Document Type : Research Paper
Authors
Abstract
Intrinsic value of a company depends on its financial and investment decisions. Companies with different investment opportunities are priced different in the market. The set of investment opportunities of companies are influenced by their current status in their life cycle.
In this study, based on data from a sample of Tehran Stock Exchange listed companies during the period of 1385 to 1389, relationship between investment opportunities and earnings in according to corporate life cycle were examined.
Results showed that there is a significant relationship between investment opportunities and earnings response coefficients. The results showed that the explanatory power of relationship between earnings and investment opportunities in companies differs with their life cycle stages. The companies that are in the growth phase of the life cycle, the relationship between earnings and investment opportunities is stronger than the companies that are in the recession phase of the life cycle.
Keywords
.1 رابطه بین فرصت های سرمایه گذاری و ارتباط « .) باباجانی، جعفر؛ بولو، قاسم و علی عالی زاده ) 1331
فصلنامه بورس اوراق بهادار، شمارة 13 ، بهار 31 ، سال .» ارزشی جریان نقدی عملیاتی و اقلام تعهدی
چهارم.
.2 نقش فرصت های سرمایه گذاری در ارزشیابی سود، پایداری سود و « .) رمضانی، فهیمه ) 1331
پایان نامه کارشناسی ارشد حسابداری. دانشگاه آزاد اسلامی علوم و .» جریان های نقد عملیاتی
تحقیقات تهران.
.3 تأثیر چرخه عمر شرکت بر میزان مربوط بودن - « .) کرمی، غلامرضا و حامد عمرانی ) 1333 الف
مجله پژوهش های حسابداری مالی، سال دوم، شماره سوم، شماره ،» معیارهای ریسک و عملکرد
- . پیاپی ) 5(، صص. 44 43
.4 تأثیر چرخه ی عمر شرکت و محافظه کاری بر ارزش - « .) کرمی، غلامرضا و حامد عمرانی ) 1333 ب
- . بررسی های حسابداری و حسابرسی، دوره 11 ، شماره 53 ، صص. 34 13 ،» شرکت
.5 انتشارات سازمان .» مفاهیم نظری گزارشگری مالی « .) کمیته تخصصی سازمان حسابرسی ) 1335
حسابرسی.
6. Aharony J., H Falk, N Yehuda (2006). “Corporate Life Cycle and the Value Relevance of Cash Flow versus Accrual Financial Information”. School of Economics and Management Bolzano, Italy ,Working Paper; 34.
7. Ahmed, A. 1994. Accounting earnings and future economic rents: An empirical analysis. Journal of Accounting and Economics 17: 377-400.
8. Amir, E., and B. Lev. 1996. Value-relevance of nonfinancial information: The wireless communications industry. Journal of Accounting and Economics 22: 3-30.
9. Anthony, J. H. and Ramesh, K.(1992). ‘‘Association between Accounting Performance Measures and Stock Prices: A Test of the Life Cycle Hypothesis ’’, Journal of Accounting and Economics, Vol.15, pp 203-27.
10. Ball, R. and P. Brown. 1968. An empirical evaluation of accounting income numbers. Journal of Accounting Research, Volume 6, Issue 2: 159-178.
11. Barth, M. E., W. H. Beaver, and W. R. Landsman. 2000. The relevance of value relevance research. Working paper. Journal of Accounting and Economics Conference.
12. Bernard, V. L., and T. L. Stober. 1989. The nature and amount of information in cash flows and accruals. The Accounting Review 64: 624-652.
13. Biddle, G. C. and G. S. Seow. 1991. The Estimation and Determinants of Associations between Returns and Earnings: Evidence from Cross-industry Comparisons. Journal of Accounting, Auditing and Finance:183-232.
14. Billings, B. K. 1999. Revisiting the relation between the default risk of debt and earning response coefficient. The Accounting Review Volume 74, Issue 4: 509-522.
15. Collins, D. W., S. P. Kothari. 1989. An analysis of inter-temporal and cross-sectional determinants of earnings response coefficients. Journal of Accounting and Economics 11: 143-181.
811 فصلنامه مطالعات تجربی حسابداری مالی، سال یازدهم، شماره 93 ، پائیز 8931
16. Financial Accounting Standards Board (FASB). 1978. Objective of Financial Reporting by Business Enterprises. Statement of Financial Accounting Concepts No.1. Stamford, CT: Financial Accounting Standards Board.
17. Financial Accounting Standards Board (FASB). 1980. Qualitative characteristics of accounting information. Statement of Financial Accounting Concepts No.2. Stamford, CT: Financial Accounting Standards Board.
18. Gaver, J.J. K. M Gaver. 1993. Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies. Journal of accounting and economics 16(april/july): 125-160
19. Hrikumar , T and C. I. Harter. 1995. “ earnings response coefficient and persistence: new evidence using Tobin s q as a Proxy for persistence.” Journal of accounting and auditing and finance. 10(spring): 401-420.
20. Jones, Jefferson P. (2001). The implications of firms' investment opportunities for the valuation of cash flows from investing activities. Advances in Accounting, Volume 18, pages 169-193.
21. Kallunki J., Silvola H. (2008). “The effect of Organizational Life Cycle Stage on the use of Activity-based Costing”. Management Accounting Research;.19: 62–79.
22. Krisnawati, Arief, 2006, THE VALUE RELEVANCE OF CASH FLOW AND ACCRUALS: THE ROLE OF INVESTMENT OPPORT. Thesis. Islamic University OF Indonesia.
23. Kumar, K. R., G. V. Krishnan. 2008. The value-relevance of cash flows and accruals: The role of investment opportunities. The Accounting Review Volume 83, Issue 4: 997-1040.
24. Liang, Hui, Laura Moreau, Jung Chul Park. 2011. Investment opportunities and dividend omissions, Journal of Business Research 64 (2011) 1108–1115
25. Scott, William R. 2003. Financial Accounting Theory.(third edition). Prentice Hall pub.
26. Sloan, R. G. 1996. Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accounting Review 71: 289-315
فصلنامه بورس اوراق بهادار، شمارة 13 ، بهار 31 ، سال .» ارزشی جریان نقدی عملیاتی و اقلام تعهدی
چهارم.
.2 نقش فرصت های سرمایه گذاری در ارزشیابی سود، پایداری سود و « .) رمضانی، فهیمه ) 1331
پایان نامه کارشناسی ارشد حسابداری. دانشگاه آزاد اسلامی علوم و .» جریان های نقد عملیاتی
تحقیقات تهران.
.3 تأثیر چرخه عمر شرکت بر میزان مربوط بودن - « .) کرمی، غلامرضا و حامد عمرانی ) 1333 الف
مجله پژوهش های حسابداری مالی، سال دوم، شماره سوم، شماره ،» معیارهای ریسک و عملکرد
- . پیاپی ) 5(، صص. 44 43
.4 تأثیر چرخه ی عمر شرکت و محافظه کاری بر ارزش - « .) کرمی، غلامرضا و حامد عمرانی ) 1333 ب
- . بررسی های حسابداری و حسابرسی، دوره 11 ، شماره 53 ، صص. 34 13 ،» شرکت
.5 انتشارات سازمان .» مفاهیم نظری گزارشگری مالی « .) کمیته تخصصی سازمان حسابرسی ) 1335
حسابرسی.
6. Aharony J., H Falk, N Yehuda (2006). “Corporate Life Cycle and the Value Relevance of Cash Flow versus Accrual Financial Information”. School of Economics and Management Bolzano, Italy ,Working Paper; 34.
7. Ahmed, A. 1994. Accounting earnings and future economic rents: An empirical analysis. Journal of Accounting and Economics 17: 377-400.
8. Amir, E., and B. Lev. 1996. Value-relevance of nonfinancial information: The wireless communications industry. Journal of Accounting and Economics 22: 3-30.
9. Anthony, J. H. and Ramesh, K.(1992). ‘‘Association between Accounting Performance Measures and Stock Prices: A Test of the Life Cycle Hypothesis ’’, Journal of Accounting and Economics, Vol.15, pp 203-27.
10. Ball, R. and P. Brown. 1968. An empirical evaluation of accounting income numbers. Journal of Accounting Research, Volume 6, Issue 2: 159-178.
11. Barth, M. E., W. H. Beaver, and W. R. Landsman. 2000. The relevance of value relevance research. Working paper. Journal of Accounting and Economics Conference.
12. Bernard, V. L., and T. L. Stober. 1989. The nature and amount of information in cash flows and accruals. The Accounting Review 64: 624-652.
13. Biddle, G. C. and G. S. Seow. 1991. The Estimation and Determinants of Associations between Returns and Earnings: Evidence from Cross-industry Comparisons. Journal of Accounting, Auditing and Finance:183-232.
14. Billings, B. K. 1999. Revisiting the relation between the default risk of debt and earning response coefficient. The Accounting Review Volume 74, Issue 4: 509-522.
15. Collins, D. W., S. P. Kothari. 1989. An analysis of inter-temporal and cross-sectional determinants of earnings response coefficients. Journal of Accounting and Economics 11: 143-181.
811 فصلنامه مطالعات تجربی حسابداری مالی، سال یازدهم، شماره 93 ، پائیز 8931
16. Financial Accounting Standards Board (FASB). 1978. Objective of Financial Reporting by Business Enterprises. Statement of Financial Accounting Concepts No.1. Stamford, CT: Financial Accounting Standards Board.
17. Financial Accounting Standards Board (FASB). 1980. Qualitative characteristics of accounting information. Statement of Financial Accounting Concepts No.2. Stamford, CT: Financial Accounting Standards Board.
18. Gaver, J.J. K. M Gaver. 1993. Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies. Journal of accounting and economics 16(april/july): 125-160
19. Hrikumar , T and C. I. Harter. 1995. “ earnings response coefficient and persistence: new evidence using Tobin s q as a Proxy for persistence.” Journal of accounting and auditing and finance. 10(spring): 401-420.
20. Jones, Jefferson P. (2001). The implications of firms' investment opportunities for the valuation of cash flows from investing activities. Advances in Accounting, Volume 18, pages 169-193.
21. Kallunki J., Silvola H. (2008). “The effect of Organizational Life Cycle Stage on the use of Activity-based Costing”. Management Accounting Research;.19: 62–79.
22. Krisnawati, Arief, 2006, THE VALUE RELEVANCE OF CASH FLOW AND ACCRUALS: THE ROLE OF INVESTMENT OPPORT. Thesis. Islamic University OF Indonesia.
23. Kumar, K. R., G. V. Krishnan. 2008. The value-relevance of cash flows and accruals: The role of investment opportunities. The Accounting Review Volume 83, Issue 4: 997-1040.
24. Liang, Hui, Laura Moreau, Jung Chul Park. 2011. Investment opportunities and dividend omissions, Journal of Business Research 64 (2011) 1108–1115
25. Scott, William R. 2003. Financial Accounting Theory.(third edition). Prentice Hall pub.
26. Sloan, R. G. 1996. Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accounting Review 71: 289-315
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