mohammad hoseine setayesh; F kashanipour
Volume 9, Issue 36 , January 2012, Pages 1-21
Abstract
The purpose of this study is to investigate the effect of intellectual capital components in determining the performance of listed companies in Tehran Stock Exchange. Intellectual capital components include Human Capital, Relation Capital, Innovation and Procedure Capitals. Return on Equity (ROE) ratio ...
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The purpose of this study is to investigate the effect of intellectual capital components in determining the performance of listed companies in Tehran Stock Exchange. Intellectual capital components include Human Capital, Relation Capital, Innovation and Procedure Capitals. Return on Equity (ROE) ratio of the companies was used as the surrogate for performance. The study sample consists of 56 companies during 2007-2011. Panel data method with fixed effects was applied to analyze of research data in EViews 6. The findings reveal that Research and Development Percentage (RDP) and how long companies have been registered in TSE organizations stable or OS and other variables, negatively and positively affected ROE. However, only OS variable is statistically significant in 95% certainty level.
H etemadi; H farzani; A rahmani
Volume 9, Issue 36 , January 2012, Pages 23-51
Abstract
Choosing between debt financing and capital financing influenced by internal and external factors impacting companies' capital structure. The main goal of determining capital structure is to recognize the combination of financial resources to maximize stockholders' wealth. Because of the qualitative ...
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Choosing between debt financing and capital financing influenced by internal and external factors impacting companies' capital structure. The main goal of determining capital structure is to recognize the combination of financial resources to maximize stockholders' wealth. Because of the qualitative aspects of capital formation in high-tech companies, there has been huge investments in these companies which doesn’t seem to be a rational behavior in the investment community; Therefore it seems necessary to compare high-tech and traditional company’s capital structure. In this paper, in order to investigate the capital structure of high-tech and traditional companies and also comparing linear and non-linear models, companies are divided into two groups, high-tech and traditional companies. We collected year-company data of 378 companies during 2004- 2009 for the analysis using multiple regression and artificial neural network. The findings of this study indicate that liability ratio and financial leverage decisions in two above mentioned companies are different. The capital structure criterion in both industries has significantly different and non-linear models of capital structure in comparison with linear ones are more powerful in prediction
A ansari; N kamali kermani; A talebi najaf abadi
Volume 9, Issue 36 , January 2012, Pages 53-73
Abstract
Failure of audit reports has recently leaded to fundamental criticisms toward auditing profession and the magnifying of profession defects (in order to stakeholders’ value protection). In this field, auditor not only intrinsically should be independent, , but also they should seem independent in ...
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Failure of audit reports has recently leaded to fundamental criticisms toward auditing profession and the magnifying of profession defects (in order to stakeholders’ value protection). In this field, auditor not only intrinsically should be independent, , but also they should seem independent in auditing and attesting about financial statements. Considering the importance of independence, this paper simultaneous investigates the influence of performing audit and non-audit services on auditor independence. Also, the influence of non-audit services and a reliable organization supervision on simultaneous performing of audit and non-audit services and also auditing separation of duties on independence has been studied. Questionnaire tool was used for gathering required data and questionnaires were distributed between academics and stock analyzers. For gathering information from questionnaire, in which Likert spectrum was used for analysis, and testing hypotheses, proportion test and Minitab software were used. Research findings reveal that if audit and non-audit services were performed by two different groups of auditors, or if they were performed under supervision of a reliable supervisory organization, the impairment of auditor independence won't happen and the level of non-audit services and also the simultaneous performance of audit and non-audit services has no effect on auditor independence.
Gh asadi; m nikravesh
Volume 9, Issue 36 , January 2012, Pages 75-92
Abstract
This paper investigates the relationship between free cash flow, life cycle and dividend policy in Tehran Stock Exchange listed companies during 2002-2009. Using 304 company-year and conducting OLS Regression model, results revealed that there are no significant relationship between dividend policy and ...
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This paper investigates the relationship between free cash flow, life cycle and dividend policy in Tehran Stock Exchange listed companies during 2002-2009. Using 304 company-year and conducting OLS Regression model, results revealed that there are no significant relationship between dividend policy and free cash flow, which is not consistent with free cash flow hypothesis and the relationship with dividend policy in prior researches (Fama and French, 2001; Grullon and et al., 2002 and Deangelo and et al., 2006). The findings also reveal that there are no significant relationship between companies' life cycle and their dividend policies.
s.m shariat panahi; A abjadpour
Volume 9, Issue 36 , January 2012, Pages 93-121
Abstract
Price limit is a kind of circuit breaker which is used in developing stock exchanges and futures markets to prevent extreme price volatility, price manipulation, and financial crashes. Generally speaking, researchers and market participant usually disagree with price limit application, its efficiency, ...
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Price limit is a kind of circuit breaker which is used in developing stock exchanges and futures markets to prevent extreme price volatility, price manipulation, and financial crashes. Generally speaking, researchers and market participant usually disagree with price limit application, its efficiency, and its optimum range. Advocates believe that although price limit may delay price discovery, it prevents extreme price volatility and overreaction. On the other hand, critics assert that price limit causes price volatility spillover and intensify investor’s overreaction. Since there is no consensus over the price limit application and efficiency in the researches, it is recommended to study this issue using different methods. Therefore, we are trying to study price limit effects in Tehran Stock Exchange using Contrarian Investment Strategy. Our results show that price limit application in Tehran Stock Exchange delays price discovery but has nothing to do with investor’s overreaction. Consequently, it seems that regulators have prevented extreme volatility, although this constraint delays price discovery and reduces market efficiency.
H kazemi; N rahimian; B havaei
Volume 9, Issue 36 , January 2012, Pages 123-148
Abstract
The purpose of this study is to gather evidence about the effect of information transparency on stock liquidity uncertainty and also the effect of stock liquidity uncertainty on the firm value. In order to measure the information transparency, two measure of auditing quality and non-smoothing profits ...
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The purpose of this study is to gather evidence about the effect of information transparency on stock liquidity uncertainty and also the effect of stock liquidity uncertainty on the firm value. In order to measure the information transparency, two measure of auditing quality and non-smoothing profits have been used. For assessing the stock liquidity uncertainty, four measures have been used, including liquidity variation, liquidity distribution skewness (as a measure for assessing extreme illiquidity), co-variability of stock liquidity with the market liquidity and co-variability of stock liquidity with the market returns.
The results reveal that the variable of auditing quality has a meaningful negative relation with four measures of liquidity uncertainty, and the variable of non- smoothing profits has only a meaningful negative relation with the liquidity distribution skewness, and has a meaningful positive relation with other measures. Also, the Tobin’s Q variable as a measures (criterion) of the firm value has shown a meaningful negative relation with the criteria of liquidity variation and liquidity co-variability of stock with the market liquidity. It has a positive meaningful relation with the measure of relation with the measure of liquidity distribution skewness and co-variability of stock liquidity with the marke
D foroghi; S.A hashemi; H amiri; S zafari
Volume 9, Issue 36 , January 2012, Pages 149-169
Abstract
The main purpose of this research is to compare the relative informational content of operating and financing cash flows of three and five section cash flow statement in explaining future stock return. The time range of research is companies cash flow statements between 1382-1388. The population of research ...
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The main purpose of this research is to compare the relative informational content of operating and financing cash flows of three and five section cash flow statement in explaining future stock return. The time range of research is companies cash flow statements between 1382-1388. The population of research is all companies Listed in Tehran Securities and exchange, from which, a sample of 80 Iranian listed firms was chosen. The type of data needed for hypotheses testing is Pooling-Data. Unrestricted and restricted regressions were utilized to test the hypotheses. The statistical methods used consist of adjusted- R² and Wald-test statistic. Findings indicate that both operating and financing cash flow of 3-section cash flow statement have more relative informational content than the operating and financing cash flow of 5-section cash flow statement in predicting future stock return.
