FINANCIAL ACCOUNTING
Year:2011 | Volume:2 | Issue:8|Papers Count:14

Accounting Profit is one of the key and major information, reported in financial statements that financial analysts use for measuring firms' performance. Since in the measuring accounting profit it is necessary to use estimate, forecast and different accounting methods, and yet probable conflicts of interest between managers and shareholders and another financial statements users is present, there is some doubts to use profit and therefore, many of financial analysts consider cash flow instead. In conceptual framework of financial accounting in different countries there is a considerable attention to Accounting Profit and Cash Flow. In this study, the relationship between Pricing Earnings and Cash Flows with some accounting variables is studied. Stock price, changes in sales and cost of goods sold, accrual profit, free cash flow and cash flows from investment activity are considered as main research variables and cash dividend paid to shareholders, value of equity, operational income, and net operating assets and cash flows from operating activity are control variables that used for pricing earnings and cash flows. To test the research hypotheses, cross-section statistical methods is used for 91 listed firms in Tehran Stock Exchange from 2004 to 2009. Results show that changes is sale and accrual profit have direct (positive) relation with stock price, but three explanatory variables, changes in cost of goods sold, free cash flow and cash flows from investment activity have negative (indirect) relation with stock price.

This study investigates the relationship between discretionary accruals and management incentives, in the light of income fluctuation, in companies listed in Tehran stock exchange. To measure management incentives, firm size, risk and tax revenue are used, and to measure discretionary accruals Jonse model is used. Sample of this study consists of 125 manufacturing firms Listed in Tehran Stock Exchange and the research time period is from 2000 to 2010. We use, muti-variable regression and for testing the research hypotheses using panel data model.The Findings show that there is a significant relationship between discretionary accruals and income smoothing and management incentives. In Addition the findings for second hypothesis indicate that there is significant cash flow volatility and income smoothing and management incentives.

This paper investigates the effect of changes of operating cash flow-due to severe shocks which are not systematically identified (cash flow shock)-on the asset and capital structure of manufacturing companies listed in Tehran stock exchange.This issue is tested through the conversion of major components forming cash flow statement into a simple mathematical equation (cash flow equation) and extracting the multiple regression models of the equation.Based on a sample consisting of 306 years-company, from manufacturing companies listed in Tehran stock exchange between the years 1386 and 1388, the findings show that: there is a significant relationship between operating cash flow (due to cash flow shock) and changes of asset and capital structure. Furthermore, research results indicate that companies in the short-term increase saving (increase in held cash) and decrease external financing (borrowing of reduce or selling shares of capital) and in long term increase investment and external financing. In fact, how to allocate cash of companies indicates reaction (behavior) of companies to cash flow shocks.

In this research, the effect of financial leverage and growth opportunity on investment decisions of Listed Companies in Tehran Stock Exchange is studied. Two hypotheses are considered. In the first hypothesis, the effect of financial leverage on investment decisions, and in the second hypothesis, the effect of growth opportunity on investment decisions is tested. According to the theoretical basics, a multi-variable linear regression model is used for data analysis. The population is the listed manufacturing companies in Tehran Stock Exchange from 2001 to 2008. To define the research sample, after using the systematic elimination method on all listed companies, 104 companies are selected. The results of data analysis using panel data show the confirmation of the first hypothesis and rejection of the second hypothesis. Moreover, findings of this paper indicate that there is a negative relationship between financial leverage and Investment decisions.

The aim of this research is to study the effects of capital and ownership structure on firms income smoothing. In this study the discretionary accruals (measure of income smoothing) is measured by modified model of Jones (1991). By using the Tucker and Zarowin (TZ) measure, firms are separated in two groups, of higher and lower income smoothing category. The population consist of all listed firms in Tehran Stock Exchange. By using the elimination sampling method, 60 firms listed in Tehran Stock Exchange, are selected during the years 1380 to 1387. The equality of two means test is used to test research hypothesis. The results show that short term debt-asset ratio, long term debt-asset ratio and debt-equity ratio in firms with high income smoothing are less than firms with low income smoothing and percentage of shares held by institutional investors in firms with high income smoothing is higher than firms with low income smoothing.

The main Purpose of this study is to investigate and analysis of the relationship between conservatism and debt Contract indices of the firms listed in the Tehran stock exchange. Conservatism is considered as dependent variable and debt contract indices is considered as independent variable. The collected data is tested for the period of 1383 to 1387. The study is conducted using historical data of 48 listed companies in Tehran stock exchange. Statistical method in this study is correlation analysis of regression method by using SPSS Soft ware.The results of this study show that there are no significant relations between conservatism and debt contract indices for all the companies under study.

Improving efficiency and increasing the production of manufacturing companies are the most important factors for economical growth and progressing countries. This study evaluates the relative performance of the companies in the automobile and car accessories industry using mathematical models of data development analysis. The relationship between the performance and the efficiency of stock returns is investigated. Population of this research is listed companies in Tehran stock exchange and the sample consists of companies in the automobile and car accessories industry. By conducting regression analysis, test of β (line slope of regression), Pearson's correlation analysis and comparison test of two means, we test the research hypotheses. The results indicate that there is a significant relationship between relative efficiency and of stock returns. The test of second hypothesis shows that we cannot conclude that the stock returns of efficient companies are higher than those on non-efficient companies.