0 نوع مدیریت سود و تأثیر اندازه‌ی شرکت، ساختار مالکیت و حاکمیت شرکتی بر آن Profitability Management and the Effects of Size of Company, Ownership Structure and Corporate governance https://jaa.shirazu.ac.ir/article_507.html 10.22099/jaa.2012.507 0 موضوعی که در این پژوهش به آن پرداخته می‌شود انگیزه‌ی مدیران از مدیریت سود است که می‌توان آن را به دو گروه مدیریت سود کارا و فرصت‌طلبانه‌ی تقسیم‌بندی نمود. علاوه بر این، تأثیر اندازه‌ی شرکت، ساختار مالکیت و حاکمیت شرکتی بر گرایش مدیران در انتخاب نوع مدیریت سود نیز مورد بررسی قرار می‌گیرد. نمونه، شامل 119 شرکت پذیرفته شده در بورس اوراق بهادار تهران بین سال‌های 1382 تا 1387 را در برمی‌گیرد. فرضیات با استفاده از دو رگرسیون و روش آماری داده‌های ترکیبی مورد آزمون قرار گرفته‌اند. نتایج به‌دست آمده حکایت از به‌کارگیری مدیریت سود کارا دارد. اندازه‌ی شرکت و مالکان خانوادگی دو عاملی هستند که بر گرایش مدیران در انتخاب نوع مدیریت سود، تأثیر گذارند. در مقابل بین مدیران غیر موظف، سهام‌داران نهادی و کیفیت حسابرس مستقل با گرایش مدیران در انتخاب نوع مدیریت سود رابطه‌ی معناداری مشاهده نگردید. هم‌چنین بررسی‌ها نشان می‌دهد که وجه نقد عملیاتی آتی، کاراتر از تغییرات در سود خالص، برای ارائه‌ی تصویری از قدرت سودآوری آتی است. 1 Journal of Accounting Advances (J.A.A) Vol. 3, No. 2, Fall & Winter, 2012, Ser. 61/3 Extended Abstract Profitability Management and the Effects of Size of Company, Ownership Structure and Corporate governance Dr. A. Ahmadpour H. Montazeri Mazandaran University Introduction There are two types of earnings management: efficient and opportunistic. Earnings management is efficient if managers use their discretion to communicate private information about firm profitability, while it is opportunistic if managers use their discretion to maximize their utility, thereby garbling earnings. Firm Size: Managers of small companies are able to retain their private information more successfully than managers of large companies. As firm grows in size, the information on that firm becomes more publicly available which makes more difficult for large firms to manage earnings opportunistically than for small firms. Ownership structures: Family-controlled firms should be more efficient than publicly-owned firms because monitoring costs are lower in family-owned firms. Nonetheless, for firms belonging to business groups, owners may motivate by opportunistic behavior to expropriate minority shareholders. We suggest that firms with high family ownership and no business groups should be able to limit opportunistic earnings management. Institutional ownership in an entity provides strong incentive for investors to actively monitor and influence managements' policy for that entity. They could identify earnings management faster and easier than non-institutional investors. Therefore, we expect that Institutional investors be able to limit opportunistic earnings management. Corporate governance: We argue that the existence of corporate-governance practices in a firm will limit opportunistic earnings management. In our study we employ audit quality and independent board members, as proxies for corporate-governance practices. Auditors' Independence and Audit quality will increase when they are selected by independent board members. So, it's more likely, they are able to discover and report a breach in the client's accounting system. This suggests that high audit quality should limit opportunistic earnings management. One of the independent board members tasks is ensuring a firm's financial statement's transparency and faithfulness. Independent board should notice that management could deal with earnings management. So they should monitor managers' opportunistic behavior. We expect that higher the proportion of independent board members will restrain opportunistic earnings management. Research hypotheses This research includes six hypotheses as follows: 1: There is a relationship between discretionary accruals and future profitability. 2: Effect of discretionary accruals in future profitability is more in firms with family ownership and no business groups than other firms. 3: The more the share of investing institutions in property, the more the effect of discretionary accruals in future profitability 4: Effect of discretionary accruals in future profitability is more on firms with larger value of capital market than smaller firms. 5: Effect of discretionary accruals in future profitability increases on firms audited by large auditioning institutes than firms audited by other auditors. 6: Higher shares of independent board members results in higher effects of discretionary accruals in future profitability. Methods Our samples consisted of 119 companies which have been involved in TSE from 1382 to 1387. We used multiple regressions to examine hypotheses. In order to test the first hypothesis, regression model (1) was used as follows: Xit+1 = β0 + β1 CFOit + β2 DFAMit + β3 INSTit + β4 BODit + β5 DSIZEit + β6 AUDITit + β7 NDACit+ β8 DACit + eit If the type of earnings management is efficient, the coefficient (β8) will be positive. Otherwise, it will be either zero, negative or insignificant. In order to test the second to sixth hypotheses, regression model (2) was used as follows: Xit+1 = β0 + β1 CFOit + β2 DFAMit + β3 INSTit + β4 BODit + β5 DSIZEit + β 6 AUDITit + β7 NDACit + β8 DACit + β9 DACit × DFAMit + β10 DACit × INSTit + β11 DACit × BODit + β12 DACit × DSIZEit + β13 DACit × AUDITit + eit It's expected in regression (2) that β9 - 13 > 0 We used two measures of future profitability (Xt+1 = ΔEARNt+1 or CFOt+1). Evidence offer which CFO is the most reliable because it does not include any discretionary accrual components. Therefore we offer our results based on CFO. Also we used 4 models to decompose total accruals into discretionary accruals (DAC) and non discretionary accruals (NDAC) components. Based on the adjusted R2, the model of Kasznik (1999) was selected. Results Results of estimating model (1): Results show that among all variables in the model, CFO, DAC and NDAC are significant in the confidence level of 95%. The Coefficient (β8) is positive for DAC variable. Results of estimating model (2): Results show that among all variables in the model, CFO, DFAM, NDAC, DAC*DFAM and DAC*DSIZE are significant in the confidence level of 95%. The Coefficients β9 andβ12 are positive for DAC*DFAM and DAC*DSIZE variables respectively. Conclusion Results indicate efficient earnings management implications. It was also determined there is a significant relationship between firm size, high family ownership and no business groups and managers tendency in selecting the type of earnings management. In other words these two variables are the factors that force managers to use efficient earnings management or prevent them for using opportunistic earnings management. Also evidence does not offer any significant relationship between independent board members, institutional ownership, quality of independent auditor and the tendency of managers in selecting earnings management. 1 35 احمد احمدپور Ahmad Ahmadpour دانشیار گروه حسابداری دانشگاه مازندران ایران ahmadpour@umz.ac.ir هادی منتظری Hadi Montazeri کارشناس ارشد حسابداری ایران واژه‌های کلیدی: نوع مدیریت سود اندازه‌ی شرکت حاکمیت شرکتی ساختار مالکیت

0 کیفیت اطلاعات حسابداری، سرمایه‌گذاری بیش از حد و جریان‌ نقد آزاد The Association between Accounting Information Quality, Overinvestment and Free Cash Flow https://jaa.shirazu.ac.ir/article_505.html 10.22099/jaa.2012.505 0 این پژوهش، به مطالعهی رابطهی بین کیفیت اطلاعات حسابداری، سرمایه‌گذاری بیش از حد و جریان نقد آزاد، در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران بین سال‌های 1380 تا پایان 1389 می‌پردازد. مبانی نظری این پژوهش مبتنی بر نظریهی نمایندگی و نظریهی اقتصاد اطلاعات است و ریشه در مسائلی چون تضاد منافع و عدم تقارن اطلاعاتی دارد. مسألهی اصلی مربوط به نوعی از عدم کفایت سرمایه‌گذاری، تحت عنوان سرمایه‌گذاری بیش از حد است که از طریق جریان نقد آزاد بهوجود می‌آید. نتایج بهدست آمده حاکی از آن است که هر چه کیفیت اطلاعات حسابداری شرکت‌ها بالاتر باشد، مسألهی سرمایه‌گذاری بیش از حد، کم‌تر بهوجود می‌آید و این رابطه در شرکت‌هایی با جریان‌های نقد آزاد بالا بیش‌تر رخ می‌دهد و تأثیر کاهش سرمایه‌گذاری بیش از حد از طریق کیفیت اطلاعات حسابداری در این شرکت‌ها به مراتب بیش‌تر است 1 Journal of Accounting Advances (J.A.A) Vol. 3, No. 2, Fall & Winter, 2012, Ser. 61/3 Extended Abstract The Association between Accounting Information Quality, Overinvestment and Free Cash Flow Dr. A. Saghafi Dr. G. Bulu M. Mohammadian Allameh Tabatabaee University Introduction One of the challenging issues today is economic development. With regard to this subject, the measure of investment is very important; so that, decisions about investment and capital allocation are some of the key and essential decisions in the company. Hence, an entity for investing in various projects, should considers limits or measure of investment according to limited resources. In an inefficient market, information asymmetry and agency conflicts prevent optimal investment and desirable decisions. Overinvestment is an example of a non-optimal investment the main reason for it being the free cash flow of company. Hence, the main object of this research is related to overinvestment of free cash flow of companies. In order to solve or reduce this problem and according to the significant role of the quality of accounting information to reduce information asymmetry, in this study, the role of accounting information quality to reduce overinvestment was studied. Research questions According to theatrical model, the questions of this study was designed and given the purpose of the study and related literature (e.g., Yang, J. and Y. Jiang, 2008, Biddle, et al. 2009), the following hypotheses were presented and tested: 1. There is a meaningful relationship between free cash flow and Overinvestment. 2. There is a meaningful relationship between accounting information quality and Overinvestment. 3. There is a stronger meaningful relationship between accounting information quality and Overinvestment in companies with high free cash flow compared with companies with low free cash flow. Methods Past event inquiry studies have been used in this research (using historical information). This research is of descriptive-correlative type. The multiple regression method is used to examine the hypotheses. All models are examined at the 0.05 level or better. All the examinations for the total independent variables are performed separately but the conclusions are represented totally in the table. The variables being considered are: overinvestment as the dependent variable, accounting information quality as the independent variable, free cash flow as the Dummy Variable and the controls variables (e.g., size, Cash, Grow, Leverage and…). In this research, sample size after limitation sample was determined in Tehran Stock Exchange and the data of 64 companies from years 1380 to 1389 were collected. Then the measure of overinvestment and accounting information quality of companies according to their free cash flow were determined. For statistical analysis and to test hypothesis, descriptive statistics (mean and standard deviation) and inferential statistics (simple and partial correlation, single and multiple linear regression and analysis of variance) were used. Results After testing hypothesis, this result was obtained that overinvestment in companies with higher accounting information quality occurs less. In addition, overinvestment in companies with high free cash flow compared to companies with low free cash flow occurs much more and the influence of decreasing through the quality of accounting information on these companies is considerably higher. Discussion and conclusion Results from testing the first hypothesis of the study show that there is a meaningful relationship between accounting information quality and Overinvestment. In that, accounting information quality is important factor in decries Overinvestment. In fact, useful information and use of accounting information with higher quality, decries information asymmetry and solves agency conflict problems and therefore improve an investment efficient. Results from testing the second hypothesis of the study show that there is a stronger meaningful relationship between accounting information quality and Overinvestment in companies with high free cash flow compared with companies with low free cash flow. That is, free cash flow is an important factor in the creation of Overinvestment problems and causes problems as information asymmetry and agency are conflicting. 37 63 علی ثقفی Ali Sagafi دانشیار بخش حسابداری دانشگاه تهران ایران hossein.taleb@gmail.com قاسم بولو Ghasem Blue استادیار بخش حسابداری دانشگاه علامه طباطبائی ایران محمد محمدیان Mohammad Mohamadian کارشناس ارشد حسابداری دانشگاه علامه طباطبائی ایران zmehtari.shirazu@gmail.com واژه‌های کلیدی: سرمایه‌گذاری سرمایه‌گذاری بیش از حد کیفیت اطلاعات حسابداری جریان نقد آزاد

0 بررسی رابطه ی بین نوسان پذیری و قابلیت پیش‌بینی سود Investigation of Relationship between Earnings Volatility and Earnings Predictability https://jaa.shirazu.ac.ir/article_506.html 10.22099/jaa.2012.506 0 این تحقیق رابطهی نوسانپذیری و قابلیت پیشبینی سود را بررسی می‌کند. اعتقاد مدیران بر این است که نوسانات شدید سود منجر به کاهش قابلیت پیشبینی سود خواهد شد. عوامل اقتصادی و حسابداری از جمله عواملی هستند که رابطهی نوسانپذیری و قابلیت پیشبینی سود را تحت تأثیر قرار می‌دهند. تحقیق حاضر، اطلاعات مالی 165 شرکت پذیرفته شده در بورس اوراق بهادار را بین سال‌های 74تا 87 در بر‌میگیرد. یافتههای حاصل از این تحقیق، نشاندهندهی ارتباط منفی بین نوسانپذیری و قابلیت پیشبینی سود در افق‌های زمانی کوتاهمدت و بلندمدت است. هم‌چنین نتایج پژوهش، حاکی از وجود رابطهی مثبت، بین نوسانپذیری سود فصلی و قابلیت پیشبینی سود است که این رابطه، از رابطهی بین نوسانپذیری سود سالانه و قابلیت پیش‌بینی سود، قویتر است. 1 Journal of Accounting Advances (J.A.A) Vol. 3, No. 2, Fall & Winter, 2012, Ser. 61/3 Extended Abstract Investigation of Relationship between Earnings Volatility and Earnings Predictability Dr. H. Haghighat M. Motamed Imam Khomeini International University Azad University Introduction This study investigated the relationship between earnings volatility and earnings predictability. The motivation for this topic comes from several sources. First, a number of applications require the prediction of earnings while our knowledge in this area remains limited, especially for long-run forecasts of earnings. Second, recent survey evidence reveals widely held managerial beliefs that earnings volatility reduces earnings predictability. Thus, this study can be viewed as a test of the validity and utility of these beliefs. Third, existing findings offer some conjectures about the possible mechanisms which drive the relation between earnings volatility and earnings predictability. Economic factor is including economic environment that contains all of the individuals and institutions and other forces whose functions are affected. The accounting factors effecting on the above mentioned relationship are: matching quality, accrual quality, earnings smoothing. Methods The sample includes 165 companies in Tehran Stock Exchange (TSE) with data available from 1374-1378. In order to obtain the required data yearly and seasonally financial reports from Stock Exchange database and tadbirpardaz software were employed. Hypothesis According to theoretical issues raised, research hypothesis can be stated as follows: H1: Earnings volatility in short term will be negatively correlated with earnings predictability. H2: Earnings volatility in long term will be negatively correlated with earnings predictability. H3: Relations between yearly earnings predictability and earnings volatility in short term will be equal to relations between seasonal earnings predictability and Earnings volatility. Results Findings from this research indicate that there is a negative correlation between earnings volatility and earnings predictability in the short and long term. Also there is a positive relationship between seasonal earnings volatility variable and earnings predictability variable. The results show relationship between the earnings volatility and earnings predictability is weaker than relationship between seasonal earnings volatility and earnings predictability variable. 65 87 حمید حقیقت Hamid Haghighat استادیار گروه حسابداری دانشگاه بین المللی امام خمینی ایران hagh2006@yahoo.com محمد معتمد Mohammad Motamed دانشجوی کارشناسی ارشد حسابداری ایران واژه‌های کلیدی: نوسان‌پذیری سود قابلیت پیش‌بینی سود عوامل اقتصادی و حسابداری

0 بررسی رابطه‌ی بین خالص دارایی‌های عملیاتی و بازده‌ی سهام شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران An Investigation of the relationship between Net Operating Assets and Stock Returns of Listed Companies in Tehran Stock Exchange https://jaa.shirazu.ac.ir/article_508.html 10.22099/jaa.2012.508 0 پژوهش حاضر با الهام از نظریه‌ی نو ظهور مالی رفتاری، رابطه‌ی یکی از متغیرهای مؤثر در تشریح رفتار بازده‌ی سهام به نام خالص دارایی‌های عملیاتی با بازده‌ی سهام را بررسی نموده است. در این پژوهش داده‌های 93 شرکت پذیرفته شده در بورس اوراق بهادار تهران در سال‌های 1376 تا 1386 استفاده گردیده است. بر اساس آزمون‌های انجام شده، داده‌های جمع‌آوری شده به‌صورت پانلی در نظر گرفته شده است. در نهایت فرضیه‌های پژوهش با استفاده از نرم افزار آماری و روش رگرسیونی داده‌های پانلی با مدل اثرات ثابت مورد آزمون قرار گرفته است. یافته‌ها بیان‌گر آن است که بین خالص دارایی‌های عملیاتی و بازده‌ی سهام رابطه‌ی منفی وجود دارد و به لحاظ آماری نیز این رابطه معنی‌دار است. 1 Journal of Accounting Advances (J.A.A) Vol. 3, No. 2, Fall & Winter, 2012, Ser. 61/3 Extended Abstract An Investigation of the relationship between Net Operating Assets and Stock Returns of Listed Companies in Tehran Stock Exchange Dr. M. Arabsalehi Dr. A. Saeedi S. A. A. Abedi Avanji Isfahan University ISfahan University Isfahan University Introduction Stock Exchange has an important role in the development of each country through directing the investment of personal saving to productive activities. The investors' main goal is getting a reasonable return of their investments. Thus, the investigation into the behavior of stock returns is an important subject in which area researchers conducted a valuable amount of research. According to Capital Asset Pricing Model (CAPM), systematic risk (beta coefficient) is the only factor that can explain stock returns. However, experimental evidences are documented that show beta as the index of systematic risk cannot explain all aspects of stock return. Experimental evidence shows that in addition to beta some other factors such as firm's size and book value to Market value ratio of equity play a vital role in explaining the stock return. Consequently, financial theory has started a new era and a new theory is born called “Behavioral Finance Theory”. Behavioral finance theory tries to explain those aspects of stock return behavior which are not explainable by CAPM, by applying psychology and studying the investor's behavior. In this research, based on behavioral finance theory “the relationship between stock return and Net Operating Assets” as an influential factor in explaining of stock return behavior, is investigated. Research Hypothesis To achieve the objectives of this research we developed the research hypothesis as: there is a relationship between Net Operating Assets and stock return among companies listed in Tehran Stock Exchange. In this study our statistical hypotheses are: H0: there is not any significant relationship between Net Operating Assets and stock return in Tehran Stock Exchange listed companies. H1: there is a significant relationship between Net Operating Assets and stock return in Tehran Stock Exchange listed companies. Methods This research is a kind of applied-correlative type. The target population consists of Tehran Stock Exchange listed companies; 93 companies are selected by applying systematic sampling to select the sample population. In this study the multiple regression model to investigate the behavior of stock return is as follows: Stock returns (R), is the output variable and Net Operating Asset (NOA), is an independent variable. Accruals are entered in this model as control variable. This model also contains Size and B/M as asset pricing control variables. Size is the market value of common equity and the book-to-market ratio (B/M), is the book value of common equity divided by the market value of common equity, both measured at fiscal year end. In addition to these two variables, we also include a number of past return proxies to control for the 1 month-reversal, 12-month momentum, and 3-year reversal effect. The above multiple regressions run by applying statistical software "STATA" and Chow test indicated that we must use Panel data. Then to choose the Random Effect Model (REM) or Fixed Effect Model (FEM) Hausman test was used. The test indicates that FEM must be used. Results Findings show that there is a negative meaningful linear relationship between NOA and stock return in Tehran Stock Exchange listed companies. Discussion and Conclusion According to literature and the negative relationship between NOA and stock return it can be concluded that investors in Tehran Stock Exchange value firms based on their earnings performance rather than performing a complete analysis of financial variables. In other words, investors with limited attention tend to overvalue firms whose balance sheets are bloated as shown with NOA. 89 112 مهدی عرب صالحی Mahdi ArabSalehi استادیار گروه حسابداری دانشگاه اصفهان ایران m_arabsalehi@yahoo.com علی سعیدی Ali Saeeidi استادیار گروه حسابداری دانشگاه اصفهان ایران سید علی اکبر عابدی اونجی Saeeid Ali Akbar Abedi Avanji کارشناس ارشد حسابداری دانشگاه اصفهان ایران hadiavanji@yahoo.com واژه‌های کلیدی: مالی رفتاری خالص دارایی‌های عملیاتی بازده‌ی سهام اندازه شرکت

0 رابطه ی بین محافظه‌کاری حسابداری و کارایی سرمایه‌گذاری شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران The Association between Accounting Conservatism and Investment Efficiency in Tehran Stock Exchange (TSE) https://jaa.shirazu.ac.ir/article_509.html 10.22099/jaa.2012.509 0 هدف پژوهش‌ حاضر، بررسی رابطهی بین محافظه‌کاری حسابداری و کارایی سرمایه‌گذاری، جهت آگاه ساختن مدیران، سرمایه‌گذاران و نهادهای حرفه‌ای حسابداری، نسبت به مطلوبیت محافظه‌کاری حسابداری به‌عنوان یک ویژگی کیفی اطلاعات حسابداری است. جامعهی آماری پژوهش حاضر، شامل 96 شرکت است که برای دورهی زمانی 1378 تا 1387 بررسی شده‌اند. نتایج حاصل از پژوهش‌ نشان می‌دهد که بین محافظهکاری حسابداری و سرمایهگذاری آتی، در سطح شرکتها و در سطح 7 گروه از صنایع، ارتباط معنی‌دار وجود دارد. همچنین بین اندازهی شرکت و سرمایهگذاری آتی در سطح کل شرکتها و در صنایع شیمیایی، غذایی و دارویی، ارتباط معنی‌دار منفی، بین نسبت ارزش بازار به ارزش دفتری و سرمایهگذاری آتی در سطح کل شرکتها و در صنایع چوب و نساجی، شیمیایی، فلزی و کاشی و سرامیک، ارتباط معنی‌دار مثبت و بین اهرم مالی و سرمایه‌گذاری آتی در سطح کل شرکتها و در صنایع غذایی و دارویی، ارتباط معنی‌دار منفی وجود دارد. 1 Journal of Accounting Advances (J.A.A) Vol. 3, No. 2, Fall & Winter, 2012, Ser. 61/3 Extended Abstract The Association between Accounting Conservatism and Investment Efficiency in Tehran Stock Exchange (TSE) Dr. H. Mahmoodabadi Z. Mehtari Shiraz University Introduction The main purpose of this study is to investigate the relationship between accounting conservatism and investment efficiency, to inform managers, investors and professional accounting bodies about the good quality of accounting conservatism as a qualitative characteristic of accounting information. Conservatism is expected (1) to improve the monitoring process over managerial investment decisions, decreasing investment in settings where managers are likely to over-invest, and (2) to facilitate the access to external financing at lower cost, increasing investment in settings where managers are likely to under-invest. This study highlights the informational benefits of conservatism, which is predicted to reduce information asymmetries. We find that more conservative firms are less likely to over- and under-invest. Research Hypothesis To achieve the purpose of this study, eight research hypotheses are chosen. These hypotheses are as follow: There is a significant relationship between accounting conservatism and future investment at corporate level. There is a significant relationship between accounting conservatism and future investment at industry level. Accounting conservatism reduces investment in firms with overinvestment. 4. Accounting conservatism reduces investment in industries with overinvestment. 5. Accounting conservatism increases investment in firms with underinvestment. 6. Accounting conservatism increases investment in industries with underinvestment. 7. Accounting conservatism increases investment efficiency at corporate level. 8. Accounting conservatism increases investment efficiency at industry level. Research Method Firms in the statistical population of this study are the companies accepted in Tehran Stock Exchange. The study period is between the years 1378 to 1387. Research method is exploring and determining the relationship between dependent and independent variables by using regression and correlation. Post event inquiry researches have been used (using historical information). For statistical analysis and to test hypothesis, descriptive statistics (mean and standard deviation) and inferential statistics (correlation-test, single and multiple linear regression and analysis of variance) are used. Results The results reveal that there is a significant correlation between accounting conservatism and future investment at corporate level and also at 7 industry groups' level. There have been significant negative correlation between firm size and future investment at company and chemical, food and pharmaceutical industries; there have also been significant and positive correlations between ratio of market value to book value and future investment at company and wood and textile, chemical, metal and ceramic industries; another result reveals that there have been significant negative correlations between financial leverage and future investment at company level and pharmaceutical and food industries. Discussion and Conclusion According to the results, we find that the accounting conservatism reduces overinvestment and underinvestment in corporate level and in various industries. Therefore, increasing conservatism will result in investment efficiency. 113 140 حمید محمودآبادی Hamid Mahmoodabadi استادیار گروه حسابداری دانشگاه شیراز ایران mahmoodabadi@rose.shirazu.ac.ir زینب مهتری Ziynab Mehtary دانشجوی کارشناسی ارشد حسابداری ایران zmehtari.shirazu@gmail.com واژه‌های کلیدی: محافظه‌کاری سرمایه‌گذاری بیش از حد سرمایه‌گذاری کم‌تر از حد کارایی سرمایه‌گذاری

0 بررسی رابطه ی بین مالکیت نهادی سهام و عمل‌کرد سرمایه‌ی فکری در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران The Relationship between Institutional Stock Ownership and Intellectual Capital Performance of Listed Companies in Tehran Stock Exchange https://jaa.shirazu.ac.ir/article_510.html 10.22099/jaa.2012.510 0 هدف تحقیق حاضر، فراهم آوردن شواهدی در ارتباط با نقش سرمایه‌گذاران نهادی است. از این منظر که مالکیت نهادی سهام بر عمل‌کرد سرمایه‌ی فکری شرکت تأثیر دارد. ازاینرو، تعداد 92 شرکت از شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران طی دوره‌ی زمانی 1384 تا 1388 مورد بررسی قرار گرفتند. با استفاده از روش تجزیه ‌و ‌تحلیل پنل و رگرسیون حداقل مربعات ادغامی، نتایج تحقیق حاکی از آن است که در سطح اطمینان 95 درصد بین سطح سرمایه‌گذاران نهادی و عمل‌کرد سرمایه‌ی فکری رابطهی مستقیم وجود دارد،اما بین تمرکز سرمایه‌گذاران نهادی و عمل‌کرد سرمایه‌ی فکری رابطهی معنیداری مشاهده نشد. 1 Journal of Accounting Advances (J.A.A) Vol. 3, No. 2, Fall & Winter, 2012, Ser. 61/3 Extended Abstract The Relationship between Institutional Stock Ownership and Intellectual Capital Performance of Listed Companies in Tehran Stock Exchange Dr. M. Moradzadehfard M. Adili Karaj Islamic Azad University Mahmoudabad Khazar Institute Introduction To overcome the competition, a company not only focuses on physical capital, but also focuses on intellectual capital. A company can achieve a competitive advantage and earn profit by owing intellectual capital. Intellectual Capital (IC) performance is the efficiency of investments in tangible and intangible resources in value creation activities. The performance of intellectual capital (IC) is important because it would contribute to the company’s long term competitive advantage. Our review of literature suggests that this is the first study that investigates the relationship between Institutional Stock Ownership and IC performance. This study contributes to the literature by giving additional insights into the role and incentives of the firm owners that could affect the attention of the company towards activities that can increase company’s value (value creation activities). Research question This paper tests whether institutional stock ownership would significantly explain the variation in company’s intellectual capital performance. Although the effect of institutional stock ownership on IC performance may not be direct, these owners, through their representative in the board of directors, would determine the decisions that may affect value creation activities in companies. According to this explanation and agency theory, we expect there is significant relationship between institutional stock ownership and the performance of IC investment by companies. Methods The sample data used for the research consisted of financial reporting by companies listed by the Tehran Stock Exchange (TSE). We used a pooled cross-sectional least squares regression of the intellectual capital performance (VAIC) with institutional stock ownership and other control variables. The hypothesis test was conducted by regression analysis model with the degree of significant at 0/05. Results Consistent to our expectations, empirical results suggest that institutional stock ownership has a significantly positive impact on intellectual capital performance. Discussion and Conclusion With the emergence of knowledge based economy, we have witnessed many changes in the corporate nature of work. Changes also occur in the value as well as perception placed on corporate performance’s parameters. In this century, many business communities over the globe agree that knowledge assets are becoming more critical in the corporate value creation than physical production factors. Unfortunately, the traditional accounting convention is unable to accommodate the need for reporting the knowledge assets. Thus, this phenomenon has created significant disparity between the market value and book value of many companies. IC is one aspect of essential resources for corporate success. It is important to determine the efficiency of IC investment made by companies; because the investment made in IC would contribute to their long term competitive advantage. This paper explores some possible factors that contribute to the efficiency of intellectual capital from corporate governance perspective. We believe institutional ownership is important in determining the IC policy and monitoring the management actions for the achievement of the company strategy. The results of the study are important for regulators of the capital market to monitor the factors associated with the efficiency of investment made for value creation activities in companies. 141 162 مهدی مرادزاده فرد Mahdi Moradzadehfard استادیار گروه حسابداری دانشگاه ازاد اسلامی واحد کرج ایران moradzadehfard@kiau.ac.ir مجتبی عدیلی Mojtaba Adili عضو هیئت علمی گروه حسابداری موسسه آموزش عالی غیر انتفاعی خزر محمودآباد ایران واژه‌های‌کلیدی: مالکیت نهادی تمرکز مالکیت نهادی حاکمیت شرکتی عمل‌کرد سرمایه‌ی فکری

0 بررسی تجربی نقش اجزای سرمایه‌ی فکری در ارزیابی عملیات مالی شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران Investigating the Impact of the Components of Intellectual Capital on the Firm’s Financial Performance: Evidence from Tehran Stock Exchange (TSE) https://jaa.shirazu.ac.ir/article_511.html 10.22099/jaa.2012.511 0 هدف این پژوهش بررسی تأثیر سرمایه‌ی فکری و اجزای آن بر ارزیابی عملیات مالی شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران است. نسبت بازده‌ی حقوق صاحبان سهام، نسبت بازده‌ی دارایی‎ها و سود هر سهم به‌عنوان شاخص‌های عمل‌کرد در نظر گرفته شده‎اند. دوره‌ی زمانی مورد مطالعه، سالهای 1381 تا 1386 و نمونه‌ی انتخابی شامل 100 شرکت است. برای آزمون فرضیه‌های پژوهش روش آماری «داده‌های ترکیبی» به‌کار رفته است. نتایج به‌دست‌آمده از آزمون فرضیههای این پژوهش، با استفاده از مدل پالیک (2000) بیان‌گر این است که حتی پس از کنترل اندازه‌ی شرکت و ساختار بدهی، بین سرمایه فکری با عمل‌کرد مالی شرکت رابطه‌ی مثبت و معنیداری وجود دارد. سرمایه‌ی فکری افزون بر این، میان کارایی سرمایه‌ی به‌کار گرفته شده و کارایی سرمایه‌ی انسانی با سود هر سهم نیز رابطه‌ی مثبت معنی‌داری وجود دارد، اما رابطه‌ی میان کارایی سرمایه‌ی ساختاری با سود هر سهم مثبت و بی‌معنی است 1 Journal of Accounting Advances (J.A.A) Vol. 3, No. 2, Fall & Winter, 2012, Ser. 61/3 Extended Abstract Investigating the Impact of the Components of Intellectual Capital on the Firm’s Financial Performance: Evidence from Tehran Stock Exchange (TSE) Dr. M. Namazi Sh. Ebrahimi Shiraz University Introduction The purpose of this research is to explore the contribution of intellectual capital and its components to the financial performance of the listed companies in the Tehran Stock Exchange. Research Hypothesis In this study the following hypotheses are formulated based upon the components of the intellectual capital: The relationship between intellectual capital and return on equity: 1. There is a significant relationship between intellectual capital and return on equity. 2. There is a significant relationship between the components of the intellectual capital and return on equity. B. The relationship between intellectual capital and return on assets: 3. There is a significant relationship between the intellectual capital and return on assets. There is a significant relationship between the components of the intellectual capital and return on assets. The relationship between intellectual capital and earnings per share: There is a significant relationship between the intellectual capital and earnings per share. There is a significant relationship between the components of the intellectual capital and earnings per share. Methods & Variables In the present research, three kinds of variables were employed: independent variables, dependent variables and control variables. Independent variables of this research include intellectual capital and its’ components (namely, capital employed, human capital efficiency and structural capital efficiency) that are measured based on the Pulic’s model (2000b). Dependent variable of this research is financial performance of the examined companies, which is measured in terms of profitability ratios developed by Nevo (1989). These ratios are: return on equity, return on assets, earnings per share and income margin. The control variables of this study are as follows: Debt structure (financial leverage): which is measured by the total debt to book value of total assets ratio. It intends to control the impact of debt servicing on the profitability and wealth. Firm size: which is measured by total assets. This is done to control the effect of size on the wealth creation through economies of scale, monopoly power and bargaining power. Results The results of estimating the first, third and fifth hypotheses using fixed method indicate that there is a significant positive relationship between intellectual capital and financial performance of the examined companies. The obtained results from estimating the second and fourth hypotheses, using fixed method, showed that there is a significant positive relationship between elements of intellectual capital and the financial performance of the investigated companies even after controlling for the size and debt structure. Howere, the results of estimating the sixth hypothesis using the fixed method indicate that although the relationship between elements of intellectual capital and earnings per share is positive, this relation is significant for the capital employed efficiency and human capital efficiency. Discussion and Conclusion In this study, totally, 100 companies listed in the Tehran Stock Exchange were studied as a case study during 1380 to 1386. Value added intellectual capital coefficient model was used to measure intellectual capital and its components. The equity ratio, return on assets and earnings per share were considered as financial performance measures. By utilizing “panel data” technique, the results of hypotheses testing indicated that there is a significantly positive relationship between financial performance and the intellectual capital, regardless of the firm size and the debt structure. This finding is consistent with resource-based view of the firm and transactions cost theory. Furthermore, there is a significantly positive relationship between the components of intellectual capital (that is capital employed, human capital and structural capital) and financial performance, after controlling for the firm size and the debt structure. However, the relationship between structural capital and earnings per share is positive and insignificant. Generally, these findings are consistent with the results of Bontis (1998), Bontis et al (2000), Riahi belkoui (2003), Chen et al (2005), Chen Go (2005), Bollen et al (2006), Zhang et al (2006), Kohen and Kaminaks (2007), Apuhami (2007), Kamath (2007), Tan et al (2007). However, these are inconsistent with the results of Firrer and Williams (2003). 163 197 محمد نمازی Mohammad Namazi استاد دانشگاه شیراز ایران mnamazi@rose.shirazu.ac.ir شهلا ابراهیمی Shahla Ebrahimi دانشجوی دکتری حسابداری دانشگاه شیراز ایران واژه‌های کلیدی: سرمایه‌ی فکری عمل‌کرد مالی داده‌های ترکیبی بورس اوراق بهادار