Empirical Studies in Financial Accounting

Abstract The relevance and usefulness of accounting information can be measured by the simultaneous relationship between accounting information, returns or stock market prices. The Comparability of accounting information, as a qualitative feature of information, increases the value relevance of accounting information. Also opacity in financial reporting through the corporate financial system increases stock volatility and, as a result, increases investment risk and investor distrust. Accordingly, the purpose of this study is the effect of comparability of financial statements and opacity in financial reporting on the value relevance between earnings and book value per share. Accordingly, a sample of 137 companies was selected from the companies listed on the Tehran Stock Exchange during the years 2013 to 2019 and to test the hypotheses, a multivariate regression model using the panel data method was used. The results showed that earnings and book value per share have a value relevance and the comparability of financial statements increases the value relevance of earnings per share. But contrary to the literature, comparability reduces the value relevance of book value per share. On the other hand, the opacity of financial reporting reduces the value relevance of book value per share due to comparability of financial statements, but does not affect the value relevance of earnings per share due to comparability.

Abstract In capital market, Investors, decision process is affected by a
combination of financial and nonfinancial information, but the
information that companies disclose to capital market, focusses on
financial aspects and includes less information about intangible items.
Thus, in addition to financial information, investors need more
information about the intangible factors that affect stock prices.
Intellectual capital is one of those intangible factors. Therefore, this
study examines the impact of intellectual capital on decision making
process of investors of firms listed in Tehran Stock Exchange. The
statistical population of the research is 140 comprised of listed
companies in Tehran Stock Exchange and the research period is the
years during 2009 to 2013. In this research, for data analysis, panel
data has been used. Also, control variables are the size of the company
and the ratio of market value to book value of equity. The results
showed that there is positive significant relationship between
intellectual capital and both EPS and β, and negative significant
relationship between the intellectual capital and P/E.

Abstract In capital market, Investors decision process, affected by a combination of financial and nonfinancial information, but The information that companies disclose to capital market, focouses on Financial aspects and Includes less information about intangible items. Thus, in addition to financial information, investors need more information about the intangible factors that affect stock prices. Intellectual capital is one of those intangible factors. Therefore, this study examines the impact of intellectual capital on Decision making process of investors of firms listed in Tehran Stock Exchange. The statistical population of the research is 140 comprised of listed companies in Tehran Stock Exchange and the research period is the years during 2009 to 2013. In this research, for data analysis, panel data has been used. also, control variables are the size of the company and the ratio of Market value to book value of equity. The results showed that there is positive significant relationship between intellectual capital and both EPS and β, and negative significant relationship between the intellectual capital and P/E.

Abstract Earning as an important item of financial statement is considered by many researchers. Many researches in different aspect of earning show the extreme important of it. Here,  we attempt to consider  earning persistence  as a basic and effective factor in making decision and stock price so we investigate the explanatory power 's of earning (include three level of earnings:  operating  earnings, net profit and earnings forecast) in  stock price. Book value as an important factor is considered in the recent decade and some stock evaluation models use book value as a relevant factor .we also investigate the explanatory 's power of book value in stock depend on higher or lower earning persistence. Our results show, when earning persistence increase, the explanatory's power of earning in stock price increase too.  These evidences accompany our hypothesis in different level of earnings. But we could not find any evidence about contemporary role of book value and earning persistence in stock price.