Hossein Etemadi; Ali Asghar Anvari rostami; Vahid Ahmadian
Volume 11, Issue 41 , April 2014, , Pages 59-81
Abstract
Abstract: The main objective of this study is to investigate the effect of the life cycle of the company's on dividend policy of the company which is accepted on the Tehran Stock Exchange. In this study, the ratio of dividends to the earnings per share and dividends to the company size are considered ...
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Abstract: The main objective of this study is to investigate the effect of the life cycle of the company's on dividend policy of the company which is accepted on the Tehran Stock Exchange. In this study, the ratio of dividends to the earnings per share and dividends to the company size are considered as the dependent variables and life cycle of the company is considered as independent variable. At first a statistical sample is separated by using variables, sales growth, age, and capital expenditure of the company's growth, maturity and decline then hypotheses of the study have been tested by using ANOVA and LSD tests. Analyses of 435 years - the company during the years 1386 to 1390 show that the company's dividend policy at different stages of the life cycle (growth, maturity and decline) differ. The results indicate that the average ratio of dividends to market value of equity of the sample firm's growth, maturity and decline vary. Accordingly, it is recommended to financial analysts to concern life cycle as a key factor when evaluating the current and future performance and financial structure of the company. for doing accurate analysis of financial condition and anticipated interest payments decisions, it is better to determine the company's life cycle.
Mohsen Khoshtinat; Soghra Barari Nokashti
Volume 4, Issue 16 , January 2007, , Pages 1-18
Abstract
Financial statements release and announcement earnings convey some information to the capital market and causes changes in price and exchange volume of stocks. Accountants concern with such questions as: is there a relationship between accounting and the stock price changes and the abnormal returns around ...
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Financial statements release and announcement earnings convey some information to the capital market and causes changes in price and exchange volume of stocks. Accountants concern with such questions as: is there a relationship between accounting and the stock price changes and the abnormal returns around the date of annual and do convey any information to the capital market? And do announcement earnings have any informational content?
Since unexpected stock returns of some companies after the announcement earnings is more than the other companies, it may raise a question that why the market reaction to the good and bad news of some companies is more and greater than if s reaction to other?
There are many factors affecting earnings response coefficient. The size of the company is one of these factors and has been examined more frequently in the literature and has been recognized as a powerful factor affecting informational content of financial statements and more specially announcement earnings. So our research has some questions as below:
1- - Do stockholders respond to announcement earnings news?
2- Is coefficient of respond to announcement earnings different among the companies of different size?
To find the answer of these questions we have studied a sample consisting of l O I companies during a 3 years period stating from 1382 (1382 to l384). The results of our research show that there is a meaningful relation between the annual announcement earnings and unexpected return around the date of declares. But the quantities for R and R2 show a direct weak relation. Then to consider the second question we first classified the companies in to three classes: small sized, middle sized and large, based on their total assets book value and then we did separate tests for each class. There results show no meaningful relation between annual announcement earnings and unexpected returns around the declaration date in large companies. But there has been a meaningful relation i n the small and middle sized companies classes so we can conclude that there is a reverse relationship between the company size and informational context of two announcement earnings. Then there should be more focus on disclosure in small and middle sized companies because they are more important to users.
Farokh Barzideh; Morteza Moayeri
Volume 4, Issue 16 , January 2007, , Pages 43-69
Abstract
An important qualitative attribute of financial statements is timeliness of their information. The recognition that the length of the audit may be the single most important determinant affecting the timeliness of reporting, has motivated recent research on audit delay. The present study ...
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An important qualitative attribute of financial statements is timeliness of their information. The recognition that the length of the audit may be the single most important determinant affecting the timeliness of reporting, has motivated recent research on audit delay. The present study investigates the determinants of audit delay in Iran. We examine the determinants of "audit delay," the number of calendar days from fiscal year-end to the audit report date. The sample comprises233 companies listed in the Tehran Stock Exchange during the period 1382-1384. Descriptive statistics indicate the average audit delay to be 84 days for the three years under study. Five hypotheses relating audit delay to company size, company profitability, company risk (financial risk), auditor and year-end are tested in this study. Univariate and multivariate analyses and t-test of differences are performed to test the hypotheses of the study. The results for the sample of 233 listed Iranian companies showed that audit delay was significantly related to the companies that have 29 Esfand year-end. Other four hypotheses found not to be significantly associated with audit delay.
