mehdi moradi; amin Rostami
Abstract
In this study, the relationship between the some of corporate governance mechanisms and corporate financial performance after Initial Public Offerings (IPOs) in Tehran Stock Exchange (TSE), based on data from 70 companies during the years 1381–1387 (2003–2009) are examined. Corporate governance mechanisms ...
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In this study, the relationship between the some of corporate governance mechanisms and corporate financial performance after Initial Public Offerings (IPOs) in Tehran Stock Exchange (TSE), based on data from 70 companies during the years 1381–1387 (2003–2009) are examined. Corporate governance mechanisms includes Ownership structure (i.e., Institutional ownership, Managerial ownership), and Board composition (i.e., the percentage of Non executive director or Board independence, and CEO duality) in order to evaluation of the, return on asset and Tobin’s Q is used. Statistical method used to test hypotheses is panel data approach.
Findings show that institutional ownership and managerial ownership are positively related with firm performance after going public. Moreover, the percentage of non executive director improves firm performance. However, there is no relationship between CEO duality and firm performance.
Mahdi Moradi; Mohammad ali Fallahi; Mohsen Kami
Abstract
So far, the financial experts could not calculate independent earnings to have a necessary quality. In this case, they can reach a range of earnings, which show a more correct form of quality of earnings, of course with performing the suitable equitabilities. Therefore, the concept of quality of earnings ...
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So far, the financial experts could not calculate independent earnings to have a necessary quality. In this case, they can reach a range of earnings, which show a more correct form of quality of earnings, of course with performing the suitable equitabilities. Therefore, the concept of quality of earnings is not a fixed defining. However, it is a relative concept that depends to its relation to points of view and attitudes. In this research quality of earnings is based a set of fundamental financial variables which has been discerned useful by financial analysts in the security evaluation. They believe that these financial variables would be used by investors in the evaluation of quality of earnings.
The earnings response coefficient measure unexpected return of the market in response to the unexpected components of the reported earnings by the company that has distributed the securities. In other word, earnings response coefficient is the sensitivity of market in account to declaration of earnings.
The purpose of this research is to study the effect of quality of earnings on earnings response coefficient. The results show that earnings response coefficient do not have meaningful differences in the companies that have different earnings quality (high, medium and low quality). In other words, investors in Tehran Stock Exchange do not consider the quality of earnings of companies at the time of response to the earnings changes.
Mehdi Moradi; mohammad ali fallahi; Zohre Soltanian
Abstract
مدیران شرکت‌ها تلاش می‌کنند از طریق مدیریت سود، رشد سودآوری شرکت را به گونه‌ای نشان دهند که باعث افزایش سطح بازده مورد انتظار شود. مهمترین ابزاری که برای این منظور استفاده ...
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مدیران شرکت‌ها تلاش می‌کنند از طریق مدیریت سود، رشد سودآوری شرکت را به گونه‌ای نشان دهند که باعث افزایش سطح بازده مورد انتظار شود. مهمترین ابزاری که برای این منظور استفاده می‌کنند اقلام تعهدی است. تحقیقات انجام شده در مورد مدیریت ( دستکاری) سود در شرایط مختلف نشان میدهد مدیران به صورت فرصت طلبانه بر سود خالص مدیریت می‌کنند. هدف مطالعه حاضر بررسی اثر چرخه‌های بازار سهام بر واکنش سرمایه‌گذاران نسبت به تغییرات غیرمنتظره اقلام تعهدی است. به این منظور بازار سهام ایران را در فاصله سالهای 83-1380 به سه چرخه یعنی زمانی که قیمت سهام افزایش قابل ملاحظه دارد، زمانی که قیمتها افزایش اندکی دارد و زمانی که قیمت سهام رشد متوسطی دارد تقسیم کرده و عکس العمل سرمایه‌گذاران در نمونه 66 شرکت پذیرفته شده در بورس اوراق بهادار تهران در این سه دوره مورد آزمون قرار گرفته است. نتایج بیانگر این است که مدیریت سود شرکت‌ها نمیتواند عامل بازدارندهای در نحوه سرمایهگذاری افراد باشد و هم چنین شرایط بازار و وجود سرمایه‌گذاران حرفهای و غیرحرفهای تاثیر به سزایی در این امر ندارد.
