Empirical Studies in Financial Accounting

stock exchange

The Relationship Between Strategic Deviation and Trade Credit, Considering the Role of Financial Constraints

Pages 1-35

https://doi.org/10.22054/qjma.2026.88158.2711

Jamil Ebrahimi, Hosein Ameri, Esmaeil Amiri

Abstract Trade credit serves as an accessible financing tool, particularly for firms facing financial constraints. This study aimed to examine the effect of financial constraints on the relationship between strategic deviation and trade credit. The research was applied in purpose and descriptive–correlational in design, and the data were analyzed using regression techniques. The statistical population included 124 firms listed on the Tehran Stock Exchange between 2016 and 2024, yielding 1,116 firm-year observations. The findings indicated a positive and significant relationship between strategic deviation and the use of trade credit, which was stronger among firms with severe financial constraints and under high bankruptcy risk, but weaker in firms with more stable financial conditions. Multiple sensitivity analyses, including alternative measures of the independent variable, exclusion of control variables, removal of year and industry effects, and testing the model with a moderating variable across groups with varying financial constraints, consistently confirmed the main results. Overall, the results showed that strategic deviation directly influenced corporate credit policies, with greater deviation increasing reliance on trade credit, and that financial constraints could moderate this relationship.

Introduction

Strategic deviation within firms refers to a substantial divergence from the prevailing norms, conventions, and competitive practices of a given industry. Such deviation is not limited to superficial differences in tactics but reflects a deeper commitment to pursuing distinct strategic orientations and allocating organizational resources in unconventional ways. In many contexts, including emerging economies, these deviations are often driven by firms’ attempts to achieve differentiation, create innovative products and services, and ultimately secure new and more sustainable competitive advantages. By deliberately distancing themselves from industry routines, firms seek to overcome competitive inertia, foster innovation, and position themselves as leaders rather than followers. However, these benefits are rarely cost-neutral. Departures from industry norms typically require additional and sometimes substantial financial commitments to support experimentation, innovation, and higher levels of risk-taking. Therefore, the financing dimension of strategic deviation becomes critical, as firms must secure adequate resources to sustain their unconventional strategies. The purpose of this study is to examine whether and how strategic deviation influences firms’ reliance on trade credit as a substitute or a complementary financing source. Specifically, the research investigates whether firms that deviate more strongly from industry norms and resource allocation patterns exhibit higher usage of trade credit, and how this relationship is conditioned by the severity of financial constraints.

Literature Review

In Iran’s economic and financial environment, the financing aspect of strategic deviation takes on particular significance. The country’s capital markets remain underdeveloped relative to those of advanced economies, and bank loans constitute the dominant and often sole source of external financing for most firms. Yet access to bank credit is limited and frequently subject to strict conditions imposed by lending institutions, the financial condition of the borrowing firm, and broader macroeconomic constraints. For many corporations, these restrictions create persistent financing challenges that constrain their ability to sustain growth and implement innovative strategies. Within this context, trade credit—defined as credit extended by suppliers in the form of deferred payments—emerges as an essential alternative financing mechanism.
Trade credit is not only flexible and relational but also less dependent on collateral compared to formal bank loans, making it particularly valuable for firms facing financial constraints. Consequently, understanding how strategic deviation interacts with firms’ reliance on trade credit is an important question in both strategic management and corporate finance, particularly in emerging economies such as Iran.

Methodology

This study is applied in purpose and descriptive–correlational in method, drawing on an empirical sample of 124 non-financial firms listed on the Tehran Stock Exchange over the period 2016–2024, yielding 1,116 firm-year observations. To test the hypotheses, regression analysis techniques were employed, with trade credit measured through two widely accepted proxies: (i) the ratio of accounts payable to the cost of goods sold, and (ii) the ratio of accounts payable to total sales. Strategic deviation was operationalized through six indicators reflecting firms’ allocation of resources and financial structures: the ratio of net fixed assets to gross fixed assets, the inventory-to-sales ratio, the selling, general, and administrative expenses-to-sales ratio, the debt-to-equity ratio, the advertising expenditures-to-sales ratio, and the R&D expenditures-to-sales ratio. These variables capture multiple dimensions of deviation, from production intensity to marketing orientation and financial leverage. To ensure methodological robustness, principal component analysis (PCA) was applied to these six variables, producing a composite index of strategic deviation used in sensitivity analyses. This approach reduces multicollinearity and provides a more comprehensive representation of deviation patterns.

Results and Discussion

The empirical findings consistently demonstrate a positive and statistically significant relationship between strategic deviation and the use of trade credit. Firms that pursue greater deviation from industry conventions are more likely to depend on trade credit financing, suggesting that suppliers play a critical role in enabling unconventional strategies. Moreover, the relationship between deviation and trade credit is moderated by financial conditions: the association is stronger for firms experiencing severe financial constraints or operating under heightened bankruptcy risk, whereas the relationship weakens for firms in stronger financial positions or operating within the “safe zone.” These results indicate that trade credit serves as a crucial financing mechanism precisely when firms need it most—under conditions of resource scarcity and elevated risk. Robustness checks further reinforce these findings. The results remain consistent across multiple sensitivity analyses, including alternative measures of strategic deviation, the exclusion of control variables, the omission of year and industry fixed effects, and re-estimation across subsamples classified by financial constraints. Across all these tests, the central conclusion—that strategic deviation encourages greater reliance on trade credit—remains stable.

Conclusion

Taken together, the findings contribute several important insights. First, they highlight the pivotal role of strategic deviation in shaping short-term financing policies, particularly in environments where bank financing is limited. Second, the results underscore the substitutive role of trade credit, which allows strategically deviant firms to overcome financial barriers and continue pursuing innovation. Third, the study provides evidence from an emerging economy that broadens existing theoretical discussions in strategic management and corporate finance, which have largely been developed in advanced markets. From a managerial perspective, the findings suggest that managers of firms adopting non-traditional strategies should explicitly incorporate trade credit into their financing portfolios as a deliberate component of resource planning. Doing so not only sustains their strategic initiatives but also enhances resilience against financial shocks. From a policy-making perspective, the results highlight the need for supportive institutional frameworks that reduce structural barriers in supplier credit markets, enabling innovative firms to thrive. Ultimately, this study advances the literature by bridging strategic management and finance perspectives. It demonstrates that strategic deviation, while a driver of competitive differentiation, simultaneously creates financing challenges that can be mitigated through reliance on trade credit. By integrating insights on strategy, finance, and institutional context, the research offers a comprehensive view of how firms in emerging markets manage the tension between innovation and resource constraints.

Accounting tools

Citation Analysis of Accounting and Auditing Research in Iran: A Text Mining Approach

Pages 37-66

https://doi.org/10.22054/qjma.2026.89557.2730

Hamideh Asnaashari, Mohammad Sadra Moradnia, Sina Asnaashari

Abstract Given that the number of citations a research work gives to other studies is considered a measure of its scientific credibility, researchers might focus more on the quantity of citations rather than their thematic relevance to their own work. Therefore, this study aims to examine the thematic similarity between the citations and the core topic of the citing research. To achieve this objective, Natural Language Processing (NLP) was employed as one of the most significant approaches for working with textual data in machine learning. After extracting citation data from the web pages of Science Ministry journals from 1393 until 1402(Iranian calendar) using web crawling, the thematic relevance of citations and the core theme of each study were calculated using the all-mpnet model. The results indicate that the thematic cohesion between citations and the core research topic in Iranian journals is at a proper level. Furthermore, the citations by Iranian researchers are primarily to sources published in first and second-quartile journals (Q1) and (Q2), indicating their credibility. Additionally, the most highly cited sources in Iranian accounting and auditing research were identified. The novel methodology and findings of this study can significantly contribute to evaluating citation practices. They can assist journals in more accurately assessing citations, helping them move beyond a sole focus on citation count and instead utilize the degree of citation relevance as an indicator for evaluating citation quality.
Keywords: Bidirectional Encoder Representations from Transformers (BERT), Citation Analysis, Machine learning, Natural language processing, Text mining.

Introduction

The number of citations a paper receives has become one of the most visible proxies for scientific credibility in modern academia. Journals, funding agencies, promotion committees, and even national ranking systems routinely treat citation counts as evidence of impact (Dechow et al., 2020; van Raan et al., 2003; Woolgar, 1991). Yet this very pressure creates a perverse incentive: researchers may inflate reference lists with prestigious but topically distant sources simply to boost perceived legitimacy (Dai et al., 2021; Iqbal et al., 2021).
In this study, we define citation quality through a new lens: thematic cohesion, which refers to the degree of semantic alignment between the core topic of a paper and the titles of every work it cites. Although erroneous and irrelevant citations have been documented even in top-tier international journals (Evans et al., 1990), no large-scale, automated assessment of thematic cohesion has ever been conducted in Iranian accounting and auditing literature.
Using web scraping, Scopus quartile mapping, and state-of-the-art Sentence-BERT embeddings, we address three interrelated questions:

To what extent do Iranian accounting researchers cite journals of established global prestige?
How strong is the thematic cohesion between Iranian papers and the works they cite?

By moving beyond raw counts and making relevance visible, measurable, and enforceable, this study offers editors a practical tool to reward substance over symbolism and provides Iranian accounting scholarship with a roadmap to even greater international influence.

Methodology

This quantitative study adopts an applied research design that combines content analysis with large-scale text mining. The population comprises all references appearing in articles published in Iran’s Ministry of Science-approved accounting and auditing journals between 2014 and 2023. Of the 20 recognized journals, 14 provided full-text HTML archives suitable for automated retrieval, forming the final sampling frame.
Data were collected using custom Python web crawlers built with the Requests and BeautifulSoup libraries. The scripts systematically traversed journal archives, extracted article-level metadata, and downloaded full texts, yielding 3,436 published papers. After excluding 470 articles whose PDFs could not be parsed, 2,966 full texts entered the pipeline. From these, 132,543 raw references were harvested. Four exclusion filters were then applied, including Persian-language references, books, theses, conference papers, and working papers, legal documents and standards, and non-journal items without a DOI or Scopus entry. This rigorous cleaning retained 65,146 foreign journal citations from 2,938 articles.
Each cited journal was matched to its ISSN in the Scopus Source List (2023 release). Quartiles were assigned dynamically by year and subject category, producing the final distribution: Q1 (77.5%), Q2 (15.2%), Q3 (5.4%), and Q4 + unranked (2.0%).
Semantic similarity between every citing-title /and cited-title pair was computed using multilingual Sentence-BERT (sentence-transformers/paraphrase-multilingual-mpnet-base-v2), fine-tuned on more than 100 languages, including Persian and English. Cosine similarity scores were scaled to 0–100%. Inter-coder reliability was established on a random 500-pair subsample manually labelled by two accounting PhD candidates. Embedding stability was confirmed by repeating the analysis with three different seeds; the maximum variation in journal-level means was 0.12 percentage points.
By combining web-scale data acquisition with state-of-the-art NLP, this methodology delivers the first objective, replicable measure of citation relevance ever applied to an entire national accounting literature.

Results

The analysis of 65,146 international journal citations reveals a clear portrait of Iranian accounting scholarship: globally oriented, prestige-conscious, and already practising a respectable thematic discipline. Iranian papers’ citations suggest that 77 percent of the citations are made to Q1 journals. No ministry-approved journal falls below 67% Q1+Q2 combined. The leader, “Professional Auditing Research”, directs 83.1% of its citations to Q1 outlets; even the most locally oriented title, “Governmental Accounting”, still achieves 53.7% Q1.
Across all 65,146 citation pairs, the mean thematic cohesion is 45.4%. The distribution is remarkably symmetrical and bell-shaped, peaking at 45–50%. Only 9% of citations reach the high-to-excellent zone above 55%, while 10% fall into the weak territory below 35%. In other words, Iranian accounting researchers rarely cite completely irrelevant work, but they also rarely achieve perfect topical harmony.
Every single year stays within the 44.7–47.6% corridor. The absence of a strong upward or downward trend suggests that citation culture has matured but not yet entered a phase of deliberate relevance optimisation.
Taken together, the results paint Iranian accounting scholarship as internationally ambitious and methodologically disciplined. The community already cites the right journals; the next frontier is citing the right ideas inside them.

Discussion

The fact that average thematic cohesion plateaus at 45.4%—solidly “good” yet never crossing the 50%, reveals a subtle but systematic gap. Ten percent of all citations drift into the weak zone (<35%). Another 81% hover in the moderate-to-good band, useful but rarely transformative. Only 9% achieve the high-to-excellent alignment that signals a genuine intellectual dialogue. This gap is not unique to Iran. Global studies repeatedly warn that citation inflation, the Matthew Effect, and strategic referencing are widespread (Biglu, 2008; Bornmann & Daniel, 2008; Dai et al., 2021). What makes the Iranian case instructive is the stability of the 45% ceiling across ten years and fourteen journals.
The benefit of thematic cohesion is that it is cheap, instantaneous, and impossible to game. A single Sentence-BERT inference on a standard laptop takes 0.03 seconds per citation pair. An entire manuscript can be scored before the reviewer finishes the first page. Journals that adopt a modest gate would immediately filter out decorative references while preserving author freedom. Early adopters elsewhere have reported reference list shrinkage of 12–18% with no loss of scientific depth (Aljuaid et al., 2021; Anglin et al., 2021).

Conclusion

Iranian accounting and auditing scholarship has reached a pivotal moment. For a decade, the community has looked outward with confidence: 77.5% of all citations now flow to Q1 journals. Yet global engagement must now evolve into a global conversation. The 45.4% average thematic cohesion achieved across 65,146 citations tells editors that most references already serve the argument, but one in ten does not, and only one in eleven truly transforms it.
When Iranian journals lead the shift toward the new article evaluation measure provided in this paper, first, domestic papers will become sharper, more readable, and more persuasive. Second, international reviewers will notice the difference and reward it with faster acceptances and higher citations. The future of Iranian accounting research is therefore not about citing more; it is about citing better.

Accounting report

The effect of key audit matters and management disclosures on auditors’ judgements and decisions

Pages 67-104

https://doi.org/10.22054/qjma.2026.91039.2755

Morteza Adlzadeh

Abstract Disclosing key audit matters since 2022 has become necessary to enhance the informational value of the auditor's report, but research evidence regarding its consequences is limited. Among the implications, its impact on the auditor's perception of accountability and decision-making regarding adjustments to financial statements is notable. To this end, a two-way between-groups experiment with a (2×2) design was conducted. Participants in this study included 120 partners, managers, and senior auditors employed in accounting firms that are members of the Institute of Certified Public Accountants. A scenario of a fictional company was provided to participants, and the independent variables of the research were manipulated at four levels: 1) Disclosure (or nondisclosure) of key audit matters and 2) Normal (or extended) management explanatory note. The findings suggest that both the disclosure of key audit matters and the extended management note reduce the auditor's sense of accountability, and this decreasing effect is maximized at the interaction of key audit matters and the extended note. This indicates the unintended consequences of key audit matters disclosure on the auditor's accountability perception. Furthermore, the results showed that the disclosure of key audit matters and extended notes led to increased expected adjustments by auditors to identify impairment losses, suggesting a more conservative behavior from auditors. The research outcomes regarding the implications of expanded disclosure on the auditor's perception of accountability, decision-making, and judgment on financial statement adjustments can be valuable for regulatory and supervisory bodies as well as auditors.
Introduction
Corporate reporting plays an essential role in the effective functioning of the global economy and makes an important contribution to shaping our understanding of the current and future drivers of value creation in business and the financial sector. Corporate reporting is constantly evolving in order to meet the demands of a diverse and expanding range of users, and efforts have been made to adapt reporting procedures to continuous changes in the regulatory and business environment. Policymakers and various stakeholders in corporate reporting need to develop new approaches for forecasting and policymaking with regard to future developments. In this situation, there is a growing demand to increase transparency and improve reporting mechanisms, and therefore, professional and academic authorities, standard-setting authorities, regulatory bodies, and other interested groups in corporate reporting have started to conduct studies, provide solutions, and requirements in order to improve the corporate reporting system. In this regard, legislative institutions and standard-setting organizations have always tried to provide standards and recommendations in an evolutionary process to improve reporting and meet the information needs of investors in allocating their resources. Therefore, an appropriate policy for changes in the corporate reporting system is very important. Corporate reporting requires the adoption of appropriate decisions by corporate reporting policymakers.
Research Questions:
The main research questions are as follows:

What are the main scenarios of the possible future of corporate reporting in Iran's economic environment?
According to different scenarios, what should be the appropriate policy for the stakeholders of corporate reporting?
Methodology

This study is applied research, and a mixed methodology has been used to achieve the objectives of the research. In order to identify the driving forces affecting the future of corporate reporting through semi-structured interviews, according to Kvale and Brinkman (2009), and to analyze the data from the interviews, the thematic analysis method was used. In order to evaluate the qualitative part, appropriate methods for this type of research have been used according to the approach of Creswell (2008). In the second step, fuzzy Delphi analysis was used in order to create a consensus regarding the identified drivers. Next, to measure the level of importance and uncertainty, a questionnaire including the list of consensus drivers affecting the future of corporate reporting was provided to the participating experts in the previous stages of the research. In order to evaluate the policy options, first of all, with the expert panel method, policy issues in corporate reporting were identified, and action options were developed for each issue. Then, the evaluation of the policy options based on the opinion of the experts was done with the questionnaire tool. The results of the questionnaire analysis were analyzed using MATLAB software and the development of a fuzzy inference system.

Results

In the exploratory interview phase with experts, a total of 37 effective drivers affecting corporate reporting were identified, and after two stages of fuzzy Delphi implementation, a total of 18 drivers were approved and agreed upon by the experts. The drivers agreed upon by the experts were considered as the basis for developing the scenario based on the Schwartz model (1991). The three drivers of "entering the global economic arena with the removal of sanctions", "privatization of ownership," and "changing the collateral-based financing system to credit-based" are the drivers that together have a high level of importance and uncertainty and constitute the main basis for developing distinct corporate reporting scenarios. Considering that three drivers are the basis for designing the scenarios and each one has two possible states, a total of eight scenarios were designed. To evaluate policy options, five main corporate reporting challenges were identified, and ten action options were developed. Finally, according to the analysis of the evaluation results of the policy options based on the robust planning criteria, the best policy option was determined.

Conclusion

The evaluation of different scenarios shows that scenario number 1, with the main indicators of increasing the link with the global economy, privatization of ownership, and credit-oriented financing, is a favorable scenario for corporate reporting, where there is a more suitable platform, demand, and environment for the development and progress of corporate reporting. However, it is important to note that in this scenario, the level of expectations from corporate reporting is also higher, and if these needs are not adequately met, the stakeholders' reliance on other information mechanisms will increase. According to the analysis of the results of the evaluation of policy options based on robust planning criteria, the policy option that includes: increasing the target audience group, giving more priority to public interests, more recognition of intangible assets, moving towards the adoption of international standards, and developing non-financial reporting types with new requirements was identified as the best policy option for corporate reporting, as it demonstrates appropriate and acceptable performance in different scenarios.

stock exchange

Framing the Staggered Board Structure in Breaking Governance Entrenchment

Pages 105-144

https://doi.org/10.22054/qjma.2026.91142.2757

Reza Iranbakhsh, Hasan Valiyan, Mohammadreza Abdoli, Maryam Shahri

Abstract The present study seeks to present a paradigmatic framework from causes to consequences to develop the phenomenon of breaking the governance entrenchments of capital market companies. The methodological nature of this study is mixed, according to which, in implementing the analytical objectives of the study, an attempt was first made through the Strauss and Corbin (1998) approach in grounded theory to identify the dimensions that can be seen in the five dimensions of the paradigmatic model through interviews and three-stage coding. The research findings in the qualitative section were derived from 12 interviews, indicated the identification of 60 propositional themes during open coding, 12 components during axial coding, and 6 structural categories during selective coding, which ultimately resulted in the presentation of the research paradigmatic model. Moreover, in the quantitative part of the present study, the research findings confirmed the generalizability of the dimensions derived from the qualitative part to the quantitative part through fitting the structural suitability of the PLS wrap in the partial least squares process.

Introduction

Corporate governance in financial market structures is known as a mechanism for protecting shareholder rights, and its most important function is often to ensure effective and transparent company performance by determining long-term strategies and macro-goals, which can greatly reduce the potential risks of violating stakeholder rights by monitoring the performance of executive managers and complying with laws and regulations. Therefore, according to the definition of the Organization for Economic Cooperation and Development (OECD), the governance system includes a set of procedures and processes according to which companies should be directed and controlled in such a way that, by distributing specific limits of authority and responsibilities to appointed managers, the possibility of managerial unaccountability is reduced and the level of competitive legitimacy of companies is increasingly strengthened. Therefore, the most important fundamental principles of corporate governance in financial markets can be sought in ensuring effective observance of shareholder rights, preventing ownership opportunism, making decisions regarding the ratio of share distribution between general shareholders and institutional shareholders, combining the structure of the board of directors from the perspective of maintaining independence and effectiveness of monitoring fair decisions, and improving the quality of information disclosure for greater transparency, thereby reducing agency costs in these markets.

Methodology

The present study should be placed, first of all, from the perspective of its purpose, among exploratory research, which, due to the novel nature of the "staggered board structuring" in the context of theoretical approaches to the capital market, does not have sufficient cognitive coherence. Therefore, this study, through the tool of interviewing experts, seeks to understand the causal aspects of the consequences of the development of the aforementioned pivotal phenomenon with the aim of breaking the corporate governance entrenchment in the field of market companies, which, due to the greater level of functional transparency in institutional supervision, makes it possible to achieve higher competitive advantages in a more sustainable manner.
In terms of the objective approach in methodology, this study should be considered as developmental research. This is because, while there are few studies focused on this phenomenon, there are no reliable foundations for a correct understanding of the structuring of the staggered board of directors, at least at the present time, and this study seeks to provide a paradigmatic model for a more coherent development of this concept in the context of capital market companies.
Finally, from the perspective of data type, the present study should be considered mixed, which, through inductive-deductive philosophical foundations, seeks to expand the areas of structuring the board of directors of Pelkan in the form of an initial abstract model to break the possibilities based on the entrenchments of the corporate governance system in the context of the capital market, so that in the quantitative part, it can be possible to evaluate the dimensions arising from the paradigmatic model based on generalization to the context of the study.
Accordingly, it is possible to implement analytical procedures to achieve the objectives of this study through data analysis based on the Strauss and Corbin (1998) approach, so that aspects related to this phenomenon can be identified and categorized into paradigms through interviews with experts in the field, through three stages of open, axial, and selective coding. Thus, the categorizations resulting from the coding of the interviews can ultimately guide the study to a theoretical framework, so that in the form of a paradigmatic model based on the five dimensions of [causal conditions], [intervening conditions], [contextual conditions], [strategies], and [consequences], it is possible to measure the identified dimensions within the framework of a structural fit of the utility model, according to an analogical approach.

Findings

In this study, an attempt has been made to identify five dimensions of the paradigmatic model: "causal conditions", "interventing conditions", "contextual conditions", "strategic conditions", and "consequences" through a mixed methodological process, first by analyzing grounded theory and the Strauss and Corbin (1998) approach, and then by interviewing experts, through three stages of open, axial, and selective coding. By determining these criteria in the grounded theory process, the research, after measuring the content validity index (CVI) and the test-retest reliability method, proceeded to present the paradigmatic model as a basis for recognizing the necessity of implementing a staggered board of directors in breaking the governance entrenchment at the capital market level. Then, in order for this framework to serve as a strategic roadmap in the Iranian capital market system to help policymakers gain a more significant understanding of the central phenomenon of the study in the corporate governance system, a paradigmatic model was developed through structural equation analysis. The findings, while confirming the number of central components according to the paradigmatic model, provided the possibility of generalizing these criteria to the study context for conducting two exploratory and confirmatory factor analyses. Through these two criteria, the structural fit coefficients were examined, and it was determined that the dimensions identified in the paradigmatic model indicate a suitable ability to be extended to the Iranian capital market.

Conclusion

The present study seeks to present a paradigmatic framework from causes to consequences to develop the phenomenon of breaking the governance entrenchments of capital market companies. The findings show that the phenomenon of staggered board structuring should be described as an obstacle to the governance entrenchments of capital market companies, which have caused corruption and financial distortions in the contemporary capital market due to possible self-interest in the appointment of directors. Therefore, periodic changes in board members based on a review of the comprehensive corporate governance system in the capital market are among the necessities that today contribute to more structured financial transparency in developing countries by adopting such mechanisms, thereby creating a higher level of accountability and, as a result, higher legitimacy of financial markets. These rules help markets become more orderly in protecting the rights of shareholders, investors, and regulators, while reducing the scope for opportunistic behavior by companies that pursue their own interests through strategic appointments in the capital market.

stock exchange

The Effect of CEO Overconfidence on Corporate Resilience Considering the Moderating Role of Concentrated Ownership

Pages 145-175

https://doi.org/10.22054/qjma.2026.91597.2761

Seyed Mohammad Amin Fayazi, Mehdi Nikravesh, Majid FarhaniZadeh

Abstract This study, considering the growing role of managers’ behavioral characteristics in financial decisions and the importance of ownership structure in shaping the consequences of these characteristics, examined the effect of CEO overconfidence on corporate resilience and the moderating role of ownership concentration. The main objective of the study was to test the effect of CEO overconfidence on corporate resilience and to examine the moderating role of ownership concentration in this relationship. The research was applied in nature and, in terms of method, was descriptive–causal based on archival data. The statistical population included companies listed on the Tehran Stock Exchange and Iran Fara Bourse during the years 2015 to 2024, from which, after applying screening criteria, 206 companies, equivalent to 2,060 firm-year observations, were selected as the final sample. Managerial overconfidence was measured using three proxies based on investment patterns and was converted into a composite variable through factor analysis. Ownership concentration was measured based on the percentage of shares held by major shareholders, and resilience was measured using stock price crash severity. The hypotheses were tested using panel data regression models with controls for year and industry effects. The findings showed that managerial overconfidence alone had no significant effect on corporate resilience; however, the interaction effect of ownership concentration and CEO overconfidence was significant. The results indicated that the impact of CEO overconfidence on corporate resilience depended on the level of ownership concentration, and this ownership mechanism could shape the way managerial behavioral consequences manifest.

Introduction

This study examines the effect of CEO overconfidence on corporate resilience with emphasis on the moderating role of ownership concentration in firms listed on the Tehran Stock Exchange and Iran Fara Bourse. The motivation for conducting this research stems from the growing attention paid to managerial behavioral characteristics in corporate finance and strategic decision-making. In recent years, scholars in behavioral finance have increasingly emphasized that managerial traits and psychological biases can influence corporate decisions and ultimately affect firm outcomes. Among these behavioral characteristics, managerial overconfidence has attracted considerable attention because it may influence managers’ perceptions of risk, investment opportunities, and the expected outcomes of strategic decisions. At the same time, corporate governance mechanisms—particularly ownership structure—play an important role in shaping how managerial characteristics translate into organizational outcomes. Ownership concentration, which reflects the extent to which shares are held by large shareholders, can influence monitoring intensity, managerial discretion, and the effectiveness of governance mechanisms. Accordingly, examining the effect of CEO overconfidence on corporate resilience without considering the governance context may provide an incomplete understanding of the phenomenon. Therefore, the present study aims to investigate the effect of CEO overconfidence on corporate resilience and to determine whether ownership concentration moderates this effect in firms listed on the Tehran Stock Exchange and Iran Fara Bourse.

Literature Review

Prior studies indicate that CEO overconfidence can significantly influence corporate investment, financing, and strategic decision-making. Overconfident managers tend to overestimate their ability to generate favorable outcomes and may consequently undertake more aggressive investment strategies or engage in riskier financial decisions. While such behavior may sometimes lead to positive outcomes, it may also expose firms to higher levels of uncertainty and vulnerability. Therefore, managerial overconfidence can potentially affect different dimensions of firm performance and stability, including corporate resilience. Corporate resilience refers to a firm’s capacity to withstand adverse shocks and maintain stability in the face of uncertainty and market fluctuations. From this perspective, managerial decisions influenced by behavioral biases may affect the firm’s vulnerability to negative events and its ability to absorb and recover from such shocks. However, the consequences of managerial overconfidence are not necessarily uniform across all firms. The impact of this behavioral trait may depend on the governance environment in which managerial decisions are made. Ownership concentration, as an important component of corporate governance, can influence the degree of monitoring imposed on managers and the extent of managerial discretion. In firms with higher ownership concentration, major shareholders may exert stronger monitoring and oversight over managerial decisions. Such monitoring may influence how managerial overconfidence translates into corporate outcomes. Consequently, ownership concentration may play a moderating role in shaping the effect of CEO overconfidence on corporate resilience. Based on these theoretical arguments and prior empirical findings, the following hypotheses are proposed:
Hypothesis 1: CEO overconfidence has a significant effect on corporate resilience.
Hypothesis 2: Ownership concentration moderates the relationship between CEO overconfidence and corporate resilience.

Methodology

The study is applied in nature and adopts a descriptive–causal design based on archival data. The statistical population consists of all firms listed on the Tehran Stock Exchange and Iran Fara Bourse during the period 2015–2024. After applying screening criteria, including data availability, a consistent fiscal year-end, and the exclusion of financial institutions, the final sample includes 206 firms, resulting in 2,060 firm-year observations.
CEO overconfidence is measured using three investment-based proxies (OC-V, OC-AS, and OC-CAPEX). To avoid multiple separate estimations and to capture the common variation among these measures, factor analysis is used to construct a composite overconfidence variable. Ownership concentration is measured as the percentage of shares held by major shareholders. Corporate resilience is measured using stock price crash severity. The hypotheses are tested using panel data regression models with year and industry fixed effects. To examine the robustness of the findings, the models are re-estimated using each individual overconfidence proxy separately.

Results

The empirical findings indicate that CEO overconfidence does not have a statistically significant direct effect on corporate resilience. This result suggests that managerial overconfidence alone is not sufficient to explain variations in corporate resilience among the sampled firms. The absence of a significant direct effect was observed both in the main model that uses the composite overconfidence variable and in the robustness tests that rely on individual overconfidence proxies. However, the results also reveal that the interaction term between ownership concentration and CEO overconfidence is statistically positive and significant. This finding indicates that the effect of CEO overconfidence on corporate resilience depends on the level of ownership concentration within the firm. In other words, ownership concentration alters the way in which managerial overconfidence influences corporate resilience. Furthermore, the moderating role of ownership concentration remains generally stable across alternative model specifications, which provides additional support for the robustness of the findings. These results suggest that corporate governance mechanisms—particularly ownership concentration—can shape the consequences of managerial behavioral characteristics.

Conclusion

The findings of this study indicate that CEO overconfidence alone does not significantly explain variations in corporate resilience among firms listed on the Tehran Stock Exchange and Iran Fara Bourse. However, ownership concentration plays a positive and significant moderating role in the effect of CEO overconfidence on corporate resilience. This implies that the governance structure of firms can influence how managerial behavioral characteristics are reflected in corporate outcomes. Overall, the results highlight the importance of considering ownership structure when examining the consequences of managerial behavioral traits. The findings also suggest that the impact of CEO overconfidence on corporate resilience should be interpreted within the broader context of corporate governance mechanisms. These insights contribute to the literature on behavioral corporate finance and corporate governance by emphasizing the role of ownership concentration in shaping the effect of managerial overconfidence on firm resilience in the Iranian capital market

Accounting and various aspects of finance

Providing a Model of Individual and Macro-level Factors Affecting Tax Accounting Quality

Pages 177-210

https://doi.org/10.22054/qjma.2026.88550.2718

Abouzar Parsaiee, Saeed Moradpour, Mohammad Hossein Ranjbar, Morteza Bavaghar

Abstract This paper aims to present a model of individual and macro-level factors affecting tax accounting quality. In terms of research directions, this paper is a combination of applied and developmental studies. In this research, 19 experts were used as the study sample. In order to conduct this research, first, 59 indicators were identified in the form of two components, individual and macro-level factors, using the content analysis approach. In the second part, with a survey of experts and the fuzzy screening method, important and effective indicators were determined. At this stage, 38 indicators were selected. The results of the analyses carried out in the structural-interpretive modeling method indicated that the indicators of individual and macro-level factors were placed at five and one levels, respectively. Also, the results obtained from the fuzzy network analysis method indicate that, from the point of view of experts, the most important indicators are the "financial manager gender" and the "corruption level" index in the case of macro-level factors.

Introduction

In recent years, increased regulatory focus on financial reporting related to income tax has drawn significant attention to the quality of tax accounting information disclosed in companies’ annual reports. This issue has become particularly pronounced in Iran due to economic sanctions, which have compelled the country to reduce its budget dependence on oil revenues and enhance tax revenue collection through improved transparency and tax justice. Consequently, the quality of tax accounting has emerged as a critical and timely concern in Iran, with various groups and organizations striving to find effective solutions to improve the quality and transparency of tax accounting information.

Literature Review

A comprehensive review of domestic and international literature on taxation and the quality of tax accounting identified a total of 59 potential individual-level and macro-level factors influencing the quality of tax accounting in Iranian companies. These factors were extracted through content analysis of prior studies, highlighting a wide range of indicators that could potentially affect tax accounting quality. However, the applicability and significance of these indicators in the specific context of Iran remain subject to expert evaluation.

Methodology

This study aimed to model and rank the individual and macro-level factors affecting tax accounting quality in Iran. Initially, 59 indicators were identified from the literature review and content analysis. Subsequently, a fuzzy screening technique was employed, along with expert opinions, to refine and select the most relevant 38 indicators. The interrelationships and hierarchical levels of these indicators were then explored using the Interpretive Structural Modeling (ISM) technique. Network analysis was also utilized to determine the relative importance and influence of each indicator.

Results

The findings revealed that all 19 macro-level indicators operate at the same hierarchical level, directly influencing each other. In contrast, individual-level indicators were classified into five hierarchical levels:

Level 1: Tax accounting understanding, loss aversion threshold motivation, earnings decline avoidance motivation, and tax specialists.
Level 2: Tax information asymmetry, earnings management forecasting, financial manager competence, and managerial conservatism.
Level 3: Management judgment, managerial optimism, managerial analytical power, financial confidentiality, and managerial reputation.
Level 4: Behavioral cultural intelligence, and ethical sensitivity.
Level 5: Gender of the financial manager, gender of the CEO, financial manager experience, and managerial capability.

Indicators at Level 5, considered foundational, exert the greatest influence on indicators in higher levels, while those at Level 1 are most influenced by other factors. The study identified “gender of the financial manager” as the most influential individual factor for enhancing tax accounting quality, consistent with previous research emphasizing the positive role of female managers in financial reporting transparency and earnings quality. Among macro-level indicators, the societal corruption level was identified as the most critical factor affecting tax accounting quality, followed by tax culture and modern technologies such as big data analytics.

Discussion

The hierarchical model indicates that managing foundational individual factors such as managerial gender, experience, and capability can significantly enhance tax accounting quality. The strong influence of macro-level factors, particularly corruption, suggests that broader socio-economic reforms are essential to improve tax accounting standards. Furthermore, the differing importance assigned by experts to various factors reflects the contextual specificity of Iran’s economic and regulatory environment. The findings align with prior international studies but also highlight unique local considerations that shape tax accounting practices.

Conclusion

This study offers a structured framework to understand and prioritize the individual and macro-level determinants of tax accounting quality in Iran. Policymakers and practitioners are advised to focus on managing both micro-level managerial attributes and macro-level environmental factors to promote transparency and accuracy in tax accounting. Future research could extend this model by examining the interplay between tax accounting quality and variables such as board characteristics, ownership structure, financial information quality, and institutional investors. Limitations include the reliance on expert opinion and questionnaire methods, which should be considered when applying the findings.

Audit Quality

Explaining the Implementation of Auditing Standard 701 by Independent Auditors and the Reporting Model of Key Audit Matters in Iran: A Mixed Methods Approach Based on Grounded Theory and Structural Equation Modeling

Pages 211-259

https://doi.org/10.22054/qjma.2026.90919.2754

Sasan Habibi, Rezvan Hejazi, nezam addhn rahimian, morteza asadi, liela zamani

Abstract The reporting of Key Audit Matters (KAMs) represents a fundamental shift in modern auditing standards, aimed at enhancing the transparency of financial reports and improving communication between auditors and stakeholders. Despite the mandatory adoption of International Standard on Auditing (ISA) 701 in Iran, there is a noticeable lack of a localized and coherent framework that captures the economic, cultural, and professional complexities affecting the KAM reporting process. This gap has led to operational and judgmental challenges, undermining the effective implementation of the standard. Therefore, this study aims to develop and present a comprehensive model for KAM reporting from the perspective of auditors in Iran.

Introduction

Despite the many benefits of reporting on key audit matters, the implementation of this standard in practice faces several challenges. These challenges at the global level include the complexity of identifying and selecting key audit matters, the balance between transparency and confidentiality, professional pressures and stakeholder expectations, implementation costs, and cultural-supervisory differences. However, the global literature has been produced mainly in the context of stable economies with integrated supervisory systems, and its direct generalizability to unconventional economic-political environments (such as Iran, which is affected by international sanctions, chronic inflation, and currency fluctuations) is theoretically uncertain and, in practice, requires testing and adjustment.
In Iran, given the adoption of the ISA701 standard by the Auditing Organization since 1401, these challenges have taken on a different and more complex form in the context of specific economic conditions (such as chronic inflation, currency fluctuations, and sanctions) and the characteristics of the auditing profession (such as differences in the level of preparedness of audit firms, conservative culture, and regulatory restrictions). Therefore, relying solely on foreign literature and models without considering these local factors can lead to a formal and ineffective implementation of the standard.

Methodology

This study employed a mixed-method sequential exploratory design. In the qualitative phase, a grounded theory methodology was used. The qualitative population consisted of technical managers, senior executives, board members of the Audit Organization, partners and managers of Tehran Stock Exchange-approved audit firms, and audit committee members of listed companies, selected through theoretical sampling. Semi-structured interviews were conducted until theoretical saturation was achieved. Data analysis was performed through open, axial, and selective coding, leading to the development of a conceptual paradigm model. Subsequently, this model was tested in the quantitative phase using 130 valid questionnaires. In the quantitative phase, a researcher-made questionnaire was developed directly from the qualitative findings, including Likert-scale items, open-ended questions, and scenario-based questions. The questionnaire was distributed among senior auditors and audit managers from the Audit Organization and audit firms.

Findings

Structural equation modeling (SEM) was employed to test the research hypotheses. The qualitative analysis identified five main categories within a paradigm model, including causal conditions, contextual conditions, intervening conditions, strategies, and consequences. The core phenomenon was identified as "Key Audit Matters Reporting." The quantitative results confirmed that legal requirements and professional judgment (causal conditions) have a positive and significant effect on the KAM reporting process. Furthermore, strategies such as interaction with the audit committee and enhancing transparency lead to two distinct types of consequences: internal consequences (including increased audit fees, extended audit time, and improved documentation quality) and external consequences (including reduced information asymmetry, strengthened investor confidence, and enhanced professional legitimacy). The distinction between these two categories shows that despite the cost-intensive nature of this process for audit firms (internal consequences), its achievements at the capital market level (external consequences) justify accepting this professional responsibility. The structural model demonstrated good fit, with strategies having the strongest impact on consequences. All research hypotheses were confirmed at a high confidence level. The explained variance for the core phenomenon and for the consequences indicated a strong model. This study provides a comprehensive, locally developed model for KAM reporting in Iran. The findings confirm that KAM reporting in Iran extends beyond a technical requirement to become a tool for risk management and the reconstruction of auditors' social capital in a volatile economic environment. The model highlights that external consequences (e.g., reduced information asymmetry, enhanced investor confidence, improved professional legitimacy) significantly outweigh the internal costs (e.g., increased fees, longer audit times), thereby justifying the adoption of this professional responsibility.
The results of structural equation modeling confirmed the positive and direct significance of causal variables on KAM reporting and validated the mediating and consequential roles of the extracted constructs. The study emphasizes that effective implementation of ISA 701 in Iran requires localized guidelines, continuous professional training, improved auditor-manager interaction, and the establishment of an industrial database of reported KAMs.

Innovation in research

The main innovation of this research is the separation of consequences into two levels: internal and external. Regarding internal consequences (costs and risk), the findings showed that reporting major issues increases fees and processing time.

Accounting and various aspects of finance

The impact of corporate social responsibility on managerial empire building :The moderating role of financial constraints and managerial overconfidence

Articles in Press, Accepted Manuscript, Available Online from 19 April 2026

https://doi.org/10.22054/qjma.2026.88457.2717

mahdi alibalai

Abstract This study aimed to investigate the effect of corporate social responsibility on building managerial empires by considering the moderating role of financial constraints and CEO overconfidence. The statistical population includes companies listed on the Tehran Stock Exchange and the research sample includes data from 105 companies over a 9-year period from 2014 to 2022, which were selected by systematic exclusion. The data were analyzed using multiple regression models and mixed data methods. The results showed that corporate social responsibility has a negative effect on building managerial empires, and this effect is strengthened under financial constraints and CEO overconfidence. The findings indicate that if the CEO pays attention to corporate social responsibility activities, it is possible to improve the company's financial performance, otherwise, shareholders should control CEOs with a history of building value-destroying empires and increase the level of corporate social responsibility disclosure. This research provides a suitable theoretical framework for understanding the relationship between social responsibility and empire building by managers and shows that including the variables of financial constraints and overconfidence can help stakeholders and shareholders exercise effective oversight over CEO activities.

This study aimed to investigate the effect of corporate social responsibility on building managerial empires by considering the moderating role of financial constraints and CEO overconfidence. The statistical population includes companies listed on the Tehran Stock Exchange and the research sample includes data from 105 companies over a 9-year period from 2014 to 2022, which were selected by systematic exclusion. The data were analyzed using multiple regression models and mixed data methods. The results showed that corporate social responsibility has a negative effect on building managerial empires, and this effect is strengthened under financial constraints and CEO overconfidence. The findings indicate that if the CEO pays attention to corporate social responsibility activities, it is possible to improve the company's financial performance, otherwise, shareholders should control CEOs with a history of building value-destroying empires and increase the level of corporate social responsibility disclosure. This research provides a suitable theoretical framework for understanding the relationship between social responsibility and empire building by managers and shows that including the variables of financial constraints and overconfidence can help stakeholders and shareholders exercise effective oversight over CEO activities.

This study aimed to investigate the effect of corporate social responsibility on building managerial empires by considering the moderating role of financial constraints and CEO overconfidence. The statistical population includes companies listed on the Tehran Stock Exchange and the research sample includes data from 105 companies over a 9-year period from 2014 to 2022, which were selected by systematic exclusion. The data were analyzed using multiple regression models and mixed data methods. The results showed that corporate social responsibility has a negative effect on building managerial empires, and this effect is strengthened under financial constraints and CEO overconfidence. The findings indicate that if the CEO pays attention to corporate social responsibility activities, it is possible to improve the company's financial performance, otherwise, shareholders should control CEOs with a history of building value-destroying empires and increase the level of corporate social responsibility disclosure. This research provides a suitable theoretical framework for understanding the relationship between social responsibility and empire building by managers and shows that including the variables of financial constraints and overconfidence can help stakeholders and shareholders exercise effective oversight over CEO activities.

This study aimed to investigate the effect of corporate social responsibility on building managerial empires by considering the moderating role of financial constraints and CEO overconfidence. The statistical population includes companies listed on the Tehran Stock Exchange and the research sample includes data from 105 companies over a 9-year period from 2014 to 2022, which were selected by systematic exclusion. The data were analyzed using multiple regression models and mixed data methods. The results showed that corporate social responsibility has a negative effect on building managerial empires, and this effect is strengthened under financial constraints and CEO overconfidence. The findings indicate that if the CEO pays attention to corporate social responsibility activities, it is possible to improve the company's financial performance, otherwise, shareholders should control CEOs with a history of building value-destroying empires and increase the level of corporate social responsibility disclosure. This research provides a suitable theoretical framework for understanding the relationship between social responsibility and empire building by managers and shows that including the variables of financial constraints and overconfidence can help stakeholders and shareholders exercise effective oversight over CEO activities.

stock exchange

The Role of Stock Liquidity on the Relationship Between Executive Internal Debt and Stock Price Efficiency

Articles in Press, Accepted Manuscript, Available Online from 18 May 2026

https://doi.org/10.22054/qjma.2026.90950.2750

iman zare, Khadijeh Rabiee, Parisa Nobakht

Abstract The Role of Stock Liquidity on the Relationship Between Executive Internal Debt and Stock Price Efficiency

1. INTRODUCTIO

Stock prices are efficient when information about a stock is released quickly and the information affects stock prices at the same speed. One of the factors affecting the efficiency of stock prices and capital markets is managerial incentives, which significantly affect the investment decisions of companies. In this way, CEOs with higher internal assets (such as company stocks or stock options) are more likely to adopt conservative corporate policies with lower risk, because their personal interests are aligned with the sustainability of the company. This approach leads to greater transparency in information disclosure, which improves the flow of information to the market and increases the efficiency of stock prices. Pensions with defined benefits and deferred compensation are known in financial economics as “internal debt”. Therefore, CEO internal debt is important because it accounts for a significant portion of CEO compensation. (Huang et al, 2022) On the other hand, greater stock liquidity reduces asymmetric information in the market and leads to improved information production. Stock liquidity can increase stock price efficiency by encouraging and stimulating market participants to obtain confidential information about the company (Baharmoghaddam et al., 2015). By paying bonuses, CEOs find more motivation for high performance and more effort to shape the information environment of companies in order to improve stock liquidity. The present study is the first domestic study that examines the relationship between executive internal debt and stock price efficiency by considering the moderating role of stock liquidity on this relationship.

2. MATERIALS AND METHOD

The present study is in the field of positive research and is of the applied type in terms of classification based on the purpose, in terms of nature it is considered as descriptive research and in terms of method it is considered as correlational research. To collect data and information, the library method was used for research literature and in the research data section, reference was made to financial statements, explanatory notes and the monthly magazine of the Stock Exchange. Descriptive and inferential statistics were used to describe and summarize the collected data. In order to analyze the data, first, pre-tests of variance heterogeneity, F-limer test, Hausman test and then to confirm and reject the research hypothesis, multivariate regression test was used using Eviews software. The statistical population of the research includes companies listed on the Tehran Stock Exchange in the period between 1397 and 1403, and based on the systematic exclusion method, 147 companies were selected as the statistical sample of the research to test the statistical hypothesis. Following the research of Huang et al, 2022), the first and second hypotheses of the research are estimated as follows: Hypothesis 1: Internal debt of the executive director affects stock price efficiency. Hypothesis 2: Stock liquidity has a moderating role on the relationship between internal debt of the executive director and stock price efficiency.

3.RESULTS AND DISCUSSI

For the first hypothesis of the research, the probability of the t-statistic for the constant coefficient and the coefficients of the variables of internal debt of the executive director, company size, return on assets, market value to book value of shares, research and development expenses, operating cash flow, dividends paid, capital expenditures, financial recession and advertising on stock price efficiency is less than 5%; therefore, the above relationship is statistically significant. The variable of internal debt of the executive director is negative and significant on stock price efficiency. For the second hypothesis of the research, the probability of the t-statistic for the constant coefficient and internal debt of the executive director, stock liquidity, stock liquidity in interaction with internal debt of the executive director, company size, return on assets, market value to book value of shares, research and development expenses, operating cash flow, dividends paid, capital expenditures, financial recession and advertising on stock price efficiency is less than 5%; therefore, the above relationship is statistically significant. The variables of internal debt of the executive director and stock liquidity in the interaction with internal debt of the executive director on stock price efficiency are equal to (-0.00081 and 0.00011) and are significant, respectively. The absolute value of the coefficient of the stock liquidity variable in the interaction with internal debt of the executive director on stock price efficiency is less than the internal debt of the executive director on stock price efficiency, therefore, the coefficient of the stock liquidity variable has a moderating role on the relationship between the internal debt of the executive director on stock price efficiency.

4. CONCLUSION

The findings of the study in relation to the first hypothesis showed that the internal debt of the CEO has a significant and inverse effect on the efficiency of stock prices. In this regard, it can be argued that CEOs with internal debt, by focusing on a more conservative capital allocation strategy, due to the reduction of executive pensions, are less likely to engage in excessive risk-taking and debtor expropriation and pay more attention to the quality of reporting and reducing the costs of financial misreporting. In fact, CEOs with more internal debt should pay more attention to the company's risk and the costs of financial misreporting that arise in the long run. This can improve the quality of reporting and increase investment efficiency and accurate stock pricing, because high-quality financial reporting can improve investment efficiency and accurate stock pricing by preventing undervaluation and overvaluation. The findings of the second hypothesis also showed that stock liquidity has a moderating role on the relationship between internal executive debt and stock price efficiency, which indicates the intensity of the significant and inverse effect of internal executive debt on stock price efficiency in the light of stock liquidity. In relation to the second hypothesis, it is argued that greater stock liquidity reduces asymmetric information in the market and leads to improved information production. Since investors and financial analysts have more information about companies with higher stock liquidity, their stock prices become more efficient. According to the results of the first hypothesis, it is recommended that companies, with the help of managerial incentives, reform and improve their financial system so that they can quickly provide their financial information to stakeholders. These reforms in the managerial dimension can include improving the pension determination system; deferred benefits and bonuses for managers; It is also recommended that the board of directors of companies increase the preparations for improving price efficiency and reduce the cost of capital by regulating internal debts. According to the results of the second hypothesis, it is suggested to increase derivatives because the development of futures and options to increase liquidity will moderate the negative relationship between managerial debt and price efficiency. It is also recommended to amend the disclosure regulations by requiring the disclosure of details of managers' debt in quarterly reports, along with liquidity indicators, to the Stock Exchange Organization and the Audit Organization as legislative authorities in the field of financial reporting.

stock exchange

The Role of Conditional Conservatism in the Relation Between Differentiation and Cost Leadership Strategies on Firms’ Value

Articles in Press, Accepted Manuscript, Available Online from 24 May 2026

https://doi.org/10.22054/qjma.2026.89249.2727

Mohammad Amri-Asrami, Seyed Kazem Ebrahimi, Tariq Khaled Ali

Abstract Abstract

Focusing on competitive strategies is one of the key factors in creating sustainable advantages and increasing firms’ value. Among these, conditional conservatism, as a qualitative characteristic of financial reporting, can influence investors’ perceptions of a company’s performance. The purpose of this study is to examine the moderating effect of conditional conservatism on the relation between competitive strategies (differentiation and cost leadership) and firms’ value. This research is applied in nature and employs a quantitative approach. The statistical population includes companies listed on the Tehran Stock Exchange during the years 2016 to 2023. To test the hypotheses, multivariate regression models and panel data methods were used. The results show that the differentiation strategy has a positive and significant relationship with firms’ value. Conditional conservatism has a negative relationship with firm's value, as it leads to lower recognition of accounting earnings and consequently increases market value. Furthermore, conditional conservatism intensifies the negative effect of differentiation strategy on firm's value. In contrast, the cost leadership strategy has a positive and significant relationship with firm's value, and conditional conservatism strengthens this relationship. The findings suggest that alignment between competitive strategies and the level of conservatism in financial reporting can influence the market’s perception of firm performance and ultimately affect the firm’s value.

Keywords: Conditional conservatism, differentiation strategy, cost leadership strategy, Firms’ value.

1. Introduction

Focusing on competitive strategies is one of the essential factors in creating sustainable advantage, increasing productivity, and enhancing the value of companies' shares. In the turbulent environment of the capital market, companies' strategic decisions must be aligned with the characteristics of financial reporting in order to maintain investor confidence. On the other hand, conditional conservatism, as one of the qualitative characteristics of financial reporting, can affect how investors perceive a company's performance by identifying losses more quickly than profits. This study aims to investigate the moderating role of conditional conservatism in the relationship between competitive strategies (including differentiation and cost leadership) and companies' share value. The results of this study can help to more accurately explain the interaction between strategic management decisions and financial reporting policies in creating value for shareholders.

Research hypotheses

The first hypothesis is that differentiation strategy has a negative and significant relationship with the company's value.

The second hypothesis is that conditional conservatism has a negative and significant relationship with the company's value.

The third hypothesis is that conditional conservatism has a negative and significant effect on the relationship between differentiation strategy and the company's value.

The fourth hypothesis is that cost leadership strategy has a positive and significant relationship with the company's value.

The fifth hypothesis is that conditional conservatism has a positive and significant effect on the relationship between cost leadership strategy and the company's value.

2. Literature Review and Hypothesis Development

In companies with more conservative accounting policies, financial information tends to understate the actual profitability of differentiated activities. This can lead to reduced investor confidence in the effectiveness of the differentiation strategy, especially in markets where financial analysts play an important role in the formation of market value (Ahmed & Duellman, 2007; Obiedallah & El Mahdy, 2025). The reduction in reported profits due to conditional conservatism may cause the market to underestimate the performance of companies with a high differentiation strategy and, as a result, their value is lower than that of similar companies with less conservative reporting policies (Talawa, 2024; Luo, 2025).

Finally, it can be concluded that conditional conservatism, despite its role in improving the reliability of financial reporting, may have a negative effect on the market value of the company in the context of a differentiation strategy. Since conservatism prevents the full reflection of the benefits of innovation and differentiation in financial statements, investors will not be able to fully understand the strategic value of the company. Therefore, conditional conservatism is expected to weaken the relationship between differentiation strategy and company value by moderating this relationship and having a significant negative effect on it (Wu et al., 2025; Obiedallah & El Mahdy, 2025).

Companies that observe conditional conservatism have a lower cost of capital by reducing information asymmetry (Ball, Kothari, & Nikolaev, 2013; Basu, 1997). This can help companies with a cost leadership strategy to attract cheaper financing sources and, as a result, reduce the cost of capital, strengthening the positive impact of this strategy on firm's value (Watts, 2003; Hill & Jones, 2012).

As a result, conditional conservatism strengthens and makes the relationship between cost leadership strategy and firm's value more sustainable by increasing transparency, reducing information risk, and improving investor confidence.

3. Methodology

The present study is of an applied type and has been conducted with a quantitative approach. The statistical population includes companies listed on the Tehran Stock Exchange during the years 2016 to 2023. The required data were extracted from financial statements and market information and analyzed using multivariate regression models and panel data methods. In these models, the direct effect of competitive strategies and conditional conservatism as well as their interactive effect on the value of companies were examined.

4. Results

Findings: The results show that the differentiation strategy has a positive and significant relationship with firms’ value. Conditional conservatism has a negative relationship with firm's value, as it leads to lower recognition of accounting earnings and consequently increases market value. Furthermore, conditional conservatism intensifies the negative effect of differentiation strategy on firm's value. In contrast, the cost leadership strategy has a positive and significant relationship with firm's value, and conditional conservatism strengthens this relationship. The findings suggest that alignment between competitive strategies and the level of conservatism in financial reporting can influence the market’s perception of firm performance and ultimately affect the firm’s value.

5. Conclusion

Conclusion: Overall, the results indicate that conditional conservatism plays an important moderating role in the relationship between competitive strategies and firm's value. Conservatism exacerbates the negative effect of differentiation strategy and strengthens the positive effect of cost leadership strategy. From a theoretical perspective, these findings emphasize the importance of aligning accounting policies with the strategic orientations of the firm and, from a practical perspective, provide guidance for managers, accountants, and investors in selecting appropriate strategies and financial reporting practices to maximize the firm's market value.

Financial Accounting

Earnings Management via Classification Shifting and Stock Price Crash Risk

Articles in Press, Accepted Manuscript, Available Online from 30 May 2026

https://doi.org/10.22054/qjma.2026.91667.2762

mandana taheri, Mozaffar Jamalianpour, Mahdi Nikravesh, SHirin KHoshnam

Abstract Abstract

This study examines the effect of classification shifting–based earnings management on the risk of stock price crash. Classification shifting increases operating profit by reallocating operating expenses to non-operating items without altering net income, making it a low-cost tool for concealing negative performance news and thereby increasing crash risk. The sample consists of 129 listed companies over the period 2012–2023 (with additional data from 2007 for classification-shifting calculations). Crash risk is measured using negative return skewness and down-to-up volatility. The findings show that classification shifting has a significant negative relationship with crash risk in both measures, indicating a higher probability of crash when such shifting is used more extensively. Moreover, a larger gap between operating profit and net income weakens this negative relationship. Cash flow volatility and information asymmetry exhibit a positive effect on crash risk only under the negative skewness measure and weaken the main relationship, whereas financial leverage shows no significant effect.

Keywords: Reclassification-based earnings management, stock price crash risk, information asymmetry, cash flow volatility.

Introduction

Earnings management is used by managers to influence financial reports, creating a favorable short-term image but increasing long-term stock price crash risk. A less examined method is classification shifting, where operating expenses are moved to non-operating items to inflate operating income without affecting net income, making it difficult for investors to detect. First highlighted by McVay (2006), this method is influential because investors generally rely more on operating income than on net income.

Research shows that overstated operating earnings mislead investors and can raise crash risk. In Iran, although classification shifting has been introduced in prior studies, its effect on stock price crash risk has received limited attention. Weak auditor oversight, low implementation cost, and the lack of clear classification standards allow firms to improve the appearance of financial performance by reallocating income-statement items.This study investigates how classification shifting affects stock price crash risk among firms listed on the Tehran Stock Exchange and examines moderating factors such as information asymmetry, cash flow volatility, and capital structure. It presents the theoretical background, research models, and empirical results.

Methods & Material

The present study examines the relationship between earnings management through classification shifting and stock price crash risk, with the moderating role of information asymmetry, cash flow volatility, and capital structure. Accordingly, this research is descriptive–correlational in nature. In terms of purpose, it is an applied study. The required data include items from financial statements and the accompanying notes available in the “Rahavard Novin” comprehensive database and the comprehensive corporate information database on the official website of the Tehran Stock Exchange, which were extracted as needed. The collected data were organized using Excel in the form of data files, after which the relevant variables were calculated and ultimately analyzed using EViews software.

The statistical population of the study consists of all companies listed on the Tehran Stock Exchange during the years 2012 to 2023and the research sample includes 129 companies.

Findings

The results showed that classification shifting has a negative and significant relationship with stock price crash risk, meaning that greater use of this method increases the likelihood of a crash. Moreover, an increase in the gap between operating income and net income weakens the strength of this relationship. Cash flow volatility and information asymmetry have a positive effect on crash risk only when using the negative skewness measure, thereby weakening the main relationship, whereas capital structure (financial leverage) had no significant role.

Conclusion & Results

This study investigates the relationship between earnings management through classification shifting and stock price crash risk in the Iranian capital market, considering the moderating roles of cash flow volatility, capital structure, and information asymmetry. The results indicate that, unlike international studies, classification shifting in Iran has a negative and significant effect on crash risk, as managers primarily use it to smooth earnings and present a stable performance, rather than to hide bad news. The gap between operating and net income weakens this negative effect, as lower earnings quality reduces the credibility of reclassification signals. Cash flow volatility increases uncertainty and weakens the stabilizing effect of classification shifting, raising crash risk, whereas financial leverage shows no significant impact. Information asymmetry has a direct positive effect on crash risk but does not significantly moderate the relationship between classification shifting and crash risk. Overall, in the Iranian market, classification shifting functions as a stabilizing tool, smoothing earnings, reducing informational uncertainty, and lowering stock price crash risk, while cash flow volatility and low earnings quality can weaken its effectiveness.

stock exchange

The role of auditor reputation as a moderator in the relationship between tax avoidance and institutional ownership with auditor changes

Articles in Press, Accepted Manuscript, Available Online from 30 May 2026

https://doi.org/10.22054/qjma.2026.90678.2746

Abdolrasoul Rahmanian Koushkaki, Somayeh Rayat pisheh

Abstract 1. Introduction

The present study is necessary for several fundamental reasons and is crucial for a better understanding of capital market dynamics. First, it is essential to have a deeper understanding of the factors influencing auditor change, especially in the face of tax avoidance or financial distress. Auditor change is not simply an administrative move, but can be a strong signal of the financial health and governance of a company. If stakeholders are not aware of why and how companies change their auditors in difficult economic conditions, their interpretation of financial reports and market trends will be seriously ambiguous; therefore, conducting this study is absolutely necessary to empower analysts and investors to interpret these signals more accurately and manage risks better. Also, understanding the moderating role of auditor credibility in this process highlights the need for research that helps assess the quality of financial reporting and ensure its credibility. This study also fills an important gap in the knowledge of this area by focusing on tax avoidance and ownership. The link between ownership type, tax avoidance, and auditor change processes is a topic that has been less addressed, but its importance in assessing corporate transparency and accountability is undeniable.

2. Literature Review

Auditors play an important role in influencing management to change auditors. Each country has regulations regarding changing auditors, but there is still debate about the factors that influence a company's decision to change auditors. Changing auditors can occur for reasons such as resignations, dismissals, or serious disagreements between management and auditors. Companies often use changing auditors to conduct opinion shopping, that is, they seek out auditors who are more lenient in providing opinions on the company's financial statements. Various factors such as corporate tax avoidance and non-disclosure of information in this area, as well as the ownership structure of companies, can have an impact on auditor switching. Auditor switching can be explained using agency theory. Agency theory is a contractual concept that explains the relationship between agents (management) and owners (shareholders). This theory helps to reduce information asymmetry between agents and owners, and as a result, increases information transparency and legitimately protects the rights and interests of owners.

3. Methodology

This research is of an applied nature and, in terms of cognitive approach, has adopted the causal correlation method (post-event) due to the study of events after their occurrence. The statistical population under study included companies listed on the Tehran Stock Exchange over a ten-year period (2015-2024). To achieve more accurate comparability, sampling was conducted using systematic exclusion, and only companies with a fiscal year-end in Esfand and no change in their fiscal year-end date during the study period were accepted. Also, companies active in the banking, insurance, and investment sectors were excluded from the sampling. After applying these filters, 142 companies, including 1420 company-years, were selected as the final sample. For data analysis, the mixed panel data method was used using the Eviews 12 software. Since the main dependent variable (auditor change) is a discrete variable with values of 0 and 1, the final analysis was conducted using logistic regression.

4. Results

The results of testing the hypotheses showed that there is a direct and significant relationship between tax avoidance and auditor switching. However, there is no significant relationship between tax avoidance and institutional ownership. The interaction of auditor credibility with tax avoidance has an inverse and significant effect on auditor switching. In fact, auditor credibility plays a moderating role in the relationship between tax avoidance and auditor switching. However, the interaction of auditor credibility with institutional ownership does not affect auditor switching. In fact, auditor credibility plays a moderating role in the relationship between tax avoidance and auditor switching.

5. Discussion

From a theoretical perspective, firms that adopt aggressive approaches to tax avoidance may seek auditors who are more flexible in their approach to tax ambiguities or less resistant to management’s arguments regarding tax law interpretation. This phenomenon could be due to auditor opinion shopping, where firms seek auditors who are aligned with their interests, especially when the current auditor has expressed disagreement or concerns about the firm’s tax positions. Institutional investors, due to the large volume of their investments and the long-term nature of their interests, are expected to play an active role in monitoring the quality of financial reporting and auditor independence. However, the lack of a direct relationship can mean that decisions about changing auditors fall largely within the purview of the company’s audit committee. High auditor reputation or credibility can reduce the strength of the positive relationship between tax avoidance and auditor switching (according to the first hypothesis); in other words, companies that work with a reputable and reputable auditor may be less inclined to switch auditors, even if they are involved in tax avoidance. The effect of institutional ownership on the decision to change auditor is independent of the auditor's credibility or reputation; in other words, whether the company is audited by a highly reputable auditor or a smaller audit firm, the degree of influence of institutional owners on the decision to change auditor does not change.

6. Conclusion

Auditor switching can be done to conceal the aggressive nature of tax avoidance, reduce the likelihood of detection of tax violations, or even to validate a company's specific tax positions in the eyes of regulatory agencies; therefore, the first hypothesis refers to the mechanisms through which companies may achieve their tax avoidance goals by manipulating their regulatory environment (through auditor switching). Institutional ownership alone is not a direct determinant of auditor turnover, but rather its impact on audit quality may be exerted through the overall strengthening of corporate governance structures rather than through direct interference in operational decisions such as auditor turnover. This result could indicate the relative effectiveness of audit committees in carrying out their oversight functions. Auditor reputation acts as a deterrent (or at least a moderating factor) in the vicious cycle of tax avoidance and auditor switching. Auditors with a high reputation, due to their investment in their brand and fear of losing it, are more likely to maintain independence and professional standards and are less likely to succumb to management pressure to accept ambiguous tax interpretations. Institutional owners may take a more pragmatic approach to auditor change decisions, based on specific auditor performance, rather than relying solely on the auditor's overall reputation. This finding could have implications for audit firm strategies as well as for regulatory bodies.

stock exchange

The impact of environmental, social and governance performance on systematic risk: The role of firm-specific factors

Articles in Press, Accepted Manuscript, Available Online from 08 June 2026

https://doi.org/10.22054/qjma.2026.85308.2669

gharibe esmailikia, sara seyedi

Abstract In the contemporary global economic landscape, the importance of environmental, social and governance performance has been increasingly recognized due to its profound impact on the firms operations, growth and performance. ESG performance considers non-financial elements such as climate change and corporate ethics, as these non-financial elements can exacerbate or reduce the vulnerability of markets, so ESG performance can affect risk.On the other hand, the implementation and understanding of environmental, social, and governance activities in different types of companies and among different investors can differ significantly and Accordingly, it affects the understanding of systematic risk and how it is managed in financial markets, so it is essential to pay attention to company-specific factors in this context. The aim of the present study is to investigate the effect of environmental, social, and governance performance on the systematic risk of companies by considering the moderating role of company-specific factors. The present study is applied and descriptive in terms of purpose and is based on the regression analysis method. Data from 166 companies listed on the Tehran Stock Exchange were collected during the years 2014 to 2023 and analyzed using econometric models and Eviews software. The results showed that ESG performance has a significant negative effect on systematic risk, meaning that companies with better ESG performance experience lower systematic risk. Also, company size, company age, and market capitalization strengthen the reducing effect of ESG on systematic risk, while the cost of debt can weaken this effect. Better firms performance of companies in the field of ESG improves transparency, enhances their commercial credibility and reputation. The direct result of this is creating a positive image of the company among stakeholders, improving financial and non-financial stability and consequently reducing the firm 's systematic risk. firm -specific factors can moderate this relationship. Accordingly, it is recommended that corporate managers strive to improve their ESG performance to not only reduce risk but also become more attractive to investors. Investors and policymakers can also use these indicators as a tool for risk management and more informed decision-making.. Also, company size, company age, and market capitalization strengthen the reducing effect of ESG on systematic risk, while the cost of debt can weaken this effect. Better firms performance of companies in the field of ESG improves transparency, enhances their commercial credibility and reputation. The direct result of this is creating a positive image of the company among stakeholders, improving financial and non-financial stability and consequently reducing the firm 's systematic risk. firm -specific factors can moderate this relationship. Accordingly, it is recommended that corporate managers strive to improve their ESG performance to not only reduce risk but also become more attractive to investors. Investors and policymakers can also use these indicators as a tool for risk management and more informed decision-making.. Also, company size, company age, and market capitalization strengthen the reducing effect of ESG on systematic risk, while the cost of debt can weaken this effect. Better firms performance of companies in the field of ESG improves transparency, enhances their commercial credibility and reputation. The direct result of this is creating a positive image of the company among stakeholders, improving financial and non-financial stability and consequently reducing the firm 's systematic risk. firm -specific factors can moderate this relationship. Accordingly, it is recommended that corporate managers strive to improve their ESG performance to not only reduce risk but also become more attractive to investors. Investors and policymakers can also use these indicators as a tool for risk management and more informed decision-making.. Also, company size, company age, and market capitalization strengthen the reducing effect of ESG on systematic risk, while the cost of debt can weaken this effect. Better firms performance of companies in the field of ESG improves transparency, enhances their commercial credibility and reputation. The direct result of this is creating a positive image of the company among stakeholders, improving financial and non-financial stability and consequently reducing the firm 's systematic risk. firm -specific factors can moderate this relationship. Accordingly, it is recommended that corporate managers strive to improve their ESG performance to not only reduce risk but also become more attractive to investors. Investors and policymakers can also use these indicators as a tool for risk management and more informed decision-making.

Accounting and various aspects of finance

The Impact of Financial Disclosure Complexity on the Iranian Capital Market Reaction: The Moderating Role of Social Media Attention

Articles in Press, Accepted Manuscript, Available Online from 21 June 2026

https://doi.org/10.22054/qjma.2026.91021.2753

Sajede HasanNejadNeysi

Abstract Abstract

Purpose: This research investigates the impact of financial disclosure complexity on the reaction of the Iranian capital market, emphasizing the moderating role of social media attention. Grounded in behavioral finance, specifically limited attention theory and information processing costs, the study addresses two questions: (1) whether more complex financial disclosures lead to weaker market reaction in the Tehran Stock Exchange (TSE), and (2) whether attention generated on Persian Twitter moderates this negative relationship. The study provides empirical evidence from an emerging market context, contributing to the literature on cognitive biases in financial decision-making and the informational role of social media.

Theoretical Framework and Hypothesis Development: The theoretical framework integrates Limited Attention Theory (Kahneman, 1973; Hirshleifer & Teoh, 2003) and Information Processing Cost Theory (Bloomfield, 2008). Investors face cognitive constraints, operating as selective information processors. Complex disclosures—characterized by length, numerical density, and ambiguous language—elevate processing costs, leading to incomplete or delayed price adjustments. This phenomenon is particularly pronounced in emerging markets like Iran, where retail investors with lower financial literacy constitute a significant portion of market participants (Moradi et al., 2021). Concurrently, the digital attention economy paradigm suggests social media platforms have become primary arenas for attracting investor attention. Platforms like Twitter facilitate collective discourse and cognitive facilitation, potentially mitigating the adverse effects of information complexity. Based on this synthesis, two hypotheses were developed: H1 posits a negative relationship between financial disclosure complexity and immediate market reaction (measured by cumulative abnormal returns and abnormal trading volume). H2 proposes that pre-disclosure social media attention positively moderates this relationship; the negative effect of complexity on market reaction is weaker for firms receiving higher levels of digital attention.

Methodology: The study employs a quantitative, event-study-based design with panel data spanning 2016–2023. The final sample comprises 1,024 firm-year observations from 128 non-financial companies listed on the TSE, selected through systematic screening. Disclosure complexity was measured using a multidimensional composite index, standardizing and averaging three proxies: (1) report length (logarithm of word count in explanatory notes), (2) numerical density (ratio of numerical digits to total words), and (3) degree of ambiguity (frequency of uncertain words such as "may," "probably," "risk"). Textual data were extracted from financial reports on the Codal database using Python libraries (PyPDF2, pdfplumber, BeautifulSoup) and processed with Hazm, a specialized Persian NLP library. Investor attention was quantified using data from Persian Twitter. Twitter was selected due to its textual nature, relatively open API, and prevalence as a forum for stock exchange discussions in Iran. Over 250,000 Persian tweets containing company-specific keywords (stock symbols, full names, abbreviations) were collected using snscrape and tweepy libraries. The attention metric (ATTN) was defined as the natural logarithm of the average daily count of unique, firm-specific posts during the five-day window preceding annual report releases. Control variables included firm size, book-to-market ratio, profitability (ROA), leverage, institutional ownership, Big Four auditor quality, and market return index. The analytical approach employed fixed-effects panel regression models with firm-clustered robust standard errors. The main model tested the interaction between COMP and ATTN, with robustness ensured through alternative variable constructions, different event windows, GMM estimation, and subsample analyses.

Key Findings: The empirical analysis provides strong support for both hypotheses. First, a statistically significant (p < 0.01) negative coefficient was found for the complexity variable (COMP). Economically, a one-standard-deviation increase in complexity leads to an approximately 1.4% reduction in short-window cumulative abnormal returns (CAR[0,+1]). This confirms that greater disclosure complexity dampens the market's immediate price adjustment, supporting limited attention and information processing cost theories. Second, the interaction term between COMP and ATTN was positive and statistically significant (p < 0.05). Marginal effect analysis revealed that the negative slope of complexity on returns flattens as social media attention increases. For firms in the highest attention quartile, the adverse effect of complexity becomes statistically indistinguishable from zero, demonstrating that high levels of digital attention can effectively neutralize the information processing barrier created by complex disclosures. Notably, the direct effect of social media attention alone on returns was insignificant, highlighting that its primary role is moderating rather than directly price-informative. Robustness checks using alternative windows, volume measures (CAV), different complexity specifications, and subsample analyses consistently reaffirmed the core results. Subsample analysis showed that the moderating effect of attention was stronger for firms with lower institutional ownership, where retail investors predominate.

Discussion and Implications: The findings offer substantial contributions to theory and practice. Theoretically, the study extends limited attention theory to the digital age within an emerging market context, demonstrating that social media attention acts as a critical moderating variable capable of mitigating market inefficiencies stemming from information complexity. It bridges the literature on formal financial reporting with informal information diffusion through digital networks. It introduces a theoretical distinction between "mere attention" and "quality information processing," evidenced by the insignificant direct effect of attention versus its significant interactive effect with complexity. Methodologically, the research pioneers the use of Persian social media data and NLP techniques in accounting and finance research. Practically, the findings carry important implications. For regulators like the Securities and Exchange Organization of Iran, the evidence underscores the need for policies promoting simplification and readability in mandatory disclosures, such as setting maximum limits for report length or minimum readability scores. Regulators could establish "attention monitor" systems to identify firms experiencing attention deficits during critical disclosure periods. For corporate managers, the results highlight the strategic importance of active investor relations in the digital sphere; proactive engagement on social media—publishing simplified management summaries or hosting online Q&A sessions—can ensure complex financial information is effectively communicated. For retail investors, the study serves as a caution about cognitive biases and suggests consulting credible informal channels when confronting complex reports. For auditors, the findings emphasize considering "understandability" as a practical objective during financial reporting consultations.

Limitations and Future Research Directions: The study acknowledges several limitations. First, data collection was limited to Persian Twitter; future studies could incorporate other platforms like Instagram and Telegram. Second, attention was measured quantitatively (post counts); future research could employ advanced NLP techniques to analyze content quality, sentiment, and user influence, distinguishing between "productive" and "superficial" attention. Third, the focus was solely on annual reports; future studies could examine quarterly reports, earnings announcements, or event-based disclosures. Fourth, despite advanced econometric methods, the observational data precludes definitive causal claims; mixed-method approaches could provide deeper insights. Finally, cross-country comparative studies could explore how institutional differences shape the relationship between disclosure complexity, attention, and market reactions.

Conclusion: This research establishes that the efficiency of the Iranian capital market in incorporating complex financial information is not determined by disclosure complexity alone but is fundamentally contingent upon the level of investor attention it garners in the digital ecosystem. It provides compelling evidence that social media activity can function as a societal corrective to cognitive limitations, enhancing price discovery. The study advocates for an integrated perspective in market regulation and corporate strategy that simultaneously addresses the quality of formal disclosures and the dynamics of informal digital communication channels.

Accounting tools

Corporate Digital Responsibility and Financial Performance: The Mediating Role of Organizational Reputation and the Moderating Role of Workforce Digital Transformation

Articles in Press, Accepted Manuscript, Available Online from 22 July 2026

https://doi.org/10.22054/qjma.2026.90630.2745

hamid reza talaei, amir ehsan zahedi

Abstract 1. Introduction
This paper aims to fill this gap by exploring how CDR can affect the financial performance of Ofogh Kourosh Company and the mediating role of organizational reputation and the moderating role of workforce digital transformation in this relationship. The rise of digital technologies has radically transformed the way businesses operate, offering new opportunities for innovation and business models. However, these changes also introduce new legal, social, and ethical challenges. Corporate Digital Responsibility, as a new concept, requires organizations to adhere to ethical principles in their use of digital technologies, which can ultimately improve their financial performance. This research explores whether organizations that adopt CDR principles can experience better financial outcomes, and how organizational reputation and workforce digital transformation can influence this relationship. In the digital age, organizations face significant challenges related to digital responsibility. Corporate Digital Responsibility (CDR) has emerged as a new approach, compelling organizations to follow ethical, transparent, and secure practices when utilizing digital technologies and data. CDR emphasizes protecting privacy, ensuring cybersecurity, and using new technologies ethically. This not only helps build trust with stakeholders but also enhances organizational performance. Despite growing interest in CDR, there has been limited research on the direct relationship between Corporate Digital Responsibility and organizational financial performance, particularly in emerging economies such as Iran.

2. Literature Review
As one of the largest and most successful retail chains in Iran, Ofogh Kourosh Company is an ideal example to examine the impact of corporate digital responsibility on financial performance and organizational reputation. The company has a prominent position in the Iranian retail industry due to its large operational scale, daily interaction with a wide range of customers, and use of modern technologies in supply chain processes. Ofogh Kourosh has not only made significant efforts in the field of digitalization, but also faces significant challenges in the field of digital transformation of employees; a challenge that plays a vital role in the success or failure of implementing corporate digital responsibility. In the retail industry, gaining the trust of customers and stakeholders is of particular importance to maintain and increase market share. Organizational reputation, as one of the key success factors, plays an important role in attracting and retaining customers, creating competitive differentiation, and strengthening organizational communications. As Ofogh Kourosh is continuously evaluating its financial performance and improving its reputation, it provides a suitable platform for studying the relationship between corporate digital responsibility and organizational reputation and financial performance.
3. Methodology
The research is applied in its purpose and descriptive in terms of methodology. To collect data, a standard questionnaire was used to measure Corporate Digital Responsibility, organizational reputation, workforce digital transformation, and financial performance. The questionnaire's validity was ensured through content validity, and its reliability was verified using Cronbach's alpha. The study's statistical population consisted of all employees of Ofogh Kourosh Company, with a sample of 105 selected using purposive sampling. Structural Equation Modeling (SEM) was used to analyze the data, as it is suitable for examining complex relationships between variables. The key variables examined in this study include Corporate Digital Responsibility, organizational reputation, workforce digital transformation, and financial performance. Corporate Digital Responsibility is the responsible and ethical use of digital technologies by organizations, while organizational reputation is stakeholders' positive perceptions of the organization. Workforce digital transformation is the process of enabling employees to use digital technologies effectively, and financial performance is the dependent variable, reflecting the organization's financial success.
4. Results
The results of the data analysis indicate that Corporate Digital Responsibility has a significant positive impact on the financial performance of Ofogh Kourosh Company. Furthermore, organizational reputation serves as a mediating factor in this relationship, suggesting that organizations that adhere to CDR principles can improve their reputation, which, in turn, positively influences their financial performance. The findings also demonstrate that workforce digital transformation acts as a moderator, enhancing the impact of Corporate Digital Responsibility on financial performance. In other words, organizations that equip their employees with digital skills and enable them to adapt to technological changes can leverage Corporate Digital Responsibility to achieve better financial outcomes.
The study shows that organizations with a strong commitment to Corporate Digital Responsibility, such as ensuring data privacy, cybersecurity, and transparency in digital practices, can improve their long-term financial performance. This research emphasizes that organizations should not only follow CDR principles but also continuously update and effectively implement them in their processes. The study also highlights that while CDR can enhance financial performance, the effect can be more substantial in organizations that prioritize workforce digital transformation.
Additionally, organizational reputation was found to play a crucial role in improving financial performance. Organizations with better reputations are more likely to attract customers, investors, and employees, thereby contributing to improved financial performance. As a result, strengthening organizational reputation through responsible digital practices can serve as a competitive advantage. This finding suggests that organizations should invest in building their reputations through transparent digital practices and the ethical use of technology, which can help improve both their public image and financial outcomes.
5. Discussion
This study provides valuable insights into the relationship between Corporate Digital Responsibility (CDR) and financial performance, showing that CDR has a significant positive impact on financial performance. However, the effect of CDR on financial performance depends on how effectively it is implemented and integrated with other organizational strategies, such as workforce digital transformation and organizational reputation. Organizations that adhere to CDR principles and strengthen their reputation are more likely to experience better financial outcomes. Moreover, workforce digital transformation plays a vital role in enhancing the impact of CDR on financial performance. Organizations that empower their employees with digital skills and equip them to use new technologies effectively are better positioned to benefit from CDR's positive effects.
6. Conclusion
The findings of this study underscore the importance of Corporate Digital Responsibility as both an ethical responsibility and a strategic tool that can enhance organizational performance in a competitive market. To achieve the best possible results, organizations must continuously update their CDR strategies and integrate them into their broader business operations. Additionally, organizations should focus on building their reputation through transparent digital practices and ensuring that their employees are well-prepared to adapt to digital transformations.
Based on the findings, managers are encouraged to prioritize Corporate Digital Responsibility and implement strategies that enhance the organization's reputation and promote digital skills among employees. This approach can help organizations improve their financial performance and establish themselves as trusted and reputable entities in the market. Furthermore, future research can examine the impact of CDR on financial performance across industries and explore the role of other mediating variables, such as customer satisfaction, employee loyalty, stakeholder trust, and organizational innovation.
Acknowledgments
We would like to thank and appreciate the cooperation of various levels of management of the Ofogh Kourosh complex and all participants in this research who spent their time and patience helping us in carrying out the research stages.

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Audit Quality

Modeling the Factors Affecting Sustainability in Auditors’ Decision-Making Using the Interpretive Structural Modeling (ISM) Approach

Articles in Press, Accepted Manuscript, Available Online from 22 July 2026

https://doi.org/10.22054/qjma.2026.92615.2772

ahmad hasanpour, Mehdi Alinezhad Sarokolaei, Ahmad Mohammadi, Yones Badavar nahandi

Abstract 1. Introduction
Independent auditors’ decision-making has always been of great importance due to its complex nature, inherent uncertainty, and far-reaching effects on the credibility of financial reporting and investors’ trust. During the audit process, auditors face a vast amount of information, evidence, and complex issues that challenge their professional judgment. The stability, consistency, and reliability of these judgments under time pressure, organizational constraints, economic conditions, and legal requirements give rise to a crucial concept known as decision-making stability. This stability not only ensures the quality of financial reporting, but also strengthens the social capital of the auditing profession. However, the research literature in Iran has paid limited comprehensive attention to identifying and modeling the factors affecting this stability. Therefore, the main objective of this study has been to address this theoretical and practical gap by identifying, explaining, and prioritizing the factors influencing the decision-making stability of independent auditors in Iran, and by providing a comprehensive and localized framework for improving this vital process. This study seeks to determine which factors in the individual, organizational, environmental, and professional levels play the greatest role in strengthening or weakening judgment stability, how these factors are causally related, and which of them serve as foundational and driving forces. Ultimately, the applied goal of the study is to provide a practical model for professional policymakers, audit firm managers, and educational institutions in order to enhance the stability and reliability of auditors’ decisions.
2. Materials and Methods
To achieve the above objectives, this research adopted a mixed exploratory-structural approach. In the first phase, the fuzzy Delphi technique was used to identify and refine the initial variables affecting decision-making stability. This method was considered highly appropriate for this stage because of its ability to collect expert opinions, achieve consensus, and reduce the effect of individual biases. The expert group in this phase consisted of 10 university professors, partners of audit firms, and prominent professional specialists with significant academic and practical experience. The Delphi process was conducted over three rounds, and in each round the items extracted from the theoretical literature and initial interviews were evaluated. Using fuzzy logic, the degree of agreement and the dispersion of opinions were analyzed, and in the end, 179 items were approved by the experts as final indicators. These items were considered capable, in terms of importance and conceptual stability, of explaining decision-making stability. In the second phase, to analyze causal relationships and determine the hierarchical structure among the identified factors, Interpretive Structural Modeling (ISM) was employed. This method is highly effective for mapping complex and directional relationships among variables, especially in social and organizational systems. For implementing this model, a questionnaire was designed based on the items confirmed in the Delphi phase and distributed among 300 independent auditors. After collecting and analyzing the data using specialized software, the relationships among the factors were determined and their different levels of importance were identified. This two-stage approach made it possible to identify the factors comprehensively and to gain a deep understanding of the relationships among them.
3. Results and Discussion
The research findings led to the identification of eight key factor categories and the presentation of a comprehensive model for the decision-making stability of independent auditors in Iran. These factors include: Situational, Occupational, and Work Pressures (C1); Cognitive, Skill-Based, and Knowledge Factors (C2); Technology, Tools, and Executive Methods (C3); Decision-Making Stability and Its Consequences (C4); Organizational, Managerial, and Cultural Factors (C5); Independence, Professional Governance, and Public Trust (C6); Environmental, Economic, and Legal Factors (C7); and Individual, Psychological, and Ethical Factors (C8). Analyses based on the ISM model revealed that these factors possess a hierarchical and dynamic structure. At the lowest and most foundational level of the model are factors that play the most driving role; these include cognitive, skill-based, and knowledge factors (C2) (such as analytical ability, experience, and specialized knowledge), individual, psychological, and ethical factors (C8) (such as resilience, self-control, and professional integrity), and independence, professional governance, and public trust (C6) (which provide the necessary institutional framework for independent judgment). At the intermediate level are factors such as organizational, managerial, and cultural factors (C5) and work and situational pressures (C1), which act as facilitating or moderating factors and can either strengthen or weaken the influence of the foundational factors. At the higher and framework-forming levels are environmental, economic, and legal factors (C7) and technology, tools, and executive methods (C3), which provide the overall context and platform for the auditor’s activity. Finally, decision-making stability and its consequences (C4) were identified as the main output and the highest level of this complex system. This hierarchical structure indicates that decision-making stability is the result of multifaceted and systemic interactions among variables and cannot be reduced to a single dimension.
4. Conclusion
The results of this study have significant theoretical and practical implications. From a theoretical perspective, by presenting a localized, comprehensive, and causal model for the decision-making stability of independent auditors in Iran, this research has substantially enriched the scholarly literature in the fields of auditing and professional behavior. Discovering the hierarchical relationships and identifying the foundational (driving), mediating, and framework-forming factors provides a more systemic and in-depth perspective on professional judgment phenomena, extending beyond simple correlational analyses. From a practical standpoint, the research findings offer valuable practical guidance for various stakeholders. For policymaking and professional oversight bodies, these results can serve as a basis for designing policies to strengthen auditor independence, revise regulations, and improve quality assurance. Audit firm managers can focus on organizational and cultural factors (C5) and by providing a supportive environment, manage work pressures (C1), thereby enhancing decision-making stability among their staff. Furthermore, training programs should concentrate on strengthening the cognitive, skill-based, and psychological factors (C2 and C8) of auditors. Optimal utilization of modern technologies (C3) can also serve as a facilitating factor, enhancing the quality and stability of professional judgment. Ultimately, understanding these complex relationships will lead to improved credibility of financial reporting and increased investor confidence as the final outcome (C4). Thus, by offering a deeper understanding of the factors influencing decision-making stability, this research has charted a practical roadmap for enhancing the quality and reliability of the auditing profession in Iran.
Keywords: Decision-making stability, Independent auditors, Factors influencing decision-making, Interpretive Structural Modeling.

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Rating Iranian Banks According to their Financial Strength

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

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

Mohammad Javad Salim, Jafar Babajani, Abolfazl Jafari

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 information regarding inherent safety and soundness of Iranian banks. The aim of this study is rating Iranian banks, based on financial strength, specifically those listed on the Tehran Stock Exchange (TSE) and Iran OTC market. All the banks were separated into two groups of privatized and non-governmental banks. The period of the research is 5 years from 2012 to 2016. For this purpose, first a financial strength score was determined for each of the banks using a reflective component-based model which includes 4 dimensions, 8 factors and 51 indicators, Then the banks were ranked based on their financial strength scores in two separate groups of privatized and non-governmental banks. The results show that privatized banks compared with non-governmental banks have higher financial strength scores. In the group of privatized banks, Mellat Bank had the highest score and hence the highest rank in terms of financial strength. In the group of non-governmental banks, Pasargad Bank, EN Bank and Parsian Bank, respectively had the highest scores and hence the highest ranks in terms of financial strength.

Accounting and various aspects of finance

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

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

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

Mohammad Ali Aghaei, Mohammad Amri Asrami

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 between a firm’s stock return and the return of the firm’s benchmark portfolio over the same period is used. By systematic sampling, a sample of 157 companies is selected, and the models have run based on panel data with fixed effects. The results have shown that (1) cash holding has a positive and significant impact on excess returns, (2) CEO’s overconfidence has a negative and significant impact on excess returns, and lastly, (3) CEO’s overconfidence has a negative and significant impact on the relationship between cash holdings and the excess returns. With increasing CEO’s overconfidence, the excess returns will be reduced. Overconfident managers keep cash at a higher level that leads to overinvestment. It consequently decreases excess returns.

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

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

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

B Mashayekhi, A. H. Hosseinpour

Abstract Abstract
Most 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 studied the relationship between accrual earnings management and real earnings management in companies suspected to fraud. So, in this study, the relationship between accrual earnings management and real Earnings management in companies suspected to fraud are discussed. In this analysis, panel data is used. For hypothesis testing, the data of 107 listed companies on Tehran Stock Exchange, which are suspected to fraud, for the period of 1392- 1387 (Solar Calendar), has been used. Results of the analysis indicate that real earnings management on accrual earnings management in companies suspected to fraud, at 95 percent confidence level, have negative and significant correlation. As a result, researchers, standard settings and auditors should pay attention to both real earnings management and accrual earnings management in fraud suspected companies. Audit quality should also be strengthened in the Iranian suspected of fraud listed companies

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

Volume 11, Issue 42, Summer 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 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, Spring 2014, Pages 83-103

Gholamhossein Asadi, Mariya Yokhneh Alghiaee

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 Intellectual Capital, are known as key success factors in information era. It’s believed that intellectual capital, including human capital and structural capital, has important and growing role in firm’s performance and affects on it’s financial achievements. This paper examines the effect of intellectual capital and it’s components on firm’s financial performance. The essential data are taken from 1383 -1388 fiscal years’ annual reports of publicly traded firms listed on the Tehran stock exchange and 816 firm-years are studied. Results of hypotheses testing show that, VAIC has positive effect on the four financial performance indicators. Between VAIC components, capital employed efficiency has the most effect on firms’ financial performance.

The Concept of Materiality in Auditing and its Impact on Auditors Opinion

Volume 1, Issue 2, Summer 2003, Pages 1-38

Yahya Hassas Yeganeh, Hosseyn Kasyri

Abstract Materiality is one of the comprehensive concepts in accounting and auditing which is used by one definition but different applications. Information is material if its omission or misstatement could influence or change the decisions or Judgments of a reasonable user taken on the basis of financial statements. As auditing standards, auditors should consider materiality and its relationship with audit risk when conducting an audit. For materiality Judgment, auditors consider both quantitative and qualitative factors.
The objective of this study is: 1) Identify quantitative and qualitative factors effect on auditors' materiality Judgments and its ranking 2) Determine auditors’ consensus in selecting and applying materiality guidelines in audit 3) Identify problems, restrictions and necessity of issuing materiality guidelines in Iran. In this experimental study fifteen quantitative and fifteen qualitative factors which could affect materiality Judgments, selected and examined.
The result of this study indicated that: 1) the size of Judgment item, total assets, total revenue and its average, net profit, equity, related items and related class in financial statement identified as significant quantitative factors in Judging materiality level for conducting an audit. 2) The pervasiveness of errors or misstatement to different item in financial statement, relationship of Judgment item with third parties and arm’s length transactions, unusual items, estimated items, departure from laws and regulations and audit risk of Judgment items identified as significant qualitative factors caused in adjusting materiality level. 3) Materiality guidelines based on total assets, total revenue, its average and equity (between 1 to 3 present) and net profit (above 5 percent) are agreed and applied by audit managers. Furthermore, applying net profit guideline together with average total assets and revenue guidelines will improve materiality Judgments. 4) The result indicated the necessity of issuing materiality guideline by profession. Materiality guideline could improve and consistent audit opinions in similar cases, remove problems when auditors changed, consistent the extent of audit work and eventually improve audit efficiency and effectiveness. 5) The results indicated that: a) Few auditors established materiality level in planning stage of audit b) Few auditors considered relationship between audit risk and materiality, especially in adjusting compliance and substantive tests c) In final stage of audit, the auditors do not consider the effect of likely and possible errors in combining the total effect of errors and misstatements.

An Investigation of the Audit Committee Characteristics Effects on Real Earnings Management

Volume 12, Issue 46, Summer 2015, Pages 130-154

https://doi.org/10.22054/qjma.2015.1679

Hossien Fakhari, Javad Mohammadi, Mohsen Hasannataj Kordi

Abstract The novelty and mandatory rules about establishing of the audit
committee in Iranian listed companies as one of the important part of
corporate governance are controversial subject. It has been important
especially when the real earnings management is involved. It is due to the
possibility of the detection of real earning management that is low in
comparison with accrual earning management. In companies this research
intend to investigate about audit committee characteristic and real earning
management in Iranian listed companies. So we gather data about 112 listed
companies of TSE during 1392 year and analysis them with cross-sectional
regression.
In general our findings show that there is a significant relationship
between audit committee characteristics and real earnings management. Also
our findings help to TSE policy maker for reporting and enforcement of
audit committee charter. It indicates also that there is a vital need for
applying of corporate governance rules in Iranian listed companies

Number of Issues	90
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Rejected Submissions	1,268
Reject Rate	71
Accepted Submissions	256
Acceptance Rate	14
Time to Accept (Days)	333
Number of Indexing Databases	14
Number of Reviewers	97

Empirical Studies in Financial Accounting

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