JOURNAL OF MANAGEMENT AND ACCOUNTIN SCHOOL
Year:2017 | Volume:13 | Issue:52|Papers Count:7

Previous researches revealed that corporate governance mechanisms assists the investors in motivating and compelling pillars of company management to more efficient use of corporate resources with doing stewardship duty. Managers can play a critical role in using the resources through making appropriate decisions about optimal investment. Inefficient investment could be the result of poor corporate governance. In other words, corporate governance is a key and monitoring tool in investment efficiency. The purpose of this study is to analyze the relationship between corporate governance and investment efficiency in the firms listed in the Tehran Stock Exchange. For testing hypotheses multivariate linear regression model using estimated generalized least squares method (EGLS) was used. To reach the purpose of the study, a sample of 138 companies were selected by screening (systematic deleting) in the years 2008 to 2014. Based on 93 indicators of has sass yegane and Salimi (2011), we estimated the efficiency of corporate governance and its dimensions such as transparency, effectiveness of board, shareholder rights and the effects of ownership. We also measured the efficiency of investment according to the Richardson’s (2006) model. In general, the results show that corporate governance and its dimensions have a significant positive effect on the efficiency of investment. In addition, a significant and positive impact of variables control such as investment opportunities (Tobin's Q) and firm size on investment efficiency was confirmed. The cash flow had a negative and significant relationship on investment efficiency.

The main objective of this paper is to evaluate the effect of the corporate life cycle stages on the cost of equity of firms listed on the Tehran Stock Exchange. In this study we used Dickinson's Model (2011) to determine the corporate life cycle stages and Gordon Model to calculate cost of equity. In this study, we first took samples using the cash flow statement data (including cash flow from operating activities, cash flow from investing activities and cash flow from finance activities) and separated the firms in the growth stage, maturity stage and decline stage, then, using multivariate regression analysis and mean comparison tests, hypotheses were studied and tested. The results of 110 firms (990 company - year) from 2006 to 2014 shows that the firms, cost of equity in different stages of the life cycle (growth, maturity, decline) are significantly different. The results also show that in the decline stage the cost of equity is at the highest level and in the maturity stage it is at the lowest level.

the aim of this study is to investigate the effect of corporate governance measures on the disclosure timeliness of listed companies in Tehran Stock Exchange. The measures included managers ownership, board independence, board size and duality of CEO as internal measures as well as institutional ownership and concentration of ownership as external measures. For this purpose six hypotheses were developed and data on the 105 companies in Tehran Stock Exchange for the period of 1384 to 1392 (2003 to 2011) were analyzed. This regression model was tested through data integration. The results showed that the concentration of ownership and duality of CEO measure of corporate governance has a significant positive impact but management ownership has a significant negative impact on the timeliness of financial reporting disclosure. In addition, the results showed that the institutional ownership, board size and board independence had no significant influence on the timeliness of financial reporting disclosure.

Considering the importance of discretionary accruals in reporting and its influence on stock return, and also growth opportunities and information asymmetry in high growth companies, it is expected that management of high growth companies have incentives to use discretionary accruals for signaling positive future performance of the firm. The purpose of this study is to investigate the impact of growth changes on stock return sensitivity to discretionary accruals, positive accruals and the quality of accruals. The study is performed in TSE listed companies and 192 companies data between 1388 to 1394 were selected. The coefficient and multivariate regression were used for hypothesis testing. The results revealed that the sensitivity of stock return to discretionary and positive accruals and accruals quality is high for high growth companies compared to low growth ones.

The main role of financial reporting is the effective transfer of financial information to people outside of the organization in a valid way while being on time. This way, managers have the opportunity to judge the financial reports. This study aimed to investigate the impact of audit quality incentives associated with the change of accruals in companies with high equity valuations. For this purpose, the performance of 184 companies, as a sample, during the time period of 2009-2013 was studied. In this study, the ratio of market price to earnings before extraordinary items and discontinued operations as an excess stock value measure has been used. Also, to analyze the impact of excess stock valuation on real earnings management, multivariate regression analysis considering panel data was used. The results of first hypothesis testing show that there is no significant relation between the size of audit firm and discretionary accruals. However, the results of second hypothesis testing indicate that there is a significant relationship between auditor’s tenure and optional accrual items in companies with high equity valuation. Also, the management motivation to change accruals in companies with high equity valuation is reduced.

Existing theories predict two contradict relation between industry competition and audit fees. Industry competition reduces the agency problem between manager and stockholder of firms and also increases the accuracy of financial statement. It therefore decreases the assessment of risk by auditors and they are inclined to charge low audit fee for companies operating in competitive industry. On the other hand industry competition can increase: the assessment of business risk by auditor, so it would be expected as the competition in industry rises the audit fee, the current study examine empirically "The impact of monopoly or industry competition on pricing obtained from external audit services "with the information of 96 publicly-held companies listed in Tehran Stock Exchange (TSE) Between 2009-2016. The result of study shows the significant and negative relation between audit fee and industry competition. In other words, auditor charge low audit fee for client which operate in high competitive industry.

The purpose of this study is to examine the impact of Audit Committee Quality (ACQ) on achieving Internal Control over Financial Reporting (ICOFR) in short run. So, the current paper investigates the impact of ACQ on Financial Reporting Quality (FRQ) including Reliability, Relevance and Timelines of financial reporting and also final purpose of it that is Information Asymmetry (IA) as the final goal of financial reporting. Regarding the latent of ACQ and FRQ, this paper use structural modeling with OLS approach by Smart-PLS software. Findings indicate that ACQ reduces IA. However, there is no relationship between ACQ and FRQ. It was also revealed that FRQ reduces IA.