ORIGINAL_ARTICLE
The Effect of Using Fair Value Approach on Performance Prediction in Investment Companies
One of the most fundamental factors in pricing and evaluating the performance of companies is their profitability and profit is used as a basis for predicting the future performance of companies. Therefore, an accurate profit prediction is really crucial and decisive. There are various approaches to this prediction. The first approach would be calculating profit according to accounting standards by using historical cost and the second, calculating profit according to fair value. In this circumstance, this question arises that whether fair values are used instead of historical cost, would it lead to a more accurate and better prediction of the company's future performance?The purpose of this study is to investigate the effect of using the fair value in calculating profits on the performance of investment companies with the help of benchmarking international financial reporting standards for small and medium-sized units.This research uses the data of 95 companies listed on the Tehran Stock Exchange, whose activity is an investment, from 2015 through 2019 and compares the predictability of fair value-based profits with the profit based on accounting standards in predicting the company's operating cash flows and future profits. The data is first collected in Excel software, then the research variables are calculated and finally, research models are tested and analyzed by Eviews10.The results show that fair value-based profit has no greater ability to predict the performance of investment companies in comparison to profit based on Iranian accounting standards.
https://www.ijfifsa.ir/article_126884_1839cf9c9a4456dd1603436d6b739e99.pdf
2021-04-01
1
20
10.30699/ijf.2021.126884
Fair Value
Performance Prediction
Quality
International Financial Reporting Standards
Small and Medium-sized Entities
Roohollah
Seddighi
e_seddighi@yahoo.com
1
Assistant Prof., Department of Accounting, Faculty of Management and Accounting, Allameh Tabataba'i University, Tehran, Iran.
LEAD_AUTHOR
Ali
Ghasemi
ali.ghasemi@live.com
2
MSc, Department of in Accounting, Faculty of Management and Accounting, Allameh Tabataba’i University, Tehran, Iran.
AUTHOR
Mohammad Mehdi
Momenzadeh
momenzadeh2000@yahoo.com
3
MA in Auditing, Faculty of Management and Accounting, Allameh Tabataba’i University, Tehran, Iran.
AUTHOR
Tabrizi Nezhad Malek Mohammad, Zeinab. (2016). Investigating the Relationship between Financial Reporting Quality, Financing and Investment.
1
Radi, Yasser & Pesian, Gholamreza. (2016). Investigating the Impact of Fair Value in Financial Reporting on the Predictability of Earnings concerning Future Earnings and Cash Flows in Companies Listed in the Tehran Stock Exchange. The 5th International Conference on Accounting and Management, and the 2nd Conference of Entrepreneurship and Open Innovation.
2
Radi, Yasser; Azimi, Ahmad & Farideh, Seyyedzadeh. (2015). Investigating the Impact of Fair Value Use in Financial Reporting on Predicting Future Earnings in Companies Listed in the Tehran Stock Exchange. The 1st International Conference on Management, Economics, Accounting and Education Sciences.
3
Rahmani, Ali & and Taheri, Mandana. (2017). Cost Price Versus Facilities’ Fair Value: Which one is More Effective in the Credit Loss of Iran’s Banking Network? Journal of Monetary-Banking Research, 10 (33), 481-507.
4
Ball, R., Li, X., & Shivakumar, L. (2015). Contractibility and Transparency of Financial Statement Information Prepared Under IFRS: Evidence from Debt Contracts Around IFRS Adoption. Journal of Accounting Research, 53(5), 915–963.
5
Barth, M. E. (2008). Global financial reporting: Implications for U.S. academics. Accounting Review, 83(5), 1159–1179.
6
Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How Does Financial Reporting Quality Relate to Investment Efficiency? Journal of Accounting & Economics (JAE).
7
Blankespoor, E., Linsmeier, T. J., Petroni, K. R., & Shakespeare, C. (2013). Fair value accounting for financial instruments: Does it improve the association between bank leverage and credit risk? Accounting Review, 88(4), 1143–1177.
8
Boina, T. M., & Macedo, M. A. da S. (2018). Predictive ability of accruals before and after IFRS in the Brazilian stock market. Revista Contabilidade & Finanças, 29(78). https://doi.org/http://dx.doi.org/10.1590/1808-057x201806300
9
Bonito, A., & Pais, C. (2018). The macroeconomic determinants of the adoption of IFRS for SMEs. Revista de Contabilidad, 21(2), 116–127.
10
Bozanic, Z., Roulstone, D. T., & Van Buskirk, A. (2018). Management earnings forecasts and other forward-looking statements. Journal of Accounting and Economics, 65(1), 1–20.
11
Bratten, B., Causholli, M., & Khan, U. (2014). The usefulness of fair values in predicting future cash flows and earnings.
12
Bratten, B., Causholli, M., & Khan, U. (2016). The usefulness of fair values for predicting banks’ future earnings : Evidence from other comprehensive income and its components (ج 21).
13
Cantrell, B. W., McInnis, J. M., & Yust, C. G. (2014). Predicting credit losses: Loan fair values versus historical costs. Accounting Review, 89(1), 147–176.
14
De George, E. T., Li, X., & Shivakumar, L. (2016). A review of the IFRS adoption literature. Review of Accounting Studies (ج 21).
15
Evans, M. E., Hodder, L., & Hopkins, P. E. (2014). The Predictive Ability of Fair Values for Future Financial Performance of Commercial Banks and the Relation of Predictive Ability to Banks’ Share Prices. Contemporary Accounting Research, 31(1), 13–44.
16
Fox, A., Hannah, G., Helliar, C., & Veneziani, M. (2013). The costs and benefits of IFRS implementation in the UK and Italy. Journal of Applied Accounting Research, 14(1), 86–101.
17
Hiler, B. A. (1987). The SEC and the Courts’ Approach to Disclosure of Earnings Projections, Asset Appraisals, and Other Soft Information : Old Problems, Changing Views, 46(4).
18
IFRS Foundation. (2018). International Financial Reporting Standard (IFRS). Retrieved from https://www.ifrs.org/issuedstandards/list-of-standards/
19
IFRS Foundation. (2018). Retrieved from http://ifrs.org
20
Kang, M., & Yoo, Y.-T. (2019). Investor perception of fair value evaluation : focusing on financial instruments. Investment Management and Financial Innovations, 16(1). https://doi.org/10.21511/imfi.16(1).2019.16
21
Liang, L., & Riedl, E. J. (2014). The effect of fair value versus historical cost reporting model on analyst forecast accuracy. Accounting Review, 89(3), 1151–1177.
22
Marra, A. (2016). The Pros and Cons of Fair Value Accounting in a Globalized Economy. Journal of Accounting, Auditing & Finance, 31(4), 582–591.
23
Pervan, M., & Visic, J. (2012). Influence of Firm Size on its Business Success. Croatian Operational Research Review, 3.
24
Pervan, M., Pervan, I., & Curak, M. (2017). The Influence of Age on Firm Performance: Evidence from the Croatian Food Industry. Journal of Eastern Europe Research in Business and Economics.
25
Senan, N. A. (2019). The ability of Earnings and Cash Flows in Forecasting Future Cash Flows : A Study in the context of Saudi Arabia. Academy of Accounting and Financial Studies Journal, 23(1).
26
Shu, Y., Broadstock, D., & Xu, B. (2013). The heterogeneous impact of macroeconomic information on firms’ earnings forecast. The British Accounting Review, (45), 311–325.
27
Sodan, S. (2015). The Impact of Fair Value Accounting on Earnings Quality in Eastern European Countries. Procedia Economics and Finance, 32(15), 1769–1786.
28
Wooldridge, J. M. (2016). Introductory Econometrics A Modern Approach. Cengage Learning. https://doi.org/10.1016/j.jconhyd.2010.08.009
29
Yao, D., Percy, M., Stewart, J., & Hu, F. (2015). The Usefulness of Fair Values in Improving the Predictive Ability of Earnings: Evidence from International Banks. AFAANZ Conference. Hobart, TAS. Retrieved from https://eprints.qut.edu.au/95456/
30
ORIGINAL_ARTICLE
Investigating the Effects of Disclosure of Non-Financial Intangible Information on Investors’ Judgment about Future Financial Performance of the Company
The present study aims to investigate the needs of users in connection with the information of intangible assets in current financial statements with an emphasis on the way of disclosing non-financial information. For this purpose, the effect of the two independent variables of causal links’ discussion and level of non-financial performance on the financial performance of the firm, as the dependent variable, has been studied. The research is applied in terms of its objective and it is a survey in terms of the research design. The research population includes PhD students of accounting in top-ranking universities of Iran. Statistical methods, including test ratio, single-sample t-test, independent t-test, and one-way and two-way variance analysis have been used to test hypotheses. The findings show that the disclosure of non-financial intangible information along with causal links does not affect the judgment of investors with a low or high level of knowledge. However, it should be noted that the recall of the performance in terms of non-financial criteria by investors, who have a causal link discussion, is higher than others.
https://www.ijfifsa.ir/article_129420_676617b49851dc72880f29003d22d260.pdf
2021-04-01
21
45
10.30699/ijf.2021.240783.1144
Fair Value
Performance Prediction
Quality
International Financial Reporting Standards
Small and Medium-sized Entities
Tahereh
Mosallanezhad
t.mosalla214@yahoo.com
1
Ph.D. Candidate, Department of Accounting, Yasooj Branch, Islamic Azad University ,Yasooj ,Iran
AUTHOR
Shokrallah
Khajavi
shkhajavi@rose.shirazu.ac.ir
2
Prof., Department of Accounting, Shiraz University, Shiraz, Iran.
LEAD_AUTHOR
Abdolkhalegh
Gholami
gh.khalegh@yahoo.com
3
MA, Department of Auditing, Faculty of Management and Accounting, Allameh Tabataba’i University, Tehran, Iran
AUTHOR
Hashem
Valipour
h.valipour@gmail.com
4
Associate Prof., Department of Accounting, Firozabad Branch, Islamic Azad University, Firozabad, Iran.
AUTHOR
Ajzen, I. (1977). “Intuitive Theories of Events and the Effects of Base-Rate Information on Prediction”. Journal of Personality and Social Psychology, 35: 303-314.
1
Arefmanesh, Z., & Rahmani, A. (2015). “modeling of intangible assets in accepted companies in Tehran stock exchange”. journal of management accounting 8(26): 81-112.
2
Arefmanesh, Z., Rahmani, A., Hejazi, R., & Amirshahi, M. (2016). “Investigating the value relevance of intangible assets in future earnings and future cash flow”. journal of knowledge of financial
3
accounting, 3(1): 1-20.
4
Arvidsson, S. (2011). “Disclosure of Non-financial Information in the Annual Report”. Journal of Intellectual Capital, 12(2): 277-300.
5
Bini, L., Simoni, L., Dainelli, F., & Giunta, F. (2018). “Business model and non-financial key performance indicator disclosure”. Journal of Business Models, 6(2): 5-9.
6
Buzinskiene, R. (2017). Determination of the Value of Intangible Assets in the Companies of Lithuania. Journal of Economics and Culture, 14(2): 55-68.
7
Cardinaels, E. (2008). “The interplay between cost accounting knowledge and presentation formats in cost-based decision-making”. Accounting, Organizations and Society, 33: 582–602.
8
Dan L. (2007). “Estimating activity costs: How the provision of accurate historical activity data from a biased cost system can improve individuals’ cost estimation accuracy”. Behavioral Research in Accounting, 19: 133–159.
9
Daniel, Z., & Anis, M. (2011). “The accounting treatment of intangibles – a critical review of the literature”. Accounting Forum, 35: 262-274. Developing accounting standards committee, audit organization (2008). Iranian accounting standards, standards number 3 & 17.
10
Dyczkowska, J. (2016). “Determinants and Quality of R&D Disclosures in Annual Reports of Biotechnological Companies”.Wrocla University of Economics. Online Retrieved from https://researchgate.net.
11
Eccles, R.G., Herz, R.H., Keegan, E.M., & Phillips, D.M.H. (2001). “The Value Reporting: Moving Beyond the Earnings Game”. New York: John Wiley & Sons, New York, NY.
12
Einhorn, H.J., & Hogarth, R.M. (1986). “Judging probable cause”. Psychological Bulletin, 99: 3-19.
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Elliot W.B., Hoge F.D., Kennedy J.J., & Ponk M. (2007). “Are M.B.A. students a good proxy for nonprofessional investors?”. The Accounting Review, 82(1): 139-168.
14
Fadur, C., & Mironius, M. (2013). “Study on the perception of accounting professionals concerning intangible assets and intangible capital”. Theoretical and Applied Economics, xx (4): 77-98. Financial Accounting Standards Board – FASB NN. (2001a). “Getting a grip on intangible assets-what they are, why they matter, and who should be managing them in your organization”. Harvard Management Update, 6(2): 6-8.
15
Ghanbari, M., Fathallahi, kh., Mozafari, S., & Ghorbanzadeh, M. (2017). “review the role of non-financial performance measures in disclosure in financial reporting”. new research in accounting and management, 21(10): 165-174.
16
Hales, J., Xi (Jason) K., & Venkataraman S. (2011). “Who believes the hype? An experimental examination of how language affects investor judgments”. Journal of Accounting Research, 40(1): 223-255. Heitger,
17
Hendricksen, E. F. (1982). Accounting Theory, Richard D, Irwin Homewood, Chapter 5: 102-15.
18
Khani, A., Sadeghi, M., & Mohammadi Holeh Soe, M. (2014). "effect of research and development costs on the stock return of active pharmaceutical companies in Tehran stock exchange”. Quarterly financial accounting, 6(21): 153-174.
19
Lev, B. (1999). “R&D and Capital Markets”. Journal of Applied Corporate Finance, 11: 21-35.
20
Mahmudi, M., Hadian, S. A., & Fallah Abed, T. (2015). “impact level of voluntary disclosure quality of financial and non-financial measures on earnings forecast”. journal of financial management guideline, 3(10): 105-128.
21
Mashaykhi, B., Beyrami, H., & Beyrami, H. (2014). “determining the value of intangible assets using artificial neural network”. journal of empirical accounting research, 4(14): 223-238.
22
Mazaheri, A. (2014). “accounting methods of intangible assets and challenges ahead”. Journal of accounting and auditing studies, 3(9): 113-125.
23
Mehrpoyafar, N. (2016). "investigating the effect of disclosure of research and development information on the cost of capital study of active companies in the chemical, pharmaceutical and food industries accepted in Tehran stock exchange” Master’s Thesis, The Mazandaran University, Retrieved from Iran dock.
24
Parvai, A., & Kordestani, Gh. (2018). “behavioral explanation of management decisions in the field of investment in intangible assets: reward hypothesis testing based on the experimental approach”. review of accounting and auditing, 25(4): 479-496.
25
Rahnama Roudposhti, F., Nikomaram, H., & Nonahal Nahr, A. A. (2012). “Evaluation of the impact of judgment and cognitive approaches in accounting explanation reports”. Review of accounting and auditing, 19(2): 47-72.
26
Sharma, K., & Kaur, M. (2019). “Intangible assets: reporting practices and hidden value measurement”. The research journal of social sciences, 10(1): 102-118.
27
Swanson, Z. (2018).” Internal intangible asset effect on firm valuation. University of Central Oklahoma, SSRN Database”, Available at: http: //dx.doi.org /10 .2139/ssrn.3134117.
28
Tversky, A., & Kahneman, D. (1980). “Causal Schemas in Judgments under Uncertainty”. In M. Fishbein (Ed.). Progress in Social Psychology, New York, Lawrence Earlbaum Associates.
29
Upton, W.S., Jr. (2001). “Special Report: Business and Financial Reporting, Challenges from the New Economy”. Stamford, CT: FASB.
30
Valizadeh Larijani, A., & Hadidifard, A. (2016). “The relationship between financial and accounting factors with Profit dividend ratio in different stages of business life”. Journal of the stock exchange, 9(36): 75-96.
31
Winchel, J. (2008). “When do negative arguments increase the credibility of favorable analyst reports?” The University of Texas of Austin.
32
Yari, F. (2018). “Independent trust of non-financial information: securing trust”. Journal of auditor, 96: 26-28.
33
Yen, A. C. C. (2004). "Effects on investor judgements from expanded disclosures of nonfinancial intangibles information". The University of Texas-Austin. Online Retrieved from https://repositories.lib.utexas.edu.
34
ORIGINAL_ARTICLE
Corporate Governance and Iranian Banking Economic Value Added
Added over the period 2006-2018. We focused on different proxies of corporate governance indicators, such as the Directors' Effectiveness, the Transparency and the Disclosure, Responsibility. Basel Principles have been used to make corporate governance indicators and Stern & Stewart and Chew (1995) method have been used to make banking economic value added. We used the PCA method to choose important indicators. The results of PCA estimation identified ten important variables affecting banks' economic value added. Due to the importance of banks' age in creating economic value-added, banks are divided into two classes according to age. The GMM method is used to estimate the models. Eight models were designed to examine the impact of different corporate governance measures on the banking economic value added. The results indicated that corporate governance indicators were significant in explaining changes in the Iranian banking economic value added. The result also shows that according to the banks' age, the effectiveness of the board structure is greater than others. This illustrates the importance of board structure more than other criteria.
https://www.ijfifsa.ir/article_129421_d3b27ed741dac180907f46f53523b5a3.pdf
2021-04-01
46
69
10.30699/ijf.2021.211225.1096
Corporate Governance
age
Economic Value Added
GMM Method
Azam
Ahmadyan
azam_ahmadyan@yahoo.com
1
Assistant Prof, Faculty of Banking, Monetary and Banking research Institute, Tehran, Iran.
LEAD_AUTHOR
Mehdi
Ghasemi Ali Abadi
ghasemi.mehdi89@gmail.com
2
Ph.D. in Islamic Economics, Risk Manager, Implementation and Fighting Money Laundering in Parsian Bank, Iran.
AUTHOR
Adams, R.B., and Mehran, H. (2008), corporate performance, board structure and their determinants in the banking industry, Federal Reserve Bank of NY, Staff Report No 330.
1
Adams, R.B., and Mehran, H. (2005), Corporate Performance, Board Structure and its Determinants in the Banking Industry, EFA, Moscow Meetings.
2
Agbeaze, E.K, and Chinedu Daniel, Ogosi, 2018. Corporate Governance and the Profitability of Nigerian Banks. European Journal of Scientific Research, ISSN 1450-216X / 1450-202X Vol. 148 No 3 February 2018, pp. 358-367.
3
Andres Alonso, Pablo de and Vallelado, Eleuterio, 2008. Corporate Governance in Banking: The Role of the Board of Directors. Journal of Banking & Finance, Vol. 32, Issue. 12, pp. 2570-2580.
4
Arellano, Manuel and Bond, Stephan, 1991. Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. The Review of Economic Studies, Vol. 58, No. 2 (Apr. 1991), pp. 277-297.
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Arellano, M. and O. Bover (1995), Another Look at the Instrumental Variable Estimation of Error-Components Models, Journal of Econometrics68, 29-51.
6
Baltagi, B.H. (2005) Econometric Analysis of Panel Data. 3rd Edition, John Wiley & Sons Inc., New York.
7
Basel Committee on Banking Supervision (BCBS) (2006). Enhancing corporate governance for banking organizations. Bank for International settlement.
8
Bayrakdaroglu, Ali; Ersoy, Ersan and Citak, Levent, 2012. Is There a Relationship Between Corporate Governance and Value-based Financial Performance Measures? A Study of Turkey as an Emerging Market. Asia-Pacific Journal of Financial Studies (2012), 41, 224-239.
9
Belhaj, Salma and Mateus, Cesario, 2016. Corporate Governance Impact on Bank Performance Evidence from Europe. Corporate Ownership & Control, Vol.13, Issue. 4, summer 2016, Continued – 4.
10
Blundell, R. and S. Bond, 1998, Initial Conditions and Moment Restrictions in Dynamic Panel Data Models, Journal of Econometrics87, 115-143
11
Bubbico, Rossana; Giorgino, Marco and Monda, Barbara, 2012. The Impact of Corporate Governance on the Market Value of Financial Institutions- Empirical Evidence from Italy. Online at http://mpra.ub.uni-muenchen.de/45419/; MPRA Paper No. 45419.
12
Caprio, Gerard; Leaven, Lue; and Levine, Ross, 2007. Governance and Bank Valuation. Journal of Financial Intermediation, Vol. 16, pp. 584-617.
13
Claessens S. B. & B. Yurtoglu. (2013). Corporate Governance in emerging markets: A survey Research Department, International Monetary Fund, University of Amsterdam, the Netherlands, CEPR and ECGIWHU–Otto Beisheim School of Management, Germany.
14
Conyon, M., J. and Peck, S., L. (2010) Board size and corporate performance: evidence from European countries, The European Journal of Finance,4(3), 291-304.
15
Dedo, Vasile and Chitan, Gheorghe, 2013. The influence of Internal Corporate governance on bank Performance – an Empirical Analysis for Romania. Social and Behavioral Sciences. Vol. 99 (2013), PP. 1114 – 1123.
16
Fama, E. F. & M. Jensen. (1983). Separation of Ownership and Control. Journal of Law and Economics, 26, 301-325.
17
Ghasemi Aliabadi, Mehdi; Shakeri, Abbass and Nassiri Aghdam, Ali, 2017. Introducing a model to measure the Corporate Governance Index in Usury-free Banking. Journal of money and economy, Vol. 12, No. 1, Winter 2017. Pp. 55-71.
18
Grant, James L. (2003). Foundations of Economic Value Added (2nd ed.). Wiley finance. Hoboken, N.J., Chichester: J. Wiley. Retrieved from http://www.loc.gov/catdir/description/wiley037/2003269697.html
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Hermalin, B., E. and Weisbach, M. S., (2003), Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature, FRBNY Economic Policy Review, 9, 7-26.
20
Ibitamuno, Dosunmu Adebukola; Onuchuku, Okey and Nteegah, Alwell, 2018. Corporate Governance and Banking Sector Performance in Nigeria. Journal of Applied Economics and Business, Vol. 6, Issue 4 – December 2018, PP. 35-50.
21
Im, K. S., M. H. Pesaran, and Y. Shin. 2003.Testing for unit roots in heterogeneous panels. Journal of Econometrics 115: 53–74.
22
Jensen, M. & W. Meckling. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, In Putterman, L. (1986), The Economic Nature of the Firm. Cambridge University Press.
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Johansen, S. 2000. Modeling of Co-integration in the vector autoregressive model. Econometric modeling, 17(3), 359-373.
24
Kamrul, Hasan A K M, 2017. Corporate Governance Practices in Bangladesh and Its Impact on the Performance of the Banking Industry of Bangladesh. Master’s Thesis Presented to Ritsumeikan Asia Pacific University In Partial Fulfillment of the Requirements for the Degree of Master of Business Administration.
25
Kao, C. 1999. Spurious regression and residual-based tests for cointegration in Panel data. Journal of Econometrics 90, 1-44.
26
Kleiman, Robert T. (1999). Some New Evidence on EVA Companies. Journal of Applied Corporate Finance, 12(2), 80–91.
27
Kosalathevi, T. (2013). Impact of Economic Value Added on Financial Performance: Special Reference to Selected Private Banks in Sri Lanka. Developing Country Studies, 3(13). Retrieved from https://www.iiste.org/Journals/index.php/EJBM/article/download/11437/11788
28
Kyriazis, Dimitris, & Anastassis, Christos (2007). The Validity of the Economic Value Added Approach: An Empirical Application. European Financial Management, 13(1), 71–100. doi:10.1111/j.1468-036X.2006.00286.x
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30
Nikhil, Chandra Shil (2009). Key Discriminators of Bank Profitability. Interdisciplinary Journal of Contemporary Research in Business, 1(2), 97–110.
31
Oyerinde, Adewale Atanda, 2014. Corporate Governance and Bank Performance in Nigeria: Further Evidence from Nigeria. International Journal of Business and Management; Vol. 9, No. 8.
32
Pedroni, P. 1999. Critical Values for Co-integration Tests in Heterogeneous Panel with Multiple Regressors. Oxford Bulletin of Economics and Statistics 61, 653-670.
33
Peni, E. and Vähämaa, S. (2012).’Did good corporate governance improve bank performance during the financial crisis?’ Journal of Financial Services Research, 41(2), 19–35.
34
Pompong, Setiadi Budi (2015). The Influence of Economic Value Added On Liability Management in Commercial Banks of Indonesia. Journal of Nursing and Health Science, 4(3).
35
Rose, Caspar, 2016. The Relationship between Corporate Governance Characteristics and Credit Exposure in Banks: Implications for Financial Regulation. European Journal of Law and Economics, Vol. 43, No. 1, 02.2017, p. 167-194.
36
Salim, Ruhul; Arjomandi, Amir and Seufert, Juergen, 2016. Does Corporate Governance Affect Australian Bank’s Performance?. Journal of International Financial Markets, Institutions and Money, 43 113-125.
37
Staikouras, P., Staikouras, C. and Agoraki, M.E. (2007), ‘The effect of board size and composition on European bank performance’, European Journal of Law and Economics, 23(1), 1-27.
38
Stern, Joel M. (1985). Acquisition, Pricing, and Incentive Compensation. Corporate Accounting, 3(2), 26–31.
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Stern, Joel M., Stewart, G. Bennett, & Chew, Donald H. (1995). THE EVA Financial Management System. Journal of Applied Corporate Finance, 8(2), 32–46. doi:10.1111/j.1745-6622.1995.tb00285.x
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Stewart, G. Bennett (1994). EVAtm: Fact and Fantasy. Journal of Applied Corporate Finance, 7(2), 71–84. doi:10.1111/j.1745-6622.1994.tb00406.x
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42
Sundaram, A. K. & A. C. Inkpen. (2004). The Corporate Objective Revisited. Organization Science, 15(3), 350-363.
43
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44
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45
ORIGINAL_ARTICLE
.Modeling the selection of the optimal stock portfolio based on the combined approach of clustered value at risk and Mental Accounting
This paper concentrates on the modelling of optimal stock portfolio selection based on Risk Assessment and Behavioral Financial Approach Mental Accounting and 28 expert’s opinion. In this approach developing the model approved by the opinion of academic and practical experts using quantitative and qualitative methods. Using quarterly return data of industrial indices for ten years in form of eight training and two test years indicates that the performance of DMSS and MVO based portfolios is equal however by regarding the value at risk and liquidity constraints in modeling, DMSS based portfolios perform higher than MVO portfolios.
https://www.ijfifsa.ir/article_129422_0ac32ff7105db238c25a9a6ecf3b1433.pdf
2021-04-01
70
94
10.30699/ijf.2021.265185.1187
portfolio optimization
mental accounting
value at risk
seyedeh farrokh
Nikoo
nikoo7_77@yahoo.com
1
Department Of Financial Management, Qazvin Branch, Islamic Azad University, Qazvin, Iran.
LEAD_AUTHOR
Shahabeddin
Shams
shahabeddinshams@gmail.com
2
Department of Financial Management, Qazvin Branch, Islamic Azad University, Qazvin, Iran.
AUTHOR
Reza
Tehrani
rtehrani@ut.ac.ir
3
Prof., Department of Finance, Faculty of Management, University of Tehran, Tehran, Iran.
AUTHOR
Mohsen
Seighali
seighali@ut.ac.ir
4
Prof., Department of Financial Management, Qazvin Branch, Islamic Azad University, Qazvin, Iran.
AUTHOR
Baptista, A. M. (2012). Portfolio selection with mental accounts and background risk. Journal of Banking & Finance, 36(4), 968-980.
1
Chandra, A. (2008). Decision-Making in the Stock Market: Incorporating Psychology with Finance. National Conference on forecasting Financial Markets of India, Available at SSRN: http://ssrn.com/abstract=1501721.
2
Chen, Yu & Wang, Zhicheng& Zhang, Zhengjun, 2019. "Mark to market value at risk," Journal of Econometrics, Elsevier, vol. 208(1), 299-321.
3
Das, S., Markowitz, H., Scheid, J., &Statman, M. (2010). Portfolio optimization with mental accounts. Journal of Financial and Quantitative Analysis, 45(2), 311-334.
4
Gordon, j. Alexander, Alexandre M. Baptista, Shu Yan.2016. Portfolio Selection with Mental Accounts & Estimation Risk.
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Hoffmann, A. O. I., & Post, T. (2013). What Makes Investors Optimistic, What Makes Them Afraid? Journal of Economic Literature.
6
Islam, S. (2012). Behavioral finance of an inefficient market. Global Journal of Management and Business Research, 12(14).
7
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8
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9
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18
ORIGINAL_ARTICLE
Auditors’ Wise Tactfulness in Professional Judgments by Total Interpretive Structural Modeling (TISM)
Since the auditing profession is a process engaged in judgment activities, knowing the reasoning concepts to achieve a level of rationale in audit judgment is the theoretical and fundamental concept in this profession. In this regard, tactfulness is one of the decision-making components in an auditor's judgment that assigns a level of reasoning for making an intellectual decision and promotes the level of judgment quality in auditing. Accordingly, the purpose of this research is Auditors’ Wise Tactfulness in Professional Judgments by Total Interpretive Structural Modeling (TISM). The mixed-methods approach was used for the research in which, in the qualitative part, two experts population as panel members, and, in the quantitative part, 30 independent auditors as the statistical population participated. In the qualitative part, the meta-analysis approach was used to identify the themes related to wise tactfulness in professional judgment, and then, the basic themes selected were examined based on two criteria, concordance coefficient and average, in three rounds reciprocally until theoretical saturation was met. At this point, 14 themes were accepted among 20 basic themes. In the quantitative part, the themes accepted were coded first and then were distributed among the respective population, based on a matrix questionnaire, to identify the most effective trait of auditor's wise tactfulness in professional judgment using the Total Interpretive Structural Modeling approach. According to the results, the theme adherence to the principles of professional ethics as a basic theme of professional thinking was selected as the most influential trait of wise tactfulness.
https://www.ijfifsa.ir/article_129604_9f1bcf13d235aff8cf685c9ba540bf2f.pdf
2021-04-01
95
127
10.30699/ijf.2021.256524.1171
Wise tactfulness
professional judgment
Total Interpretive Structural Modeling
Hadi
Malekipour
hadi282m@yahoo.com
1
Ph.D. Candidate, Department of Accounting, Shahroud Branch, Islamic Azad University, Shahroud, Iran.
AUTHOR
Mohammadreza
Abdoli
mra830@yahoo.com
2
Associate Prof., Department of Accounting, Shahroud Branch, Islamic Azad University, Shahroud, Iran.
LEAD_AUTHOR
Hasan
Valiyan
hasan.valiyan@yahoo.com
3
Assistant Prof., Department of Accounting, Shahroud Branch, Islamic Azad University, Shahroud, Iran.
AUTHOR
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38
ORIGINAL_ARTICLE
The Impact of Corporate Social Responsibility on the Managers' Behaviors in Companies Listed on the Tehran Stock Exchange
Corporate social responsibility (CSR) is a fundamental factor for the survival of any organization. Companies and institutions are active in a society that provides them various opportunities to earn profits and realize their goals. The increasing importance of corporate social responsibility and the costs required by companies to operate and participate in these issue has led to the purpose of this study to investigate the impact of corporate social responsibility on the managers' behaviors in companies listed on the Tehran Stock Exchange. This study is based on purpose, application and data analysis in the field of causal descriptive studies. In this study, the reflection of managers’ myopic and optimistic behaviors is considered as managers' behaviors. Therefore, two hypotheses were developed to investigate this issue, and data from 174 listed companies were analyzed from 2008 to 2018. The regression model of the research was evaluated using a panel data method with a fixed-effects approach and logistic regression method. The result showed that the fulfillment of corporate social responsibility has a significant negative effect on the optimistic behavior of managers and decreases this type of behavior by managers. On the other hand, the results confirmed that accomplishing corporate social responsibility does not have a significant effect on managers' myopic behavior.
https://www.ijfifsa.ir/article_130178_94081db16b78e66c75ece60ffaab5933.pdf
2021-04-01
128
151
10.30699/ijf.2021.256524.1168
corporate social responsibility
Managers' Behaviors
Myopic Behavior
Optimistic Behavior
Elham
Hamidi
hamidi.elham@gmail.com
1
Assistant Prof., Department of Accounting, khatam University, Tehran, Iran.
AUTHOR
Javad
Nikkar
j.nickar@gmail.com
2
Assistant Prof., Department of Accounting, East Tehran Branch, Islamic Azad University, Tehran, Iran.
AUTHOR
Mostafa
Hashemi Tilehnouei
mostafahashemi82@gmail.com
3
Assistant Prof., Department of Management, East Tehran Branch, Islamic Azad University, Tehran, Iran.
LEAD_AUTHOR
Adams, C. A. (2002). Internal organizational factors influencing corporate social and ethical reporting: Beyond current theorizing. Accounting, Auditing & Accountability Journal, 15(2): 223–250.
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3
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4
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