University of Isfahan Journal of Asset Management and Financing 2383-1189 2 4 2015 02 20 Asset Management & Financing Asset Management & Financing 0 19902 FA Journal Article 2016 06 14 https://amf.ui.ac.ir/article_19902_f48b85cfc5068c5827b2d938d370c38d.pdf
University of Isfahan Journal of Asset Management and Financing 2383-1189 2 4 2015 02 20 Earnings behavior in bankrupt firms: the role of auditor Earnings behavior in bankrupt firms: the role of auditor 1 14 19895 FA Zohreh Aref Manesh alzahra university Ameneh Bazrafshan alzahra university Journal Article 2016 06 14 The purpose of this research is to examine the earnings behavior in bankrupt firms while focusing on the role of the auditor. Therefore, the present paper studies the earnings management in bankrupt firms and the impact of auditor change and size on earnings management. Using a sample of 41 bankrupt firms and 41 non-bankrupt firms over the period of 1380 to 1389, we find that failed firms manage earnings in the prior year to failure through accounting (accruals) manipulation and real operating actions. Moreover, we show that although auditor change leads to a decrease in earnings management but auditor size does not affect earnings management. The purpose of this research is to examine the earnings behavior in bankrupt firms while focusing on the role of the auditor. Therefore, the present paper studies the earnings management in bankrupt firms and the impact of auditor change and size on earnings management. Using a sample of 41 bankrupt firms and 41 non-bankrupt firms over the period of 1380 to 1389, we find that failed firms manage earnings in the prior year to failure through accounting (accruals) manipulation and real operating actions. Moreover, we show that although auditor change leads to a decrease in earnings management but auditor size does not affect earnings management. Bankruptcy Accruals management Real earnings management changing auditor size auditor https://amf.ui.ac.ir/article_19895_5ac448a67f867945edcd4c8796944d8d.pdf
University of Isfahan Journal of Asset Management and Financing 2383-1189 2 4 2015 02 20 financial consequences of the qualified audit report for the companies listed in Tehran Stock Exchange financial consequences of the qualified audit report for the companies listed in Tehran Stock Exchange 15 34 19896 FA Mohammad Hosein Setayesh University of Shiraz Abolfazl Gorgani Firozjah University of Shiraz Journal Article 2016 06 14 The purpose of this research is to study the financial consequences of the qualified audit report for the companies listed in Tehran Stock Exchange (TSE). The statistical population of the study consists of 76 companies of the TSE during 2003 to 2010 and the multivariate regression and logistics regression are used. The results suggest that there is no significant relationship between criteria of financial consequences (i.e., the investment-cash flow sensitivity, borrowing cash flows and financing constraints) and the qualified audit opinions. Also, the results of research suggest that is one of the main reasons for the qualified of the audit report, the ignored of managers to mention in this report, due to lack of financial consequences receiving qualified audit opinions. Also, overall results suggest that the qualified audit report does not affect the financing companies. The purpose of this research is to study the financial consequences of the qualified audit report for the companies listed in Tehran Stock Exchange (TSE). The statistical population of the study consists of 76 companies of the TSE during 2003 to 2010 and the multivariate regression and logistics regression are used. The results suggest that there is no significant relationship between criteria of financial consequences (i.e., the investment-cash flow sensitivity, borrowing cash flows and financing constraints) and the qualified audit opinions. Also, the results of research suggest that is one of the main reasons for the qualified of the audit report, the ignored of managers to mention in this report, due to lack of financial consequences receiving qualified audit opinions. Also, overall results suggest that the qualified audit report does not affect the financing companies. investment-cash flow sensitivity Qualified Audit Report Investment cash flow sensitivity borrowing cash flows Financing constraints https://amf.ui.ac.ir/article_19896_40908b131a666eecd47b5865ed58952a.pdf
University of Isfahan Journal of Asset Management and Financing 2383-1189 2 4 2015 02 20 Estimating the return on investment opportunities in financial markets due to their interaction relation and establishing optimized portfolio by Artificial Intelligence Estimating the return on investment opportunities in financial markets due to their interaction relation and establishing optimized portfolio by Artificial Intelligence 35 50 19897 FA Mahdi Salemi Najafabadi Islamic Azad University, Mobarakeh Branch Nasrolah Sa'adatfar Shiraz university Farzad Karimi Islamic Azad University, Science and Research Branch, Isfahan Journal Article 2016 06 14 This project is looking for increasing return on investment, by presenting models based on artificial intelligence. Investment in financial markets could be considered in short-term (daily) and middle-term (monthly) basis. hence the daily data in Tehran Stock Exchange and the rates of foreign exchange and gold coins have been extracted for the period Mar. 2010 to Sep. 2012 and recorded as the data into the neural networks and the genetic programming model. Also the monthly rate of return and risk of 20 active companies of the stock exchange, and the monthly risk values of foreign exchange and gold coin, as well as bank deposits were used as genetic algorithms in order to provide optimum investment portfolios for the investors. The results obtained from executing the models indicates the efficiency of both methods of artificial neural network and also genetic programming in the short-term financial markets predictions, but artificial neural networks show a better efficiency. Also the efficiency of genetic algorithm was approved in improving the rate of return and risks, via identifying the optimum investment portfolios. This project is looking for increasing return on investment, by presenting models based on artificial intelligence. Investment in financial markets could be considered in short-term (daily) and middle-term (monthly) basis. hence the daily data in Tehran Stock Exchange and the rates of foreign exchange and gold coins have been extracted for the period Mar. 2010 to Sep. 2012 and recorded as the data into the neural networks and the genetic programming model. Also the monthly rate of return and risk of 20 active companies of the stock exchange, and the monthly risk values of foreign exchange and gold coin, as well as bank deposits were used as genetic algorithms in order to provide optimum investment portfolios for the investors. The results obtained from executing the models indicates the efficiency of both methods of artificial neural network and also genetic programming in the short-term financial markets predictions, but artificial neural networks show a better efficiency. Also the efficiency of genetic algorithm was approved in improving the rate of return and risks, via identifying the optimum investment portfolios. Financial markets Return Artificial Neural Network (ANN) Genetic Programming (GP) genetic algorithm (GA) https://amf.ui.ac.ir/article_19897_bcf69f14d6efeaa38027c87787b3c25f.pdf
University of Isfahan Journal of Asset Management and Financing 2383-1189 2 4 2015 02 20 An investigation of the intellectual capital effects on relative efficiency An investigation of the intellectual capital effects on relative efficiency 51 74 19898 FA Zaeimeh Neamatolahi M A in university of Isfahan, Isfahan, Iran Daryoosh Mohammadi Zanjbarani Assistance Professor, university of Isfahan, Isfahan, Iran Journal Article 2016 06 14 Increasing competitive advantage is the access key to future market share as the expanding global economy. Effective management of intellectual capital is valuable for business enterprise and also improves its competitive advantage. In this regard, the present study has been designed to investigate the effects of intellectual capital and its components on the cost, revenue and profit efficiency of Boushehr’s production cooperatives. In this study, the value added intellectual capital coefficient (Paalik model) and data envelopment analysis method have been used to measure intellectual capital and cost, revenue and profit efficiency respectively. In this study, the selected time period covers the years 2009 and 2010 and the used sample includes 84 production cooperatives in Boushehr province. Moreover, combined data regression has been used to test six hypotheses which have been designed to evaluate the effect of intellectual capital and its components (human capital, structural capital and employed capital) on cost, revenue, and profit efficiency. The results derived from testing hypotheses revealed that intellectual capital has a significant and positive impact on the profit efficiency of production cooperatives. However, the impact of intellectual capital and its components on the cost and revenue efficiency has not been confirmed. Therefore, it can be stated that intellectual capital can help cooperatives in improving performance and increasing profitability and also, the performance can be improved by correct management Increasing competitive advantage is the access key to future market share as the expanding global economy. Effective management of intellectual capital is valuable for business enterprise and also improves its competitive advantage. In this regard, the present study has been designed to investigate the effects of intellectual capital and its components on the cost, revenue and profit efficiency of Boushehr’s production cooperatives. In this study, the value added intellectual capital coefficient (Paalik model) and data envelopment analysis method have been used to measure intellectual capital and cost, revenue and profit efficiency respectively. In this study, the selected time period covers the years 2009 and 2010 and the used sample includes 84 production cooperatives in Boushehr province. Moreover, combined data regression has been used to test six hypotheses which have been designed to evaluate the effect of intellectual capital and its components (human capital, structural capital and employed capital) on cost, revenue, and profit efficiency. The results derived from testing hypotheses revealed that intellectual capital has a significant and positive impact on the profit efficiency of production cooperatives. However, the impact of intellectual capital and its components on the cost and revenue efficiency has not been confirmed. Therefore, it can be stated that intellectual capital can help cooperatives in improving performance and increasing profitability and also, the performance can be improved by correct management Cost revenue and profit efficiency Intellectual capital Human capital Structural capital https://amf.ui.ac.ir/article_19898_d346a8f604fec25c739663cc3cbb1ceb.pdf
University of Isfahan Journal of Asset Management and Financing 2383-1189 2 4 2015 02 20 The Relationship between Corporate Governance and Economic Value Added in The Iranian Manufacturing Enterprises (Listed in Tehran Stock Exchange) The Relationship between Corporate Governance and Economic Value Added in The Iranian Manufacturing Enterprises (Listed in Tehran Stock Exchange) 75 96 19900 FA Mohammad Hasan Maleki Qom University Afshin Agahi Oskooee Qom University Journal Article 2016 06 14 The purpose of this study is to investigate the relationship between corporate governance (CG) and economic value added (EVA) . EVA is one of performance evaluation measures. Unlike traditional performance evaluation measures, EVA determines the value creation. 116 manufacturing enterprises are studied during a seven years period (2007 to 2013) . Simple and multiple linear regression analysis are used to test hypotheses . Institutional Ownership (Inst-own), Ownership concentration (Owncon), Board independence (Brdind), Board compensation (Bonus) and Internal audit (Inaudit), as CG indicators, firm size and company age, as moderator variables, and EVA, as dependent variable, are used. <br /> <br />The results indicated significant and direct relationship between Inaudit and Bonus with EVA. But, Owncon and the Brdind have not significant relationship with EVA. Also, small relationship is established between Inst-own and EVA . Findings indicated that company age has no impact on relationship between Inaudit , Brdind and Owncon with EVA. However, it has significant direct impact on relationship between Bonus and Inst-own with EVA. Also , company size has significant adversely impact on relationship between Brdind and Owncon with EVA. The purpose of this study is to investigate the relationship between corporate governance (CG) and economic value added (EVA) . EVA is one of performance evaluation measures. Unlike traditional performance evaluation measures, EVA determines the value creation. 116 manufacturing enterprises are studied during a seven years period (2007 to 2013) . Simple and multiple linear regression analysis are used to test hypotheses . Institutional Ownership (Inst-own), Ownership concentration (Owncon), Board independence (Brdind), Board compensation (Bonus) and Internal audit (Inaudit), as CG indicators, firm size and company age, as moderator variables, and EVA, as dependent variable, are used. <br /> <br />The results indicated significant and direct relationship between Inaudit and Bonus with EVA. But, Owncon and the Brdind have not significant relationship with EVA. Also, small relationship is established between Inst-own and EVA . Findings indicated that company age has no impact on relationship between Inaudit , Brdind and Owncon with EVA. However, it has significant direct impact on relationship between Bonus and Inst-own with EVA. Also , company size has significant adversely impact on relationship between Brdind and Owncon with EVA. Corporate governance Economic Value Added (EVA) Institutional ownership Ownership concentration Stock exchange https://amf.ui.ac.ir/article_19900_07d11bd5eb71e72dbbbec76fc5b2b6b8.pdf
University of Isfahan Journal of Asset Management and Financing 2383-1189 2 4 2015 02 20 Measuring intellectual capital and its relationship with the q Tobin ratio and systematic risk beta (study of Financial intermediation companies listed in Tehran Stock Exchange) Measuring intellectual capital and its relationship with the q Tobin ratio and systematic risk beta (study of Financial intermediation companies listed in Tehran Stock Exchange) 97 110 19899 FA Arsalan Iraji Rad Assistance Professor, samangan university ,mazandaran, Iran Masomeh Slamdost Kelidbari M A in samangan university, mazandaran, Iran Journal Article 2016 06 14 The purpose of this paper is to measure intellectual capital using pulic model and Investigate the relationship between the performance of each of its elements with qTobin ratio and systemic risk beta. Reviews the 26 Financial intermediation companies listed in Tehran Stock Exchange during the years 1386 to 1390 was performed . Hypothesis testing is performed using correlation coefficient and multivariate regression test and the results of the study indicated that the independent variable of human capital had positive significant effects on the performance criteria of systematic risk(&beta) and structural capital had negative significant effects on the performance criteria of systematic risk(&beta) of the companies understudy considering the regression model which was used. While the independent variable of physical capital had no significant effect on these performance criteria. Also independent variables of human capital and physical capital have positive significant effects on the performance criteria of qtobin ratio but structural capital had no significant effect on this scale The purpose of this paper is to measure intellectual capital using pulic model and Investigate the relationship between the performance of each of its elements with qTobin ratio and systemic risk beta. Reviews the 26 Financial intermediation companies listed in Tehran Stock Exchange during the years 1386 to 1390 was performed . Hypothesis testing is performed using correlation coefficient and multivariate regression test and the results of the study indicated that the independent variable of human capital had positive significant effects on the performance criteria of systematic risk(&beta) and structural capital had negative significant effects on the performance criteria of systematic risk(&beta) of the companies understudy considering the regression model which was used. While the independent variable of physical capital had no significant effect on these performance criteria. Also independent variables of human capital and physical capital have positive significant effects on the performance criteria of qtobin ratio but structural capital had no significant effect on this scale Intellectual capital Pulic model q Tobin ratio systemic risk beta https://amf.ui.ac.ir/article_19899_b15290d972112b3dd8941f6f6aaffb75.pdf
University of Isfahan Journal of Asset Management and Financing 2383-1189 2 4 2015 02 20 Sensitivity of External Finance Resources to Cash Flow under Financial Constraints: Replacement Role of Tangible Fixed Assets Sensitivity of External Finance Resources to Cash Flow under Financial Constraints: Replacement Role of Tangible Fixed Assets 111 126 19901 FA Hoda Eskandar Assistance Professor, University of Tehran, Tehran, Iran Mohammad Moradi Assistance Professor, University of Tehran, Tehran, Iran Mehdi Elhaei Sahar Lecturer in Azad university of Sosangerd, khozestan, Iran Journal Article 2016 06 14 This study investigates the relationship between cash flow and external finance by considering financial constraint as intervening variable. Sample includes companies listed in Tehran stock exchange from 2007 to 2012. Regression analysis is used to test hypothesis. Findings show that sensitivity of finance resources to cash flow is not significant in all sample firms. Sentivity of finance resources to replace fixed assets is different among financially constrained firms and unconstrained firms. In unconstrained firms, this sensitivity is not significant, but in financially constrained firms, as increasing of replacement of tangible fixed assets, borrowing is preferred to issue stocks. This study investigates the relationship between cash flow and external finance by considering financial constraint as intervening variable. Sample includes companies listed in Tehran stock exchange from 2007 to 2012. Regression analysis is used to test hypothesis. Findings show that sensitivity of finance resources to cash flow is not significant in all sample firms. Sentivity of finance resources to replace fixed assets is different among financially constrained firms and unconstrained firms. In unconstrained firms, this sensitivity is not significant, but in financially constrained firms, as increasing of replacement of tangible fixed assets, borrowing is preferred to issue stocks. Cash flow financial constraints Sensitivity of External Finance Resources https://amf.ui.ac.ir/article_19901_3d2d03d7c9bdae36ea66905986e6f704.pdf