra
Teymoori
zahra_teymoori@ase.ui.ac.ir
1
Ph.D. Candidate, Department of Accounting, Faculty of Economics and Administrative Sciences, University of Isfahan, Esfahan, Iran.
AUTHOR
Seyyed Abbas
Hashemi
a.hashemi2@yahoo.com
2
Associate Prof., Department of Accounting, Faculty of Economics and Administrative Sciences, University of Isfahan, Esfahan. Iran.
LEAD_AUTHOR
Hadi
Amiri
h.amiri@ase.ui.ac.ir
3
Assistant Prof., Department of Economics, Faculty of Economics and Administrative Sciences, University of Isfahan, Isfahan, Iran
AUTHOR
ابراهیمی، ابراهیم؛ مهرانی، کاوه؛ نظری، محسن (1399). نقش رقابتپذیری در قیمتگذاری ناقرینگی و کیفیت اطلاعات حسابداری. فصلنامه پژوهشهای تجربی حسابداری، 9(35)، 179-202.
1
افلاطونی، عباس؛ بختیاروند، امین امیر (1395). تأثیر کیفیت گزارشگری مالی و کیفیت افشا بر هزینه سرمایه: رویکرد متغیرهای ابزاری. فصلنامه حسابداری مالی، 31(1)، 30-50.
2
امیرآزاد، میرحافظ؛ برادران حسنزاده، رسول؛ محمدی، احمد؛ تقیزاده، هوشنگ (1397). الگوی مفهومی عوامل مؤثر بر کیفیت گزارشگری مالی در ایران به روش نظریهپردازی زمینهبنیان. فصلنامه پژوهشهای حسابداری مالی، 38(4)، 21-42.
3
بهنامپور، محمود؛ ایزدینیا، ناصر؛ صفاری، بابک (1398). ارتباط بین کیفیت اطلاعات مالی و ارزش شرکت با تأکید بر کنترل نوسانپذیری عملیاتی. فصلنامه راهبرد مدیریت مالی، 7(27)، 65-87.
4
پورحیدری، امید؛ باقری، ندا (1391). ارتباط بین کیفیت اطلاعات مالی و هزینه سرمایه سهام عادی. فصلنامه راهبرد مدیریت مالی، 1(1)، 35-53.
5
حریری، نجلا (1385). اصول و روش های پژوهش کیفی. تهران: انتشارات دانشگاه آزاد اسلامی.
6
رساییان، امیر؛ حسینی، وحید (1387). رابطه کیفیت اقلام تعهدی و هزینه سرمایه در ایران. بررسیهای حسابداری و حسابرسی، 15(4)، 67-82.
7
رشیدی باغی، محسن (1398). نقش کیفیت حسابرسی و کیفیت اطلاعات حسابداری در تغییر قیمتگذاری عدم تقارن اطلاعاتی. فصلنامه دانش حسابداری مالی، 6(3)، 167-187.
8
عبده تبریزی، حسین (1385). اقتصاد سیاسی خصوصی سازی نهادهای مالی. مجله روند اقتصادی، 16(1)، 14-24.
9
کرمی، غلامرضا؛ تاجیک، کامران (1394). تدوین مدل گزارشگری حسابداری تورمی در ایران. بررسیهای حسابداری و حسابرسی، 22(1)، 105-124.
10
میرزایی، خلیل (1395). کیفی پژوهی: پژوهش، پژوهشگری و پژوهشنامهنویسی. تهران: نشر فوژان.
11
ولیزاده لاریجانی، اعظم؛ بهبهانینیا، پریسا سادات (1397). مدلسازی عوامل حسابداری و غیرحسابداری مؤثر بر ثروت سهامداران: برآورد و اعتبارسنجی. فصلنامه پژوهشهای تجربی حسابداری، 7(4)، 181-216.
12
References
13
Abdoh Tabrizi, H. (2006). Political Economy Privatization of Financial Institutions. Journal of Economic Process, 16(1), 14-21. (in Persian)
14
Abeysekera, I. (2003). Political economy of accounting in intellectual capital reporting, The European Journal of Management and Public Policy, 2(1), 65-79.
15
Aflatooni, A. and A. Bakhtiarvand. (2016). TheEeffect of Financial Reporting Quality and Disclosure Quality on Cost of Capital: Approach to Instrumental Variables. Quarterly Financial Accounting, 31(1), 30-50. (in Persian)
16
Amirazad, M., Baradaran Hasanzadeh, R., Mohammadi, A. &Taghizadeh, H. (2019). Moleling the Factors Affecting Financial Reporting Quality using Grounded Theory in Iran, Journal of Financial Accounting Research, 4(38), 21-42. (in Persian)
17
Armstrong, C.S., Core, J.E., Taylor, D. J. and Verrecchia, R.E. (2011). When does information asymmetry affect the cost of capital? Journal of Accounting Research, 49(1),1–40.
18
Barth, M.E., Li, K. and McClure, Ch. (2019). Evolution in Value Relevance of Accounting Information. Stanford University Graduate School of Business Research Paper. Working paper No.3512, 17-24.
19
Behnampour, M., Izadinia, N., Saffari, B. (2019). The Relationship between Accounting Information Quality and Firm Value with an Emphasis on controlling operating volatility. Journal of Financial Management Strategy, 7(7), 65-87. (in Persian)
20
Biddle, G. C., Hilary, G. and Verdi, R. S. (2009). How does financial reporting quality improve investment efficiency? Journal of Accounting and Economics, 48(2), 112-131.
21
Blankspoor, E., Dehaan, E., Wertz, J. & Zhu, C. (2019). Why Do Individual Investors Disregard Accounting Information? The Roles of Information Awareness and Acquisition Costs. Journal of Accounting Research, 57(1), 53-84.
22
Bodie, Z., Kane, A. & Marcus, J. (2009) Investments. Boston, Mass; London: McGraw-Hill.
23
Caskey, J. A. (2009). Information in equity markets with ambiguity-averse investors. Review of Financial Studies, 22(1), 3595–3627.
24
Cohen, D. A. (2008). Does information risk really matter? An analysis of the determinants and economic consequences of financial reporting quality. Asia-Pacific Journal of Accounting and Economics, 15(2), 69-90.
25
Core, J. E., Guay, W. R. & Verdi, R. (2008). Is Accruals Quality a Priced Risk Factor? Journal of Accounting and Economics, 46(1), 2–22.
26
Cornell, B., Landsman, W. R. &, Stubben, S. (2017). Accounting Information, Investor Sentiment, and Market Pricing. Journal of Law, Finance, and Accounting. 2(2), 325-345.
27
Easley, D., and O’Hara, M. (2004). Information and the Cost of Capital. The Journal of Finance, 59 (4), 1553-1583.
28
Easton, P. McAnally, M.L., Sommers, G. & Zhang, X.J. (2018). Financial Statement Analysis & Valuation, 5th Edittion. United States of America: Cambridge Business Publisher.
29
Ebrahimi, E., Mehrani, K., Nazari, M. (2018). Competitiveness and Pricing of Accounting Information Asymmetry and Quality. Journal of Empirical Research in Accounting, 9(35), 179-202. (in Persian)
30
Francis, J., LaFond, R., Olsson, P. and Schipper, K. (2005). The market pricing of accruals quality. Journal of Accounting and Economics, 9(2), 295-327.
31
Ghio, A. & Verona, R. (2020). The Evolution of Corporate Disclosure: Insights on Traditional and Modern Corporate Communication. Cham: Springer International Publishing.
32
Gray, P., Koh, P.Sh., & Yen, T. H. (2009). Accruals quality, information risk and cost of capital: evidence from Australia. Journal of Business Finance & Accounting, 36(1), 51-72.
33
Guest, G. Bunce, A. and Johnson, L. (2006). How Many Interviews Are Enough? : An Experiment with Data Saturation and Variability, Field Methods, 18(1), 59-82.
34
Hariri, N. (2016). Priciples and Methods of Qualitative Research. Azad University Press.
35
(in Persian)
36
Karami, G.H. & Tajik, K. (2015). Presenting a Model for Inflation Accounting in Iran. Accounting and Auditing Review, 22(1), 105-124. (in Persian)
37
Khoufi, N. (2020). Accounting Information Quality and Investment Decisions in the Emerging Markets. Frontiers in Management and Business, 1(1), 16-23.
38
Kim, D., Qi, Y. (2010). Accruals Quality, Stock Returns, and Macroeconomic Conditions. The Accounting Review, 85(1), 937–978.
39
Layle, M.R. (2019). Information Quality, Growth Options, and Average Future Stock Returns. Accounting Review, 4(1), 271-298.
40
Lincoln, Y.S. and Guba, E.G. (1985). Naturalistic Inquiry. Sage.
41
Mirzaei, KH. (2016). Qualitative Researching, Research, Researching and Writing. Fozhan Press. (in Persian)
42
Pourheidari, O. & Bagheri, N. (2012). Financial Information Quality on Liquidity Risk and Cost of Equity. Financial management strategy, 1(1), 35-53. (in Persian)
43
Rasaiian, A. & Hoseini, V. (2008). The Relationship between Accruals Quality and Cost of Capital in Iran. Accounting and Auditing Review, 15(4), 67-82. (in Persian)
44
Rashidi Baghi, M. (2019). The Role of Audit Quality and the Quality of Accounting Information in Changing the Information Asymmetry Pricing. Journal of Financial Accounting Knowledge, 6(3), 167-187. (in Persian)
45
Valizadeh Larijani, A. & Behbahaniniya, P.S. (2018). Modeling of Accounting and Nonaccounting Items Affecting Shareholders, Wealth: Prediction and Validation. Journal of Empirical Research in Accounting, 7(4), 181-216. (in Persian)
46
Veltri, S. & Silvestri, A. (2020). The Value relevance of Corporate Financial and Nonfinancial Information Provided by the Integrated Report: A Systematic Review. Journal of Business Strategy and the Environment, 29(8), 3038-3054.
47
Westerholm, M. (2011). On the Pricing Effect of Earning Quality. Unpublished Masters Thesis Report, Aalto University, School of Economics. available at www.aaltouniversity.com
48
Xing, X. and Yan, Sh. (2019). Accounting information quality and systematic risk. Review of Quantitative Finance and Accounting, 52(1), 85-103.
49
ORIGINAL_ARTICLE
The Effect of the Winner's Curse Phenomenon in Low Balling on the Auditor's Effort in Performing the Audit Tasks Using Game Theory
Objective: Low balling is one of the major challenges of the auditing profession. Low balling can be unintentional (the phenomenon of the winning curse) or consciously as intentional behavior to enjoy future benefits. The present study focuses on the winner's curse phenomenon. The purpose of this study is to investigate the effect of the winner’s curse phenomenon in low balling on the auditor's efforts in performing the audit tasks.
Methods: This study done using laboratory method and game theory. 115 people participated in the games in year 2020 using the sampling method of available sample from the statistical population of accounting students of Shahid Bahonar University of Kerman. The first game is in the simple conditions of the audit market and the second game is an audit market with complex conditions that theoretically include important features of the audit services market. These games were programmed in Z-Tree software. At the time of data collection, due to the specific conditions of Covid-19 disease and the Impossibility of attendance of participants in the laboratory, from the virtual method was used. In this way, using Oracle VM Virtual Box, FileZilla Client and Zunleashed software, links were sent to the participants and they entered the lab space without the need for any special software and just by clicking on these links.
Results: The results showed that auditors in both markets, on average, offer prices less than the Risk Neutral Nash Equilibrium. These results are evidence of the existence of the winner's curse phenomenon in the market of auditing services. In addition, the number and extent of this phenomenon in complex conditions of the audit market is greater than the simple conditions of the audit market. Also this study shows auditors who face unexpected losses from the winner’s curse are looking for an opportunity to recoup loss, and therefore, they decide to reduce their efforts to perform audit tasks. Plus, the present study aimed to compare the theory of expected utility and mental accounting showed that mental accounting can be a correct explanation for the behavior of auditors when face the winner's curse phenomenon. The results also showed, the auditors whose under performance was identified and were fined for it, less likely to reduce their efforts in subsequent periods. Auditors, whose underperformance was not identified and who were not fined, are more likely to reduce their efforts in subsequent periods.
Conclusion: The results showed that uncertainty in the cost of the audit leads to low-balling due to the occurrence of the winner's curse phenomenon and this source of low-balling threatens the quality of the audit. But when auditors experience penalties for low quality in previous periods, the quality of the audit improves.
https://acctgrev.ut.ac.ir/article_84153_fedc67add34642ba090ecba179e3dbfc.pdf
2021-10-23
460
486
10.22059/acctgrev.2021.317347.1008501
Auditing services market
Low balling
Game theory
Winner’s curse
Tabandeh
Salehi
s.tsalehi@rose.shirazu.ac.ir
1
Ph.D. Candidate, Department of Accounting, Faculty of Economics, Management and Social Sciences, Shiraz University, Shiraz, Iran.
AUTHOR
Amin
Nazemi
anazemi@rose.shirazu.ac.ir
2
Assistant Prof., Department of Accounting, Faculty of Economics, Management and Social Sciences, Shiraz University, Shiraz, Iran.
LEAD_AUTHOR
جعفرینسب کرمانی، ندا؛ ملانظری، مهناز؛ رحمانی، علی (1398). چالشها و فرصتهای تغییر گزارش حسابرس در ایران. بررسیهای حسابداری و حسابرسی، 26(3)، 370-348.
1
خواجوی، شکراله؛ حلاج، محمد؛ گنجی، کیانوش (1395). کاربرد نظریه چشمانداز در محیط غیرآزمایشگاهی. دانش سرمایهگذاری، 5 (20)، 204-187.
2
سرلک، نرگس؛ جودکی چگنی، زهرا؛ حیدری سورشجانی، زهرا (1399). رابطه تخفیف حقالزحمه حسابرسی با خطای حسابرسی و کیفیت سود در وضعیت رکود اقتصادی. بررسیهای حسابداری و حسابرسی، 27(3)، 380-360.
3
صهبای قرقی، المیرا؛ لاری دشت بیاض، محمود؛ فکور ثقیه، امیرمحمد (1398). گزارش حسابرس و حقالزحمه حسابرسی: نقش راهبردهای کسبوکار. بررسیهای حسابداری و حسابرسی، 26 (4)، 517-543.
4
مرادی، محمد؛ یحیائی، منیره (1399). تدوین الگوی انتخاب حسابرس مستقل در ایران. بررسیهای حسابداری و حسابرسی، 27(2)، 287-258.
5
مران جوری، مهدی؛ وکیلی فرد، حمیدرضا؛ پورزمانی، زهرا؛ سید محمدرضا، رئیس زاده (1397). آزمون رفتار حسابرسان در برقراری توازن بین وظایف ذاتی حسابرسی و فعالیتهای بازاریابی. دانش حسابداری و حسابرسی مدیریت، 7(28)، 28-15.
6
ملانظری، مهناز؛ اسماعیلی کیا, غریبه (1393). شناسایی ویژگیهای روانشناختی اثرگذار بر مهارت حسابرسان در انجام قضاوتهای حسابرسی. بررسیهای حسابداری و حسابرسی، 21(4)، 526-505.
7
مهدیزاده، زهرا؛ حصارزاده، رضا؛ لاری دشت بیاض، محمود (1398). آزمون تجربی نظریههای رقیب قیمتگذاری در حسابرسی نخستین: شواهدی از نحوه تأثیر برخی عوامل محیطی. پژوهشهای حسابداری مالی و حسابرسی، (42)11، 121-93.
8
References
9
Ahmed, O, M., El-adaway, I, H., Asce, M., Coatney, T., & Eid, M. (2016). Construction Bidding and the Winner’s Curse. Journal of Construction Engineering and Management, 142 (2), 1-9.
10
Andreff, W. (2014). The Winner’s Curse in Sports Economics. Contemporary Research in Sports Economics, 14, 177–205.
11
Behrend, J, M., Khan, S., Ko, Y., & Park, J, S. (2020), Abnormal Audit Fees and Audit Quality: Evidence of Korean Audit Market. Journal of International Accounting Research, Article In Press.
12
Beswick, P. (2013). Remarks at the AICPA 2013 Conference on Current SEC and PCAOB Developments Chief Accountant. Office of the Chief Accountant US Securities and Exchange Commission. Available in: https://www.sec.gov/news/speech/2013-spch121113pb.
13
Blankley, A., MacGregor, J., & Mowchan, J, M. (2020). Bidding on New Audit Clients: Avoiding the Winner’s Curse. Business Horizons, Article In Press.
14
Blay, A., Gooden, E., Mellon, M., & Stevens, D. (2019). Can Social Norm Activation Improve Audit Quality? Evidence of an Experimental Audit Market. Journal of Business Ethics, 156, 513-530.
15
Bloomfield, R., & Luft, J. (2006). Responsibility for Cost Management Hinders Learning to Avoid the Winner’s Curse. The Accounting Review, 81(1), 29-47.
16
Bowlin, K., Hobson, J., & Piercey, D. (2015). The Effects of Auditor Rotation, Professional Skepticism, Interactions with Managers on Audit Quality. The Accounting Review, 90(4), 1363-1393.
17
Capen, E, C., Clapp, R, V., & Campbell, W, M. (1971). Competitive Bidding in High-Risk Situations. Journal of Petroleum Technology, 23, 641–653.
18
Carson, E. & Fargher, N. (2007). Note on audit fee premiums to client size and industry specialization. Accounting & Finance, 47(3), 423–446.
19
Charles, A, H., & Sherman, R. (2014). Risk Aversion and the Winner’s Curse. Southern Economic Journal, 81(1), 7–22
20
Chen, L., Krishnan, G., Yu, W. (2018). The relation between audit fee cuts during the global financial crisis and earnings quality and audit quality. Advances in Accounting, 43(C), 14-31.
21
DeAngelo, L, E. (1981). Auditor Independence, Low balling and Disclosure Regulation. Journal of Accounting and Economics, 3, 113-127.
22
Dennis, L., Kao, L., & Chen, A. (2010). Winner’s Curse in Initial Public Offering Subscriptions with Investors’ Withdrawal Options. Journal of Asia- Pacific Financial Studies, 39(1), 3-27.
23
Dopuch, N., & King, R. (1996). The Effects of Lowballing on Audit Quality: An Experimental Markets Study. Journal of Accounting, Auditing and Finance, 11(1), 45-68.
24
Duc, L, D, M., Yen, H., Thuy, V, N., Tien, N, H., & Anh, D, B, H. (2019). Enhancing Auditors’ Independence in Auditing Enterprises in Vietnam. Cogent Economics & Finance, (7)1, 1-20.
25
Duch, L, M., Grossmann, P, R, M., & Lauer, T. (2020). Z-Tree unleashed: A Novel Client-Integrating Architecture for Conducting Z-Tree Experiments over the Internet. Journal of Behavioral and Experimental Finance, 28, 1-9.
26
Eshleman, J, D., & Lawson, B, P. (2017). Audit Market Structure and Audit Pricing. Accounting Horizons, 31(1), 57-81.
27
Ettredge, M., Li, C., & Emeigh, E. (2014). Fee pressure and audit quality. Accounting, Organizations and Society, 39, 247–263.
28
Feuillet, A., Scelles, N., & Durand, C. (2019). A Winner’s Curse in the Bidding Process for Broadcasting Rights in Football? Sport in Society, 22(7), 1198-1224.
29
Fiestras, M, G., García, I., Meca, A., & Mosquera, M, A. (2011). Cooperative Game Theory and Inventory management. European Journal of Operational Research, 210(3), 459-466.
30
Fischbacher, U. (2007). Z-Tree: Zurich Toolbox for Ready-Made Economic Experiments. Experimental Economics, 10(2), 171-178.
31
Garbarino, E., & Slonim, R. (2007). Preferences and Decision Errors in the Winner’s Curse. Journal of Risk and Uncertainty, 34(3), 241–257.
32
Geiger, M., & Raghunandan, K. (2002). Auditor Tenure and Audit Reporting Failures. Auditing: A Journal of Practice and Theory, 21(1), 67-78.
33
Glater, J. (2002). Audit firms await fallout and windfall. The New York times, March 14.
34
Gordon, J, A., Baptista, A, M., & Yan, S. (2020). Portfolio Selection with Mental Accounts: An Equilibrium Model with Endogenous Risk Aversion. Journal of Banking & Finance, 110(3), 1-18.
35
Grosskopf, B., Bereby, M, Y., & Bazerman, M. (2007). On the Robustness of the Winner’s Curse Phenomenon. Theory and Decision, 63, 389–418.
36
Ho, P., & Hsu, Y. (2014). Bid Compensation Theory and Strategies for Projects to Heterogeneous Bidders: Game Theoretic Analysis. Journal of Management in Engineering, 30(5), 1-14.
37
Hobson, L, J., Marley, R., Mellon, J, M., & Stevens, D. (2015). The Presence and Effect of the Winner's Curse in the Market for Audit Services. http://ssrn.com/abstract=2599227
38
Hobson, L, J., Marley, R., Mellon, J, M., & Stevens, D. (2019). The Presence and Effect of the Winner's Curse in the Market for Audit Services. Behavioral Research in Accounting, 31(2), 73-91.
39
Hoitas, R., Markelevich, A & Barragato, C. A. (2007). Auditor fees and audit quality. Managerial Auditing Journal, 22, 761-786.
40
Huang, T, C., Chang, H., & Chiou, J, R. (2016). Audit Market Concentration, Audit Fees, and Audit Quality: Evidence from China. Auditing: A Journal of Practice & Theory, 35(2), 121-145.
41
Jafari Nasab Kermani, N., Molanazari, M., & rahmani, A. (2019). Challenges and Opportunities of Changing the Auditor Report in Iran. Accounting and Auditing Review, 26(3), 348-370. (In Persian)
42
Kelley, H, H., & Stahelski, J, A. (1970). Social Interaction Basisfor Cooperators' and Competitors' Beliefs A bout others. Journal of Personality and Social Psychology, 16(1), 66-91.
43
Kent, P., Munro, L., & Ambling, T. (2006). Psychological Characteristics Contributing to Expertise in Audit Judgment. International Journal of Auditing, 10(2), 125–141.
44
Khajavai, Sh., Hallaj, M., & GanjiIranian, K. (2016). Prospect Theory Use in Non-Laboratory Environment. Iranian Journal of Investment Knowledge, 5(20), 187-204. (In Persian)
45
Klemperer, P. (2004). Auctions: Theory and Practice. Princeton University Press: Princeton, NJ.
46
Kraub, P., Quosigk, B, M., & Zülch, H. (2014). Effects of Initial Audit Fee Discounts on Audit Quality: Evidence from Germany. International Journal of Auditing, 18(1), 40-56.
47
Kuntadi, C. (2020). The Effect of Lowballing on Auditor Independence and Audit Opinion. Research Journal of Finance and Accounting, 11(4), 42-51.
48
Libby, R., Bloomfield, R., & Nelson, M. (2002). Experimental Research in Financial Accounting. Accounting, Organizations and Society, 27 (November), 775-810.
49
Maranjory, M., Vakilifard, H., Poorzamani, Z., & Raiiszadeh, M. (2018). Test of Auditors Behavior in Making Balance between the inherent Tasks of Auditing and Marketing Activity. Journal of Management Accounting and Auditing Knowledge, 7(28), 15-28. (In Persian)
50
Mayhew, B., & Pike, J. (2004). Does Investor Selection of Auditors Enhance Auditor Independence? The Accounting Review, 79(3), 797-822.
51
Mehdizadeh, Z., Hesarzadeh, R., & Lari Dasht Bayaz, M. (2019). Empirical Test of Competitive Pricing Theories in Auditing First: Evidence on the Impact of Some Environmental Factors. Financial Accounting and Auditing Research, (42) 11, 93-121. (In Persian)
52
MohammadRezaei, F. & Saleh, M, N. (2017). Auditor Switching and Audit Fee Discounting: The Iranian Experience. Asian Review of Accounting, 25(3), 335-360.
53
Molanzari, M., & Ismaili Kia, Gh. (2015). Psychological Characteristics Contributing to Expertise in Audit Judgment. Accounting and Auditing Reviews, 21 (4), 526-505. (In Persian)
54
Moradi, M., & Yahyaei, M. (2020). Develop a Model for Selecting an Independent Auditor in Iran. Accounting and Auditing Review, 27(2), 258-287. (In Persian)
55
Moser, J. (2019). Hypothetical Thinking and the Winner’s Curse: An Experimental Investigation. Theory and Decision, 87(1), 17–56.
56
Mukherjee, A., & Wang, F, S, L. (2011). The Winner Curse and Social Inefficiency: Double Whammy of R&D Tournament. Journal of Technology Management & Innovation, 6(4), 73-79.
57
Myerson, R, B. (1991). Game theory: Analysis of conflict. Harvard University Press, Cambridge.
58
Nash, J. (1950). The bargaining problem. Econometrica, 18(2), 155–162.
59
Newton, N, J., Persellin, J, S., Wang, D., & Michael, S, W. (2016). Internal Control Opinion Shopping and Audit Market Competition. The Accounting Review, 91(2), 603-623.
60
Owusu-Ansah, S., Leventis, S., & Caramanis, C. (2010). The Pricing of Statutory Audit Services in Greece. Accounting Forum, 34(2), 139–152.
61
Peel, M, j. (2013). The Pricing of Initial Audit Engagements By Big 4 and Leading Mid-Tier Auditors. Accounting & Business Research, 43(6), 636-659.
62
Sahbay Ghorghi, E., Lari Dashtebayazi, M., Fakoor Saghih, A. (2020). Auditor Reporting and Audit Fees: The role of Business Strategies. Accounting and Auditing Review, 26(4), 517-543. (In Persian)
63
Sarlak, N., Joudaki Chegeni, Z., Heidari Surshjani, Z. (2020). The Relationship between Audit Fee Discount and Audit Error and Earnings Quality in Times of Recession. Accounting and Auditing Review, 27(3), 360-380. (In Persian)
64
Schatzberg, J, W., Sevcik, G, R., Shapiro, P., Thorne, L., & Wallace, O. (2005). A Reexamination of Behavior in Experimental Audit Markets. Contemporary Accounting Research, 22(1), 229-264.
65
Schatzberg, J. (1990). A laboratory market investigation of low balling in audit pricing. The Accounting Review, 65(2), 337-362.
66
Schatzberg, J. (1994). A New Examination of Auditor Low Ball Pricing: Theoretical Model and Experimental Evidence. Auditing: A Journal of Practice and Theory, 13(Supplement), 33-55.
67
Schatzberg, J., & Sevcik, G. (1994). A Multiperiod Model and Experimental Evidence of Independence and Lowballing. Contemporary Accounting Research, 11(1), 137-174.
68
Scott, N, B., Ghosh, A., & Hogan, E, C. (2017). Audit Fee Differential, Audit Effort, and Litigation Risk: An Examination of ADR Firms. Contemporary Accounting Research, 34(1), 83-117
69
Scott, W, R. (2008). Financial Accounting Theory, Prentice Hall Edition.
70
Stanley, J, D., Brandon, D, M., & McMillan, J, J. (2015). Does Lowballing Impair Audit Quality? Evidence from Client Accruals Surrounding Analyst Forecasts. Journal of Accounting & Public Policy, 34(6), 625-645.
71
Tepalagul, N., & Lin, L. (2015). Auditor Independence and Audit Quality: A Literature Review. Journal of Accounting, Auditing & Finance, 30(1), 101-121.
72
Thaler, R, H., & Johnson, E. (1990). Gambling with the House Money and Trying to Break Even: The Effects of Prior Outcomes in Risky Choice. Management Science, 36(6), 643-660.
73
Thaler, R. (1985). Mental Accounting and Consumer Choice. Marketing Science, 4(3), 199-214.
74
Thaler, R. (1988). Anomalies: Winner Curse. Journal of Economic Perspectives, 2(1), 191–202.
75
Thorndike, E. )1913(. Educational Psychology, Vol. II., Columbia University, New York.
76
Van Lange, P, A, M., Agnew, C, R., Harinck, F., & Steemers, G, E, M. (1997). From Game Theory to Real Life. Journal of Personality and Social Psychology, 73(6), 1330-1344.
77
Varaiya, P, N., & Ferris, R, K. (1987). Overpaying in Corporate Takeovers: The Winner’s Curse. Financial Analysts Journal, 43(3), 64-70,
78
Wild, A. (2010). Fee Cutting and Fee Premium of German Auditors. Business Administration Review, 70(6), 513-527.
79
Wilson, R. (1977). A Bidding Model of Perfect Competition. Review of Economic Studies, 44(3), 511-518.
80
Zeytoon Nejad, A., Hammond, R., & Goodwin, K, B. (2020). Risk Aversion over Price Variability: Experimental Evidence. Applied Economics Letters, 27(21), 1739-1745.
81
ORIGINAL_ARTICLE
An Investigation on the Effect of the Bank Opacity on the Regulatory Forbearance
Objective: One of the recent debates in the banking system is whether the bank opacity is an optimal approach or not. On one side, the bank opacity is known as an important factor to banking crisis as it prevents users to better analyze the banks. On the other hand, the bank transparency as the opposite side of bank opacity may end in spreading financial crisis as it causes depositors to run to withdraw their deposits (bank runs). Bank regulators are responsible to monitor banks and making decisions regarding troubled banks. Regulators may decide to forbear instead of corrective actions for many reasons. Regulatory forbearance provides the troubled bank with the opportunity to recover and prevents costly intervention of regulators. However, some researches shows that the regulatory forbearance may let the troubled bank take more risk and ends with an increase in the cost of intervention. Forbearance is the most common practice of regulators especially in financial crisis during which limiting the loss of depositors' and creditors' confidence is one of the core purposes. Also, if the troubles of a bank get disclosed to outsiders, the regulator will be under pressure to close the banks. This study has implications for the debate of bank opacity and its role in bank regulators' policy selection.
Methods: To test the hypotheses, the OLS regression model is used for panel data analysis. Bank opacity is measured via 2 more popular methods used in recent researches. In addition, to control for confounding effects of different years, we added dummy variables to the regression models. The data obtained from the financial statements of 20 commercial banks from 2014 to 2020.
Results: Results show that the banking system suffers from crisis during the period of investigation and the bank opacity has a positive relation with regulatory forbearance. Furthermore, the results show that opacity is more important for forbearance when (1) regulators’ incentives are greater (as measured by bank connectedness) and (2) outsiders’ incentives to monitor are stronger (as measured by the proportion of nondepository debtholders). In addition, results indicate that bank opacity has negative relation with the probability of failing during a crisis.
Conclusion: The findings indicate that the opacity enables regulators to forbear and contribute to the debate regarding bank opacity being optimal or not. This study furthers our understanding of the role of accounting in helping bank regulators to better define approaches they can take during a financial crisis. These results suggest that bank opacity can be desirable during a crisis period.
https://acctgrev.ut.ac.ir/article_84154_9445c5a1d8bcaf9bdc78c84dd2759d92.pdf
2021-10-23
487
506
10.22059/acctgrev.2021.324265.1008560
Bank opacity
Banking crisis
Regulatory forbearance
Sasan
Mehrani
smehrani@ut.ac.ir
1
Associate Prof., Department of Accounting, Faculty of Management, University of Tehran, Tehran, Iran.
LEAD_AUTHOR
Faezeh
Mohammadi Oroojeh
faezeh.mohammadi@ut.ac.ir
2
Ph.D. Candidate, Department of Accounting, Alborz Campus, University of Tehran, Tehran, Iran.
AUTHOR
افلاطونی، عباس (1397). اقتصاد سنجی در پژوهشهای مالی و حسابداری با نرم افزار ایویوز. تهران: انتشارات ترمه.
1
تقی نتاج، غلامحسن؛ بحری ثالث، جمال؛ قادری، قدرت (1397). تأثیر کیفیت حاکمیت شرکتی بر عملکرد مالی بانکها با تأکید بر نقش تعدیلکنندگی کیفیت افشا. فصلنامه مطالعات مالی و بانکداری اسلامی، 4(1)، 127- 151.
2
تهرانفر، حمید؛ قلی بگلو، محمدرضا (1393). ساختار، فرایند و رویههای نظارتی نهادهای ناظر بر بانکها و مؤسسات اعتباری. بیستوچهارمین همایش سالانه سیاستهای پولی و ارزی، تهران، خرداد 1393.
3
روحانی، سیدعلی؛ پرهیزکاری، سیدعباس (1396). نظارت مؤثر بر بانکهاو اقتدار مقام ناظر بانکی در ایران. بیستوهفتمین همایش سالانه سیاستهای پولی و ارزی، تهران، تیر 1396.
4
صفرزاده، محمدحسین؛ جعفری منش، ابراهیم (1398). نقش کیفیت ذخیره مطالبات مشکوکالوصول بانکهای ایرانی در مواجهه با بحرانهای سیستم بانکی. بررسیهای حسابداری و حسابرسی، 26(3)، 435- 455.
5
کرمی، غلامرضا؛ صدیقی، فریده (1394). سطح افشا و عوامل تعیینکنندة آن در بانکها با تأکید بر سازوکارهای راهبری شرکتی و محوریت اسلامی. تحقیقات مالی، 17(2)، 357- 376.
6
مشیری، سعید؛ نادعلی، محمد (1392). شناسایی عوامل مؤثر در بروز بحران بانکی در اقتصاد ایران. فصلنامه پژوهشنامه اقتصادی، 13(48)، 1-27.
7
References
8
Acharya, V. V., Philippon, T., Richardson, M. & Roubini, N. (2009). A bird's-eye view: the financial crisis of 2007-2009: causes and remedies. Hoboken, N.J.: JohnWiley & Sons.
9
Aflatooni, A. (2019). Econometrics in finance and accounting researches using Eviews. Tehran, Termeh publications. (in Persian)
10
Ahamed, M. M., & Mallick, S. (2017). Does regulatory forbearance matter for bank stability? Evidence from creditors’ perspective. Journal of Financial Stability, 28(C), 163-180.
11
Allen, F., & Gale, D. (2000). Financial contagion. Journal of Political Economy, 108 (1), 1-33.
12
Allen, L., & Saunders, A. (2004). Incorporating systemic influences into risk measurements: A survey of the literature. Journal of Financial Services Research, 26, 161–191.
13
Bank for International Settlements. (2012). 82nd Annual Report. Available from http://www.bis.org/publ/arpdf/ar2012e.pdf.
14
Bank for International Settlements. (2015). The interplay of accounting and regulation and its impact on bank behavior: literature review. Working paper.
15
Beatty, A., & Liao, S. (2011). Do delays in expected loss recognition affect banks’ willingness to lend? Journal of Accounting & Economics, 52 (1), 1-20.
16
Beatty, A., & Liao, S. (2014). Financial accounting in the banking industry: A review of the empirical literature. Journal of Accounting and Economics, 58(2), 339-383.
17
Boot, A. W. A., & Thakor, A. V. (1993). Self-interested bank regulation. American Economic Review, 83 (2), 206-212.
18
Brinkmann, E. J., Horvitz, P. M., & Ying-Lin, H. (1996). Forbearance: An empirical analysis. Journal of Financial Services Research, 10 (1), 27-41.
19
Brown, C. O., & Dinç, I. S. (2005). The politics of bank failures: evidence from emerging markets. Quarterly Journal of Economics, 120 (4), 1413-1444.
20
Brown, C. O., & Dinç, I. S. (2011). Too many to fail? Evidence of regulatory forbearance when the banking sector is weak. Review of Financial Studies, 24 (4), 1378-1405.
21
Bushman, R. M., & Williams, C. D. (2012). Accounting discretion, loan loss provisioning, and discipline of banks’ risk-taking. Journal of Accounting Economics, 54 (1), 1-18.
22
Bushman, R. M., Hendricks, B. E., & Williams, C. D. (2016). Bank competition: measurement, decision‐making, and risk‐taking. Journal of Accounting Research, 54 (3), 777-826.
23
Bushman, R., & Landsman, W. R. (2010). The pros and cons of regulating corporate reporting: A critical review of the arguments. Accounting Business Research, 40 (3), 259-273.
24
Chen, Y., & Hasan, I. (2006). The transparency of the banking system and the efficiency of information-based bank runs. Journal of Financial Intermediation, 15(3), 307-331.
25
Cole, R. A., & White, L. J. (2017). When time is not on our side: The costs of regulatory forbearance in the closure of insolvent banks. Journal of Banking Finance, 80(C), 235-249.
26
Dang, T. V., Gorton, G., Holmstrom, B., & Ordoñez, G. (2013). Banks as secret keepers. Working paper. Columbia University, Yale University, MIT, University of Pennsylvania, and NBER.
27
Flannery, M. J., Kwan, S. H., & Nimalendran, M. (2013). The 2007–2009 financial crisis and bank opaqueness. Journal of Financial Intermediation, 22(1), 55-84.
28
Freixas, X., & Laux, C. (2012). Disclosure, transparency, and market discipline. In Dewatripont, M and X Freixas (eds), The crisis aftermath: New regulatory paradigms, London: Centre for Economic Policy Research.
29
Gallemore, J. (2013). Does Bank Opacity Enable Regulatory Forbearance? Working paper, Chicago Booth.
30
Gorton, G. (2013). The development of opacity in U.S. banking. Working paper. Yale University.
31
Huizinga, H., & Laeven, L. (2012). Bank valuation and accounting discretion during a financial crisis. Journal of Financial Economics, 106(3), 614-634.
32
International Monetary Fund and the World Bank. (2009). An Overview of the Legal, Institutional, and Regulatory Framework for Bank Insolvency, the Staffs of the International Monetary Fund and the World Bank For the IMF, approved by Sean Hagan and Christopher Towe.
33
International Monetary Fund. (2014). Islamic Republic of Iran: Staff Report for the 2014 Article IV Consultation.
34
John, K., & Mehran, H., & Qian, Y. (2007). Regulation, subordinated debt, and incentive features of CEO compensation in the banking industry. Staff Reports 308, Federal Reserve Bank of New York.
35
Jungherr, J. (2018). Bank opacity and financial crises. Journal of Banking & Finance, 97(C), 157-176.
36
Kane, E. J. (1990). Principal-agent problems in S&L salvage. Journal of Finance, 45 (3), 755–764.
37
Karami, G., & Sedighi, F. (2015). Disclosure level and its determinants in Banks with emphasis on corporate governance mechanisms and Islamic centrality. Financial Research Journal, 17(2), 357-376. (in Persian)
38
Kocherlakota, N. R., & Shim, I. (2007). Forbearance and prompt corrective action. Journal of Money, Credit and Banking, 39(5), 1107-1129.
39
Lu, W., & Whidbee, D. A. (2012). U.S. bank structure, fragility, bailout, and failure during the U.S. financial crisis. Working paper. Washington State University.
40
Mishkin, F. S. (2000). Prudential supervision: Why is it important and what are the issues? Working paper. National Bureau of Economic Research.
41
Morgan, D. (2002). Rating banks: risk and uncertainty in an opaque industry. The American Economic Review, 92(4), 874-888.
42
Morrison, A. D., & White, L. (2013). Reputational contagion and optimal regulatory forbearance. Journal of Financial Economics, 110 (3), 642-658.
43
Moshiri, S., & Nadali, M. (2013). The determinants of banking crises in Iranian economy. Journal of Economic Research, 13 (48), 1-27. (in Persian)
44
Office of the Comptroller of the Currency. (2001). An Examiner's Guide to Problem Bank Identification, Rehabilitation, and Resolution.
45
Parlatore, C. (2015). Transparency and Bank Runs. Microeconomics: Asymmetric & Private Information eJournal.
46
Rochet, J. C. (2005). Prudential policy. Monetary and Economic Studies, 23 (1), 93-119.
47
Rohani, S. A., & Parhizkari, S. A. (2017). Effective supervision and the power of banking regulator in Iran. The 27th Annual Conference on Monetary and Exchange Rate Policy. Tehran. (in Persian)
48
Safarzadeh, M.H., & Jafarimanesh, I. (2019). The Role of Iranian Banks’ Loan Loss Provision Quality in Dealing with Banking System Crisis. Accounting and Auditing Review, 26(3), 435-455. (in Persian)
49
Santomero, A. M., & Hoffman, P. (1998). Problem bank resolution: Evaluating the options. Working paper. Wharton Financial Institutions Center.
50
Siritto, C. P. (2013). Transparency and bank runs. Working paper. University of Pennsylvania.
51
Taghi Nataj, G., Bahri Sales, J., & Ghaderi, G. (2019). The impact of corporate governance quality on the financial performance of banks with emphasis on the moderating role of disclosure quality. Quarterly Journal of Islamic Finance and Banking Studies, 4 (1), 127-151. (in Persian)
52
Tehranfar, H., & Gholibeglu, M. R. (2014). Structure, process and supervisory procedures on banking regulator. The 24th Annual Conference on Monetary and Exchange Rate Policy. Tehran. (in Persian)
53
Wheelock, D. C., & Wilson, P. W. (2000). Why do banks disappear? The determinants of U.S. bank failures and acquisitions. Review of Economics & Statistics, 82 (1), 127-138.
54
ORIGINAL_ARTICLE
Investigating the Effect of Effective Tax Rate and Quality of Corporate Governance on Tax Evasion and Tax Corruption
Objective: This study investigated the effect of effective tax rates and the quality of corporate governance on tax evasion and corruption by using financial variables.Methods: Multiple regression model was used to examine research hypothesis .Data was selected by referring to the financial statements and explanatory notes of the companies listed on Tehran stock exchange, and a sample containing 1600 year - company entries for the period between 2003 to 2018 were selected. Data were analyzed by using Excel and Eviews software.Results: There is a significant positive relationship between the effective tax rate and tax evasion and corruption of companies listed on the stock exchange, but by adding the quality of corporate governance variable to the above relationships, no significant effect on the relationships between the effective tax rate and tax evasion and corruption was found.Conclusion: The findings of the research can be explained from two dimensions. The first dimension is the negative effect of corporate governance quality on tax evasion and corruption, and the second dimension is the lack of effect of corporate governance quality on the relationship between effective tax rate and tax evasion and corruption. Given the fact that corporate governance quality is not fully developed in Iran and its current mechanisms and structures have not yet been implemented in a standard and comprehensive manner, its effect will reduce. Also, the size of the company based on the theory of political power, sales growth according to theory of tax effect, and the rate of return on assets because of affecting the performance of companies, have a positive effect on tax evasion. Changes in tangible fixed assets due to the difference between accounting profit and profit based on calculating higher or lower taxes (depending on tax laws and accounting applicable to property, machinery and equipment) also have a positive effect on tax evasion, while tangible fixed assets have a negative effect on tax evasion. Besides, fluctuations in sales and rate of return on assets positively affected tax corruption, while sales growth, the ratio of market value to stock book, and the age of the company, based on life cycle theory, negatively affect tax corruption.
https://acctgrev.ut.ac.ir/article_84156_e9921fac2a61f55d77233439b9a843c6.pdf
2021-10-23
507
532
10.22059/acctgrev.2021.313990.1008470
Effective Tax Rate
Quality of corporate governance
tax evasion
Tax corruption
Ali
Namazian
namazianali2010@gmail.com
1
Ph.D. Candidate, Department of Accounting, Kerman Branch, Islamic Azad University, Kerman, Iran.
AUTHOR
Omid
Pourheidari
opourheidari@uk.ac.ir
2
Prof., Department of Accounting, Faculty of Management and Economics, Shahid Bahonar University of Kerman, Kerman, Iran.
LEAD_AUTHOR
Hadis
Zeinali
hadisazeinali@gmail.com
3
Assistant Prof., Department of Accounting, Kerman Branch, Islamic Azad University, Kerman, Iran.
AUTHOR
اخگر، محمد امید؛ جلوزان، ثریا (1394). بررسی اثر هموارسازی سود بر ریسک غیر سیستماتیک شرکتهای پذیرفته شده در بورس اوراق بهادار تهران. مجله دانش حسابداری، 6 (20)، 123- 145.
1
باباجانی، جعفر؛ عبدی، مجید (1389). رابطه حاکمیت شرکتی و سود مشمول مالیات شرکتها. پژوهشهای حسابداری مالی، 2(3)، 65- 86.
2
پورحیدری، امید؛ فدوی، محمدحسن؛ امینی نیا، میثم (1393). بررسی تأثیر اجتناب از پرداخت مالیات بر شفافیت گزارشگری مالی شرکتهای پذیرفته شده در بورس اوراق بهادار تهران. پژوهشنامه اقتصادی، 14 (52)، 69- 85.
3
حساس یگانه، یحیی؛ آذین فر، کاوه (1389). رابطه بین کیفیت حسابرسی و اندازه مؤسسه حسابرسی. بررسیهای حسابداری و حسابرسی، 17 (61)، 83- 96.
4
حساس یگانه، یحیی؛ گل محمدی شورکی، مجتبی (1390). رابطه بین نرخ مؤثر مالیات و ویژگیهای شرکتها. پژوهشنامه مالیات، 12 (60)، 239- 263.
5
خواجوی، شکراله؛ کیامهر، محمد (1394). بررسی رابطه بین کیفیت حسابرسی و اجتناب مالیاتی در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران. پژوهشنامه مالیات، 26 (74)، 87- 108.
6
رضایی، فرزین؛ عظیمی، آزاد (1394) رابطه ساز و کارهای حاکمیت شرکتی و مدیریت مالیاتی در شرکتها. پژوهشنامه مالیات، 23(25)، 157-179.
7
ستایش، محمدحسین؛ کاظم نژاد، مصطفی؛ ذوالفقاری، مهدی (1390). بررسی تأثیر کیفیت افشا بر نقدشوندگی سهام و هزینه سرمایه شرکتهای پذیرفته شده در بورس اوراق بهادار تهران. پژوهشهای حسابداری مالی، 3 (3)، 55-74.
8
شیبانی تذرجی، عباس؛ خدامی پور، احمد؛ پورحیدری، امید (1397). بررسی تأثیر تمرکز مشتری براجتناب مالیاتی با درنظر گرفتن سهم بازار شرکت. بررسیهای حسابداری و حسابرسی، 25 (2)، 215 - 232.
9
طالب نیا، قدرت اله؛ رجب دری، حسین؛ دهقان، فاطمه (1396). بررسی تأثیر چرخۀ عمر بر اجتناب مالیاتی شرکتها. پژوهشنامه اقتصاد و کسبو کار، 8 (16)، 53- 68.
10
کردستانی، غلامرضا؛ مرتضوی، سید مرتضی (1391). بررسی تأثیر تصمیمات سنجیده مدیران بر چسبندگی هزینهها. بررسیهای حسابداری و حسابرسی، 19 (67)، 73- 90.
11
گلستانی، شهرام؛ دلدار، مصطفی؛ سیدی، سید جلال؛ جعفری شورچه، سید حبیب (1393). رابطه نرخ مؤثر مالیاتی با سیاست تقسیم سود و بازده سهام در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران. پژوهشها و سیاستهای اقتصادی، 22 (70)، 181-204.
12
لیلی پور، کامران (1388). بررسی ارتباط بین نسبتهای اهرمی و شاخصهای بهره وری. دانش مالی تحلیل اوراق بهادار، 2 (4)، 131-146.
13
منصورفر، غلامرضا؛ غیور، فرزاد؛ عباسی مولان، بهزاد (1397). رابطه بین مالیات جسورانه و اهرم مالی در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران. پژوهشنامه مالیات، 26 (37)، 173- 197.
14
مهرانی، ساسان؛ سیدی، سید جلال (1393). بررسی رابطه بین اجتناب مالیاتی و اختلاف مالیاتی در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران. تحقیقات حسابداری و حسابرسی، 6 (24)، 50- 57.
15
مهرانی، کاوه؛ صفرزاده، محمدحسین (1390). تبیین ارتباط بین حاکمیت شرکتی و کیفیت سود با رویکرد بومی. مجله دانش حسابداری، 2 (7)، 69- 98.
16
نمازی، محمد؛ صادق زاده مهارلوئی، محمد (1396). پیشبینی فرار مالیاتی با استفاده از الگوریتمهای دادهکاوی درخت تصمیم. حسابداری مالی، ۹ (۳۶)، 76- 101.
17
نمازی، محمد؛ کرمانی، احسان (1387). تأثیر ساختار مالکیت بر عملکرد شرکتهای پذیرفته شده در بورس اوراق بهادار تهران. بررسیهای حسابداری و حسابرسی، 15 (4)، 83- 100.
18
نوروزی، عزیزاله؛ رستمی، ولی؛ شکرچی زاده، محسن (1397). موانع حقوقی مقابله با فساد مالیاتی. تحقیقات حقوق خصوصی و کیفری، 14 (3)، 11- 28.
19
واعظ، سید علی؛ رمضان احمدی، محمد؛ رشیدی باغی، محسن (1393). تأثیر کیفیت حسابرسی بر حقالزحمه حسابرسی شرکتها. دانش حسابداری مالی، 1 (1)، 87- 107.
20
References
21
Akhgar, M. O., Jelvezan, S. (2015). Effect of income smoothing on unsystematic risks of companies listed in Tehran Stock Exchange. Journal of Accounting Knowledge, 6(20), 123-145. (in Persian)
22
Allingham, M. G., Sandmo, A. (1972). Income tax evasion: a theoretical analysis. Journal of Public Economics, 1(3), 323-338.
23
Ammann, M., Oesch, D., Schmid, M. M. (2013). Product market competition, corporate governance, and firm value: evidence from the EU Area. European Financial Management, 19(3), 452-469.
24
Armstrong, C. S., Blouin, J. L., Larcker, D. F. (2012). The incentives for tax planning. Journal of Accounting and Economics, 53(1), 391-411.
25
Babajani, J., Abdi, M. (2010). Relationship between corporate governance and enterprises taxable profit. Journal of Financial Accounting Research, 2(3), 65-86. (in Persian)
26
Barth, M., Kasznik, R. (1999). Share repurchases and intangible assets. Journal of Accounting and Economics, 28, 211-241.
27
Cebula, R. J., Saadatmand, Y. (2005). Income tax evasion determinants: New evidence. Journal of American Academy of Business, 7(2), 124-127.
28
Célimène, F., Dufrénot, G., Mophou, G., N'Guérékata, G. (2016). Tax evasion, tax corruption and stochastic growth. Economic Modelling, 52, 251-258.
29
Christopoulos, D. K. (2003). Does underground economy respond symmetrically to tax changes? Evidence from Greece. Economic Modeling, 20(3), 563-570.
30
Desai, M., Dyck, A., Zingales, L. (2003). Corporate governance and taxation, In American Law & Economics Association Annual Meetings, 75.
31
Dyreng, S. D., Hanlon, M., Maydew, E. L., Thornock, J. R. (2017). Changes in corporate effective tax rates over the past 25 years. Journal of Financial Economics, 124(3), 441-463.
32
Golestani, S., Deldar, M., Seyedi, S. J., Jafari shoorche, S. H. (2014). The relation of the effective tax rate with dividend policy and the future stock return in listed companies in Tehran Stock Exchange. Journal of Economic Research and Policies, 22(70), 181-204. (in Persian)
33
Hassas Yeganeh, H., Azinfar, K. (2010). Relationship between audit quality and auditor size. Accounting and Auditing Review, 17(3), 85-98. (in Persian)
34
Hassas Yeganeh, H. Golmohammadi Shourki, M. (2012). The relationship between the effective tax rates and the companies' characteristics. Tax journal, 19(12), 239-264. (in Persian)
35
Karlinger, L. (2009). The underground economy in the late 1990s: Evading taxes, or evading competition? World Development, 37(10), 600-1611.
36
Khajavi, S., Kiamehr, M. (2015). The relation study of auditing quality and tax avoidance in listed companies of Tehran stock Exchange. Tax journal, 23(26), 87-108. (in Persian)
37
Kordestani, G., Mortazavi, S. M. (2012). The impact of managers’ deliberate decisions on costs’ stickiness. Accounting and Auditing Review, 19(67), 73-90. (in Persian)
38
Leilipoor, K. (2010). An Examination of relationship between solvency ratios with productivity indexes. Financial Knowledge of Securities Anaiysis, 2(4), 131-146. (in Persian)
39
Mahenthiran, S., Kasipillai, J. (2012). Influence of ownership structure and corporate governance on effective tax rates and tax planning: Malaysian evidence. Australian Tax Forum, 27(4), 941-969.
40
MansourFar, G.H., Ghayour, F., Abbasi Molan, F. (2018). The relationship between tax aggressiveness and financial leverage of companies listed in Tehran Stock Exchange. Tax journal, 26 (37), 173-197. (in Persian)
41
Mehrani, K., Safarzadeh, M.H. (2012). Explaining the relationship between corporate governance and earnings quality in Iran. Journal of Accounting Knowledge, 2(7), 69-98. (in Persian)
42
Mehrani, S., Seyedi, S. J. (2015). Survey relation between tax avoidance and tax difference in listed companies in Tehran Stock Exchange. Journal of Accounting and Auditing Researches, 6(24), 50-75. (in Persian)
43
Mulyadi, M. (2015). Corporate governance earnings management and tax management. Procedia - Social and Behavioral Sciences, 177, 363–366.
44
Myers, J.N., Myers. L.N., Omer, T.C. (2003). Exploring the term of the auditor client relationship and the quality of earnings: A case for mandatory auditor rotation? The Accounting Review, 78(3), 779-800.
45
Nallareddy, S., Rouen, E., Carlos Suurez Serrato, J. (2018). DO corporate tax cuts increase income inequality? NBER Working Paper, NO, 24598.
46
Namazi, M., Kermani, E. (2009). Investigating the effects of ownership structure on the performance of the companies accepted in the Tehran Stock Exchange. Accounting and Auditing Review, 15(4), 83-100. (in Persian)
47
Namazi, M., Sadeghzadeh Maharluie, M. (2018). Predicting tax evasion by decision tree algorithms. Journal of Financial Accounting, 9(36), 76-101. (in Persian)
48
Norouzi, A., Rostami, V., Shekarchizadeh, M. (2018). Legal barriers to combating tax corruption. Private and criminal law research, 14(3), 11-28. (in Persian)
49
Pourheidari, O., Fadavi, M. H., Amini-nia, M. (2014). An investigation on the effect of tax avoidance on the transparency of financial reporting firms listed in Tehran Stock Exchange. Journal of Economic Research, 14(52), 69-85. (in Persian)
50
Rezaei, F., Azimi, A. (2015). The relationship between corporate governance mechanisms and firms’ tax management. Tax journal, 23(25), 157-179. (in Persian)
51
Salamon, L. M., Siegfried, J. J. (1977). Economic power and political influence: The impact of industry structure on public policy. American Political Science Review, 71(3), 1026-1043.
52
Samadi, A., Nasirabadi, S. (2019). Monitoring expenditures on tax collection and tax evasion: The case of Iran. Iranian Economic Review, 23(1), 149-161.
53
Setayesh, M. H., Kazemnejad, M., Zolfaghari, M. (2011). Investigating the effects of disclosure quality on stock liquidity and cost of capital of the companies listed in Tehran Stock Exchange. Financial Accounting Researches, 3(3), 55-74. (in Persian)
54
Sheybani Tezerji, A., Khodamipour, A., Pourheidari, O. (2018). Investigating the effect of customer concentration on tax avoidance, considering firm's market share. Accounting and Auditing Review, 25(2), 215-232. (in Persian)
55
Smith, A. (2015). The wealth of nations: A translation into modern English. Industrial Systems Research Publisher.
56
Taleb Nia, G. A., Rajabdorri, H., Dehghan, F. (2017). A review of the effect of the life cycle on tax avoidance of firms. Journal of Economics and Business Research, 8(16), 53-68.
57
(in Persian).
58
Vaez, S. A., Ramazan Ahmadi, M., Rashidi Baghi, M. (2014). The effect of audit fees on audit quality in companies listed in Stock Exchange. Journal of Financial Accounting Knowledge, 1(1), 87-107. (in Persian)
59
Watts, R. L., Zimmerman, J. L. (1986). Positive Accounting Theory. Prentice-Hall, Englewood Cliffs, N.
60
ORIGINAL_ARTICLE
Exploratory Factor Analysis of the Challenges and Obstacles of the Implementing IFRS in Iran
Objective: This study was conducted to investigate the exploratory factor analysis of the challenges and obstacles of the implementing IFRS in Iran from the point of view of CFOs of the listed companies, banks and insurance companies.
Methods: The research method is descriptive and exploratory. The data of this study was collected from 127 people as the sample. The data collection tool was a 52-questions Non-standard questionnaire. The initial reliability of the questionnaire was 93% by Cronbach's alpha method. After distributing, collecting and analyzing the questionnaire data by exploratory factor analytical method, obstacles were extracted.
Results: To evaluate the sampling adequacy, the sampling adequacy index is 0.717 and the value of Chi-square statistic for Bartlett test is 4165.46, which can say that doing exploratory factor analysis is reasonable. After confirming this hypothesis, factor analysis was performed on the subjects' answers to 52 questionnaire questions using principal component method and Varimax rotation. Preliminary statistical characteristics performed by the principal component analysis showed that the special value of 10 factors was greater than 1; Together, these 10 factors explained 62.73% of the total variance of the variables.
Conclusion: Based on the results of the study, obstacles to the implementation of the international financial reporting standards in Iran were classified into 10 main components, including: insufficient knowledge about the international financial reporting standards, political and legal factors, ownership structure and capital market, administrative system and cultural characteristics, lack of a comprehensive evaluation system, resistance to change, financial rules and regulations, economic conditions, disagreement between stakeholders, lack of conceptual framework.
https://acctgrev.ut.ac.ir/article_84210_4aa6e54f5816903952edc144683547dc.pdf
2021-10-23
533
552
10.22059/acctgrev.2021.319814.1008529
International financial reporting standards
Exploratory Factor Analysis
Implementation Obstacles
Ahad
Hosseini
ahmad5541@gmail.com
1
Ph.D. Candidate, Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, Iran.
AUTHOR
Saeed
Jabbarzade Kangaarloye
jabbarzadeh.s@gmail.com
2
Associate Prof, Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, Iran.
AUTHOR
Jamal
Bahrisals
j.bahri@iaurmia.ac.ir
3
Associate Prof, Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, Iran.
LEAD_AUTHOR
Rasol
Sadi
rasoulsaadi@gmail.com
4
Assistant Prof., Department of Accounting, Central Tehran Branch, Islamic Azad University, Tehran, Iran.
AUTHOR
حسینی، احد؛ جبارزاده کنگرلویی، سعید؛ بحریثالث، جمال؛ سعدی، رسول (1400). تبیین موانع پیادهسازی استانداردهای بینالمللی گزارشگری مالی در ایران، رویکرد نظریه داده بنیاد. تحقیقات مالی، 23(1)، 108-133.
1
حبیبپور، کرم؛ صفری، رضا (1392). راهنمای جامع کاربرد SPSS در تحقیقات پیمایشی، تهران، انتشارات متفکران.
2
خوشطینت، محسن؛ رحیمیان، نظامالدین (1383). هماهنگسازی استانداردهای حسابداری. مطالعات تجربی حسابداری، 2(6)، 83-112.
3
رحمانی، علی؛ علیپور، شراره (1390). موانع پذیرش استانداردهای بینالمللی حسابداری در ایران. فصلنامه مطالعات حسابداری، 7(27)، 75-99.
4
سلیمانی، امیری؛ رسولی، ندا (1396). دیدگاه افراد فعال در حرفه حسابداری درخصوص پذیرش و بهکارگیری استانداردهای بینالمللی گزارشگری مالی در ایران. پژوهشهای تجربی حسابداری، 6(24)، 1-24.
5
شیبه، سکینه (1395). حسابداری بینالملل و کشورهای در حال توسعه. مطالعات حسابداری و حسابرسی، (17)، 112- 120.
6
کرمی، غلامرضا؛ بیکبشرویه، سلمان (1396). تدوین مدل پیادهسازی نظام ارزشهای منصفانه در ایران با تأکید بر اندازهگیری. بررسیهای حسابداری و حسابرسی، 24(4)، 573- 596.
7
کرمی، غلامرضا؛ تاجیک، کامران (1386). عوامل محیطی مؤثر بر حسابداری و مدلهای آن. ماهنامه حسابدار، 21(182)، 68- 73.
8
گلمحمدی، مریم؛ رحمانی، علی (1397). شناسایی چالشهای فنی بهکارگیری ارزش منصفانه در گزارشگری مالی ایران: با تأکید بر الزامات استانداردهای بینالمللی گزارشگری مالی13. بررسیهای حسابداری و حسابرسی، 25(3)، 387-414.
9
مرادی، محمد؛ جعفری درهدر، مرتضی؛ حسینزاده، سهراب (1398). . چالشها و فرصتهای اندازهگیری ارزشهای منصفانه در راستای پیادهسازی استانداردهای بینالمللی گزارشگری مالی در ایران. بررسیهای حسابداری و حسابرسی، 26 (3)، 456-481.
10
نظری، علیرضا؛ فدایی، ایمان؛ ملایی، سعید. (1392). نکاتی درخصوص اهمیت استانداردهای بینالمللی گزارشگری مالی و مزایا و معایب آن. مجله اقتصادی، 13(1و2) ، 45 -52.
11
References
12
Albu, N., Albu. C. N. (2012). International Financial Reporting Standards in an Emerging Economy: Lessons from Romania. Australian Accounting Review, 22(4), 341-352.
13
Barbu, E. (2014). Tracing the Evolution of Research on International Accounting Harmonization. Working Papers.
14
Boumediene, S., Zarrouk, R., Tanazefti, I. (2016). Obstacles to the Adoption of the IAS/IFRS in Tunisia. The Journal of Applied Business Research, 32(3), 621- 636.
15
Chairas, I. Y. & Radianto, E.D.W. (2010). Accounting Harmonization in ASEAN: The Process, Benefits and Obstacles. Master Thesis.
16
Faraj, Sh.M., and El-Firjani, E.R. (2016). Challenges Facing IASs/IFRS Implementation by Libyan Listed Companies. Universal Journal of Accounting and Finance, 2(3), 57-73.
17
Golmohammadi, M., Rahmani, A. (2018). Technical Challenges of Implementing Fair Values in Financial Reporting of Iran: Emphasizing on Ifrs13 Requirements. Accounting and Auditing Review, 25(3), 387-414. (in Persian)
18
Hoosseini, A., Jabbarzade Kangaarloye, S., Bahrisals, J., Sadi, R. (2019). Explaining the Obstacles to Implementing International Financial Reporting Standards; Grounded Theory Approach. Financial Research, 23(1), 108-133. (in Persian)
19
Habibpour, K., Safari, R. (2013). Comprehensive Guide to the Use of SPSS in Survey Research. Tehran: Motafakeran Press. (in Persian)
20
Hope, O.K., Jin, J. and Kang, T. (2012). Empirical Evidence on Jurisdictions that Adopt IFRS, Working Paper, University of Toronto.
21
Kanti Herath, S., Alsulmi, F. (2017). International Financial Reporting Standards (IFRS): The Benefits, Obstacles, and Opportunities for Implementation in Saudi Arabia. International Journal of Science and Business, 2(1), 1-18.
22
Karami, Gh., Beik Boshrouyeh, S. (2018). Developing a Model for Implementing the Fair Value Approach in Iran: With Emphasis on Measurement. Journal of Accounting and Auditing Review, 24(4), 596-573. (in Persian)
23
Karami, Gh., Tajik, K. (2007). Environmental factors affecting accounting and its models. Accountant Journal, 21 (182), 68-73. (in Persian)
24
Khoshtinat, M., Rahimian, N. O. (2004). Accounting Standards Harmonization. Experimental financial accounting studies, 2(6), 83-112. (in Persian)
25
Miazee, H. (2014). Problems of Implementing of International Financial Reporting Standards in Bangladesh. European Journal of Business and Management, 6(36), 174-182.
26
Moradi, M., Jafari Daredor, M., Hosseinzadeh, S. (2019). Challenges and Opportunities for Measuring Fair Value, in International Financial Reporting Standards Adoption in Iran. Journal of Accounting and Auditing Review, 26(3), 456-481.(in Persian)
27
Nazari, A., Fadaei, I., Mollaee, S. (2013). Tips on the importance of international financial reporting standards and its advantages and disadvantages. Economic Journal, 13(1,2), 45-52. (in Persian)
28
Nurunnabi, M. (2015). The impact of cultural factors on the implementation of global accounting standards in a developing country. Advances in Accounting, 31(1), 136-149.
29
Perera, D., Chand, P. (2015) Issues in the adoption of international financial reporting standards for small and medium-sized enterprises. Advances in accounting, 31(1), 165-178.
30
Polizatto, V.P. (2016). Strengthening the Accounting and Auditing Framework. Worldbank.org, n.d. Web. 13 Apr.
31
Rahmani, A., Alipour, SH. (2010). The Challenges of International accounting standard adoption in Iran. Journal of Accounting studies, 27, 83-108. (in Persian)
32
Sadri, L. (2019). Challenges and Barriers in Convergence of IND_AS with IFRS. Accounting and Finance Research, 8)4.(
33
Santos, M.A., Fávero, L.P.L., Distadio, L.F. (2016). Adoption of the International Financial Reporting Standards on companies’ financing structure in emerging economies. Finance Research Letters, 16(C), 179-189.
34
Shibe, S. (2016). International Accounting and Developing Countries. Accounting and auditing studies, (17), 112-120. (in Persian)
35
Soleimanei, A., Rasuli, N. (2017). Perspectives of people active in the accounting profession Adoption and application of international standards Financial reporting in Iran. Empirical accounting research, 6(24), 1-24. (in Persian)
36
Solomon, M. (2016). Adoption and Implementation of International Financial Reporting Standard in Ethiopia. St.Marys University, Addis Ababa, Ethiopia.
37
Zakari, M. A. (2014). Challenges of International Financial Reporting Standards adoption in Libya. International Journal of Accounting and Reporting, 4(2), 390-412.
38
ORIGINAL_ARTICLE
The Role of Visual Financial Ratios in Predicting Corporate Bankruptcy Using Convolutional Neural Network Models and Comparing them with Traditional Models
Objective: The purpose of this study is to test the use of visual financial ratios to predict the bankruptcy of companies using a convolutional neural network and compare it with traditional models.
Methods: The research period was 2009 to 2018. The sample companies have been selected from the ones which were listed on the Tehran Stock Exchange in two groups of bankrupt companies (66) and non-bankrupt companies (66). Since the work of convolution neural network is to recognize images from existing images, first the financial ratios were converted into images as research data through MATLAB 2019 software, then, the situation of the sample companies were predicted and diagnosed with the help of convolution neural network and under Google net architecture.
Results: Convolutional neural network models performed accurate images and predictions with 50% accuracy. On the one hand, in order to strengthen the results and determine the effectiveness of the first hypothesis, three other hypotheses were proposed to be compared to Altman, Spring-gate and Zimski models. The results of all three indicated that the convolution model was not confirmed as accurate compared to these three models.
Conclusion: Advances in computers and the use of deep learning, which is a kind of improvement in artificial intelligence, affect the prediction of bankruptcy through visual financial ratios. However, to consolidate the test results of the first hypothesis, three practical models of bankruptcy prediction including Altman (1983), Springgate (1978) and Zimski (1984) were tested, the results of which did not confirm the accuracy of the convolution model compared to these three models.
https://acctgrev.ut.ac.ir/article_84211_cbcf380af0a8ac606c37ef080ad20e93.pdf
2021-10-23
553
573
10.22059/acctgrev.2021.303960.1008384
Visual financial ratios
corporate bankruptcy forecast
convolution neural network model
Abbasali
Haghparast
a.haghparast@iauzah.ac.ir
1
Ph.D. Candidate, Department of Accounting, Chabahar International Branch, Islamic Azad University, Chabahar, Iran.
LEAD_AUTHOR
Alireza
Momeni
momeni50688@gmail.com
2
Assistant Prof., Department of Accounting, Payam noor University, Tehran, Iran.
AUTHOR
Aziz
Gord
afmgord@yahoo.com
3
Assistant Prof., Department of Accounting, Payam noor University, Tehran, Iran.
AUTHOR
Fardin
Mansoori
fm_mansor@yahoo.com
4
Assistant Prof., Department of Accounting, Sistan and Balouchestan University, Zahedan, Iran.
AUTHOR
ابراهیمی کردلر، علی؛ اعرابی، مهران (1390). بررسی کاربرد مدلهای پیشبینی ورشکستگی در پیشبینی نکول تسهیلات اعطایی به شرکت های پذیرفته شده در بورس اوراق بهادار تهران (مطالعه موردی بانک سپه). تحقیقات حسابداری و حسابرسی, 3(12)، 52-63. doi: 10.22034/iaar.2011.104712
1
احمدی امین، الهه؛ تحریری، آرش (1398). تأثیر انتقال ورشکستگی در صنعت بر محتوای اطلاعاتی سود شرکتها. بررسیهای حسابداری و حسابرسی، 26(1)، 1- 18.
2
باقری، حسین علی؛ خدائی، عاطفه (1396). یادگیری عمیق در MATLAB (یادگیری ماشین، شبکههای عصبی و هوش مصنوعی). نشر نیاز دانش.
3
حسنپور، سید حسین (1395). آموزش شبکه کانولوشن، بخش اول. آدرس دسترسی: www.forum.ustmb.ir
4
دهخدا، علی اکبر (1377). لغتنامه دهخدا. جلد اول. (چاپ 1). انتشارات مؤسسه انتشارات و چاپ دانشگاه تهران.
5
ﺳﺮاﻓﺮاز، ﺳﺎﻧﺎز؛ ﺻﻔﺘﯽ، ﻓﺮﯾﺪ؛ ﻏﯿﺎﺛﻮﻧﺪ، ﻋﻠﯿﺮﺿﺎ (1395). ﭘﯿﺶﺑﯿﻨﯽ ﻗﯿﻤﺖ ﺳﻬﺎم ﺑﺎ ﺷﺎﺧﺺ ﻫﺎی ﺑﺎزاری ﻫﯿﺒﺮﯾﺪی (ﺗﺮﮐﯿﺒﯽ) ﺑﺎ اﺳﺘﻔﺎده از ﻣﺪل ﻋﺼﺒﯽ ﻓﺎزی. ﮐﻨﻔﺮاﻧﺲ ﺑﯿﻦاﻟﻤﻠﻠﯽ ﭘﮋوﻫﺶﻫﺎی ﻧﻮﯾﻦ در ﻣﺪﯾﺮﯾﺖ، اﻗﺘﺼﺎد و ﺣﺴﺎﺑﺪاری.
6
ﺳﻠﻴﻤﺎﻧﻲ، ﻏﻼﻣﺮﺿﺎ (1389). ارزﻳﺎﺑﻲ ﻛﺎراﻳﻲ اﻟﮕﻮﻫﺎی ﭘﻴﺶﺑﻴﻨﻲ ﺑﺤﺮان ﻣﺎﻟﻲ ﺑﺮای شرکتهای اﻳﺮاﻧﻲ. ﻣﺠﻠﻪ داﻧﺶ ﺣﺴﺎﺑﺪاری، 1(2)، 139- 158.
7
عاشوری، محمدرضا (1397). تصویر، ویکی (دایره المعارف رایگان و آنلاین) طراحی و تبلیغات. آدرس دسترسی: www.agerin.ir
8
عسگری آلوج، حسین؛ نیکبخت، محمدرضا؛ کرمی، غلامرضا؛ مؤمنی، منصور (1398). توسعه مدل بنیش با ترکیب شبکههای عصبی مصنوعی و الگوریتم بهینهسازی حرکت تجمعی ذرات برای پیشبینی دستکاری سود. بررسیهای حسابداری و حسابرسی، 26 (4)، 615-638.
9
غضنفری، مهدی؛ رحیمی کیا، اقبال؛ عسکری، علی (1397). پیشبینی ورشکستگی شرکتها مبتنی بر سیستمهای هوشمند ترکیبی. فصلنامه پژوهشهای حسابداری مالی و حسابرسی، 10(37)، 159-194.
10
ﻛﺮﺩﺳﺘﺎﻧﻲ، ﻏﻼﻣﺮﺿﺎ؛ ﺗﺎﺗﻠﻲ، رشید (1393). ﺍﺭﺯﻳﺎﺑﻲ ﺗﻮﺍﻥ ﭘﻴﺶﺑﻴﻨﻲ ﻣﺪﻝﻫﺎﻱ ﻭﺭﺷﻜﺴﺘﮕﻲ (ﻣﻘﺎﻳﺴﻪ ﻣﺪﻝﻫﺎﻱ ﺍﻭﻟﻴﻪ ﻭ ﺗﻌﺪﻳﻞ ﺷﺪﻩ). مجله دانش حسابرسی، ۱۴ (۵۵)، 51- 70.
11
محمدی، شاپور؛ راعی، رضا؛ رحیمی، محمدرضا (1397). پیشبینی دامنه تغییرات طلا با استفاده از مدل ترکیبی ARIMA و شبکه عصبی. مجله مهندسی مالی و مدیریت اوراق بهادار، 34، 335- 357.
12
واعظ قاسمی، محسن؛ رمضانپور، سعید، (1397). پیشبینی ورشکستگی شرکتهای پذیرفتهشده در سازمان بورس و اوراق بهادار با استفاده از شبکه عصبی مصنوعی. فصلنامه دانش سرمایهگذاری، 26، 277- 296.
13
References
14
Agarwal, A. and Patni, I. (2019) Bankruptcy Prediction Models: An Empirical Comparison. International Journal of Innovative Technology and Exploring Engineering (IJITEE) 8(6S2), 131- 139.
15
Ahmadi Amin, E., & Tahriri, A. (2019). The Effect of Bankruptcy Contagion on Earnings Informativeness. Journal of Accounting and Auditing Review, 26(1), 1-18. (in Persian)
16
Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy, The Journal of Finance 23 (4), 589-609.
17
Asgari Alouj, H., Nikbakht, M.R., Karami, GH., & Momeni, M. (2019). Development of the Beneish Model by Combining Artificial Neural Network and Particle Swarm Optimization Algorithm for Earnings Management Prediction. Accounting and Auditing Review, 26(4), 615-638. (in Persian)
18
Ashoori, M. R. (2019). Picture, Viki (free and online dictionary), design and Advertising. Available in: www.agerin.ir. (in Persian)
19
Bagheri, H. A. and Khodaee, A. (2018) Deep learning in MATLAB with machine learning, neural networks and Artificial Intelligence. (in Persian)
20
Dehkhoda, A.A. (2019). Persian Dictionary, Vol. 1, (1th ed). University of Tehran Publishing. (in Persian)
21
Ding, X., Zhang, Y., Liu, T., Duan, J. (2015). Deep learning for event-driven stock prediction. Proceedings of the 24th International Joint Conference on Artificial Intelligence, 2327–2333.
22
Ebrahimi Kordlor, A., Arabi, M. (2011). Application of Bankruptcy Predictive Models (Altman, Falmer, Springit, Zimski & Shirata) to Predicting Failure to Grant Companies to the Tehran Stock Exchange (Case Study: Bank Sepah). Accounting and Auditing Research, 3(12), 52-63. doi: 10.22034/iaar.2011.104712
23
Ghazanfari, M., Rahimikia, E. and Askari, A. (2018). Bankruptcy prediction of companies based on hybrid intectual systems. Quarterly journal of financial accounting and auditing, 10(37), 159-194. (in Persian)
24
Goehring, M. (2007). Balance sheets: Getting the picture of your Co-ops financial position. www.columinate.coop
25
Hardinata, L., Warsito, B. and Suparti, S. (2017). Bankruptcy prediction based on financial ratios using Jordan Recurrent Neural Networks: a case study in Polish companies. Journal of Physics: Conference Series, 1025(1), 012098.
26
Hasanpoor, S. H. (2016). Convolutional Networks. Section one. www.forum.ustmb.ir
27
Hosaka, T. (2018). Bankruptcy prediction using imaged financial ratios and convolutional neural networks. Available in: https://www.rs.tus.ac.jp/hosaka-t/img/file3.pdf
28
Hu, H., Tang, L., Zhang, Sh. and Wang, H. (2018). Predicting the direction of stock markets using optimized neural networks with Google Trends, Neuro computing, 285, 188-195, ISSN 0925-2312, https://doi.org/10.1016/j.neucom.2018.01.038.
29
Jadhav, S., Dange, B. & Shikalgar, S. (2018). Prediction of Stock Market Indices by Artificial Neural Networks Using Forecasting Algorithms. In International Conference on Intelligent Computing and Applications (pp. 455-464). Springer, Singapore.
30
Jordin, D.P. (2018). Failure pattern – based ensembles applied to bankruptcy forecasting. Journal of Decision Support Systems, 107, 64-77.
31
Kordestani, Gh. and Tatli, R. (2014). The Evaluation of prediction ability of Bankruptcy models: primary versus adjusted models. Auditing Knowledge Journal, 55, 51-70.
32
Krizhevsky, A., Sutskever, I., Hinton, G.E. (2012). Imagenet classification with deep convolutional neural networks. Proceedings of Neural Information Processing Systems.
33
Lin, M., Chen, Q., Yan, S. (2013). Network in network. arXiv:1312.4400
34
Marcjasz, G., Uniejewski, B. & Weron, R. (2018). On the importance of the long-term seasonal component in day-ahead electricity price forecasting with NARX neural networks. International Journal of Forecasting, 35(4), 1520-1532.
35
Mohammadi, Sh., Raeie, R. & Rahimi, R. (2018). Interval Forcasting for Gold Price with hybrib model of ARIMA and Artificial Neural Network. The Journal of Portfolio Management and Financial Engineering, (34), 335-357. (in Persian)
36
Ohlson, J. A. (1980). Financial ratios and the probabilistic prediction of bankruptcy. Journal of Accounting Research, 18 (1), 109–131.
37
Sarafraz, S., Sefati, F. and Ghiasvand, A. (2016). Predicting stock prices with hybrid market indices using a fuzzy neural model. International Conference on Modern Research in Management, Economics and Accounting. (in Persian)
38
Soleimany, G. (2012). Investigating of the Efficiency of Financial Distress Prediction Models in Iranian companies. Accounting Knowledge, 1(2), 139- 160. (in Persian)
39
Szegedy, C., Liu, W., Jia, Y., Sermanet, P., Reed, S., Anguelov, D., Erhan, D., Vanhoucke, V., Rabinovich, A. (2015). Going deeper with convolutions. Proceedings of IEEE Conference on Computer Vision and Pattern Recognition.
40
Tan, L., Wang, S. & Wang, K. (2017). A new adaptive network-based fuzzy inference system with adaptive adjustment rules for stock market volatility forecasting. Information Processing Letters, 127, 32-36.
41
Vaez-Ghasemi, M. & Ramezanpour Chardeh, S. (2018). Predicting bankruptcy of companies listed on the Stock Exchange using the artificial neural network. The Journal of Investment Knowledge, (26), 277-296. (in Persian)
42