FINANCIAL ACCOUNTING
Year:2009 | Volume:1 | Issue:2|Papers Count:9

This research aims to determine the differences in investment process of the firms with or without discretionary accruals. The relationship between discretionary accruals and operating cash flows, stock return, and the efficiency of capital investment within the companies listed in Tehran Stock Exchange is studied. Therefore, a research sample of manufacturing companies listed in Tehran stock exchange during 1999-2006 is selected. Three hypotheses were set up. The first hypothesis refers to the presence of a significant relationship between the future capital investment with discretionary accruals of the current period and the future operating cash flows. The second hypothesis emphasizes the existence of a significant relationship between the stock return of the current period shares with discretionary accruals and external finance. And the third hypothesis predicts a smaller return ratio of assets for firms with greater accruals. Regarding the theoretical basis and the literature of the research, three regression models were used for data analysis. The results confirmed all of the research hypotheses.

The firms' Financial Leverage plays an important role in investment decision making. The effect of profitability (ROA), firm size, market to book value of equity, tangible fixed assets and assets liquidity (Cash/Total Assets) on Financial Leverage have been studied in this paper. For this purpose, 154 sample firms that their required data for a ten years period (1376 -1385) was available are selected. The regression Analyses is used to test the research hypotheses. The findings indicate that independent variables explain more than 65 percent changes in financial leverage. ROA and Size have negative and significant relationship with Financial Leverage. Other variables have no significant relationship with Financial Leverage.

One of the most important goals of privatization in different countries is to improve the productivity and efficiency. Therefore, present study is conducted to investigate the effects of privatization of state owned companies and analyzing the stock returns of such companies transferred through stock market by an empirical-descriptive methods. By reviewing financial statements of privatized companies, Tehran stock exchange year books, stock returns of companies before and after privatization, required data is collected, then non- parametric statistical tests is conducted on data using SPSS software.There is a significant difference between the stock returns of privatized companies before and after privatization. There, is also a significant difference between the companies’ studied returns in a five three-years periods division. The highest increase is in the first three years and the highest decrease was in the fourth three years after privatization.

In this study, the relationship between the three levels of profit smoothing: gross profit, operating profit and net profit and corporate collapse has been studied in three stages: 1. Latency, 2. Cash deficit and commercial and financial insolvency and insolvency (complete collapse). In other words, this research focuses on the issue that managers, when placed in collapse status, to show better financial situation and performance to maintain its capital markets, attempted to manipulate profits. A sample including 81 companies subjected to Article 141 of the Trade & Commercial Law listed in Tehran Stock Exchange during the 10-year period between the years 1376 to 1385 was selected and through the collapse probability model, predicted collapse probability by Altman model. Then, companies engaged in profit smoothing were recognized through annual changes absolute mean model, and to test research hypotheses that determined the relationship between collapse and corporate profit smoothing, logit model was used. Finally, research findings indicated that managers of business units, for better showing of financial position and their company performance to maintain its capital market, in various stages of collapse, perform actions through available tools that lead to profit smoothing.

This paper has examined the level of applying of Iranian accounting standards, TSE’s regulations and corporation laws, by the 95 firms listed in TSE during 1385 fiscal year. To measure the level of applying Iranian accounting standards, TSE’s regulations and trade laws, the ratios of followed mentioned items on total mentioned items (includes 27 Iranian standards, 38 TSE’s regulations and 20 Iranian Trade laws) are used. The results shows that, first Iranian accounting standards, TSE’s regulations and Iranian Trade laws are highly followed by sample firms. Second, the size of firms has no significant effect on the applying of mentioned items, but the life time that firms are member of TSE, has a negative and significant effect on the levels of applying of mentioned items.

In this study the impact of corporate ownership structure, dividend policy has been investigated. In other words, influence of institutional shareholders and individual shareholders on dividends policies has been investigated. The dividends policies including profit payment methods, such as cash dividend or stock dividend per share, was considered. The Ordinary Least Square error regression model and logistic model error level at 5% significant level is used to test. In this study a sample of 45 companies was selected from all Iranian firms listed in Tehran Stock Exchange, with the exception of investing and financial firms. We use the data of 45 companies over the period 1382-1384. Results of testing the first hypothesis indicate that there is positive and significant relation between ownership structure and dividend policy. The logistic model test shows that the ownership structure has significant impact of dividend policy.

Growth and development of economic of each country is depend on appropriate investing and planning. Always the existence of an objective scale for evaluating risk in financial decision making is useful. This scale must be independent from risk aversion (disaffection of anyone to risk). this research is consist of Targets. For achieving to target of this research, hypothesis were defined as: 1. With having a specific assurance %95 for example), risk can be estimated. 2. With having a specific assurance (%95 for example), numbers of necessary investments for achieving to amount of optimum risk tolerance can be found. Then inductive and deductive approaches have been used for acceptance or rejecting the hypothesis, population of this search are 429 companies that in 1378 to the end of 1383 which exist in security Exchange commission .That 50 of them have been selected between different industry by class sampling .The results of this research show that whit regression analysis we can estimate the rick of 50 stocks with regarding to market factors and move toward accepting first hypothesis. Finally , after done checks and test and errors, for testing second hypothesis the result that obtain is :We can achieve to composition of improved portfolio by forming of regression and defining improvement indexes (cut rate and ratio of additional return to beta), specially single – factor method for determining investment ratio in selected stocks as for limitation of amount of capital.

Due the shortcomings in earning measurement process such as conflict of interests between managers and shareholders and need to estimate, allocate, future forecasting and other factors. Such shortcomings resulted in low-quality earning. Thus, the purpose of this study is assessing earning quality in listed companies in Tehran Stock Exchange in long and short terms. Research method of the study is correlation and to specify the difference between earning quality in two chemical and pharmaceutical industries by testing the comparison of means of two populations. The results indicate that earning quality of pharmaceutical industry group are exceeding in longer time, but Chemical industrial group in both short and long term gained a high earning quality. Also active companies in chemical industry are enjoying from a higher earning quality, comparing to active pharmaceutical industrial group companies. In general more cash sales, sound management, on time collection credit sales,  are influencing factors of the earning quality of companies.