Accounting tools
Mohsen Borzouzadeh Zavareh; Mohammad Reza Nikbakht
Abstract
This article aims to evaluate the performance of staff at the National Treasury following the implementation of an electronic fund request system. This evaluation is conducted using the Balanced Scorecard approach. The research methodology employed is descriptive and applied in nature. The study’s ...
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This article aims to evaluate the performance of staff at the National Treasury following the implementation of an electronic fund request system. This evaluation is conducted using the Balanced Scorecard approach. The research methodology employed is descriptive and applied in nature. The study’s statistical population comprises 53 experts, auditors, and managers from the National Treasury, working at the Ministry of Economic Affairs and Finance. This group also includes the implementers and specialists of the electronic fund request system. The validity of the questionnaires was determined using content validity, and reliability was established with a Cronbach’s alpha coefficient of 0.883. The study’s findings suggest that the performance of National Treasury staff, post-implementation of the electronic fund request system, is satisfactory when viewed through the lens of the Balanced Scorecard. The key criterion for evaluating the performance of National Treasury staff is empowerment, with an average rank of 3.25.
Introduction
Success in the implementation of electronic government in any country requires a model tailored to the goals, requirements, and conditions of that country. Therefore, a lack of proper planning can lead to neglecting needs and failure in achieving the goals. However, planning alone is not enough to guide and evaluate the performance of companies in an era where creating value and generating wealth through investment in customers, suppliers, employees, processes, technology, and innovation is essential.
Research question:
Is the performance of the employees of the General Treasury Department optimal from the perspectives of financial, customers, internal processes, and growth and learning dimensions of the Balanced Scorecard after the implementation of the electronic fund request system?
Literature review
The Balanced Scorecard presents a framework for articulating strategies aimed at generating value for an organization’s stakeholders, including shareholders, customers, and citizens. Over the years, the Balanced Scorecard has evolved significantly. It began as a performance evaluation tool in 1990, featuring performance dimensions, strategic objectives, key indicators, and performance-related rewards. By 1996, it had transformed into a new management system, emphasizing organizational learning, the identification of operational issues, feedback for future planning, and fostering organizational knowledge, along with the introduction of the PDCA management cycle. In 2001, it was presented as a framework for facilitating change.
Methodology
Drawing upon the models scrutinized in the research trajectory and theoretical underpinnings, this study evaluates employee performance within the country’s General Treasury. It employs the Balanced Scorecard approach and uses the Treasury as a case study to formulate the research model. This research is applied in nature, utilizing the cognitive and informational context provided by foundational research to address needs. The aim of applied research is to devise solutions for operational issues, and its results should be implementable. Furthermore, in terms of its nature and methodology, this research is descriptive (survey research). The objective of conducting descriptive research is to depict the tangible and actual characteristics of a subject or phenomenon. The questionnaire’s validity was confirmed by a group of university experts and professors, and its reliability was affirmed using Cronbach’s alpha coefficient (α=0.883). Following the distribution, collection, and analysis of information, a consensus was reached among experts to position the criteria within each of the four dimensions of the BSC.
Result
Upon collection and extraction, the questionnaires were processed using SPSS statistical software for analysis. Descriptive statistics were utilized, including frequency, frequency percentage, mean, and standard deviation.
Discussion
This study uses the one-sample t-test for analyzing and measuring the questions. To identify which scale of the Balanced Scorecard approach is prioritized, the Friedman test was utilized. Furthermore, to determine which micro-variable of the Balanced Scorecard approach’s scales received the highest score, the mean and, more specifically, descriptive charts were used.
In this regard, we discuss the 4 main research questions.
First question:
According to the one-sample t-test, since the significance level (sig) is 0.005, which is less than the standard level of 0.05, and given that the t-test value is reported as 2.944, which is greater than the standard level of 1.96, zero does not fall within the upper and lower limits. Considering the descriptive statistics of the t-test, the acquired mean in the sample is reported as 3.39, which is 0.39 higher than the population mean (3).
Second question:
Considering the one-sample t-test, since the significance level (sig) is 0.0001 and this value is less than the standard level of 0.05, and given that the t-test value is reported as 6.606 which is greater than the standard level of 1.96, zero does not fall within the upper and lower limits. Considering the descriptive statistics of the t-test, the acquired mean in the sample is reported as 3.58, which is 0.58 higher than the population mean (3).
Third question:
Since the significance level (sig) is 0.0001 and this value is less than the standard level of 0.05, and given that the t-test value is reported as 4.261, which is greater than the standard level of 1.96, zero does not fall within the upper and lower limits. Considering the descriptive statistics of the t-test, the acquired mean in the sample is reported as 3.37, which is 0.37 higher than the population mean (3). Therefore, it can be generally concluded that after the implementation of the Electronic Fund Request System, from the internal processes perspective (except for the two dimensions of binding instructions and lack of focus), the performance of the employees of the General Treasury is satisfactory.
Fourth question:
Considering the one-sample t-test, since the significance level (sig) is 0.0001 and this value is less than the standard level of 0.05, and given that the t-test value is reported as 5.137, which is greater than the standard level of 1.96, zero does not fall within the upper and lower limits. Considering the descriptive statistics of the t-test, the acquired mean in the sample is reported as 3.47, which is 0.47 higher than the population mean (3). Therefore, it can be generally concluded that after the implementation of the Electronic Fund Request System, from the growth and learning perspective (empowerment, culture and values, satisfaction with the work environment, quality of training courses, and satisfaction with professionalism), the performance of the employees of the General Treasury is satisfactory.
Conclusion
The findings of the study indicated that empowerment, with an average rank of 3.25, secured the highest rank and was of significant importance. Subsequently, culture and values, quality of training courses, job satisfaction, and satisfaction with the work environment were also deemed important. This research provided a holistic view of the performance of the employees of the General Treasury, rather than focusing on just one aspect of performance. In essence, alongside financial measures, aspects such as customer experiences, employee growth, and process improvement and efficiency were also taken into account.
MohammadReza Nikbakht; Mahmoud Ghorbani
Abstract
The occurrence of bankruptcy in the world's monetary systems is highly sensitive, as the systemic risk consequences associated with this phenomenon can have very devastating effects on the monetary and financial system of countries and lead to severe political and security crises. Valuable laws and regulations ...
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The occurrence of bankruptcy in the world's monetary systems is highly sensitive, as the systemic risk consequences associated with this phenomenon can have very devastating effects on the monetary and financial system of countries and lead to severe political and security crises. Valuable laws and regulations have been developed to assess the status and performance of the bank and to warn of the crisis leading to bankruptcy in the world. The situation of some countries, including Iran, is different economically and in other respects. In this study, through interviews with banking experts and thematic analysis, the researchers identified 17 indicators with a high degree of impact on bankruptcy, that five of them are specific to the current conditions of the Iran’s banks. these indicators could be usefully in every suitable ranking model. the proposed quantitative model could be used in case study researches for future research to know the important problems of high high risk banks.
Mohammad reza Nikbakht; Amir Firooznia; Hamid Kalhornia
Abstract
In this research, the relationship between earnings to stock per price ratio (E / P ratio) with sales future growth and stocks systematic risk in listed companies in Tehran Stock Exchange is investigated. The purpose of the research is to determine whether investors are paying attention to the quality ...
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In this research, the relationship between earnings to stock per price ratio (E / P ratio) with sales future growth and stocks systematic risk in listed companies in Tehran Stock Exchange is investigated. The purpose of the research is to determine whether investors are paying attention to the quality of information presented (earnings per share), and reflects this on corporate future sales growth and the systematic risk of stocks. It also examines whether there is a meaningful relationship between E / P ratio and future sales growth. The sample of this research includes 146 listed companies in Tehran Stock Exchange during the period of 2011-2016. The linear regression model was used to test the hypotheses. The research findings show that there is a negative relationship between earnings per share (E / P) and future sales growth. In fact, companies that have a higher profit / share / E / P ratio have lower sales growth. Also, the results of the research show that there is a reverse relationship between profit to share price (E / P) and systematic risk (β). In fact, in companies with an E / P ratio, the systematic risk (β) was lower. Other research findings show that there is a positive relationship between earnings per share (EPS) and future sales growth. The results also indicate an inverse relationship between earnings per share (EPS) and systematic risk (β).
Mohammad Reza Nikbakht; Zabihollah Rezaee; Vahid Mennati
Abstract
The modern internal auditing has recently been considered in Iran. Therefore, many of its aspects, including internal audit quality(IAQ) and Internal audit quality improvement strategies(IAQIS), have not been clarified yet. Also, limited areas of IAQ have been considered in previous research. In order ...
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The modern internal auditing has recently been considered in Iran. Therefore, many of its aspects, including internal audit quality(IAQ) and Internal audit quality improvement strategies(IAQIS), have not been clarified yet. Also, limited areas of IAQ have been considered in previous research. In order to explain and describe the various aspects of IAQ and IAQIS, we have interviewed internal audit stakeholders. So, by using the qualitative approach and grounded theory, internal audit stakeholders (user, executive, regulators and standard setter) were studied for the first time in Iran. In this regard, 33 people were interviewed from late 2016 to early 2017. In addition, in this regard, 30 papers and seminars which published in Iranian professional magazines that reflect the viewpoints of the above-mentioned stakeholders were also used. The data were analyzed by using the open coding, axial coding & selective coding approach that is specific to the grounded theory and major categories, categories, and subcategories (concepts) were extracted. Using a system model approach that includes inputs, process, outputs, outcomes and contextual factors, the IAQIS model was designed. The model incorporates multidimensional of IAQIS. Strategies include inputs, performance, outputs, and contextual factors which are affecting IAQ. Due to the gradual expansion of the modern internal auditing in Iran in recent years, to achieve and improve IAQ, these multidimensional strategies can apply in engagement level, internal audit function level, firm level and national level.
Ali Ghasemi; Mohammad Reza Nikbakht
Abstract
This study examines the impact of stock overvaluation on abnormal stock returns and their volatility over time in listed companies of Tehran Stock Exchange. To measure stock overvaluation, Rhodes-Kropf et al (2005) research and to measure abnormal stock returns and their volatility over time, the Fama ...
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This study examines the impact of stock overvaluation on abnormal stock returns and their volatility over time in listed companies of Tehran Stock Exchange. To measure stock overvaluation, Rhodes-Kropf et al (2005) research and to measure abnormal stock returns and their volatility over time, the Fama and French (1995) three-factor model has been used. The population of this study, included of 64 companies in listed companies of Tehran Stock Exchange was selected systematically, and ten-year period from 2005 to 2014 was used for the statistical & necessary tested on them. The results using multivariate linear regression using panel data and fixed effects approach suggest that stock overvaluation has a positive and significant impact on abnormal stock returns and volatility of in over time. In other words, by increasing the stock over valuation over time, abnormal stock returns and their volatility significantly increased. It is recommended to business executives by providing the necessary background for a realistic evaluation of the stock, the necessary fields in order to reduce the abnormal returns of stocks and their volatility to bring over time.
Abstract
This study examines the impact of stock overvaluation on abnormal stock returns and their volatility over time in listed companies of Tehran Stock Exchange. To measure stock overvaluation, Rhodes-Kropf et al (2005) research and to measure abnormal stock returns and rheir volatility over time, the Fama ...
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This study examines the impact of stock overvaluation on abnormal stock returns and their volatility over time in listed companies of Tehran Stock Exchange. To measure stock overvaluation, Rhodes-Kropf et al (2005) research and to measure abnormal stock returns and rheir volatility over time, the Fama and French (1995) three-factor model has been used. The population of this study, included of 64 companies in listed companies of Tehran Stock Exchange that through sampling removed & systematically, and ten-year period from 2005 to 2014 for the statistical & necessary tested on them. The results by using multivariate linear regression using panel data and fixed effects approachsuggest that stock overvaluation has a positive and significant impact on abnormal stock returns and volatility of in over time. In other words, by increasing the stock over evaluation over time, abnormal stock returns and their volatility significantly increased. It is recommended to business executives by providing the necessary background for a realistic evaluation of the stock, the necessary fields in order to reduce the abnormal returns of stocks and them volatility to bring over time.
Mohammad Reza Nikbakht; Mohammad Reza Asgari; Hamidreza Ganji; Arash Tahriri
Volume 5, Issue 17 , April 2007, , Pages 129-150
Abstract
In this study the existence of abnormal return and its effective factors were examined. The results show that there is positive short term abnormal return during six month after the acceptance of sampled corporations in exchange. Among seven variable s; Size, Horizon, Coefficient of Variances, Stock ...
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In this study the existence of abnormal return and its effective factors were examined. The results show that there is positive short term abnormal return during six month after the acceptance of sampled corporations in exchange. Among seven variable s; Size, Horizon, Coefficient of Variances, Stock Market Return one month before the offering of stock , Audit Firm and Industry Type, only Size (reversely) and Stock Market Return (directly) had a relation with abnormal return; however, multi variable regression analyses demonstrated that al l of the variables can simultaneously justify just around 20% of abnormal return.
Mohhammad Reza Nikbakht; Mehdi Moradi
Volume 3, Issue 9 , April 2005, , Pages 1-26
Abstract
One of the assumptions of efficient market is that investors react to new information. The evidence show that investors overreact to new information. They tend to be either over-optimistic or over-pessimistic. Therefore equity prices are not equitably determined by the "true" forces of market supply/demand ...
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One of the assumptions of efficient market is that investors react to new information. The evidence show that investors overreact to new information. They tend to be either over-optimistic or over-pessimistic. Therefore equity prices are not equitably determined by the "true" forces of market supply/demand and are not in equilibrium most of the time. Although stock prices would go abnormally high (low) due to investors' Overreaction in the initial period, they have a tendency to adjust themselves back to the equilibrium level in the subsequent period.
This research investigates the Investors' overreaction in the Tehran Stock Exchange. The results indicate that stocks in the best (worst) performing experience, a reversal of fortune in the following years.
M. R. NikBakht; M. J. Sheikh
Volume 2, Issue 5 , April 2004, , Pages 61-94
Abstract
I n this research the importance of "warning signs" (Red flags) concerning financial fraud, considering the views and ideas of companies’ accounts managers accepted in Tehran Stock Exchange and opinion and ideas of members of official associations of accountants on evaluation, research by ...
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I n this research the importance of "warning signs" (Red flags) concerning financial fraud, considering the views and ideas of companies’ accounts managers accepted in Tehran Stock Exchange and opinion and ideas of members of official associations of accountants on evaluation, research by different angles between the above ideas has been accepted.
The result of the research reflects that all 42 “warning signs” accepted and declared in questioner by both.
In addition by using factor analysis and by discovery methods is five factors described below.
I - Acceptance of risks and looking for dangers
2- Management characteristics
3- Economical characteristics
4- Constructive characteristics being saturated
5- Unstableness, inabilities and insufficiency in profit making.
In addition result of the test proves absence of significant difference i n the most “warning signs” (red flags).