The Financial Accounting and Auditing Researches
Year:2011 | Volume:3 | Issue:9|Papers Count:8

This research examines the effects of ownership structure on firm performance. Performance indices include return on assets, cash flow return on assets, return on sales, sales per employee and Tobin’s Q. The performance of companies whose majority shareholder between 2004 -2008 was one of the four types of government, public- non-government, public- semi government and private sector, was examined.For each three first group, a representative was chosen and its subsidiaries were examined.The results of hypothesis testing by using regression model showed that ownership structure has effects on the performance of firms.Also results showed companies whose majority shareholder is public- semi government group have better performance than others. Government group, public- non-government group and private sector are respectively in the next classes.

In this study, we examine the relation between earnings quality and earnings pattern and pricing of listed companies in Tehran Stock Exchange (TSE). We try to find the answer for this question "is there any direct and positive relation between earnings pattern and pricing?”. Earnings patterns which are used are "increasing annual earnings, meeting or exceeding management forecasts and smoothing".The numbers of statistic community are 430 companies in TSE. We select 98 companies from these statistic communities during 1379 – 1386 by restricting the companies that meet some crotieria for doing the research. We use the information from Financial Statements, Rahavard Novin, Tadbir Pardaz and libraries archives. For testing the Hypothesises, Pearson coefficient of correlation and multi variable regression model are used.The results show that there is a direct and positive relation between earnings pattern (smoothing), earnings quality and pricing, while there is no relation between earnings pattern (increasing annual earnings and meet or exceed management forecasts) and earnings quality. Also, in this study we try to find patterns, effective for valuation of share prices.The results of testing the first hypothesis show that there is a positive and direct relation between earnings pattern (smoothing) and pricings and the second hypothesis confirms that the relation between other earnings patterns and earnings quality is negative and indirect. Our final analysis examines whether the pricing effects associated with earnings patterns are a function of the quality of earnings. The results show that earnings quality level has no effect on the relationship between earnings patterns and stock prices.

This research studies the relationship between information asymmetry and investment in capital assets using operating cash flow of listed companies in Tehran Stock Exchange. For verifying information asymmetry, two views (traditional and market) have been used. The criterion used in traditional view is the price of transactions and in market view is dividend.Statistical sample consists of 107 listed companies in Tehran Stock Exchange and the time domain is between 2001 until 2008. Statistical model used was multivariable regression model and for testing hypotheses compound data (panel and pooling) were used.The results show that according to the traditional view there is meaningful and positive relationship between information asymmetry and investment using operating cash flow. Further more according to market view there is meaningful and negative relationship between information symmetry and investment using operating cash flow.

Any system transformation requires knowledge of environmental factors that influence on it. Governmental accounting system in Iran also is like other systems. Therefore the present study investigated the previous literature on this system to explain necessary reforms in public accounting for adopting with accrual accounting, and finally, Through scientific research method, a simplified form of the international contingency model presented by Professor Luder, to explain how environmental factors affects on innovation and reform process, has provided. Findings indicates that governmental accounting is now on the verge of a fundamental transformation, and Increasing demand for more information, search proposed reforms of public sector management, including legal requirements concerning operational budget, is the primary stimulus of this transformation. The model for predicting future trends of reform in Iran has also been used, to confirm the predictive power of the model is provided by the Luder.

The purpose of this paper is to examine the relative and incremental information content of an earnings-based measure of performance, return on assets (ROA), vs a cash recovery-based measure of performance, the estimated internal rate of return, (EIRR), in explaining firms’ economic performance. Tobin’s Q and stock returns are used as performance benchmarks.Statistical society is the listed companies in Tehran Stock Exchange, during the years 2002-2008. The results of the empirical tests indicate that earnings-based measures of Performance, (ROA), provides more relative information content in compared to cash recovery-based measure of performance, (EIRR). Also, in explaining firms’ economic performance, earnings-based measures of performance, (ROA), provides incremental information content beyond cash recovery-based measure of performance, (EIRR).

Any decision on investment is considered one of the most important decisions in terms of financial management. Since, the future benefits could not be certainly determined, investment necessarily bears risk. Therefore, it has to be evaluated through its expected value and level of risk. As a result, deciding on investment indicates total assets of a company together with the composition of such assets and business risk in the eyes of investors.One of evident characteristics of accounting is that it helps investors in the course of predicting the return of investment. However, accounting should provide investors with necessary information so that they can make the best selection of shares together with their level of risk and proper return among the various shares of stocks in the market. In turn, the information is reflected through financial statements including balance sheet.This paper tends to study the relationship between the net operating asset and the share returns in the companies subscribed in Tehran stoke exchange during 2001 and 2008. This study can contribute to investors and users in the best Selection of shares group out of various shares of stock.

Nowadays the car industry is referred as one of the strategic indices of the economic development. This industry plays an important role in the economic cycle of each country and is of a special position in the world’s financial services.In this research, the researcher tries to rank the 23 public joint stock subsidiary companies of Iran khodro applying the TOPSIS model, through 3 consecutive years from 2006 to 2008. Obviously; there exists different ranking indices according to investors' demands and their various standpoints about investment. Since most of the investors look for more profit, a number of profitability indices such as (gross profit to sale ratio, net profit to sale ratio, operating profit to sale ratio, return on assets ratio, return of equity ratio and earning per share (EPS) has been chosen among existing indices as operational variables.The results of this research indicate relocation in the ranking of the under study companies in the time study years. Also the research presents higher ranks for leasing and service companies versus production companies.

Investors, creditors and financial analysts are interested in gaining more information about income smoothing in investee companies, especially if it would be effective on their deciding. The Finding of many researches shows that investors prefer a smooth profit and low fluctuation. Due to this fact, managers try to show the smoothness of growth rate and profit. This research wants to survey the influence of income smoothing in accepted companies society in securities exchange on information content of earnings. In this research, smoothing has measured during 2001-2005 income by using Eckle index, and the research is surveyed in 4 hypotheses type by companies dividing into two income smoothing and none smoothing. The results show income smoothing result in increasing the information content, and the main goal of smoothing is not information distortion. It should be considered that there is a positive relation between current and future income, and there is a direct and positive relation between future incomes with smoothed income of company. Also, it increases smoothing the information content of earnings with respect of future cash flow and the power of profit in future accruals which should be considered by users while deciding.