This research analyzed the impact of debt maturity and financial reporting quality on under-over investment. Investment inefficiency (under-over) is measured based on the model presented by Biddle et al (2009) and financial reporting quality is measured based on the mod More
This research analyzed the impact of debt maturity and financial reporting quality on under-over investment. Investment inefficiency (under-over) is measured based on the model presented by Biddle et al (2009) and financial reporting quality is measured based on the model presented by Dechow & Dichev (2002). The research sample includes 219 companies listed in Tehran Securities and Exchange over the period 2010 - 2014. Results showed that financial reporting quality and short debt maturity have significant and negative impact on Investment inefficiency. These analyzing also have done in two categories such as over investment observations and under investment observations. Results suggested that financial reporting quality has significantly negative impact on over investment, but no impact on under investment. Short term debt maturity has no significant impact on over investment and under investment. Other results showed operational cash flow, tangibility and volatility in operational cash flow have significant and positive impact on over investment; sales volatility has significant and negative impact on over investment. But age, growth opportunity, loss and size have no significant impact on over investment. Also, size has significant and positive impact on under investment; growth opportunity and tangibility have significant and negative impact on under investment. But age, operational cash flow, loss, sales volatility and volatility in operational cash flow have no significant impact on under investment
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The purpose of this study is to test the effectiveness of VAT on the investment efficiency in listed companies in Tehran Stock Exchange. In this regard, 140 companies (980 observation year-companies) accepted in the Tehran Stock Exchange during the period from 2011 to 2 More
The purpose of this study is to test the effectiveness of VAT on the investment efficiency in listed companies in Tehran Stock Exchange. In this regard, 140 companies (980 observation year-companies) accepted in the Tehran Stock Exchange during the period from 2011 to 2017 have been investigated. In order to test the hypotheses of the research, a multiple linear regression model was used using combined data (integrated method). The results of this research indicate a negative and significant effect of the value added tax on the investment level of the company. Also, the research results showed that value added tax has a positive and significant effect on investment efficiency. In addition, the results of the research showed that the value added tax has a negative and significant effect on overinvestment and underinvestment and increases the investment efficiency. These results point to the importance and effectiveness of value added tax in acquiring an unconnected and efficient investment for the company.
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AbstractAccording to the theoretical concepts of financial reporting, the purpose of financial statements is to provide summarized and classified information about the financial status, financial performance and financial flexibility of the business unit, which is usefu More
AbstractAccording to the theoretical concepts of financial reporting, the purpose of financial statements is to provide summarized and classified information about the financial status, financial performance and financial flexibility of the business unit, which is useful for a wide range of users of financial statements in making economic decisions. Achieving this goal requires that the information is firstly relevant and reliable and secondly comparable and comprehensible, in other words, accounting information must be of high quality. The current research aims to explore the relationship between the quality of accounting information and Institutional investment on the efficiency of investment in banks that are members of the Iranian capital market. In this research, the quality index of accounting information is the quality of accrual items. The statistical population of this research includes 19 member banks of the capital market. Research hypotheses have been tested using OLS regression according to company-year observations in a panel manner. The results of processing the regression models for the first hypothesis of the research indicated that the quality of accruals and Institutional investment has a significant relationship with investment efficiency; The results of the second hypothesis of the research showed that overinvestment has a significant effect on the relationship between the quality of accruals and Institutional investment with investment efficiency.
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