The primary aim of this survey is to study the relationship between intellectual capital, earning per share and income growth for a case study of Tehran Stock Exchange in Iran. There are 120 companies listed in Tehran Stock Exchange and, using a simple sampling technique, we choose 50 firms, randomly. The results of this survey indicate that the components of intellectual capital including human capital, customer capital, and structural capital have significantly positive relationship with the earning per share of the companies over the period of 2005- 2010. The results also indicate that the components of intellectual capital including human capital, customer capital, and structural capital are positively associated with the income growth of the companies for the period from 2005 to 2010.
Moral hazard and corporate governance are important factors in determining market transparency. The proposed study of this paper investigates the effects of these two factors on earning quality as well as forecasted earning in Tehran Stock Exchange. We have selected some stocks based on some predefined circumstances and extracted some necessary information over the period of 2005-2010. Based on these criteria, the information of 132 firms are qualified for the proposed study of this paper using 792 years/firm from 23 industries. There are two hypotheses associated with this study. According to the first hypothesis, we investigate whether there is a relationship between board of director independency and quality of forecasted earning. In the second hypothesis, we look to find out whether there is a relationship between the size of board of directors and quality of forecasted earning. We have used three models and using ordinary regression analysis tried to test the models. Based on the results of the survey, we have concluded that moral hazard does not influence forecasted earning, significantly. However, the results of this survey concluded that there is a meaningful relationship between forecasted earning and quality of earning. In terms of members of editorial board, quality of earning has a reverse relationship with absolute deviation of forecasted earning. In other words, as the number of editorial board increases, we may expect a more precise earning estimation. The other observation is that non-board member & apos; s duties have better motivation to contribute to firms and could make some changes.
During the past few years, there have been growing interest in learning the relationship between residual income and other financial figures such as dividend per share, market value and operating cash flow. The proposed study of this paper gathers the financial information of all listed firms traded in Tehran Stock Exchange over the period of 2007-2011. We only concentrate on listed companies whose fiscal years started from March to May of each year. The other criterion associated with the proposed study of this paper is that shares of the selected firms must have been active during period of study and there must be no change in their fiscal calendar. The study does not include the shares of holdings, banks, insurance firms. Finally, the information of the firms must be available for course of study. The study uses two regressions analysis and examines five hypotheses including the relationship between residual income and other factors including dividend per share, value added operating cash flow, value added cash flow, market cap and market value added. Using two regression models, all these hypotheses are investigated and the results of the survey confirm a meaningful relationship between residual income and dividend per share, value added operating cash flow, value added cash flow. However, the results of the second model do not confirm the last two hypotheses.
In this paper, we present an empirical study to find the relationship between discretionary accruals quality as well as innate accruals quality and portion of non-executive board of directors, concentration of ownership ratio and board size in Tehran Stock Exchange. The survey selects 118 qualified stocks from this exchange and using a random technique chooses 42 firms. The study implements two linear regression techniques to estimate the first part of the information and then using structural equation modeling examines six hypotheses. Based on the results of this survey we can conclude that an increase on non-executive members positively influences on discretionary accruals quality and negatively influences innate accruals quality. Concentration of ownership ratio positively influences on discretionary accruals quality and negatively impacts on innate accruals quality. Finally, size of board of directors negatively impacts discretionary accruals quality and positively influences on innate accruals quality.
Stock market plays an important role on demonstrating economy direction and it provides good opportunities for people who wish to purchase a small portion of different firms & apos; shares. In this paper, we propose an empirical study to measure the impact of the market size and the ratio of book value on market value on excessive return. The study gathers the necessary information from some of active stock shares traded on Tehran Stock Exchange over the period of 2010-2011. The proposed model of this paper uses linear regression analysis to investigate the relationship between the excessive return and other factors. The study divides the information into seven equal groups and fits the regression model using ordinary least square technique. The results indicate that there is a negative relationship between size and excessive return and a positive relationship between the ratio of BV/MV and excessive return. Although the results of both tests are positive, we have to be more cautious about what have reported on the second hypothesis.
The main target of this study is to consider the effect of the combination of board of directors on the corporate transparency in some companies among selected ones in Tehran Stock Exchange Market over the period of 2007- 2010. In this research, the combination of board of directors is selected among some factors of corporate transparency such as structure of ownership and the rights of owners, financial information and statistics and structure and combination of board of directors and managers as a sub-indicator for corporate governance. Linear regression statistical method is used to test hypotheses of study. The size of ? is considered as 5% and hypotheses are accepted or rejected by means of Durbin-Watson and Clemogrov-Smirnov tests and by comparing p-value with ?. At last, by means of forward regression method, the effect of control variables is considered over each hypothesis. The results show that the members of board of directors have no effect on partnership transparency, but effect on financial data and information and structure and combination of board of directors.
One of the primary questions in asset management is to find good combinations of different assets and this has been an interesting area of research for over half a century. The proposed model of this paper uses decision makers & apos; feedbacks based on multiple criteria decision making technique to find an appropriate portfolio. We first select some important financial criteria and then using decision makers & apos; opinions and by implementation of some fuzzy network analysis we find appropriate weights of the asset. The proposed model uses two multiple criteria techniques namely TOPSIS and VIKOR and the model is examined for some real-world data from Tehran Stock Exchange. The results of the implementation of the proposed model have been examined against Markowitz traditional model. The preliminary results indicate that the proposed model of this paper performs reasonably well compared with alternative method.
Cash flow and leverage are two main components of any business firms. A good level of cash flow and leverage shows a desirable performance for business organizations. This paper presents an empirical investigation to study the relationship between combined leverage and cash flow in terms of board of director’s ownership and corporate governance structures. The study selects 86 randomly selected firms listed on Tehran Stock Exchange over the period 2009-2013. Using some statistical tests, the survey has indicated that there was a meaningful relationship between leverage and cash flow for firms with different corporate governance structures. The study has also determined that there was a meaningful relationship between leverage and cash flow for firms with different board of director’s ownerships.
One of the most important concerns in privatization of governmental banks is to see whether there is any change on the performance of the privatized banks or not. The proposed study of this paper performs an empirical investigation on some privatized banks. In our study, we measure two well-known financial figures including return on assets and return on equity two years before and after privatization program. The proposed study uses non-parametric analysis to perform the investigation. The results indicate that there is a meaningful difference between the performance of these banks before and after privatization.
Just in time is one of the most important components of having efficient production plan. The primary objective of JIT is to reduce the amount of storage as much as possible to remove the cost of inventories and work-in-progress. However, the implementation of JIT is a tedious task especially in developing countries, where there are shortages for essential infrastructures and increase the risk of production in case of JIT adaptation. In this paper, we present a survey to detect important factors preventing JIT implementation in Iran. The proposed study designs a questionnaire for assessing important factors influencing JIT adaptation, which includes inflation, political sanction, unreliable suppliers, shortage of cash flow and weak organizational culture. The results of our survey confirm that shortage of cash flow is the most important factor, follows by economical sanction and inflation.