Fatemeh Safari Sarchah; Hassan Yazdifar; Ahmad Pifeh
Abstract
The purpose of this study is to investigate the impacts of external and internal organizational factors of the privatization process on management accounting practices and the impact of these changes on the financial performance of listed companies on Tehran Stock Exchange that more than 51% of the companies' ...
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The purpose of this study is to investigate the impacts of external and internal organizational factors of the privatization process on management accounting practices and the impact of these changes on the financial performance of listed companies on Tehran Stock Exchange that more than 51% of the companies' shares have been transferred to the private sector. This research, based on institutional and structural theories, provides an exhaustive explanation of changes in management accounting practices by considering the conflict of the internal and external factors and the role of the human factor in the privatization process. In this study, according to the general policies of Article 44 of the Constitution, to increase competitive advantage, management accounting has been used as a mediating variable in the relationship between privatization and financial performance. To this research, 60 companies which their ownership transferred to the private sector during the period from 2002 to 2018 were investigated. To collect data, questionnaire survey and companies financial statements were adopted and to test the hypothesis Structural equation An investigating of the impacts of external and internal organizational 19 modeling using Smart PLS software. The findings of the study show that external and internal organizational factors in the privatization process, have a significant impact on the management accounting practices that these changes effects on the financial performance of companies. The result is that in the privatization process, the external and internal organizational factors and contradiction of the incompatibility of these factors with the human factor provide the conditions for changes in management accounting practices that effect on the financial performance of companies. The results of the current study could be useful for the effectiveness of management accounting changes and their impact on the financial performance of companies in the merger and acquisition processes in developing countries.
Hassan Galibaf Asl; Masoomeh Torkaman Ahmadi
Abstract
Increased government revenues and improved economic efficiency are the main goals of implementing privatization and regime switch in Iran. Information efficiency in the capital market can also be considered as a milestone for increased government revenues and improved economic efficiency. In this study, ...
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Increased government revenues and improved economic efficiency are the main goals of implementing privatization and regime switch in Iran. Information efficiency in the capital market can also be considered as a milestone for increased government revenues and improved economic efficiency. In this study, according to the results of regime switching GARCH models, it is determined that stock returns have had different regimes during the study period (2000-2015). According to the results of the estimation of the three-regime GARCH model, the most important events of the Article 44 of the Constitution in the direction of privatization in Iran's economy and its implementation during the study period have been effective in switching the regimes of the fluctuating process of efficiency. Market risk has also been identified as a factor affecting regime switching in the stock return process, which is due to the behavior of stockholders in low-fluctuation regimes compared to high-fluctuation regimes and liquidity. Also, according to the Kalman filter model, poor performance has been established in Tehran Stock Exchange, which indicates that privatization policy has been effective in improving the efficiency of this marketplace. Using the technique related to the detection of structural failure in the liquidity variable as one of the signs of the stock market depth, the failure of this series was detected by virtue of the implementation of privatization, and it was discovered that privatization increased market liquidity as one of the principles of market development.