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Open Access Article
1 - Analyzing the efficiency of capital market relative to the decreas-ing and increasing information of the components of accounting earnings
Leila Lak Allah Karam Salehi Mehdi Basirat Ahmad Kaab OmeirThis research investigates the capital market's efficiency relative to the decreasing and increasing information the components of cash and accrual of the accounting earnings. In the accrual accounting system, accounting earnings includes two components of cash and accr MoreThis research investigates the capital market's efficiency relative to the decreasing and increasing information the components of cash and accrual of the accounting earnings. In the accrual accounting system, accounting earnings includes two components of cash and accrual. Information about decreasing and increasing values of the normal and abnormal portion of the changes in financial assets as a cash component is compared with the information on the decreasing and increasing amounts of discretionary and non-discretionary accruals. The required data was extracted from the financial statements of the listed companies in Tehran Stock Exchange during the years 2003 to 2017. In order to estimate the research models from the regression with the combined data as well as the equations system, the simultaneous equations system with the seemingly unrelated regression (SUR) approach are utilized and then some experiments are implemented to evaluate the research hypotheses by using Mishkin’s test. The results reveal that the capital market is inefficient in terms of the increasing information (positive portion) of accrual and discretionary accruals and information on abnormal changes in financial assets (increasing and decreasing), but rather on the information (negative) of discretionary and non-discretionary accruals and abnormal changes in the financial assets (increasing and decreasing). Manuscript profile -
Open Access Article
2 - Net Working Capital Investment Policies, the Value of Financial Flexibility and Financial Constraint, Evidence From the Tehran Stock Exchange
Maryam Karimi Rasoul Karami Mehdi Basirat Allah Karam SalehiCompanies pay attention to the value level of financial flexibility in making decisions related to optimizing investments and applying their net working capital policies. This issue will make profitable investment opportunities for companies more efficient and enable co MoreCompanies pay attention to the value level of financial flexibility in making decisions related to optimizing investments and applying their net working capital policies. This issue will make profitable investment opportunities for companies more efficient and enable companies to gain more efficiency, as well as apply more optimal policies to keep cash. The purpose of this research is to investigate the effect of financial flexibility value and financial constraint on the speed of adjustment of net working capital, as well as the effect of financial constraint on the relationship between the value of financial flexibility and the speed of adjustment of net working capital in companies listed on the Tehran Stock Exchange. The appropriate pattern recognition test in combined data indicates the use of the regression model of the research using the panel data method with the fixed and random effects approach for the panel and pooled data patterns to estimate the regression model. The statistical sample includes 100 companies accepted to the Tehran Stock Exchange during the period from 2005 to 2020. The findings indicate that the value of financial flexibility has a positive and significant effect on the speed of adjustment of net working capital in the models of partial adjustments and error correction. Financial constraint has a positive and significant effect on the speed of net working capital adjustment, and it also has a positive and significant effect on the relationship between the value of financial flexibility and the speed of net working capital adjustment. Manuscript profile
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