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Motavassel, Morteza
- Stock Liquidity and Board Compensation: the Case of Tehran Stock Exchange
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Authors
Affiliations
1 Department of Accounting, Islamic Azad University, West Azarbyjan Science and Research Branch., IR
2 Islamic Azad University, West Azarbyjan Science and Research Branch., IR
3 Islamic Azad University, Broujerd Branch., IR
1 Department of Accounting, Islamic Azad University, West Azarbyjan Science and Research Branch., IR
2 Islamic Azad University, West Azarbyjan Science and Research Branch., IR
3 Islamic Azad University, Broujerd Branch., IR
Source
Journal of Commerce and Accounting Research, Vol 2, No 2 (2013), Pagination: 1-6Abstract
This study investigates the relationship between stock liquidity and board compensation listed in Tehran Stock Exchange (TSE) during the period between 2004 and 2010. The population of study includes 74 firms and fourteen hypotheses are developed for purpose of study. The results show that there is a positive relationship between trading days, trading quantity, trading volume, trading value, percentage of floating stock, turnover ratio, stock flow ratio, liquidity ratio, stock market depth, absolute bid-ask spread and board compensation and there is a negative relationship between waiting period, illiquidity ratio, relative bid-ask spread and board compensation spread. Moreover, there is no relationship between floating stock flow and board compensation.Keywords
Liquidity, Board Compensation, Tehran Stock Exchange
References
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- Agency Costs, Managers Optimism and Investment Cash Flow Sensitivity: Evidence from Tehran Stock Exchange
Abstract Views :695 |
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Authors
Affiliations
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 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 Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
Source
Journal of Commerce and Accounting Research, Vol 2, No 4 (2013), Pagination: 1-9Abstract
The aim of this study is to investigate the relationship between agency costs, manager's optimism and investment cash flow sensitivity in firms listed in Tehran Stock Exchange (TSE). The population of the study is firms listed in TSE and research sample includes 125 firms listed in TSE which is studied during the period of 2007 to 2011. Arsalan et al. (2006) model is used to measure investment cash flow sensitivity. Three proxies are considered to capture agency costs namely free cash flow, assets turnover, and operating cost to sale. Difference between predicted revenue and actual revenue divided by firm's assets measures managers' optimism. The results of the study show that there is a positive significant relationship between free cash flow and operating cost to sale with investment cash flow sensitivity and there is a negative significant relationship between assets turnover and investment cash flow sensitivity. Finally, the results indicate that, there is a positive significant relationship between manager's optimism and investment cash flow sensitivity.Keywords
Agency Costs, Managers Optimism, Investment Cash Flow Sensitivity, Tehran Stock ExchangeReferences
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- Ascioglu, A., Hegde, S. P. and McDermott, J. B. (2008). Information asymmetry and investment-cash flow sensitivity. Journal of Banking & Finance, 32(6), 1036-1048.
- Attig, N., Cleary, S., Ghoul, S. E. and Guedhami, O. (2012). Institutional investment horizon and investment-cash flow sensitivity. Journal of Banking & Finance, 36(4), 1164-1180.
- Arsalan, Ö., Florackis, C. and Ozkan, A. (2006). The role of cash holdings in reducing investment-cash flow sensitivity. Emerging Markets Review, 7(4), 320-338.
- Ben Mohamed, E., Souissi, M. N. and Bouri, A. (2013). Investment Cash Flow Sensitivity, CEO Optimism and Agency Costs: Evidence from NYSE Panel Data Firms. Retrieved from http:// ssrn.com/abstract=2288704
- Brown, J. R. and Petersen, B. C. (2009). Why has the investment- cash flow sensitivity declined so sharply? Rising R&D and equity market developments. Journal of Banking and Finance, 33(5), 971-984.
- Chen, Y. S. and Chen, I. J. (2013). The impact of labor unions on investment-cash flow sensitivity. Journal of Banking & Finance, 37(7), 2408-2418.
- Chen, H. and Chen, S. (2012). Investment-cash flow sensitivity cannot be a good measure of financial constraints: Evidence from the time series. Journal of Financial Economics, 103(2), 393-410.
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- Drobetz, W., Gruninger, M. C. and Hirschvogl, S. (2009). Information Asymmetry and the Value of Cash. Retrieved from http:// www.uibk.ac.at/ibf/sonstiges/seminar/valueofcash. pdf
- Heaton, J. B. (2002). Managerial optimism and corporate. Financial Management, 31(2), 33-45.
- Huang, W., Jiang, F., Liu, Z. and Zhang, M. (2011). Agency cost, top executives’ overconfidence, and investment-cash flow sensitivity-evidence from listed companies in China. Pacific-Basin Finance Journal, 19(3), 261-277.
- Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance and takeovers. American Economics Review, 76(2), 323-339.
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- Kashanipour, A. and Naginezhad, B. (2009). The effect of financial constraint on investment cash flow sensitivity. Accounting Research, (24)2, 72-93.
- Lin, Y. H., Hu, S. Y. and Chen, M. S. (2005). Managerial optimism and corporate investment: Some empirical evidence from Taiwan. Pacific-Basin Finance Journal, 13(5), 523-546.
- Modigliani, F. & Miller, M. (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48, 261-297.
- Pawlina, G. and Renneboog, L. (2005). Is investment cash flow sensitivity caused by the agency cost or information asymmetry: Evidence from the U.K. Discussion Paper 2005-001, Netherlands: Tilburg University, Tilburg Law and Economic Center.
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- Life-cycle Theory, Free Cash Flow and Dividend Policy in Firms Listed in Tehran Stock Exchange
Abstract Views :245 |
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Authors
Affiliations
1 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
2 Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
3 Department of Accounting, Osku Branch, Islamic Azad University, Osku, IR
1 Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, IR
2 Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
3 Department of Accounting, Osku Branch, Islamic Azad University, Osku, IR
Source
Journal of Commerce and Accounting Research, Vol 3, No 1 (2014), Pagination: 1-7Abstract
The purpose of this study is to investigate the relationship between Life-cycle Theory (LCT) and Free Cash Flow (FCF) hypothesis with dividend policy in listed firms in Tehran Stock Exchange (TSE). The sample of the research includes 90 firms listed in TSE which is studied during the period of 2006-2010. The results show that there is a significant positive relationship between profitability (return on assets), leverage and firm size with dividend policy. In addition, results indicate that there is a significant negative relationship between investment opportunities and firms life cycle with dividend policy. Finally, findings highlight that there is not a significant relationship between FCF and dividend policy. These findings support LCT but not FCF hypotheses.Keywords
Dividend Policy, Life-cycle Theory, Free Cash Flow Hypothesis- The Effect of Earnings Forecasts Quality on Risk Taking and Firm's Value in Firms Listed in Tehran Stock Exchange
Abstract Views :252 |
PDF Views:3
Authors
Affiliations
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Department of Accounting, Urmia, Islamic Azad University, West Azarbyjan, IR
3 Department of Accounting, Urmia Branch, Islamic Azad University, West Azarbyjan, IR
1 Department of Accounting, Science and Research Branch, Islamic Azad University, West Azarbyjan, IR
2 Department of Accounting, Urmia, Islamic Azad University, West Azarbyjan, IR
3 Department of Accounting, Urmia Branch, Islamic Azad University, West Azarbyjan, IR
Source
Journal of Commerce and Accounting Research, Vol 3, No 3 (2014), Pagination: 1-8Abstract
The aim of this study is to investigate the effect of earnings forecasts quality on risk taking and firm's value in firms listed in Tehran Stock Exchange (TSE). To do so, 135 firms listed in TSE are selected to be studied during the period from 2006 to 2012 using regression and correlation tests. Earnings forecasts quality is captured by two proxies of earnings forecast accurateness and earnings forecast frequency. In addition, risk is broken into systematic and unsystematic risks and firm's value is captured through Tobin's Q. The results show that frequency of earnings forecasts has a negative and earnings forecasts has a positive significant effect on unsystematic risk of firms listed in TSE. These results suggest that with increasing earnings forecasts quality, unsystematic risk decreases. In addition, the study fails to find a significant relationship between earnings forecasts quality with systematic risk and firm's value.Keywords
Earnings Forecasts Quality, Risk Tasking, Firm's Value, Tehran Stock Exchange.References
- Anilowski, C., Feng, M., & Skinner, D. J. (2006). Does earnings guidance affect market returns? The Nature and Information Content of Aggregate Earnings Guidance. ssrn.com.
- Baginski, S. P., Hassell, J. M., & Kimbrough, M. D. (2006). The Effect of Macro Information Environment Change on the Quality of Management Earnings Forecasts. Retrieved from http://ssrn.com/abstract=926361 or http://dx.doi. org/10.2139/ssrn.926361.
- Call, A, C., Chen, S., Miao, B., & Tong, Y. H. (2010). Do firms issuing short-term earnings guidanceexhibit worse earnings quality? Working paper.
- Chen, C. X., Doogar, R., Li, L. Y., & Sougiannis, T., (2008). Disaggregation and the Quality of management earnings Forecasts.Retrieved from http://ssrn. com/abstract=1270844 or http://dx.doi.org/10.2139/ ssrn.1270844.
- Chin, C. l., Kleinman, G., Lee, P., & Lin, M. F., (2006). Corporate Ownership Structure and Accuracy and Bias of Mandatory Earnings Forecast: Evidence from Taiwan. Journal of International Accounting Research, 5(2), Retrieved from http://ssrn.com/abstract=954919.
- Foerster, S. R., Sapp, S., & Shi, Y, (2009). The impact of management earnings forecasts on firm risk and firm value. AAA 2010 Financial Accounting and Reporting Section (FARS) Paper. Retrieved from http://ssrn. com/abstract=1464897 or http://dx.doi.org/10.2139/ ssrn.1464897.
- Givoly, D., Hayn, C., & Lehavy, R. (2009). The quality of analysts' cash flow forecasts.Accounting Review, Forthcoming. Retrieved from http://ssrn.com/ abstract=1423137.
- Goodman, T. H., Neamtiu, M., Shroff, N., & White, H. D., (2013). Management forecast quality and capital investment decisions. The Accounting Review, Forthcoming. Retrieved from http://ssrn.com/abstract=2298803.
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- SabAlipour, F., Gytasi, R., & Rahmati, S. (2012). Investigation of the relationship between corporate governance mechanisms and earnings forecast preciseness. Financial Accounting Researches,1, 123-140.
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- Effective Factors of Price Bubble in Tehran Stock Exchange
Abstract Views :281 |
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
Journal of Commerce and Accounting Research, Vol 3, No 2 (2014), Pagination: 1-7Abstract
The aim of this study is to investigate effective factors of price bubble in Tehran Stock Exchange. In order to achieve this objective, 92 companies during the 5-year period from 2006 to 2010 are studied. Predicted income, industry characteristic, ownership structure and dividends are considered as effective factors on price bubble and so independent variable and price bubble are regarded as dependent variable. To test the hypotheses, multivariate regression model is used. The results indicate that predicted income and dividend are effective factors on price bubble. The relationship between predicted income and dividend with price bubbleis positive and significant showing that increasing dividend and predicted income leads to price bubble. The results also highlights that there is not a significant relationship between industry characteristic, ownership structures with price bubble. These results indicate that firm’s behavioural factors are effective factors on price bubble.Keywords
Predicted Income, Industry Characteristic, Ownership Structure, Dividends, Price Bubble.References
- Asadi, G. (2006). Investigation of stock price bubble in Tehran Stock Exchange with an emphasis on firms type and firms size. Accounting Research, 14, 39-71.
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- Sorayaei, A., Memarian, E., & Amiri, M. O. (2013). Examine the relationship between free float of shares and P/E ratio with a price bubble in the companies listed in Tehran stock exchange. World Applied Sciences Journal, l 21(2), 170-175.
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- Rostami, M., Javid, D., & Hematfar, M. (2013). The effect of free float on cost of equity capital in the companies listed in Tehran stock exchange. International Journal of Basic Sciences & Applied Research, 2(6), 635-639.
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