Mehdi Safari Grayeli; Alieh Balarastaghi
Abstract
This study examines the factors affecting the quality of corporate governance in listed companies in Tehran Stock Exchange. In order to achieve this goal a comprehensive index of 18 factors related to corporate governance, which are compatible with Iran's reporting environment as a measure of the quality ...
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This study examines the factors affecting the quality of corporate governance in listed companies in Tehran Stock Exchange. In order to achieve this goal a comprehensive index of 18 factors related to corporate governance, which are compatible with Iran's reporting environment as a measure of the quality of corporate governance, was prepared. By using a sample consists of 101 firms listed in Tehran stock exchange in the period of 1388 to 1392 and by taking advantage of multivariate regression techniques based on the pattern of the data grew, results showed that firm size, leverage and profitability have a significant positive effect on the quality of corporate governance. But firms' investment opportunities and quality of auditing don’t have a significant effect on the quality of corporate governance. Findings While filling the research gap in this area, Can be helpful for investors, securities and stock exchange organization, and other users of accounting information, In decision-making
O. Pourheydari; M. Shahbazi
Volume 6, Issue 24 , January 2009, , Pages 35-51
Abstract
This paper investigated the relationship between market return, firm size and book-to-market value of equity with return of equity in Tehran Stock Exchange (TSE). For this purpose we use Fama-French three factor model (1993) to investigate the effects of market return, firm size and book-to-market value ...
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This paper investigated the relationship between market return, firm size and book-to-market value of equity with return of equity in Tehran Stock Exchange (TSE). For this purpose we use Fama-French three factor model (1993) to investigate the effects of market return, firm size and book-to-market value of equity on equity return. We use OLS regression to analyzing the collected of data during 1376 to
1383. Our results indicate a significant relationship between three mentioned variable with equity returns.
The relationship between market return, and firm size with return of equity was positive, and the relationship between book-to-market value of equity with return of equity was negative. Also, our findings indicate that investing in firms with big size and low book-to-market value of equity ratio in TSE has more return for investors.
Majid Shariat Panahi; Farman Khosravi
Volume 5, Issue 20 , January 2008, , Pages 61-87
Abstract
The capital asset pricing model (CAPM) states the equilibrium relationships between risk and expected return. This model argues that only systematic risk should be priced in the market; specific or idiosyncratic risk does not get a risk premium. Despite the CAPM being a more useful model in the financial ...
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The capital asset pricing model (CAPM) states the equilibrium relationships between risk and expected return. This model argues that only systematic risk should be priced in the market; specific or idiosyncratic risk does not get a risk premium. Despite the CAPM being a more useful model in the financial and investment profession. However, recent empirical studies have raised serious challenges to this belief. It appears that "B" as a measure of systematic risk, has little power in explaining cross-sectional risk and return relationship over - term periods, but it has been observed that other variables such as "firm size" and "book - to - market ratio" and "earning - to - price ratio", (Fama & French three factors) appear to be more useful risk proxies. This study seeks to explore the cross-sectional determinants of common stock returns (except investment Company) in Iranian emerging stock market, namely Tehran stock Exchange for the period 2000 through 2004. The joint roles of stock returns measured by firm size (ME), book-to-market equity ratio (BE/ME) and earning-to-price ratio (PIE) on monthly returns are examined. The study findings although consistent with central theme of the CAPM, but are inconsistent with the results of similar studies carried out in major developed stock markets recently.
Javad Rezazadeh; Kamal Zareie Moravvej
Volume 5, Issue 20 , January 2008, , Pages 89-105
Abstract
The purpose of this study is examining the impact of worldwide known factors on auditor changes in Iranian corporations. For the study, the population of interest comprises all companies listed on the Tehran Stock Exchange (TSE). The sample comprises 37 auditor-change TSE companies and 37 non-auditor-change ...
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The purpose of this study is examining the impact of worldwide known factors on auditor changes in Iranian corporations. For the study, the population of interest comprises all companies listed on the Tehran Stock Exchange (TSE). The sample comprises 37 auditor-change TSE companies and 37 non-auditor-change TSE companies. Logistic analysis is performed on the sample data. The findings indicate that audit fee, audit quality, change in management composition, and firm size are significantly influencing variables on auditor changes. Logistic multivariate analysis indicate that factors such as audit fee, audit opinion, change in management composition, and firm size can be used to establish a model to predict auditor changes.
Seyed Hossein Sajadi; Hassan Farazmand; Mohsen Dastgir; Delshad Dehghanfar
Volume 5, Issue 18 , July 2007, , Pages 123-146
Abstract
In this research, the effect of firm size, current ratio Total liabilities/ total assets ratio and accounts receivable/total assets ratio variables on qualified audit report and relationship between previous year's audit report and audit firm’s type with qualified audit report were investigated. ...
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In this research, the effect of firm size, current ratio Total liabilities/ total assets ratio and accounts receivable/total assets ratio variables on qualified audit report and relationship between previous year's audit report and audit firm’s type with qualified audit report were investigated. By investigating the qualified and unqualified audit reports for Tehran stock exchange firms during 1381-1383, the information of 144 firms were collected. The results of Logit regression and chi-squared independence test show that the current ratio and accounts receivable/ total assets ratio affect the qualified audit report. However, it shows that there is a significant relationship between previous year’s audit report and audit firm’s type with qualified audit report. But, firm size and total liabilities/total assets ratio have no effects on the qualified report.
H. Sinaei; A. Neisi
Volume 1, Issue 4 , January 2004, , Pages 129-148
Abstract
Most of the financial managers believe that financial leverage is one of the most important leverage concepts. This concept has a key position in capital structure. Management capital structure of a firm is a combination of debt and equity holders. A firm which has not any debt is a firm without debt ...
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Most of the financial managers believe that financial leverage is one of the most important leverage concepts. This concept has a key position in capital structure. Management capital structure of a firm is a combination of debt and equity holders. A firm which has not any debt is a firm without debt in structure. As capital structure in more firms is consist of debt and equity holders, financial managers are very sensitive and minute about loan delivery and its effects. But there is a question that how much debt should a firm use? Is there any marked criterion for debt measure in the firm capital structure?
In most countries which have efficient capital market, leverage ratios provide for different conditions and industries, so the firms in determination of capital structure, investors in securities and banks and financial institutions when investment and giving loan to a firm consider these standards. But there aren’t any standards in our country. This research analysis the relationship between the firms’ financial leverage and the industry type, the firm's size, business risk and operation leverage and their relationship. We search for some information for the financial managers use to make the best financial decision. On the other hand, one of the conditions of liberty investment market is giving correct, clear and subtle information to the whole people. In this market, the security price indicates al I information about those securities. In Tehran stock exchange, using this information is not common for investors to use it as a criterion to measure a firm financial risk and desirability of dividend. If one may determine the relationship of four above factors with the firm financial leverage, not only we can use of this information in stock market, but also in determination of validity of a firm for banks. In this research, we considered the financial information which is related to 88 firms i n two periods. After the information analysis using different statistical methods, it was distinguished that the hypothesis of direct relationship between financial leverage and financial measure, is confirmed only in some of the industries, but the other three hypotheses in two period are rejected.
