THE IRANIAN ACCOUNTING AND AUDITING REVIEW
Year:2010 | Volume:17 | Issue:59|Papers Count:9

In order to study challenges and problems behavioural, semantic and environment of budgeting in high education system " case study" University of Tehran, The research is done on the basis of exploratory-descriptive survey method because of descriptive method, This research uses questions against assumptions, Measurement tool is questionnaire in which among Budget experts of University of Tehran, , Research and Technology, Deputy of planning and strategic supervision of president and university of medical sciences. For analysis of research findings, both descriptive and inferential statistics have been used. The results obtained from this research showed that: - The most important behavioral problem with budgeting section of University of Tehran confront is "Bowgaining of manager´s and experts in Tehran University in Order To received of more credits". - The most important semantic challenges with budgeting section of University of Tehran confront is "Unclear and confilict in laws of Iran budget which causes to interest impression and different performances." - The most important environmental challenges is Lack of o perfect budget allocation.

This paper investigate Residual Earnings, Discounted cash flow and adjusted earnings methods for achieving fair value and comparing with value of companies on Initial public offering in Tehran stock exchange (TSE). Research hypotheses have been tested by t-student, Wilcox on signed-rank and R-square (parametric or Nonparametric) Statistics. The conclusions of this research indicate, there isn’t a significant difference between fair value of companies based upon Residual earning procedure and average fair values of companies on Initial public offering, but there is a significant difference between estimated values by discounted cash flow and adjusted earning procedures comparison with average value of companies on initial public offering. Moreover, There isn’t a significant difference between fair values of companies based upon Residual earning and discounted cash flow and also discounted cash flow and adjusted earning procedures. In the other hand, there is a significant difference between fair value of companies based upon Residual earning and adjusted earning procedures.

Nowadays, around the world, in the competition for gaining market share, companies are trying to increase their share of sales against their competitor's. This research investigates the effects of market share changes on the market’s valuation of future earnings and growth opportunities. This study was conducted for the time span of 2001-2006 using a sample of 168 among companies that listed in Tehran Stock Exchange (TSE). This paper develops two measures of market share and assesses the valuation implications of a firm's change in market share and the momentum and direction of that change, for current and future performance. The results show that the link between current performance and future performance is significantly enhanced in the presence of market share gains. Further, this relation holds for up to three years into the future. In addition, this study employs two models to assess the current valuation implications of a firm's change in market share and momentum for current performance using unexpected returns and price models. The results find evidence consistent with current earnings being more value relevant when accompanied by growth in market share. But, this research indicates that there is no significant relation between market share changes and future growth opportunities.

In this research, I examine the post acquisition performance of target companies, in 1378 to 1383 by using economic value added approach. By use of financial statement approach, the companies' performances hypothesizes are examined through non-parametric technique of T-student. Also we used industry- adjusted measures to control for events in economy and industry that are unrelated to mergers and acquisitions strategies. The result of this research indicates that acquired firms haven't improved in EVA index and the result is significant. About the control group (those companies which are not acquired) have experience a little decrease in EVA. But the result is insignificant the empirical results show that EVA isn't improved in Iranian target firms and managers of acquirer companies weren’t able to improve the economic value added in target companies. Performance of acquisition strategy in IRAN by using economic value added index wasn’t improve.

Liquidity is regarded as one of the key elements while discussing about failure and success of futures markets, so there has been great focus on analyzing its determinants in previous researches. In earlier studies different dimensions have been stated for liquidity and also various measures have been suggested to assess each of those dimensions. In this paper, we have investigated about determinants of liquidity in gold futures market of Iran mercantile exchange with utilizing regression analysis and regarding bid-ask spread and depth as measures for evaluating two different aspects of this phenomenon. The research indicates that trading volume and price volatility are main determinants of bid-ask spread. In addition, we found that trading time interval has a great impact on this spread. The results of depth analysis proves the positive impacts of trading volume and price levels on depth measure and also, this analysis indicates that price volatility has no impact on this measure of liquidity.

The main aim of this paper is to investigate the joint effects of accounting conservatism and life-cycle stages on firm valuation. Using the Feltham and Ohlson [1995]’s valuation model, this study examined the effect of accounting conservatism on reactions of investors to both abnormal operating earnings and net operating assets at different life-cycle stages. first, sample firms were classified into three life-cycle stages (Growth, Mature and Decline) and two Groups (Conservative and Aggressive).Then, we used a pooled cross-sectional time-series regression models to test the hypotheses. In this study, financial information of 75 firms which were accepted at Tehran’s Stock Exchange (TSE) from 1382 to 1387 (450 firm-years) was examined. The results of this study show that investors place higher emphasis on both abnormal operating earnings and net operating assets of the firms at growth stage than the firms at mature or declining stage. Furthermore, investors place higher emphasis on both abnormal operating earnings and net operating assets of the firms which are in growth or mature stage and use conservative accounting practices than firms which use aggressive accounting practices. However, for the firms in decline stage the opposite is true.

In this study we investigated the relationship between firm size, debt contracts, and conservatism in Tehran Stock Exchange. Conservatism is measured using three proxies based on accruals, based on market, and the relationship between earning and stock returns. By use of ordinary least square regression method, 85 listed firms in Tehran security exchange during years 1382-85 have been examined. The findings revealed that, using accrual and market based measures, there was a significant positive relationship between debt ratio and conservatism. Also, a negative relationship between firm size and conservatism exists only when using market based measure; therefore, based on our results, the conclusion that there is a significant negative relationship between firm size and conservatism cannot be generally drawn.

Investors tend to know the degree of success of managers in applying their wealth. Due to high sensitivity of investors to the performance of companies wealth is one of the most important objectives of the companies and the performance appraisal systems are useful tools for appraisal evaluation of the manager's performance. In this paper, the competition between traditional performance appraisal criteria (return on equity, return on assets and earning per share) and value based performance appraisal criteria (Economic Value Added) was concerned in order to appraise the performance of listed companies in Tehran Stock Exchange during 1379-1385. The results indicate Return on Equity (ROE) and Economic Value Added (EVA) has a significant effect on market value added of stocks, but there is no significant relationship among Return on Assets (ROA) and Earning per Share (EPS) and market value added (MVA).