ORIGINAL_ARTICLE
First Page
https://acctgrev.ut.ac.ir/article_62350_3a5b2e88f1c8df4ceb7e7867376bb850.pdf
2016-11-21
1
4
10.22059/acctgrev.2016.62350
ORIGINAL_ARTICLE
Investigating the Effect of Accruals Quality and Disclosure Quality on Labor Investment Inefficiency
Information asymmetry and conflicts of interest between management and shareholders lead to the phenomenon of moral hazard. Moral hazard means that the managers may make some decisions (e.g. investment decisions) that do not meet the interests of shareholders. Inefficient investment decisions include over or under-investment in firms’ labor and utilize the non-optimal number of human resources in business entity. One way to avoid inefficient investment decisions is providing the financial reporting quality; because the higher reporting quality increases the stakeholders’ ability to monitor the managers’ behaviors and decisions such as decisions on determine the number of labor in firms. This study investigates the impact of two measures of financial reporting quality (accruals and disclosure quality) on labor investment inefficiencies (include over and under-investment) in a sample of 107 firms listed in the Tehran Stock Exchange during 2003 - 2014. The research results show that the increase in accruals quality and disclosure quality decreases the labor over and under-investments inefficiencies and eventually, companies employ more optimal levels of human resource.
https://acctgrev.ut.ac.ir/article_59776_b83f0be5b40126c925800f1e76a8c8b1.pdf
2016-11-21
269
288
10.22059/acctgrev.2016.59776
Accruals quality
Disclosure Quality
Labor
over-investment
under-investment
Abbas
Aflatooni
abbasaflatooni@gmail.com
1
استادیار حسابداری، دانشکدۀ اقتصاد و علوم اجتماعی، دانشگاه بوعلی سینا، همدان، ایران
LEAD_AUTHOR
Mahdi
khazaei
khazaei7@gmail.com
2
دانشجوی دکتری حسابداری، دانشگاه بوعلی سینا، همدان، ایران
AUTHOR
Badavar Nahandi, Y. & Taghizadeh Khanqah, V. (2013). The relationship between some corporate governance mechanisms and investment efficiency in life cycle stages. Journal of Accounting Knowledge, 5(18), 113-140. (in Persian)
1
Beatty, A., Liao, W.S. & Weber, J. (2010). The effect of private information and monitoring on the role of accounting quality in investment decisions. Contemporary Accounting Research, 27(1), 17-47.
2
Biddle, G. & Hilary, G. (2006). Accounting quality and firm-level capital investment. The Accounting Review, 81(5), 963-982.
3
Biddle, G., Hilary, G. & Verdi, R.S. (2009). How does financial reporting quality relate to investments efficiency? Journal of Accounting and Economics, 48(2-3), 112-131.
4
Christensen, J. & Demski, J. (2002). Accounting Theory: An Information Content Perspective. Boston, Mass: McGraw-Hill, Irwin.
5
Fadaeinejad, M.E. & Khoramnia, N. (2012). The survey of information content of corporate earning information disclosure and its effect on liquidity and information asymmetry in Tehran stock exchange. Quarterly Journal of Securities Exchange, 18 (5), 61-82. (in Persian)
6
Fakhari, H. & Rasooli, S. (2013). The study of accruals and conservatism effect on investment efficiency. Quarterly Journal of Empirical Research in Accounting, 2(4), 81-100. (in Persian)
7
Foroghi, D., Amiri, H. & Mohammadian, M. (2014). Impact of accrual quality on non-cash flow shock stock returns. The Iranian Accounting and Auditing Review, 21(2), 173-188. (in Persian)
8
Francis, J., LaFond, R., Olsson, P.M. & Schipper, K. (2005). The market pricing of accruals quality. Journal of Accounting and Economics, 39(1), 295–327.
9
Ghaly, M., Dang, V.A. & Stathopoulos, K. (2015). Institutional investment horizons and labor investment efficiency. Retrieved 19 June 2015 from http://ssrn.com/abstract=2606272.
10
Gomariz, M.F.C. & Ballesta, J.P.S. (2013). Financial reporting quality, debt maturity and investment efficiency. Journal of Banking & Finance, 40(1), 494-506.
11
Hamermesh, D. (1993). Labor Demand Princeton. New Jersey: Princeton University Press.
12
Hassas Yeghaneh, Y., Mehrani, K., Mohammadi, S. & Didar, H. (2012). Presentation and Explanation relationship model between financial reporting quality, asymmetric information and investment efficiency of companies listed in Tehran Stock Exchange. Journal of Audit Science, 12(48), 147-169. (in Persian)
13
Healy, P.M. & Palepu, K.G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1-3), 405-440.
14
Jung, B., Lee, W.J. & Weber, D.P. (2014). Financial reporting quality and labor investment efficiency. Contemporary Accounting Research, 31(4), 1047-1076.
15
Khajavi, S. & Momtazian, A. (2014). Investigation the quality of financial information disclosure effect on current and future stock return. Journal of Accounting Knowledge, 1(1), 9-27. (in Persian)
16
Khodaei Valahzaghard, M. & Yahyaei, M. (2010). To survey the relationship between financial reporting quality & investment efficiency in Tehran Stock Exchange. Quarterly Management Accounting, 3(5), 1-16. (in Persian)
17
Mahdavi, G., Behpour, S. & Kazemnezhad, F. (2014). Exploring the relationship between disclosure quality and the performance of Tehran Stock Exchange companies using a simultaneous equations system. The Iranian Accounting and Auditing Review, 21(3), 371-386. (in Persian)
18
Mahmoodabadi, H., & Mehtari, Z. (2012). The association between accounting conservatism and investment efficiency in Tehran Stock Exchange (TSE). Quarterly Journal of Accounting Advances, 3(2): 113-140. (in Persian)
19
McNichols, M. & Stubben, S. (2008). Does earnings management affect firms’ investment decisions? The Accounting Review, 86(6), 1571-1603.
20
Mehrani, K. & Parvaei, A. (2014). Disclosure quality in family firms listed in the Tehran Stock Exchange. The Iranian Accounting and Auditing Review, 21(4), 527-540. (in Persian)
21
Modarres, A. & Hesarzadeh, R. (2008). Financial reporting quality and investment efficiency. Quarterly Journal of Securities Exchange, 1(2), 85-116.
22
(in Persian)
23
Mohammadzade Salteh, H., Badavar Nahandi, Y. & Esmaeelnejad, M. (2015). The investigation the effect of corporate governance on firm value with emphasis on investment efficiency in listed firms at Tehran Stock Exchange (TSE). The Iranian Accounting and Auditing Review, 22(1), 125-142. (in Persian)
24
Ortiz-Molina, H. & Penas, M.F. (2008). Lending to small businesses: the role of the loan maturity in addressing information problems. Small Business Economics, 30(4), 361–383.
25
Pfeffer, J. (1996). Competitive Advantage through People: Unleashing the Power of the Work force. Cambridge. MA: Harvard Business School Press.
26
Pinnuck, M. & Lillis, A. (2007). Profits versus losses: Does reporting an accounting loss act as a heuristic trigger to exercise the abandonment option and divest employees? The Accounting Review, 82 (4), 1031–1053.
27
Saghafi, A. & Motamedi Fazel, M. (2012). Relation between audit quality and investment efficiency in firms with high investment opportunities. Semi-Annually Journal of Financial Accounting Research, 3(4), 1-14. (in Persian)
28
Saghafi, A. & Arab Mazar Yazdi, M. (2011). Financial reporting quality and investment inefficiency. Semi-Annually Journal of Financial Accounting Research, 2(4), 1-20. (in Persian)
29
Soleimany Amiri, G. & Farshi, Z. (2013). The effect of bank financing and tax objectives on relationship between financial reporting quality and investment efficiency in companies listed in Tehran Stock Exchange. Journal of Accounting Knowledge, 3(11), 57-83. (in Persian)
30
Vaez, S.A. & Rashidi Baghi, M. (2014). The effect of ownership structure on the relationship between conservatism and investment efficiency. Quarterly Journal of Accounting Advances, 6(2), 167-195. (in Persian)
31
Verdi, R. (2006). Financial reporting quality and investment efficiency. Retrieved 11 July 2015 from http://ssrn.com/abstract=930922.
32
ORIGINAL_ARTICLE
The Impact of Income Smoothing on the Future Earnings Response Coefficients Coefficient with the Effect of Moderating Different Information Environments
The aim of this study is to determine the effect of the income smoothing on the future earnings response coefficient taking into account the effect of the information environment. Future earnings response coefficient is used as a measure for evaluation of stock price information content which represents the relationship between current stock returns and future earnings. Information environment criteria include disclosure quality, firm size, number and accuracy of the management predicted earnings. To achieve the goal of the research, 115 firms listed in Tehran Stock Exchange during the years 2003 to 2014 were selected as a sample. Also, to test the hypotheses, multiple regression and panel data are used. The findings show that the income smoothing has a significantly negative effect on the future earnings response coefficient. Of the Information environment criteria, disclosure quality, number and accuracy of predicted earnings have a significantly positive effect on the future earnings response coefficient. The results show that the strong information environment causes the significantly increasing in the future earnings response coefficient through the income smoothing.
https://acctgrev.ut.ac.ir/article_59777_a173232f7eaf7a79f0d66043428a9948.pdf
2016-11-21
289
310
10.22059/acctgrev.2016.59777
future earnings response coefficient
Income Smoothing
Information Environments
Mohammad
Imani Barandagh
imani_barandagh@znu.ac.ir
1
Accounting Assistant - University of Zanjan
LEAD_AUTHOR
Sohrab
Abdi
abdi_sohrab33@yahoo.com
2
دانشجوی کارشناسی ارشد حسابداری، دانشکدۀ اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، ایران
AUTHOR
Beidleman, C. (1973). Income Smoothing: The Role of Management. The Accounting Review, 48 (4), 653-667.
1
Cheng, C. S. A. & Li, Sh. (2014). Does Income Smoothing Improve Earnings Informativeness? A Comparison between the US and China Markets. China Accounting and Finance Review, 16 (2), 128-147.
2
Cheng, C. S. A., Johnston, J. & Li, S. (2014). Higher ERC or Higher Future ERC from Income Smoothness? The Role of Information Environment. American Accounting Association Annual Meeting and Conference on Teaching and Learning in Accounting, Atlanta, GA, August 2-6, 2014.
3
Choi, J. H., Choi, S., Myers, L. A. & Ziebart, D. (2014). Financial Statement Comparability and The Ability of Current Stock Returns to Reflect The Information in Future Earnings. Working Paper, Available at http://www.ssrn.com.
4
Choi, J. H., Myers, L. A., Zang, Y. & Ziebart, D. (2011). Do Management EPS Forecasts Allow Returns to Reflect Future Earnings? Implications for The Continuation of Management’s Quarterly Earnings Guidance. Review of Accounting Studies,16 (1), 143-182.
5
Collins, D. W., Kothari, S. P. & Rayburn, J. D. (1987). Firm Size and The Information Content of Prices with Respect to Earnings. Journal of Accounting and Economics, 9 (2), 111-138.
6
Collins, D. W., Kothari, S. P., Shanken, J. & Sloan, R. G. (1994). Lack of Timeliness and Noise as Explanations for The Low Contemporaneous Return-Earnings Association. Journal of Accounting & Economics,18 (3), 289-324.
7
Darabi, R. & Emam Jomeh, S. (2014). Investigate the Effect of ownership structure on the accuracy of profit forecasts. Accounting Knowledge and Management Auditing, 3 (10), 55-71. (in Persian)
8
Dichev, I. & Tang, V. W. (2009). Earnings Volatility and Earnings Predictability. Journal of Accounting and Economics, 47 (2), 160-181.
9
Eskandarlee, T. Dastkir, M. & Ghaemi, M. H. (2014). Investigate the Effects of Management Earnings Forecasts. Accounting Knowledge and Management Auditing, 3 (10), 117-133. (in Persian)
10
Etemadee, H. & Slori, M. (2012). Investigate the Effect of Income Smoothing on Cash Flows and Future Earnings with respect to Two Variables: Industry Type and Firm Size. Empirical Research in Financial Accounting, 2 (5), 29-45. (in Persian)
11
Ettredge, M. L., Kwon, S. Y., Smith, D. B. & Zarowin, P. A. (2005). The Impact of SFAS No. 131 Business Segment Data on the Market’s Ability to Anticipate Future Earnings. The Accounting Review, 80 (3), 773-804.
12
Francis, J., LaFond, R. & Olsson, P.M. (2004). Cost of Equity and Earnings Attributes. The Accounting Review, 79 (4), 967–1010.
13
Gelb, D. S. & Zarowin, P. A. (2002). Corporate Disclosure Policy and The Informativeness Of stock Prices. Review of Accounting Studies, 7 (1), 33-52.
14
Haghighat, H. & Rayghan, E. (2009). Investigating the effect of Income Smoothing on Information Content of Current Earnings about Predicting Future Earnings. The Iranian Accounting and Auditing Review, 15 (54), 33-46.
15
(in Persian)
16
Hashemi, S. A. & Samadi, V. (2009). The Effects of Income Smoothing on its Information Content in the Tehran Stock Exchange Listed Firms. Financial Researches, 10 (1), 148-167. (in Persian)
17
Haw, I. M., Hu, B., Lee, J. J. & Wu, H. (2012). Investor Protection and Price Informativeness About Future Earnings: International Evidence. Review of Accounting Studies, 17 (2), 389-419.
18
Huang, X., LI, X., Tse, S. & Tucker, J. W. (2014). The Effects of Management Earnings Forecast Mandates: Evidence from China. Working Paper, Available at http://www.ssrn.com.
19
Khodamipour, A. & Rostayi, Sh. (2014). Investigate the Relationship between the Taxable Income Smoothing with Tax Avoidance and its Information Content. Accounting Knowledge and Management Auditing, 3 (10), 35-46. (in Persian)
20
Lundholm, R. & Myers, L. A. (2002). Bringing the future forward: The effect of disclosure on the returns-earnings relation. Journal of Accounting Research, 40(3), 809-839.
21
Mehrani, K. & Parvaei, A. (2015). Disclosure Quality in Family Firms Listed in the Tehran Stock Exchange. The Iranian Accounting and Auditing Review, 21 (4), 527-540. (in Persian)
22
Rahmani, A. & Bashiri Manesh, N. (2011). Investigate the Effect of Income Smoothing on the Informativeness of Stock Price. Financial Accounting Researches, 3 (3), 39-54. (in Persian)
23
Rahmani, A., Bashiri Manesh, N. & Shahrokhi, S. S. (2012). Investigate the Effect of Earnings Forecast Issuance on the Future Earnings Response Coefficient. Accounting Knowledge, 3 (10), 29-50. (in Persian)
24
Shroff, N., Verdi, S. R. & Yu, G. (2013). Information Environment and the Investment Decisions of Multinational Corporations. The Accounting Review, 89 (2), 759-790.
25
Taleb Beydokhti, A., Vadiee, M. H. & Kazeroni, A. (2011). The Impact of Income Smoothing on the Information Content of Earnings. Financial Accounting and Auditing Researches, 3 (9), 167-191. (in Persian)
26
Tucker, J. W. & Zarowin, P. A. (2006). Does Income Smoothing Improve Earnings Informativeness? The Accounting Review, 81 (1), 251-270.
27
ORIGINAL_ARTICLE
A study on the effect of cash flows on the gap between the actual leverage and optimal financial leverage ratio
The purpose of this paper is a study on the effect of cash flows on the gap between actual and optimal financial leverage ratio companies listed in Tehran Stock Exchange. In this regard, we try to help with advanced econometric techniques such as partial adjustment model on panel data and Generalized method of moments to achieve a reasonable estimate of the impacts.In this paper, were analyzed the financial information related to its 101 - firms during the years 2008-2015 were available. The results show that there is a gap between optimal and actual financial leverage. This deviation from the optimal leverage at companies that are facing financial crisis, more. Also, we find that , firms with more investment and Growth opportunities, higher profitability and larger size size move with different speeds to different target levers. In general, these findings are consistent with dynamic trade-off theory.
https://acctgrev.ut.ac.ir/article_59778_69f947ca2c913f0682ef6ae5dfe33078.pdf
2016-11-21
311
332
10.22059/acctgrev.2016.59778
Capital structure
Capital structure Adjustment Speed
Cash Flow
Dynamic Trad-off Theory
Target Leverage
Mohammad
Osoolian
mohammadosoolian@gmail.com
1
استادیار گروه مدیریت، دانشگاه شهید بهشتی، تهران، ایران
AUTHOR
Elham
Bagheri
elhambagheri_68@ymail.com
2
Employee
LEAD_AUTHOR
Aghaei, M.A. & Ahmadian, V. & Jahaz Atashi, A. (2014). Factors Influencing Capital Structure in small and medium Companies. Quarterly Journal of The Iranian Accounting and Auditing Review, 23 (2), 173-192. (in Persian)
1
Antoniou, A. Guney, Y. & Paudyal, K. (2008). The Determinants of Capital Structure: Capital Market Oriented Versus Bank Oriented Institutions. Journal of Financial and Quantitative Analysis, 43(1), 59-92.
2
Arellano, M. & Bond, S.R. (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. Review of Economic Studies, 58 (2), 227-297.
3
Byoun, S. (2008). How and When Do Firms Adjust Their Capital Structures toward Targets? Journal of Finance, 63(6), 3069-3096.
4
Cook, D.O. & Tang, T. (2010). Macroeconomic Conditions and Capital Structure Adjustment Speed. Journal of Corporate Finance, 16(1), 73-87.
5
Dang, V.A. (2011). Leverage, Debt Maturity and Firm Investment: An Empirical Analysis. Journal of Business Finance & Accounting, 38(1-2), 225-258.
6
Dang, V.A., Kim, M. & Shin, Y. (2012). Asymmetric Capital Structure Adjustments: New Evidence from Dynamic Panel Threshold Models. Journal of Empirical Finance, 19(4), 465-482.
7
Dastgir, M. & Sharifi-Mobarake, R. (2011). A Study on the Relationship between Free Cash Flow and Operating Cash Flow and Stock Returns. Auditor, 2(52), 1-5. (in Persian)
8
Delavari, S. J. (1998). A Study on the Effects of financing on Return on Equity than Companies Listed on Tehran Stock Exchange. Master's Thesis. Tehran: Tarbiat Modares University. (in Persian)
9
Drobetz, W., Gounopoulos, D., Merikas, A. & Schröder, H. (2013). Capital Structure Decisions of Globally-Listed Shipping Companies. Transportation Research Part E: Logistics and Transportation Review, 52, 49-76.
10
Drobetz, W., Pensa, P. & Wanzenried, G. (2006). Firm Characteristics and Dynamic Capital Structure Adjustment. Unpublished Manuscript, University of Hamburg.
11
Faulkender, M., Flannery, M.J., Hankins, K.W. & Smith, J.M. (2012). Cash flows and leverage adjustments. Journal of Financial Economics, 103(3), 632-646.
12
Fisher, E.O., Heinkel, R. & Zechner, J. (1989). Dynamic Capital Structure Choice: Theory and Tests. Journal of Finance, 44(1), 19-40.
13
Flannery, M.J. & Rangan, K.P. (2006). Partial Adjustment toward Target Capital Structures. Journal of Financial Economics, 79(3), 469-506.
14
Ghorbani, Gh. A. (1999). The Relationship between Total Risk and Systematic Risk and Leverage Common Stock listed Companies in Tehran Stock Exchange. Master's Thesis. Tehran: Shahid Beheshti University. (in Persian)
15
Islam, S. Z. & Khandaker, S. (2015). Firm leverage decisions: Does industry matter? North American Journal of Economics and Finance, 31, 94-107.
16
John, K., Kim, T.N. & Palia, D. (2012). Heterogeneous Speeds of Adjustment in Target Capital Structure. Working Paper Series. Available at SSRN: http://ssrn.com/abstract=2024357.
17
Lemmon, M., Roberts, M. & Zender, J. (2008). Back To The Beginning: Persistence And The Cross-Section Of Corporate Capital Structure. Journal of Finance, 63(4), 1575-1608.
18
McMillan, D.G. & Camara, O. (2012). Dynamic Capital Structure Adjustment: US MNCs & DCs. Journal of Multinational Financial Management, 22(5), 219-304.
19
Mustapha, M. & Chyi, N.H. (2012). Determinants of Firm Leverage and Cash Flow Relationship: The Developing Country Evidence. Journal of Financial Economics, 104, 236-251.
20
Ozkan, A. (2001). Determinants of Capital Structure and Adjustment to Long Run Target: Evidence from UK Company Panel Data. Journal of Business Finance & Accounting, 28(1-2), 175-198.
21
Pagan, A. (1984). Econometric Issues in the Analysis of Regressions with Generated Regressors. International Economic Review, 25(1): 221-247.
22
Rajan, R. & Zingales, L. (1995). What do We Know about Capital Structure? Some Evidence from International Data. Journal of Finance, 50(5), 1421-1460.
23
Shyam-Sunder, L. & Myers, S. (1999). Testing Static Trade-Off against Pecking Order Models of Capital Structure. Journal of Financial Economics, 51(2), 219-244.
24
Tehrani, R. (2005). Financial Management. Tehran: Negah Danesh Publications.
25
(in Persian)
26
ORIGINAL_ARTICLE
Investigating the impact of Mandatory Audit Firm Rotation on Audit Fee and Audit Market Competition
This study aims at investigating the impacts of Mandatory Audit Firm Rotation (MAFR) on audit fees and audit market compeition among firms listed on Tehran Stock Exchange (TSE). Since 2007 firms listed on TSE are not allowed to use services of any single audit firm for more than 4 consecutive years. We tested our hypotheses using multivariate regression analysis and mean comparison test. Our sample consists of 95 firms listed on TSE during the period 2006-2014. Our results, in summary, revealed that MAFR has cuased a significant increase in audit fees, more than the usual additional fees charged in first year audit in voluntarily audit firm rotations; and, therefore has imposed additional audit costs to firms. Also, there were no statistically significant changes in market share of high-quality renked audit firms and those of lower quality ranks, before and after imposition of MARF rule in Iran.
https://acctgrev.ut.ac.ir/article_59779_9a7f5cca77ef95ee73fdb9599a3ce540.pdf
2016-11-21
333
352
10.22059/acctgrev.2016.59779
Mandatory Audit Firm Rotation
Audit Fee
Audit Market Competition
Audit Firms Market-Share
Yahya
Hassas Yeganeh
yahya_yeganeh@yahoo.com
1
استاد گروه حسابداری، دانشگاه علامه طباطبائی، تهران، ایران
AUTHOR
Farokh
Barzideh
fbarzideh@yahoo.com
2
دانشیار گروه حسابداری، دانشگاه علامه طباطبائی، تهران، ایران
AUTHOR
Mohammad Taghi
Taghavifard
dr.taghavifard@gmail.com
3
دانشیار گروه مدیریت صنعتی، دانشگاه علامه طباطبائی، تهران، ایران
AUTHOR
Muhammad
Farahmand Seyed Abadi
muhammad.farahmand@gmail.com
4
دانشجوی دکتری حسابداری، دانشگاه علامه طباطبائی، تهران، ایران
LEAD_AUTHOR
Aziz-Khani, M. & Agha-Beigi, Z. (2013). Investigating audit fees in initial and subsequent years among firms listed on TSE. Journal of Accounting Knowledge, 4(15), 63-78. (in Persian)
1
Cameran, M., Francis, J.R., Marra, A. & Pettinicchio, A. (2015). Are There Adverse Consequences of Mandatory Auditor Rotation? Evidence from the Italian Experience. AUDITING: A Journal of Practice & Theory, 34(1), 1-24.
2
Cameran, M., Merlotti, E. & Vincenzo, D.D. (2009). The Audit Firm Rotation Rule: A Review of the Literature. Working paper, Bocconi University.
3
Chi, W. (2011). An overlooked effect of mandatory audit-firm rotation on investigation strategies. OR Spectrum, 33(2), 265-285.
4
Corbella, S., Floria, C., Gotti, G. & Mastrolia, S. A. (2015). Audit Firm Rotation, Audit Fees and Audit Quality: The Experience of Italian Public Companies. Journal of International Accounting, Auditing and Taxation, 25, 46-66.
5
Daniels, B. W. & Booker, Q. (2011). The effects of audit firm rotation on perceived auditor independence and audit quality. Research in Accounting Regulation, 23(1), 78-82.
6
Firth, M., Rui, O. M. & Wu, X. (2012). How Do Various Form of Auditor Rotation Affect Audit Quality? Evidence from China. The International Journal of Accounting, 47 (1), 109-138.
7
Hamilton, J. (2012). EU, Australian and Japanese Accounting Groups Oppose Mandatory Audit Firm Rotation. Wolters Kluwer Law & Business (PCAOB Reporter), 13(16), 4-12.
8
Hariss, K. (2012). Mandatory Audit Rotation: An International Investigation. Phd Dissertation, C.T. Bauer College of Businees, University of Houston.
9
Hasas Yeganeh, Y. & Jafari, V. (2010). Investigating the impact of audit rotation on the quality of audit reports of firms listed on TSE. Quarterly Journal of TSE, 3(9), 25-42. (in Persian)
10
Hay, D., Knechel, W. R. & Wong, N. (2006). Audit Fees: A Meta-analysis of the Effect of Supply and Demand Attributes. Contemporary Accounting Research, 23 (1), 91-141.
11
IACPA. (2014). The Committee for Quality Control of Audit Firms. Available in: http://iacpa.ir/tabid/202/Default.aspx
12
Kwon, S.Y., Lim, Y. & Simnett, R. (2014). The Effect of Mandatory Audit Firm Rotation on Audit Quality and Audit Fees: Empirical Evidence from the Korean Audit Market. AUDITING: A Journal of Practice & Theory, 33(4), 167-196.
13
Karami, GH., Bazr-Afshan, A., & Mohammadi, A. (2010). The Relationship Between Auditors’ Tenure and Earnings Management. Journal of Accounting Knowledge, 4, 65-89. (in Persian)
14
Lu, T. & Sivara makrishnan, K. (2009). Mandatory audit firm rotation: Fresh look versus poor knowledge. Journal of Accounting and Public Policy, 28(2), 71-91.
15
Lumb, J. (2011). Coverage of auditing standards and Board actions. Wolters KluwerLaw & Business (PCAOB Reporter), 9(16), 7-11.
16
Mojtahed-Zadeh, V. & Aghaeei, P. (2004). Factors affecting the quality of independent audits according to Auditors and Users. The Iranian Accounting and Auditing Review, 11(38), 53-76. (in Persian)
17
Neek-Bakht, M.R. & Tannani, M. (2010). A test of factors affecting audit fee of financial statements. Journal of Financial Accounting Research, 2(4), 111-132. (in Persian)
18
Rahimian, N. & Jan-Fada, R. (2014). Investigating the impact of Mandatory and Voluntary audit firm rotation on Audit Quality. Journal of Auditing: Theory and Practice, 1(1), 67-89. (in Persian)
19
Rajabi, R. & Mohammadi Khashouei, H. (2008). Agency costs and external audit pricing. The Iranian Accounting and Auditing Review, 15(52), 2-35.
20
(in Persian)
21
Sadjadi, S.H. & Ebrahimi - Mand M. (2005). Factors increasing independent auditors’ independence. The Iranian Accounting and Auditing Review, 12(40), 61-80. (in Persian)
22
Sadjadi, S.H. & Zareei, R. (2007). The impact of audit firm and client characteristics on audit fee. The Iranian Accounting and Auditing Review, 14(49), 67-90.
23
(in Persian)
24
Stanley, J. D. & DeZoort, F. T. (2007). Audit firm tenure and financial restatements: An analysis of industry specialization and fee effects. Journal of Accounting and Public Policy, 26(2),131-159.
25
Supreme Court of exchange and Securities. (2007). Instruction for firms trusted by TSE, August 2007. (in Persian)
26
Vaez, A., Ahmadi, M.R. & Rashidi-Baghi, M. (2014). The impact of audit quality on audit fee of firms. Journal of Financial Accounting Knowledge, 3(1), 92-114. (in Persian)
27
ORIGINAL_ARTICLE
The Effect of Audit Quality on Agency Costs and Information Asymmetry: Structural Equation Modeling Approach
In this study, the effect of audit quality on agency costs and information asymmetry has been examined. Among the accepted companies 99 ones in Tehran Stock Exchange were selected for statistical samples from 1385 to 1392 in order to attain the research purposes. To measure the audit quality, it has been used the observable variables such as the percentage of institutional investors, the type of audit opinion, audit size and the audit tenure. Also, it is used these variables like assets utilization ratio, the rate of assets revenue, Tobin's Q ratio and leverage ratio to measure agency costs. It was utilized the stock price volatility, earning forecast error, film size, growth opportunities and the percentage of non-institutional investors to quantify the amount of variable related to information asymmetry from observable variables. After having trusted the acceptable process of the research measurement and structural models, the results indicate that the increase of audit services quality leads to decreasing challenges over the separation of ownership and management including agency costs and information asymmetry. The results of the study also show that the increase of agency costs results in the increase of information asymmetry level.
https://acctgrev.ut.ac.ir/article_59780_cbbe500cf81785516c4b1dd9493da039.pdf
2016-11-21
3533
372
10.22059/acctgrev.2016.59780
"Agency costs"
" Audit Quality"
" Iformation Asymmetry"
" Structural Equation Modeling Approach"
Mehdi
Heidari
m.heydari@urmia.ac.ir
1
Member of Faculty in Accounting Group in Economic and Management Faculty in Urmia University
LEAD_AUTHOR
Bahman
Qaderi
bahman.ghaderi67@yahoo.com
2
Master of Accounting in Urmia university
AUTHOR
Peyman
Rasouli
peyman_rasouli@yahoo.com
3
دانشجوی کارشناسی ارشد حسابداری، دانشکدۀ علوم انسانی و اجتماعی، دانشگاه کردستان، سنندج، ایران
AUTHOR
Abarashi, A. & Hosseini, S. Y. (2012). Structural equation modeling approach. Tehran: Jameeshenasan Publications. (in Persian)
1
Ahmadi, M. & Jamali, K. (2014). The effect of audit quality on future stock returns of listed companies in Tehran Stock Exchange, The Iranian Accounting and Auditing Review, 20(4), 1-20. (in Persian)
2
Almutairi, A. R. Dunn, K. A. & Skantz, T. (2009). Auditor tenure, auditor specialization, and information asymmetry. Managerial Auditing Journal, 24(7), 600–623.
3
Badavar Nahandi, Y. & Taghizadeh Khanaghah, V. (2013). The relationship between audit quality and investment efficiency. The Iranian Accounting and Auditing Review, 20(2), 19-42. (in Persian)
4
Birami, L. & Rostami, V. (2014). The effect of the audit quality on agency costs of listed companies in Tehran Stock Exchange. Journal of Economic, 14 (9-10), 41-54. (in Persian)
5
Cameran, M., Di Vincenzo, D. & Merlotti, E. (2005). The audit firm rotation rule: A review of the literature. Working paper, Bocconi University.
6
Clarkson, G., Jacobsen, T. E. & Batcheller, A. L. (2007). Information asymmetry and information sharing. Government Information Quarterly, 24(4), 827-39.
7
Cormier, D., Ledoux, M.J.E., Magnan, M. & Aerts, W. (2010). Corporate governance and information asymmetry between managers and investors. Journal of Corporate Governance, 10(5), 574-589.
8
Dey, A. (2008). Corporate governance and agency conflicts. Journal of Accounting Research, 46(5), 1143–1181.
9
Didar, H., Mansourfar, Gh. & Parvizi Rahat, M. (2012). The mediation of audit quality on the relationship between agency problems and financial reporting quality. A Quarterly Journal of Empirical Research of Financial accounting, 2(6), 115-132.
10
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11
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12
Henry, D. (2010). Agency costs, ownership structure and corporate governance compliance: A private contracting perspective. Pacific-Basin Finance Journal, 18(1), 24-46.
13
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14
Jensen, M.C. & Meckling, W.H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
15
Karami, M. (2013). The effect of agency costs on auditing in Tehran Stock Exchange, Master’s Thesis, Islamic Azad University of Marvdasht.
16
(in Persian)
17
Khodadadi, V., Ghorbani, R. & Khandari, N. (2014). Investigating the effect of ownership structure on audit fees. The Iranian Accounting and Auditing Review, 21(1), 57-72.
18
Khodamipour, A., Deldar, M. & Choupan, M. (2013). Effect of information asymmetry and company life cycle on future stocks return: evidence from Tehran Stock Exchange. Empirical Studies in Financial Accounting Quarterly, 11(38), 143-167. (in Persian)
19
Khodamipour, A., Deldar, M. & Khani, M. (2013). The effect of agency costs and information asymmetry on audit quality. Journal of Audit Science, 12(49), 121-140. (in Persian)
20
Kordestani, Gh. & Rahimi, M. (2010). Audit quality, cost of capital and earning management. Emirical Studies in Financial Accounting, 26(7), 71-92
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(in Persian).
22
Krishnaswamis, S. & Subramaniam, V. (1999). Information asymmetry, valuation, and the corporate spin-off decision. Journal of Financial Economics, 53(1), 73-112.
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Malakian, E., Moien-Addin, M. & Kalantary, A. (2011). The relationship between audit quality of the external auditor and bid-ask spread in Tehran Stock Exchange. The Iranian Accounting and Auditing Review, 66 (18), 69-80.
25
(in Persian)
26
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27
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(in Persian)
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34
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36
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37
ORIGINAL_ARTICLE
The Usefulness of Feature Selection in Auditors Opinion Type Prediction
Abstract: Despite the importance of predictive variable in prediction, in most of the research in the field of auditors’ opinion the purpose was rendering the suitable models. Meanwhile, less attention was paid to the selection of optimal predictive variable and appropriate models of these selection. Therefore, in most of these research the predictive variables were chosen randomly and according to the prior research. The process of selecting variables could be used as a preprocess for omitting irrelevant variables and selecting optimal variables before creating the model. In this regard, this study investigates the usefulness of Correlation-Based Features Selection (CFS) in auditors’ opinion prediction of listed companies in Tehran Stock Exchange. The classifiers including Artificial Neural Networks (ANN) and logistic regression were used. In overall, the experimental results of investigating 1214 firms-years from 2008 to 2015, confirmed the usefulness of CFS Method in predicting auditors' opinion. In other words, the application of the CFS method, increases the mean of accuracy in comparison with using all variables, and reduces the occurrence of type I and type II errors. Furthermore, the results indicated that ANN outperforms the logistic regression.
https://acctgrev.ut.ac.ir/article_59781_dc03b5f6dbfcea746e1a38763a95fbd1.pdf
2016-11-21
373
392
10.22059/acctgrev.2016.59781
Correlation-Based Features Selection (CFS) method
Auditors Opinion Type
Artificial Neural Networks
Logistic regression
Mohammad
Setayesh
setayesh@shirazu.ac.ir
1
استاد حسابداری، دانشگاه شیراز، شیراز، ایران
LEAD_AUTHOR
Mostafa
kazem Nejad
mkazemi5166@gmail.com
2
دکتری حسابداری، دانشگاه شیراز، شیراز، ایران
AUTHOR
Gholam Reza
Rezaei
rezaac.1990@gmail.com
3
دانشجوی دکتری حسابداری، دانشگاه شیراز، شیراز، ایران
AUTHOR
Ali asghar
Dehghani
ira.dehghani@gmail.com
4
کارشناسارشد حسابداری، دانشگاه شیراز، شیراز، ایران
AUTHOR
Abbaszadeh, M. R. & Manzarzadeh, H. (2011). The effect of Characteristics of Board of Director on Reporting of Independent Auditors and Accepting Companies which Was Accepted in Tehran Stock Exchange, The Iranian Accounting and Auditing Review, 18 (63), 95-112.(in Persian)
1
Alfaro, E., García, N., Gámez, M. & Elizondo, D. (2008). Bankruptcy Forecasting: An Empirical Comparison of Adobos and Neural Networks, Decision Support Systems, 45 (1), 110-122.
2
Amini, P., Mohammadi, K. & Abbasi, SH. (2011). The investigation of effecting Factors on the issue of qualified auditing report: Application of neural network method, Journal of Management Accounting, 4(11), 25-39.
3
(in Persian)
4
Ashbaugh, H. & Warfield, T.D. (2003). Audits as A Corporate Governance Mechanism: Evidence from The German Market. Journal of International Accounting Research, 2 (1), 1-21.
5
Bagherpoor Valashani, M., Saei, M., Meshkani, A. & Bagheri, M. (2013). Prediction of Independent Auditor Opinion in Iran: Data Mining Approach, Accounting and Auditing Research, 5 (19), 134-150.(in Persian)
6
Chen, C. P. & Zhao, R. (2000). An emerging market’s reaction to initial modified audit opinions: Evidence for the shanghai stock exchange. Contemporary Accounting Research, 17 (3), 429-555.
7
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8
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10
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11
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14
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17
Hasas Yeghane, Y. & Yaghobi Manesh, S. (2003). The impact of audit reports on stock price. Accounting Empirical Studies, 1(3), 27-58.(in Persian)
18
Hasas Yeghane, Y., Taghavifard, M. & Mohammadpoor, F. (2014). Using Probabilistic Nueral Networks to Identifying. Auditing: Theory and Practice, 1 (1), 131-159.(in Persian)
19
Hejazi, R., Mohamadi, Sh., Aslani, Z. & Aghajan, M. (2012). Earnings Management Prediction Using Neural Networks and Decision Tree in TSE. The Iranian Accounting and Auditing Review, 19 (68), 31-46. (in Persian)
20
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21
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22
Karami, Gh. & Beik Boshroye, S. (2011). Corporate Governance and Equity Valuation: The Model by Using Artificial Neural Network, The Iranian Accounting and Auditing Review, 18 (64), 129-150.(in Persian)
23
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24
Kirkos, E., Spathis, C., Nanopoulos, A. & Manolopoulos, Y. (2007). Identifying Qualified Auditors opinion: A Data Mining Approach, Journal of Emerging technologies in Accounting, 4(1), 183-197.
25
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30
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31
Momeni, M. & Faal Ghayomi, A. (2007). Statistical Analysis Using SPSS (1th ed). Tehran: New Book Publication.(in Persian)
32
Moradi, M. & Fakhrabadi, A. (2010). Evaluation of Cultural Factors Effect on Auditors Evaluation of Internal Control and Assess Control Risk, Financial Accounting Research, 1 (1-2), 89-102.(in Persian)
33
Nikkhah Azad, A. (2014). Audit Fundamental Concepts Statement (3th ed), Tehran: Audit Organization.(in Persian)
34
Pourheidari, O. & Aazami, Z. (2010). Predicting Auditor’s Opinions: A Neural Networks Approach, Accounting Knowledge, 1(3), 77-97.(in Persian)
35
Ravi Kumar, P. & Ravi, V. (2007). Bankruptcy Prediction in Banks and Firms via Statistical and Intelligent Techniques - A Review, European Journal of Operational Research, 180 (1), 1-28.
36
Saeedi, A. & Aghaie, A. (2010). Predicting Financial Distress of firms Listed in Tehran Stock Exchange Using Bayesian networks. The Iranian Accounting and Auditing Review, 16 (3), 59-78.(in Persian)
37
Sajadi, H., Farazmand, H., Dastgir, M. & Dehghanfar, D. (2008). Factors affecting on qualified audit reports, Accounting Empirical Studies, (18), 123-145.
38
(in Persian)
39
Setayesh, M. & Jamalianpoor, M. (2009). The Investigating relationship between financial ratios and non-financial variables with the auditor's opinion. Accounting and Auditing Research, 1(2), 130-157.(in Persian)
40
Setayesh, M., Ebrahimi, F., Seif, M. & Sarikhani, M. (2013). Forecasting the Type of Audit Opinions: A Data Mining Approach. Journal of Management Accounting, 5 (4), 69-82.(in Persian)
41
Setayesh, M., Fatahi Nafchi, H., Abbaspoor, S. & Roustaei, M. (2014). Offering a new approach to the issuance of audit reports by using data mining (Case Study: Companies Listed in Tehran Stock Exchange). Journal of Audit Science, 14 (57), 5-26.(in Persian)
42
Shabahang, R. & Khatami, M. (1999). The impact of audit requirements on share price and the analysis of annual financial statements by officials in Tehran Stock Exchange. Management and Economics, 3 (40), 23-50.(in Persian)
43
Shourvarzi, M. R., Bakhtiyari, M., ZendehDel, A. & Esmaeilzadeh, M. (2011). Comparison of independent auditors and financial variables in predicting bankruptcy. The Iranian Accounting and Auditing Review, 18(65), 63-78.
44
(in Persian)
45
Tsai, C. (2009). Feature Selection in Bankruptcy Prediction. Knowledge Based Systems, 22 (2), 120-127.
46
Veerabhadrappa, J. & Rangarajan, L. (2010). Multi-Level Dimensionality Reduction Methods Using Feature Selection and Feature Extraction. International Journal of Artificial Intelligence and Applications, 1(4), 54-68.
47
Wang, G. Ma, J. & Yang, S. (2014). An improved boosting based on feature selection for corporate bankruptcy prediction. Expert Systems with Applications, 41 (5), 2353-2361.
48
Yu, L. & Liu, H. (2003). Feature Selection for High-Dimensional Data: A Fast Correlation-based Filter Solution. Proceedings of the Twentieth International Conference on Machine Learning (ICML-2003), Washington DC, 856-863.
49
ORIGINAL_ARTICLE
The impact of organizational culture on the information disclosure quality (timeliness and reliability)
Information disclosure and quality of their presentation are affected by a lot of environmental and organizational factors that organizational culture is one of the most important. Responsible organization culture creates a dynamic information environment and helps the quality of information disclosure. Accordingly, the aim of this study was to evaluate the impact of organizational culture on the disclosure quality (timeliness and reliability). For this purpose, information of the organizational culture of companies listed on the stock exchange in 1393, through a Denison organizational culture questionnaire has been collected, and has been studied with the Score of disclosure quality that is announced by the Securities and Exchange Organization. The results show that some aspects of organizational culture (adaptability and mission) have an impact on the disclosure quality. While there is no relationship between involvement, versatility and quality of disclosure and its indicators. These results can be used by top management for how setting policies of organization's culture and improving implementation of procedures of accountability, and ultimately to increase the transparency of companies information.
https://acctgrev.ut.ac.ir/article_59782_43949a79cb583a46cefca0aeea711f67.pdf
2016-11-21
394
414
10.22059/acctgrev.2016.59782
Disclosure
Disclosure Quality
Organizational Culture
reliability
timeliness
HOSSIEN
FAKHARI
h733hf@yahoo.com
1
university of mazandaran
LEAD_AUTHOR
Javad
Mohammadi
j7mohammadi93@gmail.com
2
MSc. Student in Accounting, Faculty of Economic and Administrative Sciences, University of Mazandaran, Babolsar, Iran
AUTHOR
Askary, S., Pounder, J. S. & Yazdifar, H. (2008). Influence of culture on accounting uniformity among Arabic nations. Education, Business and Society: Contemporary Middle Eastern Issues, 1(2), 145-154.
1
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6
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7
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28
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38
ORIGINAL_ARTICLE
Abstract
https://acctgrev.ut.ac.ir/article_62349_4255c018858bb638ecbc42e552b20103.pdf
2016-11-21
1
9
10.22059/acctgrev.2016.62349