The survey of effective factors on Equity Valution in the Presence of Accounting Noise (Empirical Evidence using profit Margins) in the accepted companies in the Tehran Stock Exchange
Subject Areas : Management Accountingعباس طالب بیدختی 1 , سمیه علیشاهی 2
1 - مسئول مکاتبات
2 - ندارد
Keywords: Equity Valution, accounting noise, reporting bias, measures of profit for
, 
, per s, deviation of the profit measur, profit margins, book value of
, 
, per share,
Abstract :
The main purpose of is studying effective factors on equity valution in the presenceof accounting noise ( Empirical Evidence using profit Margins) in the acceptedcompanies in theTehran Stock Exchange. Dependent variables in the present research market priceper share and the independent variables are: the book values per share, measures ofprofit for per share, deviation of the profit measures per share, the differencebetween net profit and measures of profit for per share. The main hypothesis of thisstudy includes a main hypothesis and three sub-hypothesis. The studied period of thestudy is 1381 to 1386 years and selected pattern includes 69 companies. In order totest hypotheses, since the analysis of independent several variables are effective toexplain or the dependent variable changes, the multi-variable regression was used.The results of the main hypothesis suggests that the gross profit deviation, the profitdeviation before tax deduction and net profit deviation have a positive significanteffect on market prices, and operating profit per share doesn't significantly effect onmarket price per share, but among three profit standards deviation that have asignificant relation with the market price per share, just gross profit deviation embedsinto the optimum and the AEK model, when j = 4, is complete and is as following:P=2772.88 + 2.19 EPS4 +2.92 DIF4+2.03 S4+ 1.61 BPSAEK model indicates that accounting noise more likely occurs in the gross profitand this finding these noise and can be effective for price adjustment of market price.The results of sub-hypotheses indicate that the book value per share, measures ofprofit for per share, the difference between net profits and measures of profit per sharewith market price per share has a significant relation.