Mehdi Sadidi; Maysam Ahmadvand
Abstract
This study documents the impact of corporate governance nature on momentum strategies profitability in Tehran stock exchange. To do so, we firstly examined the profitability of short term, midterm, and long term momentum strategies and found that, regarding both raw data and industry adjusted data, only ...
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This study documents the impact of corporate governance nature on momentum strategies profitability in Tehran stock exchange. To do so, we firstly examined the profitability of short term, midterm, and long term momentum strategies and found that, regarding both raw data and industry adjusted data, only midterm momentum strategy is profitable. Then, based on corporate governance index score, we categorized sample firms into two groups: democracies (firms with strong shareholder rights) and dictatorships (firms with weak shareholder rights). In the next stage, we checked momentum strategies profitability in each group. Research findings indicate that among democracies, short term and midterm momentum strategies allow investors to earn significant positive profits, while in companies with weak shareholder rights, all three momentum strategies record negative profits. The results of this research also present strong evidence that supports the market pressure hypothesis and confirm that managers of companies with strong shareholder rights are less likely to reveal private information than companies with weak shareholder rights
Saber Sheri Anaghir Sheri Anaghir; Yahya Hassas Yeganeh; Mehdi Sadidy; Benyamin Narrei
Volume 13, Issue 52 , January 2017, , Pages 9-36
Abstract
Previous researches revealed that corporate governance mechanisms assists the investors in motivating and compelling pillars of company management to more efficient use of corporate resources with doing stewardship duty. Managers can play a critical role in using the resources through making appropriate ...
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Previous researches revealed that corporate governance mechanisms assists the investors in motivating and compelling pillars of company management to more efficient use of corporate resources with doing stewardship duty. Managers can play a critical role in using the resources through making appropriate decisions about optimal investment. Inefficient investment could be the result of poor corporate governance. In other words, corporate governance is a key and monitoring tool in investment efficiency. The purpose of this study is to analyze the relationship between corporate governance and investment efficiency in the firms listed in the Tehran Stock Exchange. For testing hypotheses multivariate linear regression model using estimated generalized least squares method (EGLS) was used. To reach the purpose of the study, a sample of 138 companies were selected by screening (systematic deleting) in the years 2008 to 2014. Based on 93 indicators of hassass yegane and Salimi (2011), we estimated the efficiency of corporate governance and its dimensions such as transparency, effectiveness of board, shareholder rights and the effects of ownership. We also measured the efficiency of investment according to the Richardson’s (2006) model. In general, the results show that corporate governance and its dimensions have a significant positive effect on the efficiency of investment. In addition, a significant and positive impact of variables control such as investment opportunities (Tobin's Q) and firm size on investment efficiency was confirmed. The cash flow had a negative and significant relationship on investment efficiency
Binyamin narrei; saber sheri; yahya Hasas-yeganeh; mehdi Sadidy
Abstract
It is believed that corporate governance mechanisms help to investors in motivating and compelling pillars of company management to the more efficient use of resources in line serve their stewardship duty. Pillars of management with optimal decisions about the investment, plays a vital role in the use ...
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It is believed that corporate governance mechanisms help to investors in motivating and compelling pillars of company management to the more efficient use of resources in line serve their stewardship duty. Pillars of management with optimal decisions about the investment, plays a vital role in the use of resources. Inefficient policies in the investment could be the result of poor corporate governance. In other words, corporate governance is key and control-monitoring factor in the efficient management and investment efficiency. The purpose of this study is to analyze the relationship between corporate governance and investment efficiency in the firms listed in the Tehran Stock Exchange. For test hypotheses multivariate linear regression model using estimated generalized least squares method was used. For the purposes of this study, a sample of 138 companies by screening , in the years 2008 to 2014 were selected. Evaluation of corporate governance and its dimensions (transparency, effectiveness of board, shareholder rights and the effects of ownership) on the basis of a variety of indicators (93 indicators) based on the ratings provided by the Hsasyeganh-Salimi (2011) and measure the efficiency of investment according to the Richardson model (2006) took place. In general, the results show that corporate governance and its dimensions have a significant positive effect on the efficiency of investment.
Mahdi Sadidi; Ahmad Mohamadi Saniani
Volume 11, Issue 41 , April 2014, , Pages 105-129
Abstract
The goal of this paper is to study of Relationship between cash flow sensitivity of investment with capital expenditure..the sample has been divided into two parts, over investment and under investment companies with using measure of investment mean and shown that the cash flow sensitivity of investment ...
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The goal of this paper is to study of Relationship between cash flow sensitivity of investment with capital expenditure..the sample has been divided into two parts, over investment and under investment companies with using measure of investment mean and shown that the cash flow sensitivity of investment in over investment companies is greater than under investment companies .also Positive relationship have been shown between market to book ratio and capital expenditure. Also by using multiple measure (ratio of dividend, size and KZ index) representative of financial constraints, we understand that positive relationship is exist between cash flow sensitivity of investment with dividend ratio and size and negative relationship is exist between cash flow sensitivity of investment and KZ index.
Mehdi Sadidi; Sajad Ebrahimidardeh
Volume 8, Issue 32 , January 2011, , Pages 103-119
Abstract
Managers are trying to decrease the environmental impact of uncertainty in the reported digit of accounting earnings using their authorities and the flexibility from the accounting standards. This paper aims to examine the relationship between environmental uncertainty and accruals. In doing ...
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Managers are trying to decrease the environmental impact of uncertainty in the reported digit of accounting earnings using their authorities and the flexibility from the accounting standards. This paper aims to examine the relationship between environmental uncertainty and accruals. In doing so, the research methodology was conducted on the basis of using multiple regression and correlation analysis.
The research hypotheses were analyzed through using the data related to 159 companies from Tehran Stock Exchange during the period 1379-1387. The research findings show that there is a significant relationship between environmental uncertainty and accruals and in the uncertain conditions, the size of discretionary accruals are more than the size of non-discretionary accruals. But under these conditions, it cannot be claimed that the variation of non-discretionary accruals are more than discretionary accruals.
Ali Saghafi; Mehdi Sadidi
Volume 5, Issue 18 , July 2007, , Pages 1-24
Abstract
Economic decision-making needs information; lack of information results ambiguity of decision. Financial reports provide most of the information needed in process of decision-making (D-M). Previous researches indicate that the accounting earning (AE) is the sole and the most used item of accounting information ...
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Economic decision-making needs information; lack of information results ambiguity of decision. Financial reports provide most of the information needed in process of decision-making (D-M). Previous researches indicate that the accounting earning (AE) is the sole and the most used item of accounting information in economic DM, therefore the earning quality (EQ) is very important to investors and creditors.
This research study indicates the effect of accounting conservatism to the earning quality and stock return. The result shows that some of the changes in Return on Asset (ROA) can be using conservatism procedures, which reduce quality of earning.
