Mohamad Arabmazar Yazdi; M. Mostafazadeh
Volume 6, Issue 23 , October 2008, Pages 1-18
Abstract
This study provides events about the impact of Earnings Management on the Value-Relevance of Earnings and Book Value with comparison of short term and long-term discretionary accruals. According to the result of this study, in Tehran Stock Exchange (TSE), Earnings management reduces the value-relevance ...
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This study provides events about the impact of Earnings Management on the Value-Relevance of Earnings and Book Value with comparison of short term and long-term discretionary accruals. According to the result of this study, in Tehran Stock Exchange (TSE), Earnings management reduces the value-relevance of earnings and increases the value-relevance of book value and also the effect of long-term discretionary accruals on the value relevance of earnings and book value is greater than the effect of short-term discretionary accruals on the value relevance of earnings and book value.
H. Khaleghi Moghadam; F. Karami
Volume 6, Issue 23 , October 2008, Pages 19-41
Abstract
This paper aims to evaluate the earning forecasting model based on cost variability and cost stickiness in comparison to other forecasting models. Cost stickiness means that the rate of decrease in costs while sale declines is less than the rate of increase in costs while sale grows. In other ...
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This paper aims to evaluate the earning forecasting model based on cost variability and cost stickiness in comparison to other forecasting models. Cost stickiness means that the rate of decrease in costs while sale declines is less than the rate of increase in costs while sale grows. In other word, costs are sticky downward. The data used in this research was gathered from 85 companies accepted in Tehran stock market from 1994 to 2004. To analyze the data two regression techniques called simple and rolling methods and also confidence coefficient R2 and F test are used. The results indicate that the power of the earning forecasting model based on cost variability and cost stickiness is significantly more than the others'.
M.H. Setayesh; M. Kazemnejad; M. zolfaghari
Volume 6, Issue 23 , October 2008, Pages 43-65
Abstract
This study investigates the effects of working capital management on the profitability of the firms listed in Tehran Stock Exchange. Withthis regard, variables such as receivables collection period, inventory conversion period, accounts payable payment period, and cash conversion ...
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This study investigates the effects of working capital management on the profitability of the firms listed in Tehran Stock Exchange. Withthis regard, variables such as receivables collection period, inventory conversion period, accounts payable payment period, and cash conversion cycle are used for the measurement of working capital management, and Return on Assets (ROA) is used for the measurement of profitability of the firms. Moreover, Sales growth, Leverage, and Size are used as control variables. Using multiple regression and considering the results of investigations of 224 firms in the period from 1382 to 1386, we find that there is a negative significant correlation between receivables collection period, Inventory conversion period, and cash conversion cycle with the profitability of firms listed in Tehran Stock Exchange. No evidence confirming significant correlation between accounts payable payment period and profitability is found. Considering this, the negative significant correlation between profitability and Cash conversion cycle measuring the joint effects of receivables collection period, Inventory conversion period and Accounts payable payment period indicates that firms can increase their profitability and create value for their stockholders by appropriate management of working capital and decreasing Cash conversion cycle logically.
Farokh Barzideh; S.M. Borhani
Volume 6, Issue 23 , October 2008, Pages 67-88
Abstract
This study presents evidence on the validity of the dividend signaling hypothesis, by using a new testing approach. The main question in this paper is whether dividend is informative about a firm’s future earnings. We examine this issue by investigating the ...
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This study presents evidence on the validity of the dividend signaling hypothesis, by using a new testing approach. The main question in this paper is whether dividend is informative about a firm’s future earnings. We examine this issue by investigating the association between current year stock returns and current and future earning for firms that pay dividends in the current years as compared to firms that do not pay dividends. The analysis of the data reveal that relative to non-dividend paying firms, dividend paying firms have current returns that are more associated with future earning . Overall, our results are consistent with dividends providing relevant information about future earning to the market that this information affect stock price.
A. Modarres; M. Fe’li
Volume 6, Issue 23 , October 2008, Pages 89-106
Abstract
Globalization, through linking companies to international markets and increasing competitive space, has necessitated the restructuring of companies. Combination of companies, ownership and development of target markets are among the efforts made by companies in ...
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Globalization, through linking companies to international markets and increasing competitive space, has necessitated the restructuring of companies. Combination of companies, ownership and development of target markets are among the efforts made by companies in order to continue their economic lives. These companies are also forced to utilize domestic and international capital markets to obtain their financial resources. In this regard, corporate governance is a criterion which plays a fundamental part in decision making process of investors and leasers.
In order to investigate the role of institutional stock holders and percentage of non-Executive managers as some criteria of corporate governance on firm value, the 4-year data of 97 firms were studied. The findings of this study show that there is a significant relationship among institutional stockholders and company value, as well as presence of non-Executive managers and company value. The findings of this study, in line with similar researches, support the view that presence of institutional stockholders in the board of directors of companies increases company value.
Sh. Mashayekh; R. Mahavarpour
Volume 6, Issue 23 , October 2008, Pages 107-122
Abstract
In this research the relation between ownership concentration and performance has been investigated so based on research conditions, 58 listed companies in TSE were selected and their information for the period of 1380-1383 was used. The regression model used in this research pooled cross ...
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In this research the relation between ownership concentration and performance has been investigated so based on research conditions, 58 listed companies in TSE were selected and their information for the period of 1380-1383 was used. The regression model used in this research pooled cross sectional and time series data. Panel data regression also is used to estimate related coefficient and models. Ownership concentration was determined by ownership percentage of institutional investors or block shareholders and performance was determined by stock return and earning per share. The results show that there is a significant relationship between ownership concentration and EPS, so it means that by increasing the percentage of ownership concentration, managements become more than before under control and consequently it cause firms' performances to become improved. The relation between ownership concentration and return criterion has also been examined and show that it is based on the different kinds of ownerships and different factors that effects on returns.
