ORIGINAL_ARTICLE
Earning Quality and Listing Companies in TSE
The "opportunistic behavior” hypothesis posits that listed companies have lower earnings due to management intervention in the earnings process as a result of capital market pressure as well as their own interest. We identify three attributes associated with the notion of earnings quality including persistence and estimation error of accruals and prevalence of earnings management. We compare earning quality of 40 companies before and after being listed in TSE during 1381-1387(2003-2009). This paper illustrates the effects of public ownership on earning quality. We test the three hypotheses using regression, paired sample T test and wilcoxon techniques .The results show that persistence of accruals are decreased after listing the companies, but estimation error of accruals and prevalence of earnings management have no significant difference. The results are consistent with the “opportunistic behavior” hypothesis.
https://acctgrev.ut.ac.ir/article_19966_a7fe2395561c80d4a6658d551a5d8ffd.pdf
2009-11-22
Accruals
Earning quality
Earnings management
Opportunistic Behavior Hypothesis
Tehran Stock Exchange
Ali
Rahmani
55987883
1
دانشگاه الزهرا
AUTHOR
Masoud
Gholamzadeh
masoud.gholamzade@gmail.com
2
AUTHOR
ORIGINAL_ARTICLE
Applicational Investigation of Altman and Fulmer Bankruptcy Prediction Models in Tehran Stock Exchange
Bankruptcy prediction is one of the major business classification topics. Owners, managers, investors, creditors and business partners, as well as governmental institutions are interested in assessing the financial position of firms. Nowadays several models have been used to predict bankruptcy.The goal of this study is the presentation of theoretical basis of bankruptcy and comparing the results of prediction of Altman and Fulmer models. So the data collected were examined during the years 2000-2004. To analyze the data the nonparametric statistical models were used. The results show that in the prediction of bankruptcy, there is a significant difference between two models. Altman model has done more conservatively than Fulmer model as well.
https://acctgrev.ut.ac.ir/article_19967_8c47ca8138ac190e9ebe00451fcc8aa0.pdf
2009-11-22
Altman model
bankruptcy
Bankruptcy prediction
Fulmer Model
Fereidoon
Rahnamaie Roodposhti
rahnama@iau.ir
1
AUTHOR
Razieh
Alikhani
alikhani_r22@yahoo.com
2
AUTHOR
Mehdi
Maranjory
maranjo@initor.com
3
AUTHOR
ORIGINAL_ARTICLE
An Examination of the Effects of Experience and Task Complexity on Audit Judgments
Behavioral researchers have long been concerned with the effects of experience on decision making, especially in such highly technical field such as auditing. This paper investigates effects of experience on task complexity by relying on simon,s model of the decision process, As this paper provides evidence that the experience effect is significant when task complexity is explicitly considered. It reports the results of a series of experiments examining structured, semi-structured, and unstructured task in that subjects are pooled into two groups: "experienced" (Certificated Public Accountant in audit organization) and "inexperienced" (lower staff level and less experienced auditors in the audit organization). Responses to a separate study of 46 partners and managers were used to independently establish the appropriate staff level for structured, semi-structured, and unstructured tasks and complexity. These results suggest that significant decision differences exists between the experimental groups on each task and less experienced junior auditors are questionable surrogates for CPAs in unstructured tasks especially.
https://acctgrev.ut.ac.ir/article_19968_64ccf7a08ac545f06b0d9b72366299bf.pdf
2009-11-22
Auditor Experience
Judgment in Auditing
Models of the Decision
Task Complexity
Mohammad
Sayrani
46193739
1
AUTHOR
Shokrolah
Khajavi
shkhajavi@gmail.com
2
AUTHOR
Meisam
Noshadi
meysam.noshadi85@gmail.com
3
AUTHOR
ORIGINAL_ARTICLE
The ownership Structure Combinations Effect on the Return of the Accepted Companies in Tehran
Stock Exchange
رابطه بین ساختار مالکیت و عملکرد شرکت موضوعی مهم در مباحث مدیریت مالی است. عملکرد یک بنگاه اقتصادی تابع عواملی متعدد است که یکی از این عوامل ساختار مالکیت شرکتها است که میتواند بر عملکرد آنها تأثیری زیاد داشته باشد. هدف از این تحقیق بررسی تأثیر ترکیب سهامداران بر بازدهی شرکتهای پذیرفته شده در بورس اوراق بهادار تهران است. ترکیب سهامداران در این تحقیق متغیر مستقل و بازدهی سهام متغیر وابسته است. قلمرو مکانی این تحقیق شامل شرکتهای پذیرفته شده در بورس اوراق بهادار تهران و قلمرو زمانی این تحقیق از ابتدای سال 1381 هجری شمسی تا پایان سال 1385 هجری شمسی را در بر میگیرد. جامعه آماری تحقیق شرکتهای پذیرفته شده در بورس اوراق بهادار تهران در سالهای 1381 لغایت 1385 است. نتایج این تحقیق به طور کامل فرض غیرخطی بودن تأثیر ترکیب سهامداران بر بازده را رد نمی کند. نتایج این تحقیق نشان میدهد شرکتهایی که درصد کمتری از سهام آنها در اختیار بزرگترین سهامدار آنها است (ترکیب سهامداران آنها پراکنده تر است) برای سرمایه گذاری گزینههای مناسبتری هستند. شرکتهایی که درصد بیشتری از سهام آنها در اختیار سهامداران حقوقی است، برای سرمایه گذاری گزینههای مناسبتری هستند. تأثیر میزان مالکیت سهامداران حقیقی و میزان مالکیت اعضای هیئت مدیره یک شرکت بر بازده آن تأیید نشد.
https://acctgrev.ut.ac.ir/article_19969_58968806814a25c456c4a89f8569f5a8.pdf
2009-11-22
Combination of Shareholders
Ownership Structure
Return
Seyed Jalal
Sadeghi Sharif
jsadeghi46@yahoo.com
1
دانشگاه شهید بهشتی
AUTHOR
Mohamad
Kafash Panjeh Shahi
kafash@initor.com
2
AUTHOR
ORIGINAL_ARTICLE
Efficiency Evaluation of Financial variables and Economic variables in Financial Distress Prediction Models in Tehran Stock Exchange
Changeable economic conditions and intense fluctuations in business environment are provided stakeholders to make decision under material uncertainty. In this case, using some models to predict financial performance (financial health or distress) by identifying effective variables or indexes is very important. This paper determines whether a model utilizes a number of economic and financial variables (such as cash flow ratios and the other financial ratios) which can be useful to predict the financial distress. In this study four prediction models like Wallace, Springate, Shirata, & Thai da are developed with cash flow ratios & economic variables with lag1 and lag2 which are tested by logistic regression .Then they are compared to determine the better prediction ability. Based on the findings, it is claimed that Wallace, Springate developed models with cash flow ratios &economic variables they have some efficient variables to predict financial distress or failure.
https://acctgrev.ut.ac.ir/article_19970_b5a7f89bcb6676e50cf4db4b4f8a12ab.pdf
2009-11-22
Economic Variables
Financial Distress Predicting Models
Financial Variables
Logistic analysis
Ghodratollah
Talebnia
gh_talebnia2@yahoo.com
1
دانشگاه آزاد تهران
AUTHOR
Azita
Jahanshad
az_jahanshad2@yahoo.com
2
AUTHOR
Zahra
Pourzamani
zpoorzamani@yahoo.com
3
AUTHOR
ORIGINAL_ARTICLE
The Relationship between Institutional Stock Ownership and Earnings Management in Listed Companies on Tehran Stock Exchange
This study investigate the effect of institutional stock ownership on a firm’s earnings management activity by testing the empirical association between institutional Investor shareholdings and flexibility available for managers to make use of abnormal Accrual adjustments to manage earnings. This study is motivated by the fact that most previous earnings management research generally ignores the influence of corporate governance factors that might constrain managers’ ability to manage earnings. Institutional investors improve the quality of corporate governance in financial reporting. The statistical population of this research consists of listed companies on Tehran Stock Exchange (TSE).It is Used 2 different types of statistical test (Correlation and multi cross-sectional regression tests) for investigating the relationship between earnings management and institutional stock ownership. The results show a significant difference between stock institutional ownership level and its concentration with earnings management.
https://acctgrev.ut.ac.ir/article_19971_d9055e5f5f19671b1cf7949eec78a873.pdf
2009-11-22
Corporate governance
Earnings management
Institutional Ownership
Institutional Ownership Concentration
Mahdi
Moradzadehfard
behnam_samadiyan@yahoo.com
1
دانشگاه آزاد کرج
AUTHOR
Mahdi
Nazemi Ardakani
nazemi@yazd.ac.ir
2
AUTHOR
Reza
Gholami
gholami@initor.com
3
AUTHOR
Hojatollah
Farzani
farzani@iniror.com
4
AUTHOR
ORIGINAL_ARTICLE
Comparing the Power of Cash Flows and Accruals
in Predicting Future Cash Flows
Prediction is an important part of the decision-making process, because decision making reflects what will happen in the future. In economic decision making, financial prediction is a important activity. Cash flow prediction is required in various economic decisions, because the cash flows are the basis for dividends, interest payments and repayment of debt. With respect to theoretical literature and conducted researches, three regression models are constructed namely earnings, cash flows, accrual components and cash flows models for predicting future cash flows. The empirical results show that past earnings, cash flows, cash flow and accrual components of earnings can be used to predict future cash flows of Tehran listed companies. But there are not different predictive powers between three prediction models. Furthermore, additional year lags of accounting data can improve the predictive power of the model.
https://acctgrev.ut.ac.ir/article_19972_1454c3c214f95d9c61df9da185ba59aa.pdf
2009-11-22
Accrual
Cash Flow
Cash flow prediction
earnings
Heidar
Mirfakhraddini
sh.mirfakhr@gmail.com
1
دانشگاه یزد
AUTHOR
Mahmoud
Moeinaddin
moein@initor.com
2
AUTHOR
Alireza
Ebrahimpour
ebrahimpour2@initor.com
3
AUTHOR
ORIGINAL_ARTICLE
Corporate Disclosure Quality (consist of timeliness and reliability) and Earnings Management
This study examines how the quality of corporate disclosure which includes timeliness and reliability, impacts earnings management by Tehran Stock Exchange (TSE) listed companies. We use a sample of 51 listed companies over a five-year period (2003-2008). The focal point of our study is whether improving disclosure quality decreases information asymmetry resulting in less earnings management. In this study, timeliness and reliability of the provided information are used as a proxy for disclosure quality. Discretionary accruals calculated using cross-sectional modified Jones model is used as a proxy for earnings management. We find a negative association between corporate disclosure and earnings management and also between timeliness of corporate disclosure and earnings management, suggesting that improving the timeliness of disclosure decreases the likelihood of earnings management by the companies. However, we do not find any significant association between reliability of disclosure and earnings management.
https://acctgrev.ut.ac.ir/article_19973_e227e8c806bb59f0a54c4f84d41a8e78.pdf
2009-11-22
Disclosure Quality
Earnings management
Information Asymmetry
Simultaneous Equation System
Iraj
Noravesh
irajnoravesh@yahoo.com
1
دانشکده مدیریت
AUTHOR
Seyed Ali
Hosseini
hosseinira2@yahoo.com
2
AUTHOR