Refine your search
Collections
Co-Authors
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All
Kangarlouei, Saeid Jabbarzadeh
- The Investigation of the Impact of Conditional and Unconditional Conservatism on Agency Cost in Tehran Stock Exchange
Abstract Views :266 |
PDF Views:0
Authors
Affiliations
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Tabriz Branch, Islamic Azad University, Tabriz, IR
3 Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Tabriz Branch, Islamic Azad University, Tabriz, IR
3 Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
Source
International Journal of Financial Management, Vol 3, No 3 (2013), Pagination: 1-7Abstract
The aim of this study is to investigate the relationship between conservatism and agency costs in firms listed in Tehran Stock Exchange (TSE). To do so, a sample of 588 firms is selected as research sample for the period of 2004-2010 and fixed effect regression model is used to test hypotheses. C- scoreij index is used to measure unconditional conservatism and Ball and Shivakumar (2005) model to measure conditional conservatism. Multiplying Tobin's Q by free cash flow is considered a proxy for agency cost as independent variable. The results show that conditional conservatism has a negative and significant impact on agency cost while unconditional conservatism has a positive and significant impact.Keywords
Conditional Conservatism, Unconditional Conservatism, Agency Costs
References
- Ahmeda, A. S. & Duellman, S. (2011). Evidence on the role of accounting conservatism in monitoring managers’ investment decisions. Accounting and Finance, 51(3), 609-633.
- Ball, R. & Shivakumar, L. (2005). Earnings quality in UK private firms: Comparative loss recognition timeliness. Journal of Accounting and Economics, 39(1), 83-128.
- Basu, S. (1997). The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting & Economics, 24(1), 3-37.
- Beaver, W. H. & Ryan, S. G. (2005). Conditional and unconditional conservatism: Concepts and modeling. Review of Accounting Studies, 10(2-3), 269-309.
- Chi, W. & Wang, C. (2010). Accounting conservatism in a setting of Information Asymmetry between majority and minority shareholders. The International Journal of Accounting, 45(4), 465-489.AR
- Doukas, J. A. & McKnight, P. J. (2005). European momentum strategies, information diffusion, and investor conservatism. Doi: 10.1111/j.1354-7798.2005.00286.
- Gigler, F., Kanodia, C., Sapra, H. & Venugopalan, R. (2010). Accounting conservatism and the efficiency of debt contract. Forthcoming Journal of Accounting Research. Retrieved from SSRN: http://ssrn.com/abstract=1378295 or http://dx.doi.org/10.1111/j.1475-679X.2009.00336.x
- Givoly, D., Hayn, C. & Natarajan, A. (2007). Measuring reporting conservatism. The Accounting Review, 82(1), 65-106.
- Grambovas, C. A., Giner, B. & Christodoulou, D. (2006). Earnings conservatism: Panel data evidence from the European Union and the United States. ABACUS, 42(3-4), 354-378. doi: 10.1111/j.1467-6281.2006.00205.x 354.
- Jensen, M. C. (1986), Agency costs of free cash flow, corporate finance and takeovers. American Economic Review, 76(2), 323-29.
- Kim, B. H. & Pevzner, M. (2010). Conditional accounting conservatism and future negative surprises: An empirical investigation. Journal of Accounting and Public Policy, 29(4), 311-329.
- Iatridis, G. E. (2011). Accounting disclosures, accounting quality and conditional and unconditional conservatism. International Review of Financial Analysis, 20(2), 88-102.
- Lehn, K. & Poulsen, A. (1989). Free cash flow and stockholder gains in going private transactions. Journal of Finance, 44(3), 771-788.
- Iyengar, R. J. & Zampelli, E. M. (2010). Does accounting conservatism pay? Accounting and Finance, 50(1), 121-142.
- Vakili Fard, H. R., Nikoomaram, H., Jabbarzadeh Kangarluei, S. & Bayazidi, A. (2011). The investigation of the relationship between earnings management and conservatism in accounting system of Iran. International Journal of Academic Research, 3(1), 853-860.
- Watts, R. (2003). Conservatism in accounting Part I: explanations and implications. Accounting Horizon, 17(3), 207-221.
- Watts, R. L. & Zuo, L. (2012). Accounting Conservatism and Firm Value: Evidence from the Global Financial Crisis, MIT Sloan Research Paper No. 4941-11. Retrieved from http://ssrn.com/abstract=1952722.
- Young, K. K. (2005). Accounting Conservatism and Managerial Incentives Management Science, 51(11), 1626-1632.
- The Relationship Between Prior Period Adjustment and Earnings Management in Tehran Stock Exchange (TSE)
Abstract Views :211 |
PDF Views:0
Authors
Source
International Journal of Financial Management, Vol 2, No 4 (2012), Pagination: 1-9Abstract
This paper examines the relationship between Prior Period Adjustment (PPA) and Earnings Management (EM) in Tehran Stock Exchange (TSE). In other words, this study seeks to answer the question as to whether restatement causes the EM or not. For this purpose, a sample of 81 companies was selected and examined during the period of 2002 to 2010 in six industry using panel data with fixed effect model. Modified Jones model (1991) is used for measuring of EM. To test hypotheses, multiple regression models and Pearson correlation coefficients are used. Results indicate that there is no significant relationship between PPA and EM in TSE.Keywords
Prior Period Adjustment, Earnings Management, Tehran Stock ExchangeReferences
- Asifi, A., Rasooll, W. & Kamal, Y. (2011). Impact of Financial Leverage on Dividend Policy: Empirical Evidence from Karachi Stock Exchange - Listed Companies, African Journal of Business Management, 5(4), pp. 1312-1324 Retrieved from http:// www.academicjournals. org/AJBM, ISSN 1993-8233© 2011 Academic Journals.
- Al- Obaidan, A. (2008). Information Content of Dividends in Commercial Banking Industry of Emerging Markets. International Research Journal of Finance and Economics, ISSN-1450-2887, (17).
- Amihud, Y. & Murgia, M. (1997). Dividends, Taxes and Signaling: Evidence from Germany. J. Finance, 52(1), pp. 397 - 408.
- Amidu, M. & Joshua, A. (2006). Determinants of Dividend Payout Ratios in Ghana. The Journal of Risk Finance, 7(2), pp. 136 - 145.
- Brook, Y., W. T. C. Jr. & Hendershott, R. J. (1998). Do Firms Use Dividends to Signal Large Future Cash Flow Increases? Financial Management, 27(3), pp. 46 - 57.
- Bhattacharya, N. (2000). Essay on Dividend Policy PhD Dissertation. Columbia: University of British.
- Chen, H. D., Hsiang, L. H. & Ting, H. C. (2009). The Announcement Effects of Cash Dividends Changes on Share Prices - An Empirical Analysis of China. The Chinese Economy, 42(1), pp. 62 - 85.
- Corsetti, G., Pensenti, P. & Roubini, N. (1999).Paper Tigers: A Model of the Asian Crisis European Economic Review, 43(7), pp. 1211 - 1236.
- Collins, M. C., Sexena, A. K. & Wansley, J. W. (1996). The Role of Insiders and Dividends Policy: A Comparison of Regulated and Unregulated Firms. Journal of Finance and Strategies Decisions, 9(2), pp.1 - 9.
- Dhillon, U. & Johson, H. (1994). The Effect of Dividend Changes on Stock and Bond Prices. Journal of Finance, 49(1), pp. 281 - 289.
- Fama, E. F. & Babiak, H. (1968). Dividend Policy: An Empirical Analysis J. Am. Stat. Assoc., 63(324), pp. 1132 - 1161.
- Gupta. P, (2001). A Stock of Study Market Efficiency in India. Finance India, 15, pp. 665 - 673.
- Grinblatt, M. S., Masulis, R.W., & Titman, S. (1984). The Valuation Effects of Stock Splits and Stock Dividends. Journal of Finance Economics, December, pp.461 - 490.
- Kent, B. H. & Powell, G. E. (2000). Determinants of Corporate Dividends Policy: A Survey of NYSE Firms: Financial Practice and Education, 9, pp. 29 - 40.
- Kapoor, S. (2006). Impact of Dividend Policy on Shareholder Values: A Study of Indian Firms, Synopsis of the Thesis to be Submitted in Fulfillment of the Requirements for the Degree of Doctor of Philosophy in Management.
- Khan, K. I., Aamir, M., Qayyum, A., Nasir, A. & Khan, M. I. (2011). Can Dividend Decisions Affect the Stock Prices: A Case of Dividend Paying Companies of KSE. International Research Journal of Finance and Economics, ISSN 1450-2887, (76).
- Kanwal, A. & Kapoor, S. (2008). Relevance of Signaling and Smoothing Approaches to Dividends: A Study of Indian IT Sector. Asia Pacific Business Review.
- Litzenberger, R. H. & Ramaswamy, K. (1982). The Effects of Dividends on Common Stock Price Tax Effects on Information Effects? Journal of Finance, 37. pp. 429 - 443.
- Linter, J. (1962). Dividends, Earnings, Leverages, Stock Prices and the Supply of Capital to Corporations. Review, Economic Stat., 44(3), pp. 234 - 269.
- Mookerjee, R. (1992). An Empirical Investigation of Corporate Dividend Payout Behavior in an Emerging Market. Applied Financial Economics, 2(40), pp. 243 - 246.
- Modiglini, F. & Miller, H. M. (1958). ‘The Cost of Capital, Corporation Finance and the Theory of Investment. Am .Econ. Review, 48(3), pp. 261 - 297.
- Oyejide, T. A. (1976). Company Dividend Policy in Nigeria: An Empirical Analysis Niger. J. Econ. Soc. Stud., 18(2), pp. 179 - 195.
- Rao, E. N. (1999). Stock Market Reaction to Macroeconomic Events. Finance India.
- Samy, N. B., Mohamed, G. & Amel, B. (2006). On Determinants and Dynamics of Dividend Policy. International Review of Finance, 6, pp.1 - 23.
- Siad, A. A. (2010). The Impact of Dividend Policy on Shareholders Wealth Based on Agency Cost Residual Dividend Theory, Master’s Thesis, University Uttra Malaysia.
- Zafar, S. M. T. (2010). Comparative Study on Financial Leverage in Real Estate Industry and Its Explicit Impact on Shareholders Return. ACME Biannual Referred Research Journal.
- Zafar, S. M. T., Chaubey, D. S. & Nagar, S. (2010). Portfolio Performance in Relation to Risk and Return and Effect of Diversification: A Test of Market Efficiency in India. Gitam Journal of Management.
- Privatization and Firm's Performance in Iran
Abstract Views :215 |
PDF Views:2
Authors
Affiliations
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
Source
International Journal of Financial Management, Vol 4, No 3 (2014), Pagination: 1-10Abstract
During the last two decades, privatization has been one of the most important programmes of developed and developing governments. In Iran, privatization is projected as an important economic policy to reach higher efficiency in economy. The aim of this study is comparative investigation of the effect of privatization on firm's performance during the period 1999 to 2011 regarding modern and traditional performance evaluation measurement. To do so, privatized firms are considered as research population and putting some conditions, 71 firms are selected to be studied. Privatization is captured by free float as independent variable. In this study, traditional performance evaluation measurements are Return of Assets (ROA), Return of Equity (ROE), Return of Sale (ROS) and Operating Income (OI), and modern performance evaluation measurements are Economic Value Added (EVA), Tobin's Q and Market Value Added (MVA).The results of the study show that privatization affects firm's performance based on EVA, MVA, Tobin's Q, ROE, OI but not based on ROA and ROS. In addition, the results show that there is difference between the effects of privatization on firm's performance with respect to modern and traditional performance evaluation measurement.Keywords
Privatization, Firm's Performance, Modern and Traditional Performance Evaluation Measurement.References
- Afshari, A. (1996). Investigation of Efficiency of Privatized Manufacturing Firms Listed In Tehran Stock Exchange, MA thesis in accounting, Tehran University.
- Almasi, M. R. (2002). The effect of privatization on financial performance of firms listed in Tehran Stock Exchange, MA thesis in accounting, Shiraz University.
- Banerji, S., & Errunza, V. R. (2005). Privatization under incomplete information and bankruptcy risk. Journal of Banking and Finance, 29(3), 735-757.
- Bortolottia, B., D'Souzab, J., Fantinic, M., & Megginson, W. L. (2002). Privatization and the sources of performance improvement in the global telecommunications industry. Telecommunications Policy, 26, 243-268.
- Cavaliere, A., & Scabrosetti, S. (2008). Privatization and efficiency: From principles and agents to political economy. Journal of Economic Surveys, doi: 10.1111/j.1467-6419.2007.00546.x.
- Clarke, G. R. G., Cull, R., & Shirley, M. M. (2005). Bank privatization in developing countries: A summary of lessons and findings. Journal of Banking and Finance, 29, 1905-1930.
- Huang, Z., & Wang, K. (2011). Ultimate privatization and change in firm performance: Evidence from China. China Economic Review, 22, 121-132.
- Jonnergard, K., & Rreman, M. (2004). Board activities and the privatization of ownership-The Case of Sweden. Journal of Management and Governance, 8, 229-254.
- Okten, C., & Arin, K. P. (2006). The effects of privatization on efficiency: How does privatization work?,World Development, 34(9), 1537-1556.
- Omran, M. (2007). Privatization, State Ownership, and Bank Performance in Egypt, World Development, 35(4), 714-733.
- Omran, M. (2009). Post-privatization corporate governance and firm performance: The role of private ownership concentration, identity and board composition. Journal of Comparative Economics, 37, 658-673.
- Otchere, I. (2009). Competitive and value effects of bank privatization in developed countries. Journal of Banking and Finance, 33, 2373-2385.
- Perotti, E. C., & Oijen, P. V. (2001). Privatization, political risk and stock market development in emerging economies. Journal of International Money and Finance, 20, 43-69.
- Sprenger, C. (2011). The choice of ownership structure: Evidence from Russian mass privatization. Journal of Comparative Economics, 39, 260-277.
- Talebnia, G., & Mohammadzadeh, H. (2005). The effect of privatization on stock return in firms listed I Tehran Stock Exchange. Financial Research, 97-116.
- Tsamenyi, M., Onumah, J., & Tetteh-Kumahc, E. (2010). Post-privatization performance and organizational changes: Case studies from Ghana. Critical Perspectives on Accounting, 21, 428-442.
- Board of Directors Characteristic and Cost of Debt in Tehran Stock Exchange
Abstract Views :389 |
PDF Views:2
Authors
Affiliations
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
Source
International Journal of Financial Management, Vol 4, No 4 (2014), Pagination: 43-48Abstract
This study investigates the effect of board composition on debt cost of firms listed in Tehran Stock Exchange (TSE). To do so, 90 firms are selected to be studied during the period of 2008 to 2012 using panel data and regression model. Board composition involved in this study are outside board, board size and board independence. Results show that there is a negative and significant relationship between outside board and debt cost. Board size has positive significant relationship and board independence has no significant relationship with debt expense. Control variables of return of assets, return of equity and debt size have a negative relationship and market to book value, financial leverage and firms size have a positive and significant relationship with debt cost.Keywords
Board Size, Board Independence, Debt Expense, Independence Size of Board of Directors.References
- Ahmadpour, A., Kashani, M., & Shojaee, M. R. (2010). The effects of corporate governance and audit quality on cost of debt. Accounting and Auditing Reviews, 62.
- Amrah, M. R. A. (2011). Characteristics of board of directors and cost of debts: A case of united Arabs Emirates listed companies, M.A thesis, University Utara Malaysia.
- Andersona, R. C., Mansib, S. A., & Reeb, D. R., (2003). Board characteristics, accounting report integrity, and the cost of debt, Retrieved from http://astro.temple.edu/∼dreeb/BoardChar.pdf.
- Byun, H. Y. (2007). The cost of debt capital and corporate governance practices. Asia-Pacific Journal of Financial Studies, 36(5), 765-806.
- Francis, B., Hasan, I., Koetter, M., & Wu, Q. (2012). Corporate boards and bank loan contracting. Bank of Finland Research, Discussion Papers.
- Frantz, P., & Instefjord, N. (2012). Corporate governance and the cost of borrowing. Retrieved from http://ssrn.com/abstract=2016280 or http://dx.doi.org/10.2139/ssrn.2016280.
- Jandik, T., & McCumber, W. R. (2012). Governance, takeover probability, and the cost of private debt. Retrived from http://ssrn.com/abstract=1929027 or http://dx.doi.org/10.2139/ssrn.1929027.
- Klock, M., Mansi, S., & Maxwell, W. F. (2004). Does Corporate Governance Matter to Bondholders?. Journal of Financial and Quantitative Analysis, Forthcoming. Retrieved from http://ssrn.com/abstract=563882.
- Morales, C. L., Ballesta, J. P. S, & Meca, E. G. (2010). Exploring the relation between board and cost of debt: A study of the Spanish case, Working paper.
- Nikomaram, H., Talebnia, G., & Khosropour, S. (2013). Investigation of the effect of audit reputation on the relationship between accruals quality and cost of debt, 6, 77-87.
- Piot, C., & Missonier-Piera, F. (2009). Piot corporate governance reform and the cost of debt financing of listed french companies. Retrieved from http://ssrn.com/abstract=960681 or http://dx.doi.org/10.2139/ssrn.960681.
- Schauten, M., & Jasper, B. (2006). Corporate governance and the cost of debt. Retrieved from http://ssrn.com/abstract=933615 or http://dx.doi.org/10.2139/ssrn.933615.
- Zhu, F. (2012). Differential Effects of Corporate Governance on the Cost of Equity and Debt Capital: An International Study. Retrieved from http://ssrn. com/abstract=2160150 or http://dx.doi.org/10.2139/ ssrn.2160150.