Empirical Studies in Financial Accounting

The First Step Toward Financial Transparency: Designing an Advanced Model of Direct Payment to the Final Beneficiary

Ali Rahmani; Ali Shirzad; Marziyeh Nourahmadi

Volume 22, Issue 86 , June 2025, Pages 1-37

https://doi.org/10.22054/qjma.2024.80788.2596

Abstract

The purpose of this research is to develop a comprehensive and appropriate model for implementing direct payments to final beneficiaries, based on surveys, evaluations, and expert opinions from the public sector during the 2022-2023 period. After identifying the essential requirements for a direct payment ... Read More The purpose of this research is to develop a comprehensive and appropriate model for implementing direct payments to final beneficiaries, based on surveys, evaluations, and expert opinions from the public sector during the 2022-2023 period. After identifying the essential requirements for a direct payment model, an initial version was designed by drawing on models proposed by the World Bank, International Monetary Fund, France and Brazil, as well as the authors' professional experience and understanding of Iran’s public sector. Next, semi-structured interviews were conducted with Iranian public sector specialists, selected through purposive sampling. The interview data were analyzed using thematic analysis. Finally, the study summarizes expert perspectives, presents the finalized payment model, highlights areas for improvement, and offers recommendations related to key requirements for implementing a direct payment system to final beneficiaries.IntroductionThis research aims to propose a comprehensive and efficient model for the implementation of direct payment to the final beneficiary in various government departments, and it investigates, designs, and presents that model. Therefore, the first goal of this research is to explain the dimensions and requirements of direct payment to the final beneficiary, as well as the model developed based on the study, review, and analysis of the current state of government payments (including laws and regulations, treasury documents and reports, and those of the Central Bank, the Planning and Budget Organization, and the Court of Accounts), evaluation of the state of treasury and treasury accounts based on the World Bank questionnaire, and evaluation of the payment status using the same instrument. It also incorporates the experiences of different countries (France, Brazil, Turkey, Russia, Nigeria, and Vietnam), following the methods and recommendations of the World Bank and the International Monetary Fund regarding payment systems and the requirements for achieving direct payment to the final beneficiary. It is important to note that this research (on direct payment to the final beneficiary) is a priority issue of the country's Planning and Budget Organization and Treasury. After examining the requirements of the direct payment model, an initial version was designed based on models proposed by the World Bank, the International Monetary Fund, France and Brazil, as well as the authors' experience and understanding of the public sector in Iran. In the next step, semi-structured interviews were conducted with Iranian public sector specialists selected through purposive sampling. The findings were analyzed using thematic analysis. With the help of expert opinions, some of the initially extracted components were adjusted and refined. The results of this research offer a transparent and comprehensive model for government payments and executive bodies and are expected to play an effective role in improving the quality of the government's financial system.Literature ReviewThe conditions of contemporary societies—with increasing complexity, rapid technological developments, and evolving social needs— have compelled governments to reconsider their financial policies and methods. Among these revisions, the concept of direct payment to the final beneficiary has emerged as an important and innovative solution, influencing the management of government financial resources and improving the quality of financial policies. This concept, driven by the need to increase efficiency and transparency and to reduce resource wastage in various social sectors, has become a key concern for policymakers and researchers. It has been studied and implemented in several countries and international organizations over the past few decades. Reviewing the theoretical literature on direct payment to the final beneficiary not only deepens our understanding of this solution but also establishes the core theoretical foundations and scientific models in this field.MethodologyThe purpose of this research is to provide a comprehensive and appropriate model to achieve direct payment to final beneficiaries, based on surveys, evaluations, and the opinions of public sector experts during the 2022-2023 period. In this article, after examining the requirements of the direct payment model to the final beneficiary, the initial model was designed based on frameworks proposed by the World Bank, the International Monetary Fund, France and Brazil, as well as the authors' experience and knowledge of the public sector in Iran. In the next step, semi-structured interviews were conducted with Iranian public sector specialists, selected using purposive sampling. The interview findings were analyzed using thematic analysis. After summarizing the experts’ opinions, the final payment model was presented, points prone to improvement were identified, and suggestions related to various implementation requirements of the direct payment system to the final beneficiary were provided.ResultsThe results of this research provide a transparent and comprehensive model for government payments and executive bodies and are expected to play an effective role in improving the quality of the government's financial system.The model presented in this research, in addition to complying with relevant regulations and laws, should incorporate the fundamentals of information technology, communication infrastructure for the accurate management of financial information, and the necessary support from policymakers. The main goal of this research was to provide a comprehensive and dynamic model for the implementation of direct payment to the final beneficiary, developed based on reviews, evaluations, and participation of public sector experts.DiscussionThe use of the proposed payment model, which is inspired by the experiences and models developed by the World Bank, the International Monetary Fund, France and Brazil, reflects deliberate attention to applying successful practices at both global and national levels to optimize the design of this model. The model was refined following semi-structured interviews with Iranian public sector experts, through content analysis and interpretation of the results. As a result, this research can play an important role in improving the quality of the financial structure of the government and executive bodies, not only by presenting a final model for payments and identifying points for improvement but also by offering practical recommendations for various aspects of implementing the direct payment system to the final beneficiary. These findings serve not only as a transparent and comprehensive tool for government and executive agency operations but can also contribute effectively to enhancing the country's financial system.ConclusionBased on the findings, and in light of technological advancements and the evolving needs of society, the concept of direct payment to the final beneficiary is recognized and valued by legislators as a prominent and impactful strategy. This emphasis supports not only the facilitation of payments but also the broader process of utilization and the development of the necessary infrastructure for optimal implementation. In this research, efforts were made to implement direct payment to the final beneficiary across various government departments by reviewing, designing, and presenting a comprehensive and sustainable model.

Accounting and various aspects of finance

Identifying and Prioritizing the Factors Related to Agency Theory, Government shortcomings and the Consequences of Critical Theory Maturity in Accounting and the Quality of Social Benefits

Seyyed Hossein Noorhosseini Niyaki; Mehdi Meshki Miavaghi; Soghra Barari Nokashti

Volume 22, Issue 86 , June 2025, Pages 39-80

https://doi.org/10.22054/qjma.2024.81824.2611

Abstract

This study was conducted to evaluate factors related to agency theory, government shortcomings, the consequences of critical theory maturity, and the quality of social benefits in management accounting. The grounded theory method was used to develop a model addressing the maturity of critical accounting ... Read More This study was conducted to evaluate factors related to agency theory, government shortcomings, the consequences of critical theory maturity, and the quality of social benefits in management accounting. The grounded theory method was used to develop a model addressing the maturity of critical accounting and the quality of social benefits, with an emphasis on the role of agency theory. Interviews were conducted with 33 experts. After identifying relevant factors, the fuzzy Delphi method was applied for prioritization. The results showed that, among the factors related to government shortcomings and agency issues, indicators associated with government shortcomings and agency theory ranked first and second, with values of 0.915 and 0.908, respectively. Among the consequential factors, the top three were information benefits, accounting system benefits, and social benefits with values of 0.932, 0.931, and 0.860, respectively.IntroductionThis study was conducted with the aim of identifying and prioritizing the factors related to agency theory, government shortcomings, and the consequences of critical theory maturity, as well as the quality of social benefits in management accounting. Today, with the ever-increasing evolution and specialization of customer needs and technological changes, often overlapping across domains, new concepts such as critical theory in accounting have been introduced (Ferri et al., 2016). In fact, accounting creates an artificial consciousness for users of financial information, so that the existing conditions may not align with what accountants currently believe and practice (Khajavi & Mohammadian, 2018). In recent perspectives, with an emphasis on communication, attempts have been made to address the epistemic challenges of the modern world and issues of critical ethics (Ghorbani & Mohseni, 2019). The central role of accounting in judgment involving companies and broader social groups, such as consumers and the public, has also been highlighted. Accordingly, accounting is increasingly being recognized as a social practice (Jahangirnia & Bakhtiari, 2017). In general, critical theory in accounting has emerged in response to the need for social critique and information pluralism and places a strong emphasis on accountability. Accounting is not merely a technique for reporting monetary or quantitative values or maximizing wealth and economic opportunities, but a tool for enhancing the quality of social benefits, accountability, and governance through broader stakeholder participation (Perksis et al., 2022). However, to date, limited efforts have been made in the field of accounting to develop and mature critical theory and to identify its indicators. Therefore, this study aims to identify and prioritize the key indicators related to agency theory, government shortcomings, and the consequences of critical theory maturity, as well as the quality of social benefits in management accounting. Research MethodThe grounded theory method was used to develop a model concerning the maturity of critical accounting and the quality of social importance, emphasizing the role of agency theory through expert interviews, which included 33 participants. Factors related to government shortcomings, agency issues, and consequential outcomes were identified and prioritized after evaluation and screening using the fuzzy Delphi method. This research was conducted during the period 1402-1403 (2023-2024). The statistical population of this study consisted of experts and specialists with sufficient knowledge and experience in fields relevant to the research topic. A purposive sampling method was used to select participants. In-depth, semi-structured interviews were then conducted. Sampling continued until the discovery and analysis process reached theoretical saturation. The data collection tool was an open-ended questionnaire in the form of semi-structured expert interviews. To analyze the interview data, three coding processes, including open coding, axial coding, and selective coding, were used based on the paradigm model of Strauss and Corbin (1998). In the quantitative phase, triangular fuzzy numbers were used to fuzzify the experts' responses. The expert evaluation was conducted using the fuzzy Delphi method with a seven-point Likert scale to validate and screen the dimensions and indicators identified in the qualitative phase. In addition, grounded theory was used for data analysis to ensure the relevance and importance of the identified indicators, and the fuzzy Delphi method was employed to finalize their selection. Results and DiscussionThe results of this study showed that among the factors related to government shortcomings and agency issues, the indicators pertaining to government shortcomings and agency representation ranked first and second in importance, with values of 0.915 and 0.908, respectively. Among the consequential factors, those related to information benefits, accounting system benefits, and social benefits ranked first to third, with values of 0.932, 0.931, and 0.860, respectively. A review of domestic studies indicates that critical thinking has been examined in several accounting-related studies. In this regard, Khajavi et al. (2020) used a critical approach to explore its role in uncovering the underlying structures and layers of social inequality in accounting and demonstrated that accounting and auditing standards should be reconsidered. Ghasemi et. al. (2020), adopting a critical perspective, argued that accounting transparency contributes to social progress and well-being. Samimi (2023) drawing on critical theory and using the grounded theory method, identified key underlying factors contributing to monopoly in auditing and negative traits associated with auditors' Machiavellianism, including cultural, environmental, and social factors; structural and technical weaknesses; and political governance, legal, and regulatory barriers. Mohseni et al. (2018) stated that critical accounting represents an approach that challenges conventional accounting practices beyond the application of specific techniques. In general, these individual studies explored various aspects of critical accounting and the quality of social benefits, and each identified and presented different variables relevant to the topic.4- ConclusionCritical accounting can guide social systems toward specific goals through social processes. In developing countries, including Iran, the expansion and development of accounting form part of the necessary infrastructure for achieving economic development goals and enhancing the quality of social benefits in governments. This depends on the growth of information and social benefits indicators in Management Accounting. The findings of this research enrich the academic literature and contribute to the enhancement of social value in accounting. Its results can be used by governments, researchers, companies, accountants, and accounting associations to support and improve sustainable reporting. Based on the findings, it is recommended that all areas of accounting be developed with a focus on identifying the current and future needs and objectives of social stakeholders. This should include reforming the accounting system through scholarly and knowledge-enhancing efforts, improving the transparency and quality of financial reporting, updating accounting standards, and aligning legal and tax provisions with international accounting standards to create a foundation for institutionalizing social benefits. Finally, the results confirm the validity of the overall research model. It is also recommended that accounting standards be developed with a critical theory approach to enhance the quality of social benefits. Moreover, in addition to applying a critical perspective on social benefits, standards should incorporate the advantages of management accounting systems and information-related benefits that are practical and useful for addressing social issues. Accounting standard-setting should prioritize attention to critical stakeholders and ensure that their concerns are properly addressed.

Accounting report

Exploring the Pattern of Financial Reporting Complexity: A Grounded Theory Approach

Pouyan Mohammadi; hamideh asnaashari; MohammadHosien SafarZade

Volume 22, Issue 86 , June 2025, Pages 81-126

https://doi.org/10.22054/qjma.2025.82368.2619

Abstract

The purpose of financial reporting is to present commercial realities. Meanwhile, there is growing concern about the complexities involved in financial reporting. To this end, the present study set out to explain the complexity pattern of financial reporting by drawing upon a grounded theory approach. ... Read More The purpose of financial reporting is to present commercial realities. Meanwhile, there is growing concern about the complexities involved in financial reporting. To this end, the present study set out to explain the complexity pattern of financial reporting by drawing upon a grounded theory approach. The statistical population of the study includes 26 experts in the field of financial reporting. The data for the research were collected using semi-structured interviews. The findings identified the complexity of financial reporting as encompassing 12 causes: understanding the concept of complexity, preparers' knowledge, the company's capital structure, cooperation between institutions, the standard-setting body, the legislative body, the accounting standards, the structure of internal controls, the company's financial position, the company's board of directors, the auditors' skills, and the users' ability to identify it as causal conditions. Then, according to the contextual conditions (macro, industry, company, and reporting structure) and intervening conditions (informing practices, characteristics of the Chief Financial Officer, macro factors, and new technologies), several strategies (appropriate report format, appropriate standardization, application of laws and regulations, and empowerment of human resources and control structure) were developed. Afterward, the consequences, including outcomes at the macroeconomic level, expense reduction, company level, societal level, international level, and report level, were determined, and the final pattern was presented accordingly.IntroductionFinancial statements should contain sufficient detail to help users analyze and evaluate the company’s performance results and financial position in order to make informed economic decisions (Mutiso & Kamao, 2013). The complexity of financial statements indicates the increasing difficulty in understanding, interpreting, and predicting financial statements (Filzen & Peterson, 2015). Glassman (2006) states that the main concern regarding the complexity of financial reporting is that if financial statements are complex and distort business and economic reality, capital will be used inefficiently, resources will be misallocated, investors will pay a high opportunity cost by investing in companies with unrealistic values, customers and suppliers will make important and strategic business decisions based on a flawed picture of economic reality, creditors will not be able to price loans according to the real risk assumed, and employees will make employment, retirement, and investment decisions based on an incorrect view of the employer's financial outlook. Complexity in financial reporting has many negative consequences for users of financial reports. Given the increasing complexity of the business environment and consequently of financial reports, in such circumstances, users need understandable reports on which they can make informed decisions. Providing a comprehensive model of financial reporting complexity can help users of financial reports reduce the level of complexity they face. Therefore, the problem addressed in the present study is the lack of such a comprehensive model. The main questions that arise are: What are the complex areas of financial reporting? What factors cause financial reports to become complex? And what is the comprehensive model of financial reporting complexity?Research QuestionsWhat is the comprehensive model of factors affecting the complexity of financial reporting?Literature ReviewManagers may structure annual reports opportunistically and intentionally complicate financial reports in order to hide negative information from investors. When a company’s performance is poor, managers have an incentive to present information in an ambiguous manner, as the market may react slowly to information that is disclosed in a complex way. In other words, managers tend to obscure undesirable information by presenting complicated and ambiguous reports. In fact, they may attempt to conceal poor performance by increasing the volume of unnecessary information in annual financial reports. According to the management obfuscation hypothesis, managers present information they are reluctant to disclose in an ambiguous and incomplete manner to reduce the users' understanding of financial reports (Li, 2008). Existing accounting standards provide rules and guidelines on how companies should report. However, management still has discretion in deciding how to present financial information. Based on the opportunistic perspective of the positive accounting theory, managers choose the reporting method that suits their personal interests. As a result, they may publish financial information in a way that misleads investors (Pajuste et al., 2020). The Financial Accounting Standards Board (FASB), the International Accounting Standards Board (IASB), and the Securities and Exchange Commission (SEC) have all proposed projects to simplify and reduce the amount of information disclosed in financial reports. The Chairman of the FASB, Russell Golden, stated that “overly complex financial statements often hide important information that investors need to make appropriate decisions about capital allocation. A complex, opaque, and ambiguous standard also makes it difficult for preparers of financial statements to understand it, and even when an accounting procedure is clear, its use can be long, difficult, and costly” (Murphy, 2015).Research MethodologyThe present study is descriptive in terms of its fundamental purpose, descriptive in terms of data collection, and qualitative in nature, using the grounded theory method to analyze the data. Grounded theory refers to a theory derived from data that has been systematically collected and analyzed during the research process, involving a continuous back-and-forth between the data and emerging insights (Khanifar & Moslemi, 2019). This study develops and presents a comprehensive model of financial reporting complexity that includes causal factors, contextual factors, intervening factors, strategies, and consequences. It is also a cross-sectional study, as the interviews were conducted in 2024.Results and DiscussionThe findings showed that the financial reporting complexity model consists of 30 components. Causal factors affecting the complexity of financial reporting include understanding the concept of complexity, preparers' knowledge, the company's capital structure, cooperation between institutions, the standard-setting body, the legislative body, the accounting standards, the structure of internal controls, the company's financial position, the company's board of directors, the auditors' skill, and the users’ ability. Contextual conditions include the macro context, industry context, company context, and reporting structure context. Intervening conditions include informing practices, characteristics of the Chief Financial Officer, macro factors, and new technologies. Strategies to reduce the complexity of financial reporting include adopting an appropriate report format, appropriate standardization, application of laws and regulations, and empowerment of human resources and the control structure. Finally, the consequences, including the outcomes at the macroeconomic level, expense reduction, company level, societal level, international level, and report level, were identified, and the final model was presented accordingly.ConclusionGiven the lack of a uniform definition and understanding of the complexity of financial reports, this has been identified as one of the causal factors affecting the complexity of financial reports. The second causal component is the preparers’ knowledge of financial reports. The more specialized knowledge (in accounting and finance) and experience financial managers possess, the clearer and less complex the financial reports are. Financial managers with greater knowledge and experience tend to make more appropriate and understandable disclosures in financial reports. The third causal component is the company's capital structure. It is expected that private companies and those not accountable to a wide range of stakeholders will publish more complex financial reports. In contrast, companies that are accountable to various stakeholders are subject to greater scrutiny, encouraging preparers to produce more transparent reports. The fourth to seventh components include the lack of cooperation between different institutions, the standard-setting body, the legislative body, and the accounting standards, respectively. Cooperation among institutions involved in financial reporting can reduce complexity, by fostering a unified disclosure framework across all industries. In addition, some accounting standards and areas are inherently complex (ACCA, 2009), for example, Hedge Accounting (IAS39), Share-Based Payments (IFRS2), and Pension Accounting (IAS19). The eighth component is the structure of internal controls. Companies with strong and well-designed internal control systems tend to present more transparent financial reports. The ninth component is the company's overall financial situation. Companies facing unfavorable financial conditions may manipulate their reports to appear more stable. The tenth component is the company's board of directors. In companies where the board members possess relevant knowledge, education, and accounting experience, financial report monitoring is generally more effective. The eleventh component is the auditors' skills. Auditors with higher levels of education and expertise are expected to examine financial reports more rigorously and ensure compliance with disclosure guidelines and accounting standards. The twelfth component is the users’ ability. If users of financial reports have higher education and possess up-to-date knowledge in various fields, particularly in finance and accounting, they are more likely to understand and analyze financial reports effectively. As a result, the perceived complexity of the reports is reduced for them.

Financial Accounting

Expanding the Mathematical Functions Matrix for the Futurology of Intertextuality in Comprehensive Disclosure for Stakeholders

Kambiz Taghipour; Naghi fazeli; Arezoo Khosaravani

Volume 22, Issue 86 , June 2025, Pages 127-176

https://doi.org/10.22054/qjma.2024.80910.2593

Abstract

The purpose of this study is to examine perspectives on intertextuality in the disclosure of comprehensive information for stakeholders using a mathematical functions matrix. This study is applied in terms of the type of results, and from the standpoint of its objective, it falls within the category ... Read More The purpose of this study is to examine perspectives on intertextuality in the disclosure of comprehensive information for stakeholders using a mathematical functions matrix. This study is applied in terms of the type of results, and from the standpoint of its objective, it falls within the category of exploratory research conducted through both quantitative and qualitative models. The study does not follow a single research method but instead adopts distinct methods to address each research question, depending on the area of inquiry. Therefore, based on the nature of data collection, this study can be classified as a mixed-methods approach. The results of the qualitative phase revealed 6 factors for evaluating intertextuality in disclosing comprehensive information at the capital market level, which were confirmed through Delphi analysis. Subsequently, two of these 6 factors were selected as the basis for scenario planning. Through thematic analysis, 9 related sub-factors were identified. IntroductionIn financial markets, attention to information disclosure is considered a strategic mechanism in financial reporting, reflecting the level of corporate responsibility to stakeholders in a competitive environment. Although disclosure requirements typically play an important role in ensuring the uniform provision of information to stakeholders, in competitive markets, companies with greater capacity to gain a competitive advantage are often able to disclose more discretionary information. This enables them to capture a larger share of the market. Such differences are usually linked to the information needs arising from both the market and social environments. These needs vary based on how a company is recognized and valued, which in turn can shape a new identity and enhance the company’s legitimacy. Literature ReviewThe purpose of financial reporting, as proposed by the International Accounting Standards Board (IASB), is to support all functional aspects that benefit stakeholders by ensuring comparability, relevance, and reliability, key characteristics of high-quality accounting information. Over time, with the development of financial reporting standards, comparability of financial statements has come to be recognized as a fundamental component of these standards. In this regard, the International Financial Reporting Standards (IFRS) emphasize that facilitating the comparability of financial statements enhances the efficiency of resource allocation by investors and improves the quality of their decision-making. MethodologyIn terms of results, this study falls under developmental research. Due to the absence of a coherent theoretical framework regarding the function of intertextuality in disclosing comprehensive information to stakeholders, the study first aims to construct an integrated theoretical framework through thematic analysis. This framework is intended to help determine future directions for this topic within accounting knowledge, using a set of scenario-based processes. In terms of its objectives, the study is exploratory in nature. Through three stages of coding, basic, organizing, and overarching, it seeks to identify core themes and expand the functional role of intertextuality in disclosing comprehensive information to stakeholders, particularly within capital market companies. Philosophically, this study is positioned at the intersection of voluntarism in worldview philosophy and structuralism in the philosophy of science. Accordingly, the underlying research approach combines inductive and comparative reasoning. ResultDue to the emerging role of intertextuality in disclosing extensive information to stakeholders, there was no coherent framework for this concept within accounting knowledge, particularly one aimed at enhancing the comparability of financial statements for stakeholders. Therefore, this study sought to identify the organizing themes of intertextuality using thematic analysis. To begin, a review and critical evaluation of related research were conducted, followed by a content screening of selected texts. Once the relevant studies on intertextuality were identified, their organizing themes were extracted. Six main themes were identified. In the next step, the internal relationships among these themes were analyzed using a pairwise comparison matrix. This allowed for the determination of inputs and outputs within the MiM-Mak matrix, ultimately identifying the most influential drivers of the intertextuality function in disclosing comprehensive information for specific stakeholder groups. Subsequently, two core criteria, risk convergence intertextuality, and conditional intertextuality, were identified as key causal dimensions of the concept. Through interviews, a total of 9 sub-criteria (basic themes) were extracted. In the following stage, a matrix of mutual relationships was constructed to identify all relevant scenarios regarding intertextuality in information disclosure. Since the aim was to enhance the value of inclusive information for stakeholders, only two desirable scenarios were selected for integration with dimensions of corporate legitimacy to form the mathematical functions matrix. Finally, in response to the fourth and fifth questions, the most significant scenario for advancing the intertextuality function in disclosing comprehensive information was identified as the sinusoidal scenario– also referred to as the operational intertextuality scenario. This scenario was found to result in the most critical outcome of legitimacy: moral legitimacy for the company. DiscussionAnalysis of the results indicates that the most significant perspective of intertextuality in disclosing comprehensive information to stakeholders is the operational intertextuality matrix. This matrix reflects a high level of company focus on the convergence of risk disclosure, alongside a relatively low presence of conditional intertextuality in current disclosure practices. In other words, to generalize information disclosure through intertextual procedures, the capital market must promote greater convergence in risk-related disclosures. This enhancement would help build investor and stakeholder trust by providing detailed, transparent accounts of risk. Within the matrix, companies that deliver timely and complete information attempt to manage their risk profiles more effectively than competitors and isolate those risks that may pose greater harm. This approach allows companies to demonstrate their stability in the face of shifting expectations among financial decision-makers, thereby strengthening their moral legitimacy. As the findings confirm, moral legitimacy represents the most important outcome of the operational intertextuality perspective in disclosing comprehensive information to stakeholders. ConclusionThe findings from the quantitative phase revealed that the most important scenario for developing the intertextuality function in the disclosure of comprehensive information is the sinusoidal scenario– also referred to as the operational intertextuality scenario. This scenario leads to the most significant outcome for companies: the achievement of moral legitimacy.

stock exchange

Heterogeneity of Managerial Knowledge and the Tone of Explanatory Reports: The Mediating Role of Earnings Management

Mahdi Saghafi; Azam Pouryousof; Fatemeh Dastgerdi

Volume 22, Issue 86 , June 2025, Pages 177-220

https://doi.org/10.22054/qjma.2025.83390.2645

Abstract

The aim of this research is to examine the impact of knowledge heterogeneity among board members on the optimistic tone of explanatory reports, as well as to investigate the mediating role of earnings management in this relationship. It is expected that differences in the characteristics of a company’s ... Read More The aim of this research is to examine the impact of knowledge heterogeneity among board members on the optimistic tone of explanatory reports, as well as to investigate the mediating role of earnings management in this relationship. It is expected that differences in the characteristics of a company’s management team may influence the quality of both quantitative and qualitative financial reporting. To test the research hypotheses, panel data from 125 companies listed on the stock exchange over a 9-year period (2014- 2022) were used. The research models were estimated using multivariate regression analysis. The results show that the heterogeneity of managerial knowledge has a positive and significant effect on the optimistic tone of explanatory reports. Additionally, earnings management also has a positive and significant impact on the tone of explanatory reports. Ultimately, earnings management is shown to mediate the relationship between the heterogeneity of managerial knowledge and the optimistic tone of explanatory reports. The findings offer a new perspective on the role of executive management teams and contribute valuable insights to the literature on the strategic leadership of senior managers and annual board report disclosure.IntroductionGiven the explanatory reports are approved by a company’s senior management team, and the views of board members are communicated to information users, it is likely that differences in the knowledge of senior managers influence the tone of disclosure in these reports. It is expected that variations in the characteristics of a company's management team affect the quality of both financial (quantitative) and explanatory (qualitative) reports. Accordingly, this study investigates the relationship between senior managers' knowledge heterogeneity and the tone of explanatory reports, with a particular focus on the mediating role of earnings management. The importance of this research lies in its aim to raise stakeholder and user awareness of how managerial knowledge influences disclosure tone. It offers empirical evidence highlighting the relationship between managers' knowledge differences and the tone of their explanatory reports. Additionally, the study examines earnings management as a factor influencing this relationship. Since no prior research has specifically explored this topic, this study is the first to assess the impact of knowledge heterogeneity among senior managers on the tone of annual explanatory reports, emphasizing the mediating effect of earnings management. This research contributes to the development of the Iranian accounting literature from several perspectives. It advances the understanding of qualitative financial information, particularly the tone of management disclosures. Furthermore, it employs textual analysis methodology, a systematic and quantitative approach to interpreting communication content and understanding internal managerial attitudes. As this method is still emerging in the field of accounting, the study is also innovative from a methodological standpoint.According to the main question of the research and the presented theoretical framework, the hypotheses of the research are presented as follows:H1: The heterogeneity of managers' knowledge affects the tone of explanatory reports.H2: The heterogeneity of managers' knowledge affects earnings management.H3: Earnings management affects the tone of explanatory reports.H4: The heterogeneity of managers' knowledge affects the tone of explanatory reports through the mediating role of earnings management.2. MethodologyThis research is classified as quantitative, applied, and post-event in nature. Data were collected through document mining, using the new Rahavard software, and by reviewing audited financial statements of companies listed on the Tehran Stock Exchange. The statistical population consists of all companies listed on the Tehran Stock Exchange during the study period from 2014 to 2022. Companies meeting the following criteria were selected as the research sample:Their financial year ends in March, to ensure data comparability.They did not change their financial reporting period during the 9-year study window.Complete data for all variables used in this research were available.They are not banks, insurance companies, or investment companies.Based on these criteria, 125 companies were selected as the final sample. To test the research hypotheses, multivariate regression models were employed using the panel data method. All data were analyzed using Stata statistical software.3. Results and DiscussionThe findings related to the first hypothesis indicate that heterogeneity in managers' knowledge significantly influences the optimistic tone of management's explanatory reports. In other words, the greater the knowledge diversity among managers, the more frequently a positive tone is used in annual reports. This may be attributed to such managers being more risk-averse; concerned about the company’s future, they may attempt to present conditions in a more favorable light to stakeholders. This heterogeneity in managerial knowledge can lead to the presentation of an overly favorable or distorted image of the company’s situation to information users. The results of the second hypothesis show that knowledge heterogeneity among managers also has a significant positive effect on earnings management. That is, as the diversity in knowledge among managers increases, the likelihood of engaging in earnings management also rises. These results are consistent with the contractual incentives (reward) of managers. The findings of the third hypothesis of the study indicate that earnings management has a positive and significant effect on the tone of annual explanatory reports. This means that the lower the quality of financial reporting in companies, the more positive words managers use in their annual reports. In other words, managers seek to hide their possible undesirable performance by distorting users’ perceptions. This finding aligns with the opportunistic theory of managers. The findings of the fourth hypothesis indicate that earnings management can play a mediating role in the relationship between the differentiation of managers' knowledge and the tone of annual explanatory reports. This means that earnings management significantly reflects the effect of managers' knowledge heterogeneity on the tone of financial reports. This issue highlights the self-interest of such managers, who seek to reduce users’ ability to analyze information by disclosing it in an unrealistic manner.4. ConclusionThe results of the present research, while offering a new perspective on the role of the executive management team within companies, provide useful insights that enrich the existing literature on the strategic leadership role of senior managers and the disclosure of annual board reports. These findings contribute to optimizing the structure of senior management teams and can help companies make better decisions to improve overall performance.

Financial audit

Evaluating the Consequences of the Dominant Hegemonic Powerism Promotion in Auditing Institutions: Assessing the Effectiveness of Auditors' Working Life Quality

Farzaneh Pourmahdi Borujeni; Bahareh Banitalebi Dehkordi; Hamid Reza Jafari Dehkordi

Volume 22, Issue 86 , June 2025, Pages 221-264

https://doi.org/10.22054/qjma.2025.82918.2634

Abstract

The purpose of this study is based on two analytical objectives. First, it aims to identify the areas in which hegemonic power dynamics are embedded within audit institutions in order to provide a paradigmatic theoretical framework. Second, it seeks to evaluate the results of the hegemonic power within ... Read More The purpose of this study is based on two analytical objectives. First, it aims to identify the areas in which hegemonic power dynamics are embedded within audit institutions in order to provide a paradigmatic theoretical framework. Second, it seeks to evaluate the results of the hegemonic power within the structure of audit institutions, with the goal of determining the most central factor that reduces the quality of auditors' working life. The methodology of this qualitative study is grounded in inductive philosophy. The qualitative phase employed grounded theory using the approach of Strauss and Corbin (1998), while the quantitative phase utilized interpretive ranking analysis. The findings from the qualitative phase, based on 13 interviews, resulted in the identification of 426 open codes, 46 themes, 14 components (axis), and 8 main categories through the grounded theory process. The results of the quantitative phase also indicated that the most central outcome arising from the spread of hegemonic authoritarianism in audit institutions is the emergence of work-family conflicts among auditors.IntroductionAudit firms, like any organizational structure, are shaped by frameworks governed by the administrative approaches of audit partners to achieve formal, standardized, and specialized objectives. These frameworks result in the firm's strategic orientations within the audit market. Part of these strategic orientations pertains to operational areas, while another part relates to behavioral management methods. Depending on each partner’s cognitive and learning approach, these methods significantly influence auditors’ behavioral dynamics. Moreover, the type of managerial interaction, whether rooted in collaboration or authoritarianism, can lead either to synergies in audit quality or, conversely, to professional dissatisfaction and frustration among auditors.2. Literature ReviewIn every area of organizational communication, power is considered a determining factor in the interactions and responses of individuals within a structure. In this context, paying attention to different levels of power structures, while considering organizational complexities, seems necessary, as the process of power within organizations can have varying consequences in advancing organizational goals and strategies, depending on how it is formed. Each perspective defines the functions of power differently. For example, from a behavioral perspective, power is shaped through interactions with others based on initial trust. Depending on the ambition of the individual in power, this trust can be either strengthened or undermined. MethodologyGiven the three distinct mechanisms in the methodology of humanities research, namely purpose, result, and data type, this study should be considered exploratory in terms of purpose. This is because the emerging aspects of the central phenomenon of the study, namely the dominant hegemonic power orientation in auditing institutions, can be explained through interviews that provide a theoretical framework within the auditing profession. In terms of results, this study is developmental, as it aims to expand the understanding and capacity of this phenomenon within auditing knowledge through a set of analytical processes that lead to deeper insights into the nature of the subject. Regarding data type, this study falls into the category of mixed-method research. It addresses the research questions in the qualitative phase using grounded theory and the Delphi method, and in the quantitative phase through sequential matrix processes. The philosophical foundation of the study supports the integration of both inductive and deductive approaches. In the inductive process, the study first seeks to design a theoretical framework for the central phenomenon through grounded theory analysis using three stages of coding to develop a paradigmatic model. Then, following a deductive approach and based on the richness of the qualitative data, this study aims to examine the most central negative consequence of the emergence of hegemonic powerism in audit institutions by evaluating paired comparisons in row "i" and column "j". ResultThis study, which was conducted in two phases, qualitative and quantitative, used a combined analytical implementation approach. It aimed to present a paradigmatic framework for the spread of dominant hegemonic power in auditing institutions through grounded theory following the approach of Strauss and Corbin (1998) and to evaluate the outcomes of the framework developed in the qualitative phase using an interpretive ranking matrix within the context of the auditing profession. The results of the study showed that the most central outcome resulting from the spread of dominant hegemonic power in auditing institutions is the emergence of work-family conflict among auditors (M4). DiscussionIn analyzing the results, it must be acknowledged that the spread of hegemonic power within auditing institutions contributes to professional conflict, leading auditors to experience disorders that arise from the tension between work and personal life. Over time, this issue can not only lead to professional frustrations but also negatively affect auditors’ other social roles, as spouses, children, and parents, ultimately challenging the quality of their professional lives. Given that the most significant outcome identified in this study is the emergence of work-family conflict among auditors, it is important to highlight the overlap of roles in professional careers. This overlap disrupts the mental and cognitive clarity required for effective auditing and results in the erosion of professional and technical capabilities. As a result, the desired balance promoted by the code of professional conduct, aimed at reducing audit risk, may no longer be maintained. With the loss of personal self-confidence, auditors may experience a decline in professional effectiveness in audit reporting functions. Moreover, the psychological burden imposed on auditors will likely extend to their family life as well. ConclusionGiven the significance of this study, it is recommended that policymakers in the auditing field, beyond focusing solely on auditing standards, also strengthen or revise codes of professional conduct to regulate the management and leadership styles of audit partners. Doing so could enhance the effectiveness of mechanisms for implementing the audit profession and contribute to the creation of more reliable social value for the profession. Additionally, it is suggested that a guild or association be established to protect the rights of auditors. Such a body could play a critical role in reducing the authoritarian behavior of dominant audit partners and mitigating instances of gender discrimination within audit firms.

Financial Accounting

The Framework of the Management Accounting Phenomenon with the Six Sigma Approach

Ebrahim Madanpisheh; Mohammadreza Abdoli; Maryam Shahri; Mehdi Safari Gerayli; Hasan Valiyan

Volume 22, Issue 86 , June 2025, Pages 265-299

https://doi.org/10.22054/qjma.2025.83142.2642

Abstract

This study attempts to create a management accounting framework using a Six Sigma approach and evaluate the identified dimensions. The method used in this research is grounded theory in the qualitative phase and an evaluation of the identified dimensions in the quantitative phase. The study's data collection ... Read More This study attempts to create a management accounting framework using a Six Sigma approach and evaluate the identified dimensions. The method used in this research is grounded theory in the qualitative phase and an evaluation of the identified dimensions in the quantitative phase. The study's data collection was conducted over a period of 6 months, and the tools used were interviews and questionnaires. In the first stage of the study, scholars in the field of management accounting participated through interviews. In the next stage, specialized members from companies listed on the Tehran Stock Exchange commented on the evaluation of the identified dimensions. The results of the qualitative section led to the development of an octagonal theoretical framework that interprets the central phenomenon of the study. In the second phase, the most central criterion identified—profit analysis—was selected. The results obtained can enhance the analytical depth of corporate accountability functions to stakeholders.IntroductionAccounting is a changing phenomenon, where both management accounting and financial accounting activities, applied sciences, and concepts are continuously evolving and redefining themselves, increasingly converging into interconnected realities. Modern organizations are becoming more complex due to rapidly changing and highly competitive environments. Globalization, economic liberalization, technological advancements, and interconnectivity have made the survival of organizations more challenging than ever before. Markets are becoming more international, dynamic, and customer-driven. Customers are demanding more variety, better quality, and improved service, including greater reliability and faster delivery. Changes in the business environment emphasize the need for complete, transparent, reliable, and accurate information that can be accessed quickly. In this context, organizations must respond more innovatively in management accounting. It should aim at value creation and at developing and sustaining competitive advantages. Furthermore, current resource planning and computer-assisted design and manufacturing have cast doubt on the effectiveness of traditional management accounting techniques. Literature ReviewThe evolution of management accounting practices can be traced through various stages, each characterized by distinct paradigms, methodologies, and theoretical frameworks. Early research in management accounting predominantly emphasized cost-based approaches such as standard costing, budgeting, and variance analysis. However, the limitations of these traditional techniques in capturing non-financial performance metrics and supporting strategic decision-making led to the emergence of new management accounting practices. The evolution of management accounting reflects the dynamic nature of modern business environments, characterized by increased complexity, uncertainty, and globalization. Organizations are continuously seeking innovative ways to adapt their management accounting systems to meet the changing needs of internal and external stakeholders. This underscores the importance of understanding how management accounting practices have evolved over time and the factors driving these changes.MethodologyThis study is categorized as a two-phase research project supported by an exploratory methodology. In this process, grounded theory is used to identify the criteria of the central phenomenon. Then, in the second phase of the study, a questionnaire is employed to assess the dimensions of the identified phenomenon. This approach enables the research to construct a strategic map within the company, through which managers, using technical and strategic models, can more effectively achieve sustainability. ResultThe results of the qualitative phase led to the creation of an octagonal theoretical framework that interprets the central phenomenon of the study. In the second phase, the most central criterion identified—the profit analysis criterion—was selected. The results contribute to enhancing the analytical depth of corporate accountability functions toward stakeholders. DiscussionThe findings suggest that management accounting has evolved from a focus on cost determination to a more strategic and holistic approach aimed at supporting organizational objectives. However, the review also identifies several areas for further research and exploration. Future studies may delve deeper into emerging trends such as digitalization, sustainability accounting, and the integration of financial and non-financial performance metrics. Additionally, there is a need for research examining the implications of management accounting practices on organizational performance, decision-making processes, and stakeholder relationships. By addressing these research gaps, scholars can contribute to advancing knowledge and informing practice in the field of management accounting, ultimately enhancing organizational effectiveness and competitiveness in today's dynamic business environment. ConclusionThe recent trend in management accounting has shifted from history-based, temporary planning and control to future-oriented strategic planning and control. The evolution of management accounting is driven by the pressures of increasingly intense competition, technological advancements, the dominance of financial accounting, and the expanding role of management accounting. Information technology can facilitate, catalyze, motivate, or even reshape the convergence of management accounting with financial accounting, both within the technical and technological domains, as well as in behavioral and organizational contexts.

The Impact of CEO’s Overconfidence on the Relationship between Cash Holdings and Excess

Volume 18, Issue 72 , January 2022, , Pages 57-77

https://doi.org/10.22054/qjma.2021.51016.2139

Abstract

In this study, the impact of CEO’s overconfidence on the relationship between cash holding and excess returns is investigated in companies listed in Tehran Stock Exchange during the years 2011-2018. For CEO’s overconfidence, overinvestment in assets, and for excess returns, the difference ... Read More

The Relationship between Real Earnings Management and Accrual Earnings Management in Companies Suspected of Fraud Listed in Tehran Stock Exchange

Volume 13, Issue 49 , June 2016, , Pages 29-52

https://doi.org/10.22054/qjma.2016.4193

Abstract

AbstractMost of earnings management researches in Iran focus on abnormal accruals. Whereas accruals and real activities result in earnings management, which are complementary (Sanjaya and Saragih, 2012). According to various studies, accruals eventually lead to fraud (Jones et al, 2008). So far no research ... Read More

Rating Iranian Banks According to their Financial Strength

Volume 14, Issue 54 , July 2017, , Pages 25-50

https://doi.org/10.22054/qjma.2018.8268

Abstract

One of the essential needs of Iranian financial market participants (including money market and capital market participants) is rating Iranian banks based on their financial strength. This rating helps stakeholders, including shareholders, investors, customers, central bank and etc., to obtain more accurate ... Read More

Investigating the Impacts of Voluntary Disclosure Level on the Information Asymmetry of the Companies Listed in Tehran Stock Exchange

Volume 11, Issue 42 , July 2014, , Pages 89-114

Abstract

Managers venture to voluntary disclosure to inform investors about firms’ future point of views, goals and strategies. Financial and non-financial voluntary information reduce information asymmetry, increase stock liquidity and improve financial stability. In this research the relation of voluntary ... Read More Managers venture to voluntary disclosure to inform investors about firms’ future point of views, goals and strategies. Financial and non-financial voluntary information reduce information asymmetry, increase stock liquidity and improve financial stability. In this research the relation of voluntary disclosure level and information asymmetry of listed companies of Tehran Stock Exchange is investigated. Botosan (1997) check list which has been adjusted by kashanipour and et al. (2009) was utilized to measure voluntary disclosure level. The check list consists of 71 indices through six section of background information, the summery of historical results, Key Non-Financial Statistics, Segments Information, Projected Information and Management Discussion and Analysis. Moreover, information asymmetry variable is measured by using Venkatash and Chiang (1986) model. To test research hypotheses multivariate regression with panel data is utilized. The results show that there is no significant relation between voluntary disclosure level and information asymmetry of 122 listed companies of Tehran Stock Exchange during 2003-2011. Keywords: Voluntary disclosure level, Information asymmetry, Liquidity, Capital market. Managers venture to voluntary disclosure to inform investors about firms’ future point of views, goals and strategies. Financial and non-financial voluntary information reduce information asymmetry, increase stock liquidity and improve financial stability. In this research the relation of voluntary disclosure level and information asymmetry of listed companies of Tehran Stock Exchange is investigated. Botosan (1997) check list which has been adjusted by kashanipour and et al. (2009) was utilized to measure voluntary disclosure level. The check list consists of 71 indices through six section of background information, the summery of historical results, Key Non-Financial Statistics, Segments Information, Projected Information and Management Discussion and Analysis. Moreover, information asymmetry variable is measured by using Venkatash and Chiang (1986) model. To test research hypotheses multivariate regression with panel data is utilized. The results show that there is no significant relation between voluntary disclosure level and information asymmetry of 122 listed companies of Tehran Stock Exchange during 2003-2011. Keywords: Voluntary disclosure level, Information asymmetry, Liquidity, Capital market. In this research effect of extreme and moderate cash flows in explanatory power of model when the earnings are extreme is investigated through the extended version of Easton and Harris model. In this study in period of 1385 to 1391 we had 665 firm-year observations that after the removal of outliers we reach to 594 observations. We use OLS regression that in this regression we confront with unbalanced panel data with random effect. For classification of earnings and cash flows to extreme and moderate we use quintiles. Likewise, for comparing explanatory power of the models we use Cramer's (1987) Z-statistic. After all, with attention to statistic of this test we conclude that moderate cash flows relative to extreme cash flows when the earnings are extreme have effectson explanatory power. Keywords: Extreme Earnings, Moderate and Extreme Cash Flows from operation, Explanatory Power. In this research effect of extreme and moderate cash flows in explanatory power of model when the earnings are extreme is investigated through the extended version of Easton and Harris model. In this study in period of 1385 to 1391 we had 665 firm-year observations that after the removal of outliers we reach to 594 observations. We use OLS regression that in this regression we confront with unbalanced panel data with random effect. For classification of earnings and cash flows to extreme and moderate we use quintiles. Likewise, for comparing explanatory power of the models we use Cramer's (1987) Z-statistic. After all, with attention to statistic of this test we conclude that moderate cash flows relative to extreme cash flows when the earnings are extreme have effectson explanatory power. Keywords: Extreme Earnings, Moderate and Extreme Cash Flows from operation, Explanatory Power.

The Impact of Intellectual Capital on Financial Performance of Companies Listed in TSE

Volume 11, Issue 41 , April 2014, , Pages 83-103

Abstract

A great change and shift from financial resources to knowledge is being experienced nowadays. Physical and financial assets are essential but not enough to reach organizational goals, instead, knowledge, technological settings, good customer relations, information systems,... those constitute organization’s ... Read More

Information Technology Integration in Internal Auditing: Challenges, Barriers and Solutions

Zahra Masoumi Bilondi; Maryam Sadat Tabatabaeian; Nasrin Yousefzadeh

Articles in Press, Accepted Manuscript, Available Online from 22 December 2024

https://doi.org/10.22054/qjma.2024.82520.2625

Abstract

In recent years, much more attention has been paid to the adoption of information technology (IT) in organizations, particularly in the field of internal auditing. Integrating IT tools and systems into traditional auditing practices is a key driver for promoting the efficiency, effectiveness, and accuracy ... Read More

Modeling the Detection of Firms Financial Fraud under The Implementation of Artificial Neural Network's Evaluation Algorithms

Marzieh Poursaedi; Mahmood Hematfar; , Seyed Enayatallah Alavi; Roya Nasirzadeh

Articles in Press, Accepted Manuscript, Available Online from 03 February 2025

https://doi.org/10.22054/qjma.2025.82826.2632

Abstract

The purpose of this research is modeling the detection of firms financial fraud under the implementation of artificial neural network's evaluation algorithms. In this study, efforts have been made by using Quadratic Programming "QP" processes in artificial neural network algorithms to determine the basic ... Read More

Providing a Framework for Facilitating Tokenization Implementation Processes in The Cloud Accounting Platform

Amir Hajizadeh Amini; Seyed Abbas Burhani; Mojgan Safa

Articles in Press, Accepted Manuscript, Available Online from 05 February 2025

https://doi.org/10.22054/qjma.2025.81558.2607

Abstract

The purpose of this study is Providing a Framework for Facilitating Tokenization Implementation Processes in The Cloud Accounting Platform. In terms of methodology, this study is a combination, based on an exploratory and developmental approach, and has tried to identify, in the qualitative part, the ... Read More

Developing Criteria for Valuing Digital Assets and Evaluation of Axes Identified based on Mutual Matrices

Tayebeh Gharibi; Naamat Rostami Mazouei; Azar Moslemi; Masoud Tahernia

Articles in Press, Accepted Manuscript, Available Online from 18 February 2025

https://doi.org/10.22054/qjma.2025.80986.2598

Abstract

The purpose of this research is the framework of digital assets accounting and the evaluation of the axes identified based on mutual matrices. The methodology of this study is in the category of exploratory and developmental research, which by combining the process of data collection in the qualitative ... Read More

The Impact of Fixed Asset Investment and Financial Performance on the Relationship between Social Responsibility and Debt Financing

Abdolrasoul Rahmanian Koushkaki; Sohrab Vahdan Asl

Articles in Press, Accepted Manuscript, Available Online from 05 May 2025

https://doi.org/10.22054/qjma.2025.83762.2646

Abstract

The purpose of this study is to investigate the effect of fixed asset investment and financial performance on the relationship between social responsibility and debt financing. The present study is applied and from the methodological point of view, it is a causal correlation (post-event). The statistical ... Read More The purpose of this study is to investigate the effect of fixed asset investment and financial performance on the relationship between social responsibility and debt financing. The present study is applied and from the methodological point of view, it is a causal correlation (post-event). The statistical population of the study is all companies listed in the Tehran Stock Exchange and using the systematic elimination sampling method, 141 Firms were selected as the research sample and were studied in a 10-year period between 2014 and 2023. The findings of testing the research hypotheses showed that there is a direct and significant effect between social responsibility and financing through debt.Investing in fixed assets does not affect the relationship between social responsibility and debt financing, but financial performance has an inverse and significant effect on the relationship between social responsibility and debt financing. By adhering to social responsibilities and respecting the rights of stakeholders and society, company managers can easily enjoy external financing by gaining a better image. Also, obtaining a higher social rank can show the company's image for investors more securely.1. IntroductionCompanies and economic institutions need appropriate and timely financing to invest and repay debts and increase working capital. Financial managers are always trying to increase the value of the company by inventing new financing methods.to be determined. Companies don't just use one type of resource, they try to use multiple resources to implement their plans and issues. Various factors can affect access through debt. Corporate social responsibility is one of the important issues that can affect the company's financing process, and it has been expressed as the process of creating wealth, promoting the company's competitive advantage, and maximizing the value of wealth and benefits created for the society, which generally considers the commitment and attention of the business to the quality of life of employees, customers, the local community, and the whole society in order to develop a sustainable economy.2. Literature ReviewDebt financing is a more desirable solution for financing due to tax savings and its lower rate compared to the expected returns of shareholders, but what is important for creditors is its repayment ability (Ebrahimi et al., 2019). The organization should always consider itself a part of the society and have a sense of responsibility towards the society and in order to improve the public welfare, employees, etc. to work independently of the direct interests of the company. The company's social responsibility focuses on important issues such as ethics, environment, security, education, human rights, etc. (Kordestani et al., 2018). Companies that have higher social responsibility can in fact be a high guarantee for the repayment of the company's debt, a guarantee for the proper functioning of the company, a guarantee for the absence of managers' behavioral biases, and a guarantee for the provision of correct information by managers to the capital market, which can increase the access of companies in financing through debt (Oyar et al., 2024). Therefore, according to the above, the first hypothesis of the present study is as follows:H1: Social responsibility affects access to financing through debt.Financial performance is an objective measure of how much an organization has used its assets to generate revenue. The financial performance of a company is one of the most important indicators for evaluating its performance and the degree of achievement of predetermined goals (Rahimian et al., 2013). Financial performance somehow indicates the efficiency or inefficiency of the company, so it can affect the opinions of investors and creditors in order to guarantee the company's performance. Therefore, according to the above, the second hypothesis of the present study is as follows:H2: Investment in fixed assets affects the relationship between social responsibility and access to financing through debt.One of the fundamental variables affecting the future status of the performance of companies and consequently the return on the shares of companies is the amount of investment of companies in fixed assets, which can pave the way for achieving the desired return in the future, or due to the tolerance of more risk on the company's financial position as a result of more investment, it reduces the company's power to maintain the current return and its growth in the future periods. In the long run, it also leads to a decrease in the company's efficiency and performance (Oyar et al., 2024). Therefore, according to the above, the third hypothesis of the present study is as follows:H3:Financial performance affects the relationship between social responsibility and access to financing through debt.3. MethodologyThe present study is applied and from the methodological point of view, it is a causal correlation (post-event). The statistical population studied in this study is all companies listed in the Tehran Stock Exchange and the period under study is from 2014 to 2023. In this study, the systematic elimination method has been used to reach the sample, and 141 companies have been selected as the research sample. Data analysis was done using the combined data method and the data panel approach and using Eviews 12 software to test the hypotheses.4. ResultsThe findings of testing the research hypotheses showed that there is a direct and significant effect between social responsibility and financing through debt . Investment in fixed assets does not affect the relationship between social responsibility and financing through debt, but financial performance has an inverse and significant effect on the relationship between social responsibility and financing through debt. By adhering to social responsibilities and respecting the rights of stakeholders and society, company managers can easily enjoy external financing by gaining a better image. Also, obtaining a higher social rank can show the company's image for investors more securely. 5. DiscussionThe results showed that corporate social responsibility directly affects financing through debt. In fact, when companies adhere to the principles and responsibilities that they have in the social field, those who want to work with the company on credit will have a more favorable environment for paying their debts, and this can increase the access of companies to financing from the The way of debt is simplified. One of the fundamental variables affecting the future status of companies' performance and consequently the return on companies' stocks is the amount of companies' investment in fixed assets, which can pave the way for achieving desirable returns in the future, or due to bearing more risk on the company's financial position as a result of more investment, it can reduce the company's ability to maintain its current return and its growth in future periods. Investing in fixed assets should be effective in financing through debt because such assets have the characteristic of collateralization, but the results showed that this feature has no effect on the relationship between social responsibility and financing through debt. Financial performance indicates the overall performance of the company and the amount of profitability derived from expenses and assets. Weaken the relationship between social responsibility and financing through debt. In fact, it can be interpreted that financial performance affects the relationship between social responsibility and debt financing.

CEO Power and Overinvestment: Linear and Non-Linear Approach

shokrollah khajavi; Soraya Weysihesar

Articles in Press, Accepted Manuscript, Available Online from 01 June 2025

https://doi.org/10.22054/qjma.2025.84732.2661

Abstract

Objective: Efficiency is one of the most important criteria that investors look for influencing factors to find suitable investment opportunities. Since managers have an effective role in making company decisions, they may deviate from optimal investment decisions. Therefore, the purpose of this research ... Read More

The Effect of Sanctions on Tax Evasion of Related Party Transactions A Hybrid Graph Mining-Fuzzy Meta-Innovation Approach

Amin Ahmadpour; Seyedeh Mahboobeh Jafari; Fatemeh Sarraf

Articles in Press, Accepted Manuscript, Available Online from 14 July 2025

https://doi.org/10.22054/qjma.2025.85459.2670

Abstract

1. Introduction Economic sanctions are coercive measures imposed by states to restrict international activities of target nations, offering a lower-risk alternative to military conflict (Cordesman et al., 2011). Iran exemplifies this, facing escalating sanctions that incentivize tax evasion through Related-Party ... Read More 1. Introduction Economic sanctions are coercive measures imposed by states to restrict international activities of target nations, offering a lower-risk alternative to military conflict (Cordesman et al., 2011). Iran exemplifies this, facing escalating sanctions that incentivize tax evasion through Related-Party Transactions (RPTs). Under sanctions, firms exploit legal gaps and accrual accounting to manipulate profits (Abeysekera, 2003; Arabi et al., 2018), transforming Iran’s financial market into a complex network (Soleimani et al., 2014). Traditional analytical methods fail against such complexity, while metaheuristic models excel. Graph mining uniquely uncovers hidden dimensions in sanctioned markets by analyzing network structures and variable relationships (Hu et al., 2022), especially where information asymmetry impedes tax authorities (Iacovacci & Lacasa, 2019; Yang & Xu, 2024).RPTs occur in nested networks with non-linear relationships (e.g., shared boards, cross-ownership) (Ruan et al., 2019). Sanctions amplify complexity through layered tactics like free trade zones (FTZs) and multi-layer transfer pricing (e.g., sequential sales at non-arm’s length prices) (Chan et al., 2016; Tian et al., 2016). Non-disclosure of ~68% key RPT information (e.g., pricing logic) exacerbates tax avoidance (Barokah, 2013), enabling profit shifting to foreign affiliates and eroding tax bases (Yang & Xu, 2024).Although RPTs can be economically justified (Gordon et al., 2004a), they risk abuse for private gain (Djankov et al., 2008; Barokah, 2013). In Iran, firms use subsidiaries in FTZs (e.g., Kish, Chabahar) and transfer pricing under Article 132-T of Iran’s Direct Taxation Law to shift profits: e.g., selling goods below market to affiliates, which then export at global prices, registering profits offshore. Weak oversight and fragmented databases hinder monitoring, but Iran’s Taxpayers’ Integrated System (TIS) provides foundational data for analysis.This study proposes a novel framework combining graph mining (to detect high-risk FTZ firms) and Type-3 Sheffer-like Type-4 fuzzy logic (to model tax data uncertainty) optimized by the Jaguar metaheuristic algorithm. It identifies suspicious groups exhibiting structural (e.g., nested ownership) and behavioral (e.g., abnormal pricing) tax evasion patterns, aligning with Iran’s Comprehensive Tax Plan for risk-based audits. Research Questions: 1. Do economic sanctions increase RPT-based tax evasion? 2. How can advanced data analytics identify and model these hidden patterns? 2. Theoretical Framework 2.1. Related-Party Transactions (RPTs) Per Iranian Accounting Standard 12 (Audit Organization, 2020), RPTs involve entities with control/influence over financial decisions. Key groups include: 1. Parent/subsidiary entities under shared control. 2. Key management personnel and relatives. 3. Entities with significant economic/management ties. Two theoretical perspectives exist: - Agency Theory:RPTs enable opportunism by insiders (Jensen & Meckling, 1976), e.g., underpriced asset sales (Cheung et al., 2006). - Efficiency View: RPTs reduce transaction costs (Gordon et al., 2004a) but require disclosure to mitigate information asymmetry (Kohlbeck & Mayhew, 2010). Empirical evidence confirms RPTs facilitate tax avoidance via transfer pricing (Harris et al., 1993; Jian & Wong, 2010), especially in low-tax jurisdictions (Barker et al., 2016). 2.2. Sanctions’ Economic Impact Sanctions restrict input access, raise production costs (Parsa et al., 2013), contract import-reliant sectors (Caetano et al., 2023), and reduce total factor productivity (Nosratabadi, 2023). They incentivize shifting activities to the informal economy, causing technical inefficiency (Markus, 2024). 3. Methodology 3.1. Data & Variables - Dependent Variable: Tax evasion, measured by the tax gap (difference between declared and final tax) per OECD standards (Slemrod & Weber, 2012). - Independent Variable: RPT volume (Iranian Accounting Standard 12). - Moderator: Sanctions index (PCA-derived from 10 macroeconomic variables, Table 1). Data: 16,756 RPTs from 1,780 Iranian firms (2016–2020), including:  523 firms in FTZs (zero tax rate under Article 132-T).  1,257 non-FTZ firms with shared boards. Financial data (net sales, COGS, operating profit) sourced confidentially from Iran’s National Tax Administration (INTA). 3.2. Integrated Framework 1. Graph Mining:  Construct transaction networks (nodes = firms; edges = RPTs weighted by price deviation).  Identify high-risk clusters(e.g., firms in FTZs with below-market pricing). 2. PCA for Sanctions Index: - Combine 10 macroeconomic variables (e.g., oil exports, currency volatility) into a unified index. - 2 principal components explain 85% variance (Table 1, Chart 3). 3. Fuzzy Metaheuristic Optimization: - Apply Type-3 Sheffer-like Type-4 fuzzy logic to model data uncertainty (e.g., transfer pricing discrepancies). - Optimize via Jaguar algorithm (multi-objective: minimize prediction error [MSFE], maximize detection accuracy). - Output: Dynamic risk index (transaction volume, price deviation, geographic concentration). 4. Results & Discussion - Sanctions increased RPT-based tax evasion by 0.414% (vs. 0.389% pre-sanctions). - The Jaguar model achieved 98.8% accuracy (error rate: 0.012), outperforming traditional methods (40% vs. 74.6% detection rate). - Graph analysis revealed post-sanctions topological shifts: increased suspicious nodes/clusters (Chart 4). - Key evasion patterns: - Multi-layer transfer pricing (e.g., mother → FTZ subsidiary → export). - Abnormal profitability in FTZ subsidiaries. - Geographic concentration in low-tax areas. 5. Conclusion & Policy Implications 5.1. Key Findings Sanctions intensify RPT-based tax evasion by incentivizing complex, hidden transaction networks. The integrated graph-fuzzy-jaguar framework proves superior to linear models in detecting evasion under data uncertainty. 5.2. Innovations - First application of Type-3 fuzzy logic in taxation. - Dynamic risk index for audit prioritization. - Operational compatibility with INTA’s existing systems (e.g., TIS). 5,3. Recommendations - To INTA:Integrating the model into a blockchain-based real-time monitoring platform and Develop an AI dashboard with risk-tiered visualization (green/yellow/red). - Domestic Policy: Mandating disclosure of transfer pricing logic and topological RPT networks and establishing a National Networked Data Analysis Center. - International Cooperation:Leveraging double-taxation agreements for cross-border data exchange. - Future Research: Extending the model to multinational contexts and designing "tax resilience indices" for sanction-affected economies.

Visualizing the Global Trend of Research on Audit Firm Mergers: A Bibliometric Analysis

zahra joudaki chegeni; mohammad hossein safarzadeh; Hamideh AsnaAshari; Fakhroddin MohammadRezaei

Articles in Press, Accepted Manuscript, Available Online from 15 July 2025

https://doi.org/10.22054/qjma.2025.84050.2650

Abstract

AbstractConsidering the scientific and practical significance of research in this field, conducting a bibliometric analysis aimed at mapping the global status, trends, factors, and bibliographic relationships within this domain is a necessity that has not been comprehensively addressed so far. In this ... Read More AbstractConsidering the scientific and practical significance of research in this field, conducting a bibliometric analysis aimed at mapping the global status, trends, factors, and bibliographic relationships within this domain is a necessity that has not been comprehensively addressed so far. In this study, articles published in the research domain were collected from the Scopus database spanning the years 1986 to 2024. Subsequently, for a more focused analysis, 38 articles closely aligned with this area were selected. The VOSviewer software was employed for the bibliometric analysis. Based on the bibliometric analysis, the keyword "merger" emerged as a core term, surrounded by other closely related major nodes such as "audit firm merger," "audit quality," "audit fees," "audit efficiency," and "competition," all directly linked to the main research theme. The United States, the Auditing: A Journal of Practice & Theory, and the domains of business, management, and accounting were identified as the most influential in this research area. Additionally, among researchers, Moroney exhibited the highest level of collaboration with Simnett and Thavapalan. This study elucidates the intellectual and conceptual structure of audit firm mergers, highlighting emerging topics such as auditor-client alignment, audit regulation, market share, auditor switching, and audit efficiency. The findings of this research provide a relatively comprehensive overview of the literature on audit firm mergers throughout its evolution, offering future research directions for scholars.Keywords: Audit firm mergers, bibliometric analysis, global trends, intellectual structure, keyword co-occurrence.Introduction: Regulators and critics of mergers often express concern that a merged audit firm, due to its better market position, may harm its clients. Following a merger, the number of audit service providers decreases, making it more difficult for audit clients to switch to an alternative and appropriate audit firm with more reasonable audit costs. The merger of audit firms has become one of the key concerns in the auditing profession and has attracted the attention of recent research. Studies related to the merger of audit firms can be categorized into several phases. These phases include the pre-merger stage (antecedents), the merger stage (agreements), and the post-merger stage (consequences). A review of prior research suggests that the post-merger phase of audit firms has predominantly been the focus of researchers. Despite numerous studies on the consequences of audit firm mergers, a research gap is observed in the area of antecedents and agreements in these mergers. Therefore, given the scientific and practical importance of research in this field, a bibliometric analysis aimed at mapping the global discourse on audit firm mergers and their bibliographic relationships is essential, a topic that has not been thoroughly explored. This study, by providing a comprehensive overview of the status of audit firm merger research, identifying existing gaps in the literature, and revealing future research trends, serves as a valuable resource for researchers. Moreover, the present study highlights the trends and progression of research related to the literature on audit firm mergers.Method: The present study employs a bibliometric methodology within a literature review approach. This quantitative method of reviewing the literature advances the intellectual structures and evolution of a specific academic field. It aids in visualizing data and performing thematic analyses to better understand the content of research on the discourse surrounding audit firm mergers. Additionally, it provides positive and valuable insights for researchers in this domain. In this paper, the process of identifying, screening, qualifying, and analyzing data was systematically conducted. The researchers initiated the process by selecting the Scopus database to collect information from relevant articles. Scopus was chosen as the bibliometric data source for its applicability across various academic fields and, in this study, for examining the literature on the topic. Initially, a search was conducted to identify articles related to the specified domain. To execute the search, the terms “audit firm mergers,” “audit firm integrations,” “audit firm acquisitions,” “audit firm consolidations,” and “professional services firm mergers” were used within the titles, abstracts, and keywords of articles in the Scopus database. Next, inclusion criteria were established, and articles were filtered based on the 1986–2024 timeframe. More precisely, based on the literature review, only articles published during this period were selected. Subsequently, English was designated as the language criterion, and the type of publication was restricted to scholarly research articles. As a result, only English-language research articles published in the fields of business, management, and accounting; economics, econometrics, and finance; and social sciences were considered for this study. The screening stage ultimately led to the identification of the targeted articles. To ensure their relevance, the titles and abstracts of the articles were reviewed, and irrelevant articles were excluded. Ultimately, 38 articles were included in the analysis. Based on the research process, the final stage involved data analysis, which was performed using the Vosviewer software. Co-occurrence analysis, defined as the repetition of similar keywords across different articles, was conducted. Co-occurrence analysis and the identification of frequently used keywords highlight key research topics. Furthermore, co-citation analysis of keywords and co-authorship analysis were performed using the softw. Specifically, if two keywords representing a particular research topic appeared simultaneously in a document, those keywords were considered to have a unique semantic relationship.Findings: The progression of literature on audit firm mergers indicates that this field was relatively underexplored until 2002. In other words, this topic did not receive significant attention from researchers before that year. Over time, as the importance of the subject matter studied in this research grew, the number of published articles showed an upward trend, reflecting the rising significance of the topic. From 2002 onward, the field has experienced fluctuating growth, illustrating that substantial research will continue to be conducted in this area through 2024 due to its critical importance. Among the countries contributing to the body of research, the United States leads with 20 publications, followed by the United Kingdom with 8, and Hong Kong with 6. Regarding research areas, the majority of articles pertain to business, management, and accounting (57.1%), followed by economics, econometrics, and finance (38.1%), and social sciences (4.8%). Most articles were published in reputable journals such as Auditing: A Journal of Practice and Theory (4 articles), Contemporary Accounting Research, and the Journal of Accounting and Public Policy (3 articles each). The keyword “mergers” emerged as the central theme, with closely associated large nodes such as audit firm mergers, audit quality, audit fees, audit efficiency, auditor-client alignment, the audit market, knowledge transfer, industry specialization, audit reporting delays, and audit market dynamics, all aligning with the primary focus of this study. In total, 89 authors have contributed to research on audit firm mergers, forming a collaborative network of researchers. For instance, “Moroney,” in collaboration with “Simnett” and “Thavapalan,” has co-authored several studies and contributed the highest number of publications in this domain.Conclusion: The present study systematically reviews articles on audit firm mergers published between 1986 and 2024, mapping the knowledge network through co-occurrence analysis of keywords and co-authorship analysis. The keyword "mergers" was identified as the central theme, with closely related large nodes including audit firm mergers, audit quality, audit fees, audit efficiency, auditor-client alignment, the audit market, knowledge transfer, industry specialization, audit reporting delays, and audit market dynamics, all aligned with the primary focus of the study.

The Role of Intellectual Capital in Improving Value Chain Efficiency, Increasing Cash Flows, and Reducing Company Bankruptcy Risk

Behrooz Badpa; Darioush Akhtarshenas; Amin Ghanbari

Articles in Press, Accepted Manuscript, Available Online from 25 August 2025

https://doi.org/10.22054/qjma.2025.83335.2644

Abstract

Introduction In today's complex and modern economic environment, companies can gain a competitive advantage by optimally utilizing not only tangible assets but also the knowledge, experience, and capabilities of their employees. Firms with higher intellectual capital can adopt favorable strategies ... Read More Introduction In today's complex and modern economic environment, companies can gain a competitive advantage by optimally utilizing not only tangible assets but also the knowledge, experience, and capabilities of their employees. Firms with higher intellectual capital can adopt favorable strategies to achieve success by leveraging all available resources, thereby enhancing performance and attaining sustainable operational success. The value-added intellectual coefficient model, which measures the efficiency of intellectual capital, comprises three components: human capital efficiency, structural capital efficiency, and capital employed efficiency. By investing in human capital development, a company can improve the efficiency of its value chain through increased workforce productivity and effectiveness. Similarly, investing in structural capital can enhance value chain efficiency by streamlining processes, reducing waste, and improving communication and collaboration. Moreover, investment in intellectual capital development typically leads to increased returns and value creation, thereby improving the quality of the value chain. Based on this, the efficiency of the company's value chain was assessed using the stochastic frontier analysis. Subsequently, the impact of intellectual capital on value chain efficiency, cash flows, and bankruptcy risk was examined. Materials & Methods Although the research population included all companies listed on the Tehran Stock Exchange, due to limitations in achieving reliable results, a sample of 142 companies was selected. Data from these companies was analyzed over 11 years (2013–2023). The research hypotheses were tested using Structural Equation Modeling (SEM) by Smart-PLS software. SEM enables researchers to explore complex relationships among multiple variables simultaneously (Hair et al., 2017). According to the research literature, companies with higher intellectual capital are expected to perform better across the value chain by leveraging both tangible and intangible assets, resulting in improved cash flows and reduced bankruptcy risk. Additionally, effective value creation throughout the value chain is expected to lower the risk of bankruptcy and enhance cash flows. Based on this framework, the research proposed the following hypotheses: Hypothesis 1: The company's intellectual capital has a significant positive effect on the efficiency of its value chain. Hypothesis 2: The company's intellectual capital has a significant negative effect on its bankruptcy risk. Hypothesis 3: The company's intellectual capital has a significant positive effect on its cash flows. Hypothesis 4: The company's value chain efficiency has a significant negative effect on its bankruptcy risk. Hypothesis 5: The company's value chain efficiency has a significant positive effect on its cash flows. Findings The research findings, at a 95% confidence level, revealed that intellectual capital positively influences value chain efficiency and cash flows, while negatively influencing bankruptcy risk. Furthermore, value chain efficiency enhances cash flows and reduces the likelihood of bankruptcy. The highest path coefficient is related to the impact of intellectual capital on the company's cash flows. The impact of intellectual capital on cash flows is greater than the impact of intellectual capital on value chain efficiency, and value chain efficiency on cash flows; in explaining the possible causes, it can be said that intellectual capital can affect the value chain by improving the efficiency and effectiveness of activities; that is, it can lead to more efficient production of goods or services, reduce costs, and improve the overall performance of the value chain; but the relationship between intellectual capital and value chain efficiency may be affected by the industry and context of the company's activity. In addition, intellectual capital allows companies to create greater value for customers, resulting in increased sales and revenue, and consequently, stronger cash flows. By improving transparency and reducing information asymmetry, intellectual capital disclosure enhances investor confidence and lowers the cost of equity, which ultimately boosts net positive cash flows. In explaining the magnitude of the lower path coefficient of intellectual capital and bankruptcy risk compared to intellectual capital and cash flows (regardless of the direction of the relationship), it can be argued that optimal intellectual capital enhances value chain efficiency and shareholder value, increasing sales and operating income. Nevertheless, innovation derived from intellectual capital does not always guarantee a competitive advantage, as it may be influenced by factors such as industry type, economic sanctions, macroeconomic conditions, and market competition. Discussion & Conclusion The results further confirmed that intellectual capital significantly improves value chain efficiency. In other words, companies that effectively utilize all dimensions of intellectual capital—structural, human, physical, and financial—exhibit better overall performance across the value chain. These companies also experience higher and more stable cash flows. These findings align with the results of previous studies by Ghayouri-Moghaddam et al. (2012), D'Amato (2021), and Akpinar (2017). Moreover, companies with higher intellectual capital were found to have a lower bankruptcy risk, supporting the conclusions of Festa et al. (2021), Rasheed (2023), and Mollabashi and Sendani (2014), while differing from those of Bakshani (2014). In addition to the above results, the research findings showed that the efficiency of the company's value chain has a significant positive effect on the company's cash flows and a negative effect on its bankruptcy risk, which is consistent with the findings of Sun and Cui (2012) and Akpinar (2017). The results of the study expand the literature on the role of corporate capital dimensions, especially non-physical capital, in the synergy of the company's chain components and its competitive advantage. On the other hand, the results of the study can be useful for the decision-making and planning of company managers, analysts, and consultants in the stock market, investors, shareholders, and also government officials. In this regard, an index called the value chain efficiency rating, which covers the company's comprehensive performance during various operational and support stages, should be considered by analysts and investors in fundamental stock analysis so that the intrinsic value of the stock can be calculated correctly and accurately. Given the positive and significant impact of intellectual capital on the company's cash flows, it is recommended that managers and consultants use the company's intangible assets and intellectual capital as items affecting investment decisions in capital budgeting. It is also recommended that legislators specify the permitted and recommended methods for evaluating companies' intellectual capital so that a more accurate basis for its evaluation is available to everyone. In addition, because some listed companies have foreign exchange income, given the severe fluctuation of the exchange rate in Iran and the high inflation rate, analysts and capital market activists must separate the company's actual financial performance from inflationary financial figures so that the company's intellectual capital can be evaluated more accurately. Keywords: Intellectual capital, Value chain efficiency, Cash flows, Bankruptcy Risk, Structural Equation Modeling.

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