ORIGINAL_ARTICLE
Accruals, Cash Flow, and Operating Profitability in the Cross Section of Stock Returns; Evidence from Tehran Stock Exchange (TSE)
Accruals are the non-cash component of earnings. Cash-based operating profitability is a measure that excludes accruals from the operating profitability. We used this measure to predict stock returns. With a sample of 164 stocks from the Tehran Stock Exchange (TSE) over the period of 2006 to 2015. We observed the relations between accruals, operatingprofitability and cash-based operating profitability in the cross section of stock returns and found that cash-based operating profitability is a better measure compared to accruals and operating profitability in predicting stock returns. We also performed portfolio sorts and priced accrual-size portfolios using Fama and French three-factor model augmented with accruals, operating profitability and cash-based operating profitability. It turned out that the three factor model which was augmented with cash-based operating profitability factor outperformed other augmented models for pricing portfolios sorted by accruals-size according to well-known performance measurement tests such as GRS.
https://acctgrev.ut.ac.ir/article_65133_6688e3a27ddff879dd1cc388b097b8e2.pdf
2018-02-20
463
482
10.22059/acctgrev.2018.240522.1007683
Accrual anomaly
Accruals
Cash-based operating profitability
Operating profitability
Stock Returns
Mohammad
Osoolian
mohammadosoolian@gmail.com
1
Assistant Prof., Faculty of Management & Accounting, Shahid Beheshti University, Tehran, Iran
AUTHOR
Seyed Jalal
Sadeghi Sharif
ssadeghisharif@gmail.com
2
Assistant Prof., Faculty of Management & Accounting, Shahid Beheshti University, Tehran, Iran
AUTHOR
MohammadAmin
Khalili
aminkhalili@gmail.com
3
Financial Management, Faculty of management and accounting, Shahid Beheshti University
LEAD_AUTHOR
بابالویان، س.؛ مظفری، م. (1395). مقایسۀ قدرت پیشبینی مدل پنج عاملی فاما و فرنچ با مدلهای چهار عاملی کارهارت و q عاملی HXZ در تبیین بازده سهام. فصلنامۀ دانش مالی تحلیل اوراق بهادار، 9(30)، 32-17.
1
حزبی، ه.؛ صالحی، ا. (1395). مقایسۀ قدرت توضیحدهندگی مدل چهار عاملی کارهارت و مدل پنج عاملی فاما و فرنچ در پیشبینی بازده مورد انتظار سهام. مجلۀ مهندسی مالی و مدیریت اوراق بهادار، (28)، 152-137.
2
عیوض لو، ر.؛ قهرمانی، ع.؛ عجم، ع. (1395). بررسی عملکرد مدل پنج عاملی فاما و فرنچ با استفاده از آزمون GRS. تحقیقات مالی، 18 (4)، 714- 691.
3
کامیابی، ی.؛ شهسواری، م.؛ سلمانی، ر. (1395). بررسی تأثیر مدیریت سود تعهدی بر رابطۀ بین مدیریت واقعی سود و هزینۀ سرمایه. فصلنامۀ علمی ـ پژوهشی بررسیهای حسابداری وحسابرسی، 23(1)، 38-19.
4
نوبخت، م.؛ برادران حسنزاده، ر. (1396). تأثیر جریانهای نقد آزاد بر مدیریت سود واقعی و تصنعی. فصلنامۀ علمی ـ پژوهشی بررسیهای حسابداری وحسابرسی، 24(3)، 440- 421.
5
Babalooyan, S. & Mozaffari, M. (2016). To Compare the Explanatory Power of the Five-Factor Fama French Model with Carhart and q-Factor Models: Evidences from Tehran Stock Exchange. Financial Knowledge of Securities Analysis, 9(30), 17-32. (in Persian)
6
Ball, R., Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6 (2), 159–178.
7
Ball, R., Gerakos, J., Linnainmaa, J., Nikolaev, V. (2016). Accruals, cash flows, and operating profitability in the cross section of stock returns. Journal of Financial Economics, 121 (1), 28 - 45.
8
Barillas, F. & Shanken, J. (2015). Which Alpha? NBER working paper, No. 21698. NBER.
9
Carhart, M.M. (1997). On Persistence in Mutual Fund Performance. Journal of Finance, 52, 57-82.
10
Dechow, P. (1994). Accounting earnings and cash flows as measures of firm performance: the role of accruals. Journal of Accounting and Economics, 18(1), 3–42.
11
Eyvaz Loo, R. & Ghahremani, A. & Ajam, A. (2016). Evaluating the Performance of the Five-Factor Fama French Model using GRS test. Journal of Financial Research, 4(18), 691-714. (in Persian)
12
Fairfield, P. & Whisenant, S. & Yohn, T. (2003). Accrued earnings and growth: Implications for future profitability and market mispricing. The Accounting Review, 78(1), 353–371.
13
Fama, E. (1998). Determining the number of priced state variables in the ICAPM. Journal of Financial and Quantitative Analysis, 33 (2), 217–231.
14
Fama, E. & French, K. (2015). A five-factor asset pricing model. Journal of Financial Economics, 116 (1), 1–22.
15
Fama, E. & French, K. (2016). Dissecting anomalies with a five-factor model. Review of Financial Studies, 29, 69–103.
16
Fama, E., French, K. (1993). Common risk factors in the returns of stocks and bonds. Journal of Financial Economics, 33, 3–56.
17
Gibbons, M., Ross, S., Shanken, J. (1989). A test of the efficiency of a given portfolio. Econometrica, 57 (5), 1121–1152.
18
Hezbi, H. & Salehi, A. (2016). Comparison of Explanatory Power of Carhart Four-Factor Model and Fama-French Five-Factor Model in Prediction of Expected Stock Returns. Quarterly Financial Engineering and Securities Management (Portfolio Management), 7(28), 137-152. (in Persian)
19
Hou, K. & Xue, C. & Zhang, L. (2015). Digesting anomalies: an investment approach. Review of Financial Studies, 28 (3), 650–750.
20
Kamyabi, Y. & Shahsavari, M. & Salmani, R. (2016). The Study of the Accrual Earnings Management efffect on the relationship between Real Earnings Management and Cost of capital. The Iranian Accounting and Auditing Review, 23(1), 19-38. (in Persian)
21
Nobakht, M. & Hassanzadeh, R. (2017). Impact of Free Cash Flow on Real and Artificial Earnings Management. The Iranian Accounting and Auditing Review, 24(3), 421-440. (in Persian)
22
Novy-Marx, R. (2013). The other side of value: the gross profitability premium. Journal of Financial Economics, 108 (1), 1–28.
23
Sloan, R. (1996). Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accounting Review, 71 (3), 289–315.
24
ORIGINAL_ARTICLE
Evaluation the Relationship between the Type
of Independent Auditor's Opinion and
Earnings Quality
Owners of companies for monitoring agent and prevent their opportunistic behaviors and reducing information asymmetries as well as reduce the cost of agent, refer to independent auditors. This role of auditing in examining manipulation of financial statements and consequently, earning management, has a particular importance. Thus the aim of this paper is to examine the relationship between types of independent auditor's opinion, and quality of profit indicators. Statistical sample of this study consists of 70 companies listed in the Tehran Stock Exchange during 2010-2016. The data has been tested with using the panel data approach and the Arellano-Bover/ Blundel- Bond (1998) method. The data has been analyzed by three models with considering earnings quality as related variable (including earnings sustainability, accrual items quality, and information reliance). The results showed that the type of independent auditor's report has a meaningful relationship with profit quality indices in all three models. Also, the type of independent auditor's report has a negative relation with sustainability index and quality of accrual items, and ultimately this relationship is meaningful and positive with information reliance index.
https://acctgrev.ut.ac.ir/article_65134_aedff5d0ca7ebda1013830b78cf8e51b.pdf
2018-02-20
483
502
10.22059/acctgrev.2018.237071.1007645
Accrual items quality
Independent auditor report
Opinion type
Profit reliability
Profit sustainability
Parviz
Piri
p.piri@urmia.ac.com
1
Associate Prof. in Accounting, Faculty of Economics and Management, Urmia University, Urmia, Iran
AUTHOR
marieh
gorbani
marieh.gorbani@gmail.com
2
MSc. in Accounting, Faculty of Economics and Management, Urmia University, Urmia, Iran
LEAD_AUTHOR
بادآور نهندی، ی.؛ تقیزاده خانقاه، و. (1392). بررسی ارتباط بین کیفیت حسابرسی و کارایی سرمایهگذاری. فصلنامۀ بررسیهای حسابداری و حسابرسی، 20(2)، 42- 19.
1
بنی مهد، ب.؛ حساس یگانه، ی.؛ یزدانیان، ن. (1393). مدیریت سود و اظهارنظر حسابرس: شواهدی از بخش خصوصی حسابرسی. حسابداری مدیریت، 7(21)، 32-17.
2
پیری، پ.؛ شیخ محمدی، ا.؛ جوادی، ن. (1392). بررسی ارتباط بین اندازۀ مؤسسۀ حسابرسی، تعداد صاحبکاران مؤسسۀ حسابرسی با کیفیت حسابرسی. فصلنامۀ دانش حسابرسی، 13(51)، 26-1.
3
توکل نیا، ا. (1396). تخصص حسابرس در صنعت، جریان نقد آزاد و مدیریت سود از طریق معاملات با اشخاص وابسته. فصلنامۀ بررسیهای حسابداری و حسابرسی، 24(1)، 60-41.
4
جامعی، ر.؛ هلشی، م.؛ حاجی عیدی، ع. (1391). تأثیر عملکرد مدیران بر اظهارنظر حسابرس مستقل درشرکتهای پذیرفته شده در بورس اوراق بهادار تهران. فصلنامۀ بررسیهای حسابداری و حسابرسی، 19(70)، 14-1.
5
نونهال نهر، ع.؛ جبارزاده کنگرلویی، س.؛ پورکریم، ی. (1389). رابطۀ بین کیفیت حسابرس و قابلیت اتکای اقلام تعهدی. فصلنامۀ بررسیهای حسابداری و حسابرسی، 17(3)، 70-55. یعقوب نژاد، ا.؛ امیری، م. (1388). بررسی عوامل مؤثر بر کیفیت گزارشهای حسابرسی و تأثیر عوامل مذکور بر ضریب همبستگی تغییرات قیمت و تغییرات سود سهام. فصلنامۀ پژوهشهای حسابداری مالی و حسابرسی، 1(1)، 75- 53.
6
Arellano, B. & Blundell, B. (1998). Another look at the instrumental variable estimation of error-components models. Journal of Economerics, 68 (1), 29–51.
7
Badavar Nahandi, Y. & Taghizadeh Khanqhah, V. (2013). The Relationship between Audit Quality and Investment Efficiency, Quarterly Journal of The Iranian Accounting and Auditing Review,20(2), 19- 42. (in Persian)
8
Ball, R. & Shivakumar, L. (2006). The role of accruals in asymmetrically timely gain and loss recognition. Journal of Accounting Research, 44(2), 207-242.
9
Banimehd, B., Hassasyeganeh, Y. & Yazdanian, N. (2014). Profit Management and Auditor's Opinion: Evidence from the Private Audit Division. Journal of Management Accounting, 7(21), 17-32. (in Persian)
10
Bannister, J.W. (2001). Earnings management and auditor conservatism: effects of SEC enforcement actions. Journal of Managerial Finance, 27, 57 – 71.
11
Beasley, M.S. & Petroni, K. (2001). Board independence and audit firm type. Auditing: A Journal of Practice and Theory, 20(1),97-114.
12
Blundell, R. & Bondm, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87 (2), 115–143.
13
Bradshaw, M. T., Richardson, S. A. & Sloan, R. G. (2001). Do Analysts and Auditors Use Information in Accruals. Journal of Accounting Research, 39(1), 45–74.
14
Bruce, B., Jong, H. & Tony, K. (2007). Audit Quality and Properties of Analyst Earning Forecasts. Social Science Research Network, 83(2), 600-623.
15
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Das, S. & Pandit, SH. (2010). Audit Quality, Life-Cycle Stage and the management earnings forecasts in IPO prospectuses. Journal of Business Finance & Accounting, (30), 125-167.
17
Dechow, P. M. & Dichev I.D. (2002). The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors. The Accounting Review: Supplement, 77, 35-59.
18
Dennis, C. & Jeff, P. (2011). Audit quality and accrual persistence: evidence from the pre- and post-Sarbanes- Oxley periods. Managerial Auditing Journal, 26, 437-456.
19
Fallatah, Y. (2006). The Role of Asset Reliability and Auditor Quality in Equity Valuation. A dissertation of the requirements for the degree of Doctor or Philosophy. FloridaAtlantic Univercity; Available at UMI Microform.
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Hogan, C.E. & Jeter, D.C. (1999). Industry specialization by auditors. Auditing: A Journal of Practice and Theory, 18, 1-17.
21
Satip, B.O., Chanling, C., Alan, G.H. & Rajini, J. (2010). Accounting Conservatism and the Tradeoff between Relevance and Reliability of Cureent Earnings. Contemporary accounting research, 20(2), 413-460.
22
Ittonen, K., Vähämaa, E. & Sami Vähämaa. (2013). Female Auditors and Accruals Quality. Accounting Horizons, 27(2), 205-228.
23
Jameei, R. Helishi, M. & Hajieidi, A. (2012). Investigating the Effect of Managers' Performance on Independent Auditor's Opinion in Companies Listed in Tehran Stock Exchange. The Iranian Accounting And Auditing Review, 19 (7), 1-14. (in Persian)
24
Jensen, M. C. & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, Volume, 3(4), 305–360.
25
Johl, S., Jubb, C. & Houghton, K. (2007). Earnings management and the audit opinion: evidence from Malaysia. Managerial Auditing Journal, 22(7), 688-715.
26
Kothari, S. P., Andrew, J.L. & Charles, E.W. (2004). Performance Matched Discretionary Accrual Measures. Journal of Accounting and Economics, 30(1),163-197.
27
Nonahal Nahr, A., Jabbarzadeh Kangarluei, S. & Pourkarim, Y. (2010). The Relationship between Auditor Quality and Accrual Reliability. The Iranian Accounting And Auditing Review, 17(3), 55-70. (in Persian)
28
Piri, P., Sheikh Mohammadi, A. & Javadi, N. (2013). Investigating the Relationship Between the Size of the Audit Institution, the number of clients of the audit firm with quality of audit. Journal of Audit Knowledge, 13(51). (in Persian)
29
Ronen, J. (2008). Earnings Management (Vol. Volume 3). Springer Series in Accounting Scholarship, Canada.
30
Schipper, K. & Vincent, L. (2003). Earnings Quality. Accounting Horizons, 64 (2) , 97-110.
31
Scott, W. (1997). Defined earning management by the choice of accounting policies so as to achieve some specific managers’ objective. Pearson Education Canada.
32
Spathis, M. (2012). Earning management and the role of auditors in an unusual IFRS contex. Journal of International Accounting, Auditing and Taxation, 21 (1), 62-78.
33
Tavakolnia, E. (2017). Auditor Industry Specialization, Free Cash Flow and Earning Management through Related Party Transactions. The Iranian Accounting And Auditing Review, 24(1), 41-60.(in Persian)
34
Tilis, L. (2005). Audit Quality and Risk Differences among Auditors. Available in: Retrieved from http://www.SSRN.com.
35
Tendeloo, B.T. & Vanstraelen, A. (2008). Earnings Management and Audit Quality in Europe: Evidence from the Private Client Segment Marke. Europan accounting review, 17 (3), 428-451.
36
The Accounting Standards Committee. (2008). Audit Organization (in Persian).
37
Wallace, W. A. (2004). The economic role of the audit in free and related markets: a look back and a look forward. Research in Accounting Regulation, 17 (1), 267–298.
38
Wooldridge, J. M. (2010). Econometric Analysis of Cross Section and Panel Data. The MIT press, London.
39
Yagoob Nezhad, A. & Amiri, M. (2009). Investigation of effective factors on auditing report quality and its impact on correlation coefficient of price and shares earning changes. Journal of Financial Accounting and Audit Research, 1(1), 53-75. (in Persian)
40
ORIGINAL_ARTICLE
The Effect of the Company's Strategy and Managerial Ability on Asymmetric Cost Behavior
The aim of this study isto examine the effect of the company's strategy (Including competitive strategy, investment strategy, financing strategy, company strategy based on past information, and company strategy based on future information) and managerial ability on asymmetric cost behavior. For this purpose seven hypotheses are developed and data about 106 companies listed in the Tehran Stock Exchange for the period between the years 2006 to 2015 are analyzed. Regression models using panel data approach are reviewed and tested. The results show that the investment strategy, company strategy based on future information and management ability increase the asymmetry of cost behavior.In addition, the results show that the company's competitive index and financing strategy variables reduce the asymmetry of cost behavior.On the other hand, the results indicate that the company strategy based on past informationand GDP growth have no significant effect on the asymmetry of cost behavior in companies listed in the Tehran Stock Exchange.
https://acctgrev.ut.ac.ir/article_65135_b22b3142b8f016053339552cd892c78b.pdf
2018-02-20
503
526
10.22059/acctgrev.2018.239658.1007673
Ability of management
Asymmetric cost behavior
Corporate strategy
Costs stickiness
Product market competition
Yadollah
Tariverdi
tariverdi76ir@yahoo.com
1
Assistant Prof., Faculty of Management and Accounting, Islamic Azad University, Central Tehran Branch, Tehran, Iran
AUTHOR
Javad
Nik kar
j.nickar@gmail.com
2
Instructor, Faculty of Humanities, Islamic Azad University, Tehran East Branch, Tehran, Iran
LEAD_AUTHOR
Elahe
Malekkhodae Hasanvand
elahemalek0067@gmail.com
3
Ph.D. Candidate in Accounting, Faculty of Management and Accounting, Islamic Azad University, Central Tehran Branch, Tehran, Iran
AUTHOR
کردستانی، غ.؛ مرتضوی، م. (1391). بررسی تأثیر تصمیمات سنجیدۀ مدیران بر چسبندگی هزینهها. بررسیهای حسابداری و حسابرسی، 19 (67)، 90- 73.
1
مشایخی، ب.؛ عظیمی، ع. (1395). تأثیر تواناییهای مدیریت بر رابطۀ بین مدیریت سود واقعی و عملکرد آتی شرکت. بررسیهای حسابداری و حسابرسی، 22 (2)، 267- 253.
2
نیککار، ج.؛ حمیدی، ا.؛ جلیلی، ا. (1396). تأثیر مسئولیت اجتماعی شرکت بر رفتار چسبندگی هزینه. مجلۀ پژوهشهای تجربی حسابداری، 6(1)، 28-1.
3
Abdulhamied, A. A., & Abulezz, M. E. (2014). An empirical investigation of the effect of cost structure and demand uncertainty on SA&G cost stickiness. Available in: http:// ssrn.com/abstract= 2311584.
4
Anderson, M., Asdmir, O. & Tripathy, A. (2013). Use of precedent and antecedent information in strategic cost management. Journal of Business Research, 66 (5), 643–650.
5
Anderson, M., Banker R. & Janakiraman, S. (2003). Are Selling, General, and Administrative Costs ‘Sticky’? Journal of Accounting Research, 41(1), 47-63.
6
Banker, R., Basu, S., Byzalov, D. & Chen, J, Y. (2016). The Confounding Effect of Cost Stickiness on Conservatism Estimates. Journal of Accounting and Economics, 61(1), 203-220.
7
Banker, R.D., Byzalov, D., Ciftci, M., Mashruwala, R. (2014). The moderating effect of prior sales changes on asymmetric cost behavior. Journal of Management Accounting Research, 26 (2), 221–242.
8
Bonsall, S., Holzman, E, R & Miller, B, P. (2016). Managerial Ability and Credit Risk Assessment. Management Science, 63(5), 1425-1449.
9
Calleja, K., Steliaros, M. & Thomas, D.C. (2006). A Note on Cost Stickiness: Some International Comparisons. Management Accounting Research, 17(2), 127- 140.
10
Christos, V. N. & Vlismas, O. (2016). Strategy, managerial ability and stick behavior of selling, general and administrative expenses. Available in: http:// ssrn.com/abstract= 2672765.
11
Demerjian, P., Lev, B. & MacVay, S. (2012). Quantifying managerial ability: A new measure and validity test. Management Science, 58(7), 1229-1248.
12
Kama, I. & Weiss, D. (2013). Do Earnings Targets and Managerial Incentives Affect Sticky Costs? Journal of Accounting Research forthcoming, 51 (1), 201-224.
13
Keller, G. & Warrack, B. (2003). Statistics for management and economics (6th ed.). Pacific Grove, CA: Duxbury Press.
14
Kordestani, Gh. & Mortazavi, M. (2012). The Impact of Managers’ Deliberate Decisions on Costs’ Stickiness, The Iranian Accounting And Auditing Review, 19(67), 73-90. (in Persian)
15
Li, W. L. & Zheng, K. (2016). Product market competition and cost stickiness. Rev Quant Finan Acc, Springer Science, July 2016.
16
Mashayakhi, B. & Azimi, A. (2016). Influence of Manager's Abilities On The Relation Between Real Earning Management and Future Firm Performance, The iranian Accounting And Auditing Review, 22(2), 253-267. (in Persian)
17
Nikkar, J., Hamidi, A. & Jalili, A. (2017). The Effect of Corporate Social Responsibility on Behavior Cost Sticky. Journal of Empirical Accounting Research, 6(1), 1- 28. (in Persian)
18
ORIGINAL_ARTICLE
The Relation between Accounting Comparability and Earning Management
The purpose of this paper is to assess the relation between accounting comparability and earning management method selection. Comparability is a qualitative characteristic of accounting information. It makes information users' able to identify and understand similarities and differences between two set of information and use them in their decision making. Accrual earning management is a potential factor which can seriously damage comparability. We defined comparability as a characteristic of accounting system outputs and the assessed companies' return and earning which were in an industry. We examined a sample of 72 companies of the Tehran stock exchange in 6 industries during 2005 to 2015. Findings show that accounting comparability has no relation with real and accrual earning management.
https://acctgrev.ut.ac.ir/article_65136_be2bf1b886cbbd23b72f70aad656e3ca.pdf
2018-02-20
527
550
10.22059/acctgrev.2018.231579.1007589
Accrual earning management
Comparability
Decision making
Managers
Real earning management
Ali
Rahmani
rahmani.ali@gmail.com
1
Prof. in Accounting, Faculty of Economic and Social Sciences, Alzahra University, Tehran, Iran
AUTHOR
Fatemeh
Ghashghaei
ghashghaei.fatemeh@gmail.com
2
Ph.D. Candidate in Accounting, Faculty Economic and Social Sciences, Alzahra University, Tehran, Iran
LEAD_AUTHOR
رحمانی، ع.؛ رامشه، م. (1392). رابطة جایگزینی میان مدیریت سود مبتنی بر اقلام تعهدی و مدیریت فعالیتهای واقعی. فصلنامۀ بررسیهای حسابداری و حسابرسی، 20(4)، 60-39.
1
رهنمای رودپشتی، ف.؛ وکیلیفرد، ح. ر.؛ لک، ف. (1394). سبک حسابرس و قابلیت مقایسه صورتهای مالی. فصلنامۀ علمی پژوهشی حسابداری مدیریت، 8 (25)، 47- 29.
2
فروغی، د.؛ قاسمزاد، پ. (1394). تأثیر قابلیت مقایسۀ صورتهای مالی بر ضریب واکنش سودهای آتی. فصلنامۀ بررسیهای حسابداری و حسابرسی، 22(4)، 500- 479.
3
فروغی، د.؛ قاسمزاد، پ. (1395). تأثیر قابلیت مقایسۀ صورتهای مالی بر همزمانی قیمت سهام. پژوهشهای حسابداری مالی، 8(1)، 54- 39.
4
کامیابی، ی.؛ شهسواری، م.؛ سلمانی، ر. (1395). بررسی تأثیر مدیریت سود تعهدی بر رابطة بین مدیریت واقعی سود و هزینة سرمایه. فصلنامۀ بررسیهای حسابداری و حسابرسی، 23(1)، 38-19.
5
کرمی، غ.ر.؛ داوری نژاد مقدم، ا.؛ تحریری، آ. (1390). بررسی رابطۀ بین مدیریت سود واقعی و مدیریت سود حسابداری بهمنظور هموارسازی سود در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران. فصلنامۀ مطالعات تجربی حسابداری مالی، 9(31)، 76- 61.
6
مشایخی، ب.؛ حسینپور، ا.ح. (1395). بررسی رابطۀ بین مدیریت سود واقعی و مدیریت سود تعهدی در شرکتهای مشکوک به تقلب بورس اوراق بهادار تهران. فصلنامۀ مطالعات تجربی حسابداری مالی، 12(49)، 52- 29.
7
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35
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38
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40
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47
ORIGINAL_ARTICLE
The Effect of Economic Growth and Sanctions on Cost Stickiness in Listed Firms on
the Tehran Stock Exchange
Cost stickiness affects the behavior of costs in different ways. In this paper, the effect of economic growth and economic sanctions on cost stickiness was investigated. The data from 117 companies of the Tehran Stock Exchange from 1996 to 2015 was selected. Multiple regression was used for hypothesis testing and to compare the coefficients during the minor and severe sanctions, the Petronaster test has been used. To examine the cost stickiness during these periods the 20-year period was divided into the boom and recession, and usual and severe sanctions periods.Cost stickiness was investigated in terms of public and administrative costs, cost of goods sold and operational costs. Results show that cost responds asymmetrically to identical sales. Economic boom affects positively costs stickiness in other words, cost stickiness raises during the economic boom. Recession has a negative effect on cost stickiness. In other words, there is no cost stickiness during recession. Although severe economic sanctions have a negative effect on cost Stickiness, the difference of cost stickiness during the usual and sever sanctions is significant in operational costs. Despite the negative impact of sanctions on cost stickiness, the difference of public and administrative costs and cost of goods sold are not statistically significant.
https://acctgrev.ut.ac.ir/article_64305_a181987a00aa05b6ce3e486c2670ba50.pdf
2018-02-20
551
572
10.22059/acctgrev.2017.226594.1007545
Cost stickiness
Economic boom
Economic Growth
Economic recession
economic sanctions
Mehdi
Rezaei
m.rezaeimehdi@gmail.com
1
Assistant Prof. in Accounting, Persian Gulf University, Bushehr, Iran
LEAD_AUTHOR
Hojat
Parsa
hparsa@pgu.ac.ir
2
Assistant Prof. of Economics, Persian Gulf University, Bushehr, Iran
AUTHOR
Sima
Mehrabaniyan
s.mehrabaniyan@gmail.com
3
MSc. Student in Accounting, Payame Noor University, Fars, Iran
AUTHOR
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1
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41
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Noreen, E. & Soderstrom, N. (1997). The Accuracy of Proportional Cost Models Evidence from Hospital Service Departments. Review of Accounting Studies, 2(1), 89-114.
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47
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48
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50
ORIGINAL_ARTICLE
Developing a Model for Implementing the
Fair Value Approach in Iran:
With Emphasis on Measurement
Market supervisors’ movement towards international accounting standards can highlight the role of fair values in the financial reporting of Iranian companies. Past experience has shown that although fair values have become more sophisticated by complying with international accounting standards, standard adoption has been delayed due to the lack of necessary infrastructure. In this regard, 17 experts from different field's securities and stock market organization, audit organization, official accountants community, experts in the field of justice, corporate executives and tax professionals were interviewed. Conditions, strategies, context, intervening conditions and implications about adopting a fair value system are presented through the grounded theory research method and with an emphasis on measurement. This paper helps to turn attentions to valuation area in the country, and to develop valuation standards for independent assessor which promotes fair value measurement.
https://acctgrev.ut.ac.ir/article_65137_9cc0f11527c110d202a8e338c1dbd9f7.pdf
2018-02-20
573
596
10.22059/acctgrev.2018.245353.1007745
Fair value
Grounded theory
Infrastructure
Measurement
Valuation
GHOLAMREZA
KARAMI
gh.karami@ut.ac.ir
1
Associate Prof. in Accounting, Faculty of Management, Tehran University, Tehran, Iran
LEAD_AUTHOR
Salman
Beik Boshrouyeh
salmanbeik@ymail.com
2
Ph.D. Candidate in Accounting, Faculty of Management, University of Tehran, Tehran, Iran
AUTHOR
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(in Persian)
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ORIGINAL_ARTICLE
Impact of Estimating Fair Values of
Bank Loans Using the Approach of the International Financial Reporting Standards
(Case Study: An Iranian Bank)
In this paper, fair value and impairment of an Iranian bank's loan portfolio is estimated using the approach of International Financial Reporting Standards and the result is compared with values using the approach of Central Bank of Iran which is based on reporting historical cost and incurred loss. Present value of future cashflows and expected credit loss are used for calculating fair value. Expected credit loss is estimated through predicting probability of default and loss given default based on models developed using neural network method and data from loans paid during years 2007 to 2016. The results of fair value and expected credit loss from 208 loan contracts, which comprise 82 percent of bank's total loan portfolio in 2017, show that the ratio of expected credit loss to incurred loss is 2/3 which is considerable, but the ratio of the fair value to historical cost is 97 percent which is not considerable. Furthermore, findings show that the approach of IFRS has an impact on the capital adequacy ratio of the bank and reduces it.
https://acctgrev.ut.ac.ir/article_65138_ef0b95dc87782433a7c30600893fe280.pdf
2018-02-20
597
621
10.22059/acctgrev.2018.242123.1007709
Capital Adequacy
Expected credit loss
Fair value
IFRS
Loan
Mina
Moghadasi Nikjeh
mina_moghadasy@yahoo.com
1
1. Ph.D. Student , Faculty of Economics and Social Science, Alzahra University, Tehran, Iran
LEAD_AUTHOR
Rezvan
Hejazi
hejazi33@gmail.com
2
2. Prof., Faculty of Economics and Social Science, Alzahra University, Tehran, Iran
AUTHOR
Morteza
Akbari
akbari511@yahoo.com
3
Ph.D., Faculty of Management and Accounting, Allameh Tabataba’i University, Tehran, Iran
AUTHOR
Mohammad Ali
Dehghan Dehnavi
dehghandehnavi@gmail.com
4
Assistant Prof., Faculty of Management and Accounting, Allameh Tabataba’i University, Tehran, Iran
AUTHOR
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