Comparability of financial statements

Objective
Empirical evidence on the impact of information asymmetry on the cost of equity capital reveals ongoing inconsistencies in the literature. While some studies report a positive relationship, others find it to be negative or statistically insignificant. A significant factor contributing to this divergence is the role of control variables. Although there exists a wide range of potential control variables, the inclusion of certain variables may distort the results, whereas others can enhance the accuracy of the research findings. This meta-analysis aims to investigate which control variables, based on those repeatedly employed in prior studies, significantly influence the regression coefficient in comparison to their exclusion.
Methods
The empirical examination of the relationship between information asymmetry and the cost of equity capital revealed notable divergences. To investigate this issue, a meta-analysis approach was employed, highlighting the varying effects of control variables on this relationship. This meta-analysis synthesizes the findings from 35 studies published between 1986 and 2022, encompassing a total of 198 tests, to illuminate the intricate relationship between information asymmetry and the cost of equity capital. The analysis was carried out in multiple stages: information asymmetry was designated as the independent variable, and the cost of equity capital was identified as the dependent variable. Control variables included the book-to-market ratio, market beta, company size, type of ownership, yield fluctuations, equity, leverage, and growth. Comprehensive searches were conducted in prominent databases such as Science Direct, Emerald, Google Scholar, SSRN, and ResearchGate, resulting in the extraction of 188 articles based on pertinent keywords. The articles were screened for alignment with the research hypotheses, focusing on studies that provided effect size information and employed correlation methods. Consequently, 35 studies published between 1986 and 2022, incorporating 198 effect sizes, were selected for meta-analysis. Relevant general information and details about effect sizes were meticulously extracted from the selected articles. For each sample, the effect size, denoted as r, was calculated. Effect sizes were aggregated using weighted means, accounting for sampling error. Finally, the homogeneity of effect sizes was assessed

The main purpose of this study is to show whether the financing of companies has an impact on their investment efficiency and how this impact is determined by the moderator of the financing constraints of companies. In other words, this study aims to determine whether the financing of companies has a positive or negative effect on their investment decisions and how this effect is moderated by the financing constraints of companies. Therefore, the main goal of the current research is to investigate the effect of company financialization on investment efficiency based on the moderating role of financing constraints of companies admitted to the Tehran Stock Exchange. Investigating the impact of financialization on investment efficiency, considering the moderating role of financing restrictions, helps companies to improve and optimize the use of financial resources and improve their performance. In general, it can be said that examining these effects helps companies to choose appropriate strategies for providing and using financial resources and to improve their performance. In order to carry out this research, 143 companies were investigated for a 10-year period between 2012 and 2022 in the Tehran Stock Exchange as a statistical sample. Research hypotheses were analyzed using panel data regression and combined regression in EViews10 software. The results of the hypothesis analysis using the generalized least squares estimation method showed that the financialization of the company has a positive and significant effect on the investment efficiency. Financing constraints have a negative and significant effect on the relationship between company financialization and investment efficiency.

According to the trade-off theory, to determine the best combination of debt and capital before choosing a financing source, its costs and benefits should be weighed. The choice of financing type may depend on the firm's plans regarding the firm's environmental, social and governance performance, including their acceptance of such efforts and the expected benefits of the company's environmental, social and governance activities. The financing activities of the firm and the environmental, social and governance activities of the firm are affected by the characteristics of the managers and the ownership structure of the firm. Empirical investigation of this issue by focusing on the trade-off theory is the aim of the present research. Six research hypotheses were tested and analyzed using the information of 166 companies in the Tehran Stock Exchange in the period from 2013 to 2022 and using regression. The results showed that equity financing and debt financing have a positive and significant relationship with the firm's environmental, social and governance performance. Management optimism strengthens the relationship between debt financing and environmental, social and governance performance, but management myopia does not have a moderating role on this relationship. optimism Management optimism does not have a moderating role on the relationship between equity financing and environmental, social and governance performance, But management myopia weakens the relationship between equity financing and environmental, social and governance performance. Also, ownership concentration does not play a moderating role on the relationship between financing through debt and through equity with the firm's environmental, social and governance performance. The management team plays a key role in all strategic decisions, their accurate and purposeful selection according to the appropriate characteristics is one of the main factors to guarantee the firms success.

The importance of sustainability and the need for transparent, comparable performance reports have grown significantly. Companies are increasingly recognizing the necessity of sustainability reporting to offer valuable insights into their economic, social, and environmental impact. Sustainability reporting is also essential for building trust with stakeholders, including investors, customers, employees, and the broader community. Therefore, ensuring the accuracy and reliability of the information presented in sustainability reports has become a fundamental concern for organizations. Sustainability reporting enables companies to identify and address sustainability risks, manage their profits more effectively, improve their international rankings, and foster global interactions. Furthermore, the comparability of accounting information allows stakeholders to discern differences and similarities in financial data, facilitating more informed decision-making processes. These aspects are vital for maintaining continuous profitability in corporations. Consequently, this study aims to provide empirical evidence on the impact of sustainability reporting disclosure and the comparability of accounting information on profit sustainability in companies listed in the Iranian capital market.

Objective
The primary challenges of the 21st century, particularly resource scarcity and the efficient utilization of resources, have intensified global awareness of sustainability and its implications for sustainable development. Achieving sustainable development requires businesses to adopt strategies that integrate economic objectives with environmental and social dimensions. As critical pillars of society, companies significantly influence sustainable development initiatives; their collaboration is essential for meaningful progress. The implementation of sustainability initiatives serves as a precursor to the disclosure of sustainability information, enabling companies to reap the advantages of both implementation and disclosure processes. Therefore, this study aims to investigate the influence of material sustainability information disclosure on company performance, while also considering the moderating effect of business strategy.
Methods
This research adopts a descriptive-correlational approach with a focus on practical application. A library method was utilized to gather relevant information and establish theoretical foundations. Financial data were extracted using document mining techniques applied to audited financial statements, while sustainability information was obtained through content analysis and mapping from the companies' board of directors or sustainability reports. The statistical population comprises 102 companies listed on the Tehran Stock Exchange from 2018 to 2022.

Objective
Religiosity is a key social norm that has a significant effect on the moral behavior of managers. Religious managers are less likely to make unethical judgments and decisions. An ethical manager is expected to provide high-quality voluntary disclosure to reduce information asymmetry. Religion is considered a source of moral behavior and will have a significant effect on the behavior of managers, including their disclosure behavior. Moreover, narcissistic managers manipulate financial reports by not disclosing important information. They try to achieve their goals by reducing discretionary information disclosure to stakeholders. In addition, religiosity influences the quality of financial reporting by enhancing the moral dimension of managers' performance. Therefore, it is expected that religiosity impacts the phenomenon of narcissism and, in turn, positively affects the voluntary disclosure of information. Therefore, the purpose of the current research is to investigate the effect of religiosity on the quality of voluntary disclosure of information, emphasizing the mediating role of managers' narcissism as one of the most important factors influencing information disclosure.
Methods
The current research is quantitative in terms of the implementation method. The collected data was analyzed by structural equations. The research tool was a standard questionnaire and research variables were evaluated by it. The statistical population of the research includes financial managers who were selected as the research sample by using Cochran's formula.

Objective
Given that managers play a crucial role in grounded and old theories such as agency theory, stewardship theory, and contracts theory, the concept of managerial ability and its measurement has attracted the researchers' attention. Recent dominant perspective emphasizes that manager's ability is reflected in the firm's performance. Therefore, measuring managerial ability depends on the separation of the manager's performance from the firm's performance, and the more the manager's contribution to the company's performance, the higher ability he/she has. The current study seeks to develop a model to measure managerial ability, taking into account the unique circumstances of the country in which the companies operate.
Methods
To develop a model for measuring managerial ability, a comprehensive approach is applied including systematic literature review, interpretive analysis of interviews with experts, and a descriptive method. In systematic literature review domestic and foreign studies and reliable information sources and databases is applied based on specific related keywords. Additionally, interviews with experts such as executive managers, financial managers, internal and external auditors, and academics were analyzed using interpretive analysis based on chain sampling. To run and validate the designed model, data from 158 firms listed on the Tehran Stock Exchange (TSE) across 12 industries from 2012 to 2021 is used. Triangulation was employed to evaluate the research validity, considering multiple dimensions including methodology, data, and the researchers. This rigorous approach ensures the reliability and robustness of the model developed for measuring managerial ability.

Objective Objective: In recent years, the focus on earnings characteristics has intensified, spurred by the financial disclosures of some major corporations. Financial analysts and investors not only consider the accounting profit figure when assessing future cash flows but also prioritize the sustainability and repeatability of reported earnings. More than the final earnings figure, they refer to the items that make up real earnings, usefulness in predicting future earnings, as well as the stability, sustainability, and immutability of reported earnings. Earnings are one of the most important factors affecting economic decisions. Users' awareness of the reliability of earnings can help analysts make better decisions about profitability and financial statement analysis. This study examines the

Objective There are always incentives for agency problems in firms due to potential conflicts of interest among managers, shareholders, and stakeholders. Therefore, efforts to disclose appropriate and high-quality information are one of the approaches to reduce agency conflicts. Since integrated reporting is viewed as a future-oriented approach, it is crucial to assess the potential consequences of adopting an integrated reporting framework on financial reporting quality, taking agency motives into account This research analyzed the impact of the level of reporting convergence toward an integrated framework on financial reporting quality and agency conflicts. Methods To measure reporting convergence toward integrated reporting, a checklist was used that was designed based on the international integrated reporting framework. The integrated reporting framework is principles-based. The purpose of this framework is to establish guiding principles and content elements that govern the overall content of an integrated report. The guiding principles underpin the preparation and presentation of an integrated report, informing the content and how information is presented, while the content elements provide details of the information to be reported. Earnings quality, as a proxy for financial information quality, was assessed based on the inverse absolute value of

In today's competitive environment, evaluating the performance of industries such as the pharmaceutical industry, which, in addition to the economic aspect, has direct effects on the living conditions and health of people in society, has a double importance. As a result, the main goal of the current research is to evaluate and rank the pharmaceutical companies listed on the Tehran Stock Exchange. Methods: For this purpose, a sample of 25 pharmaceutical companies were investigated between 2010 and 2019. By reviewing the subject literature, 8 indicators of competition in the product market were extracted. Then, the necessary data was collected using the Rahvard Novin software and analyzed with the help of Excel software based on the CRITIC and WASPAS methods. CRITIC method was used in order to prioritize and calculate indicators and WASPAS technique was used in order to rank sample companies. Results: The Results of the research showed that among the indices of competition in the product market, the Herfindahl-Hirschman index and Tobin's Q index have the highest weight and the adjusted Lerner index has the lowest weight. In addition, in the general ranking of pharmaceutical companies, Sina Daru has the best performance. After that, Razak Daru Company was ranked second, and Pars Daru and Faravarde Tazrighi Company were jointly ranked third. Also, Kausar Pharmaceuticals and Hijrat Broadcasting Companies were placed in the lower ranks of the performance ranking list, respectively. Conclusion: According to the Results of this research, top companies can be better options for beneficiaries.

The purpose of this research is to investigate the management of operating costs on the efficiency of banks with the moderating role of social responsibility. The statistical population of the study is all the banks listed on the Tehran Stock Exchange (TSE). The sample includes 14 private and public banks that were selected in the period of 2012 to 2023. Efficiency metrics were determined based on the service delivery approach theory, operational cost management indicators according to cost management theory and social responsibility dimensions were determined using the KLD index. Data envelopment analysis (DEA) and MATLAB software were used to calculate efficiency. Structural equation method and Smart PLS software were used in order to check the influence of variables. The findings of the research showed that the management of operating costs has an effect on the efficiency of banks. Among the operational cost management factors, the factors of financial costs (the cost of doubtful receivables) and asset imbalance (the ratio of loans to deposits and the ratio of loans to total assets) on efficiency banks have an effect. In addition, the results showed a positive and significant effect of social responsibility on the efficiency of banks. Also, this study showed that social responsibility strengthens the relationship between operational cost management and banks' efficiency. Based on the findings, it is recommended that bank managers take action in order to improve the dimensions of social responsibility in order to increase efficiency.

Investors using many Strategies in select portfolio. One of this Strategies is accruals. Operating accruals and Total accruals are two measures of Accruals. This measures are calculated in two ways, cash flow method and balance sheet method. So far in cash flow method and balance sheet method, accruals to enter in experimental models scaled by average total assets. In this study propose a small change in the definition of accruals. instead of scaling accruals by average total assets, this scale by earnings (NOI or NI). We label this definition of accruals as "percent accruals". The percent accruals measure differs most from traditional accruals measure. This seemingly simple change in the definition of accruals produces a radically different sort of the data and yield larger excess returns. This study first investigate excess return in low and high portfolio at one of strategies and then investigate the using traditional and percent accruals in select portfolio. The study ...

Future Earnings are an important factor in stock price valuation models. In other words, in the conditions of market efficiency, the prices will correctly represent the future financial performance of the Firm and these Stock prices will be consistent with the intrinsic value of the Firm's shares. The importance of this research is to show the role of market efficiency as a variable in the relationship between the rate of return and the future profitability of the Firm. The purpose of this research is to determine the effect of market efficiency on the relationship between the rate of return and future profitability in companies listed on the Tehran Stock Exchange. In order to achieve the goal of the research, 94 Firms from among the Firms listed in the Tehran Stock Exchange during the years 2013 to 2022 were considered by the systematic elimination sampling method to perform the analysis. Regression method was used to test research hypotheses. Also, in order to evaluate the effect of market efficiency on the relationship between the rate of return and Earnings in measuring the variable of market efficiency, instead of using each of the measurement indicators alone, using the method of principal components analysis, a composite index is created that includes different dimensions of market efficiency. The results of the research show that there is a positive relationship between stock returns and the ability to predict the profitability of Firms. But market efficiency has not been able to improve the relationship between Firm value and future profitability, and also market efficiency has not strengthened the relationship between future profitability and stock return rate.

The present study aim is to empirically investigate the impact of comparability and readability of financial statements on avoiding incorrect pricing of company shares. In order to achieve the objectives of the research, a sample of 127 companies listed in the Stock Exchange, which were selected according to the systematic elimination pattern, was collected for a period of 10 years from 2013 to 2022, and since the data of the period 2022 in the calculations It was needed for 9 years and was used for statistical work. A multivariable linear regression model was used to test the research hypotheses. For incorrect pricing of shares, the model previously developed by Pantzalis and Park (2013) and for measuring the readability and comparability of financial statements, the fog index and the profit-return index were used, respectively. The results of the research hypotheses test showed that the increase of both the readability of financial statements and the ability to compare accounting information separately leads to a decrease in the volume of incorrect stock pricing. In addition to that, further investigations revealed the interaction of the above two variables and led to the exchange and formation of stock prices in figures close to their intrinsic values, and the volume of incorrect stock pricing has decreased due to the reduction of information inequality

The purpose of this study is to investigate the effect of managerial myopia on corporate social responsibility (CSR) and also the moderating effect of investors' behavioral biases (emotional behavior, investor myopia and herding behavior) on the relationship between managerial myopia and corporate social responsibility. By reducing research and development and marketing activities, short-sighted managers sacrifice long-term profitability for short-term gains. Since social obligations usually have long-term benefits; Managerial myopia may affect corporate social performance. Furthermore, since management decisions are influenced by investor behavior, investors' behavioral biases are expected to influence the relationship between managerial myopia and corporate social responsibility. The research hypotheses were tested for a sample of 143 companies admitted to the Tehran Stock Exchange during the years 1391 to 1400 using a multivariate regression model, considering the fixed effects of year and industry. The results show that managerial short-sightedness has a negative effect on the corporate social responsibility score, and the behavioral patterns of investors, including emotional behavior, market short-sightedness, and herding behavior strengthen this negative relationship.

Corporate social responsibility (CSR) has become one of the standard business practices of our time. For companies, the overall aim is to achieve a positive impact on society as a whole while maximizing the creation of shared value for the owners of the business, its employees, shareholders and stakeholders. Consequently, there has also been an increase in the number of social reporting requirements driven by regulatory bodies and stock exchanges around the world that have played a key role in advancing the field of corporate social reporting. The present study contributes to this field and by adopting Delphi method and identifying the dimensions, components and indicators of social responsibility disclosure, a framework for assessing CSR disclosure incorporating 3 dimensions, 22 components and 68 indicators was designed. Then, these dimensions, components and indicators were ranked by using expert's views and the results show that the ratios of environmental, social and economic dimensions are 0.55, 0.35 and 0.1, respectively. Among the indicators, the measures taken to reduce greenhouse gas emissions, its technologies, and greenhouse gas elimination criteria with the ratio of 0.06 were considered as the most important indicator. Also, the review of CSR disclosure reports of 330 companies for year 1396 indicates that only 9 out of 68 indicators were disclosed by each of the companies on average, and in the total sample, the highest number of disclosures is related to economic indicators with 1632 cases followed by social indicators with 1490 cases and environmental indicators with only 360 cases, which represent 27.5%, 11.5%, and 7% of the disclosure cases, respectively. Meanwhile, the study shows that 85 of the 330 companies did not disclose any of the environmental indicators, which indicates that some companies still do not pay adequate attention to the most important aspect of social responsibility disclosure.

Purpose: In order to explain stock price crash risk as an index to measure asymmetry in risk, despite its importance in portfolio analysis and pricing of capital assets, no model has been designed. At the same time, it is very necessary to identify effective factors on stock price crash risk in Tehran Stock Exchange, which is a nascent, inefficient and developing market, because this risk is an inhibiting factor in attracting financial resources in capital market. Therefore, in present research, it has been investigated effective specific corporate characteristics on stock price crash risk.Methodology: In this research, data of 127 companies during period of 2011 to 2021 was used and for analysis, structural equation modeling was used in PLS 3 software. Research variables (except dummy variables) have been entered into model in decimal form. Specific corporate characteristics include growth opportunity, agency cost, size, performance and risk of the company, and two measures of the negative skewness coefficient of the stock return and fluctuation of the specific weekly return of the company have been used to measure stock price crash risk.Findings: findings indicate that effect of growth opportunity, size and performance of company on stock price crash risk was negative and significant, and effect of agency costs was positive and significant. Meanwhile, stock price crash risk has been independent of company's risk.Originality / Value: findings of the research showed that the stock price crash risk was independent of other company risks. Therefore, this issue should be considered by investors.

This research was done with the aim of investigating the impact of investment opportunities on tax avoidance with regard to the moderating role of corporate social responsibility disclosure. The independent variable of the research, investment opportunities and tax avoidance, the dependent variable and the corporate social responsibility disclosure variable are also moderators in this research. In terms of the objective, this research is considered as applied research, and in terms of the method of inference, it is included in the descriptivecorrelation research group. To collect information, 126 companies were selected as a statistical sample from the Tehran Stock Exchange in the period of 2016 to 2021. Research hypotheses were analyzed using panel data regression method in Eviews10 software. The analysis of hypotheses using the generalized least squares method showed that investment opportunities have a positive and significant relationship with tax avoidance; Therefore, with the increase of investment opportunities, tax avoidance increases. Also, the findings showed that disclosure of corporate social responsibility weakens the relationship between investment opportunities and tax avoidance.

The purpose of present study was to investigate the impact social responsibility, financial distress and firm growth on earnings response coefficient of Tehran stock exchange listed firms. Accordingly, this research sought to achieve this goal by analyzing information of 78 sample firms during the period of 8 years from 2014 to 2021. In order to analyze the data, multiple regression and panel data were used. The analysis of the data showed that corporate social responsibility has a significantly positive effect on earnings response coefficient. Also, financial distress has a significantly negative effect on earnings response coefficient. Finally, firm growth has a significantly positive effect on earnings response coefficient.

The purpose of present study was to investigate the impact of social responsibility on firm value with role of financial fraud in firms listed in Tehran stock exchange. Accordingly, this research sought to achieve this goal by analyzing information of 67 sample firms during the period of 9 years from 2013 to 2021. In order to analyze the data, tobit regression and panel data were used. The analysis of the data showed that corporate social responsibility has significantly positive effect on firm value. Also, financial fraud has significantly negative effect on the relationship between corporate social responsibility and firm value.

Tax payments are one of the major expenses that individuals and companies incur due to their income-generating activities. Creating permanent and temporary tax differences is considered as a risky activity that can bring losses for shareholders. However, the issue of agency and the increase of agency costs in companies increases tax differences. But in the absence of appropriate scientific and experimental evidence in the field of tax differences, the present research has evaluated the effect of agency costs on permanent and temporary tax differences. In this research, four criteria of asset utilization, discretionary expenses, Q Tobin ratio and free cash flow ratio have been used to measure agency costs. In this regard, a sample consisting of 143 companies admitted to the Tehran Stock Exchange during the period of 2015 ti 2021 was selected and tested. Using the multivariate regression method, the results show that among the selected criteria for measuring agency costs, only free cash flow has a significant indirect relationship with permanent tax differences, and the results also show that all four criteria are considered taken to measure the agency costs has a significant relationship with the temporary tax difference that the free cash flow and Q Tobin ratio have an indirect significant relationship and the asset utilization ratio and the ratio of discretionary expenses has a direct and significant relationship with temporary tax differences.

The present study aimed to examine the effect of tax avoidance on the coping strategies of audit risk (namely prolonged audit report lag, enhanced audit fee, and auditors' modified opinion) regarding the moderating role of the readability of financial statements. The statistical sample is made up of the TSE-listed companies between the years 2012 and 2020. Research hypotheses are tested by using panel data and applying multiple-linear and logistic regression.The findings revealed no significant relationship between tax avoidance with audit report lag and audit fee; however, tax avoidance and modified opinion were positively correlated. This means that an increase in tax avoidance enhances modified opinion. The readability of financial statements with text length proxy also had a weakening effect on the relationship between tax avoidance and modified opinion.The result indicates that auditors primarily use modified opinion (qualified or disclaimer of opinion) so as to cover the tax avoidance risk. This could be due to the fierce competition surrounding audit fees in Iran or the low level of auditor's bargaining power, since audit report lag is correlated with audit effort, and audit effort is affected by the audit's timing constraints and audit fee.

Objective The geographical conditions of Iran have contributed to the occurrence of diverse natural hazards. Among these hazards, drought emerges as one of the most significant, persisting over the Iranian plateau for several years. This study aims to investigate the moderating role of the phenomenon in the relationship between corporate social responsibility (CSR) and financial performance among listed companies in the Tehran Stock Exchange (TSE).

The competitive environment makes it difficult for firms to achieve effective performance. To be able to prove themselves, managers try to make performance positive by earning management. Based on this, the aim of the current research is to investigate the marginal effect (which includes both simple and Interaction) of competition on performance at different levels of earning management. In this research, variables of performance (asset return rate, sales return rate and equity return rate), product market competition and profit management have been used as indicators research. A statistical sample of 94 companies listed on the Tehran Stock Exchange between 2013 and 2019 was used for this research. Regression with panel data was used to test research hypotheses. The findings of the research show that competition has a significant effect on the three performance measurement indicators and the impact varies depending on the level of earning management. In such a way that with the increase in earning management, the level of competition has an increasing effect on performance, and with its decrease, this effect decreases. The results showed that the degree of competition has a rising impact on performance as earning management increases and a decreasing impact as earning management decreases. Also, the higher the earning management of the business unit, the higher the competition, which will lead to better performance.

Increasing the debt capacity leads to improving the company's financial flexibility. Financial flexibility plays an important role in the financial empowerment of the company regarding investment in the future, which is important to maintain flexibility according to the existing risks, which is possible with risk management. The current research aims to track the effect of business risk management and life cycle on the debt capacity of the companies listed in the Tehran Stock Exchange. In this regard, a sample of 124 companies from the Tehran Stock Exchange along a period of 2012-2021 were selected as sample and the research hypotheses were tested with aide of multiple linear regressions based on pooled data. The results showed that business risk management has a positive effect on the debt capacity of companies, and this business risk management effect during the recession stages of the life cycle of companies is more dominant. As expected, in the conditions of better use of business risk management mechanisms, the debt capacity of companies has also improved significantly. With better applying of risk management mechanisms, the reliability of loans and creditors to the company is increased too and as a result, the company's debt capacity is also improved.

The foundation of accounting knowledge has always been to provide essential information for users to make informed economic decisions. However, evidence suggests that the standards derived from the current policy-making process prevalent in accounting fail to be notably effective in providing valuable information for decision-making, especially for investors. The primary cause of this inefficiency and ineffectiveness in accounting policy-making stems from the dependence on linear reasoning. The policymaking process in accounting is plagued by an array of contradictions, disorders, repetitions, challenges, and provisional agreements among groups without a logical and unified framework. This research aims to analyze the content of the policy-making process in accounting and present a novel approach to rectify this process and strategically guide it towards fulfilling its objectives in light of the chaos theory. Methods This study adopts a mixed-methods research approach. Initially, content analysis was employed to extract components affecting patterns in the policy-making process. Specialized questionnaires tailored to these identified components were subsequently distributed to gather the opinions of experts. These questionnaires were crafted to evaluate both the prevailing policy-making process in accounting and the decisionmaking behaviors of accounting information users, especially those of investors. The statistical population consists of certified accounting experts, i.e., practicing auditors

Objective Recent research confirms the view that companies need foreign capital to finance their labor payments and financing frictions can affect labor investment. Real earnings smoothing can affect labor investment efficiency through its effect on market frictions caused by information asymmetry between managers and suppliers of external capital sources. The purpose of the current research is to investigate the effect of real earnings smoothing and its components on labor investment efficiency.

In recent years, the volatility of macroeconomic variables and the opacity surrounding the general direction of government economic policies have fostered an environment of uncertainty for the country's economic activities. The occurrence of economic policy uncertainty makes it more difficult for companies to secure financial resources, and they may not be able to support high-risk and high-yield investment projects due to a lack of funds. Companies become more risk-averse due to the shock of economic policy uncertainty. This relationship is valid under the criteria of unstable risk and profit volatility, regardless of whether the macroeconomic conditions are favorable or not. The effect of economic policy uncertainty on corporate risk-taking is also affected by product market competition and financial friction. Accordingly, the main purpose of this study is to identify the relationship between economic policy uncertainty and corporate risk-taking with the moderating role of product market competition and financial friction and the mediating role of financialization among the listed companies at the Tehran Stock Exchange. Methods This research is practical in terms of its objective. It employs descriptive-correlational research methodology, utilizing regression and correlation techniques to explore the relationship between variables. Thus, in terms of reasoning, it falls within the realm of inductive research. In this way, in terms of reasoning, it is placed in the group of inductive research. Additionally, this study embodies a positive theory, as conclusions are drawn based on the examination and testing of existing data. To achieve the goal of the research, 142 companies were selected as available samples from 2010 to 2019, and a

This study deals with the life cycle of firms as one of the explaining factors of return. The statistical population consists of firms listed in Tehran Stock Exchange over the period from 2003 to 2017. To evaluate the effect of the life cycle, firms are classified based on accounting information (sales growth, capital expenditures) and life (growth firms, mature firms and stagnant firms). The capital asset pricing model (CAPM) and Fama and French three factor model (3FF) are evaluated in each class and also for all firms . Vuong test results reject any difference between information content of capital assets pricing model (CAPM) and Fama and French three-factor model (3FF). Adjusted coefficient of determination in both models is the highest in mature firms and the lowest in stagnant firms. Also Cramer Z test indicates that firms' life cycle is effective on the explanatory power of models in the study

Objective Disclosure of strategy in annual reports by companies is a method of transmitting information related to the performance of the company's strategy and its effects on stakeholders, and identifying the drivers and factors affecting it is considered important due to the important role of this type of reporting in making correct and informed decisions. The purpose of this study is to investigate the drivers of strategy disclosure in the companies' annual reports. Revealing a company's corporate strategy to the public is seen as reliable because managers prioritize safeguarding their reputation. This commitment to transparency encourages a company's leadership to make meaningful investments in the strategy. While disclosing forward-looking statements, like the progress of business strategies' implementation, in annual reports offers insight into the company's direction from management to financial analysts, it can also entail certain costs by potentially harming the company's competitive position.

Adopting a citizen's perspective for participating as a member of the community brings responsibility for accountability for increased transparency and accountability. Social responsibility reporting is one of the most important tools that will have different consequences and impacts. The purpose of this study is to identify the effect of moderating role of external monitoring on the relationship between the technical and institutional dimensions of social responsibility on profitability in companies of Tehran Stock Exchange. In this study, data from 105 companies for the period 2013 to 2017 were investigated and to review the research hypothesis, panel model regression analysis was applied. The results of the research showed that social responsibility dimensions have a direct relationship with the firm's profitability. In addition, the impact of the technical and institutional dimensions of social responsibility on the company's profitability with the moderating role of external monitoring was examined. The results of the study, according to the prediction of the complementary theory, indicate that external monitoring exacerbates the positive relationship between the technical dimension of social responsibility and profitability of the company, but in the relationship between the institutional dimension of social responsibility and profitability of the company, external monitoring does not play a moderating role.

Objective: Enhancing the quality and reliability of accounting information augments the potential for sound decision-making and risk evaluation by external stakeholders, ultimately contributing to the rectification of shortcomings in debt contracts. The amount of borrowing from multiple sources varies greatly among companies. Large companies with high credit ratings tend to diversify into different types of debt, while small companies with low credit ratings tend to have fewer types of debt. To rationalize the constrained utilization of specific loan types, proponents highlight potential economic advantages, such as decreased bankruptcy costs, reduced expenses for information gathering, and incentives for creditors to minimize monitoring. In this article, the aim is to investigate debt concentration based on the informational dimension of accounting quality. Finally, the fifth and sixth hypotheses showed the effectiveness of managers' risk-taking on the concentration and number of debts. Conclusion: The environment in which managers operate is constantly changing as a result of fluctuations in the interests of individuals. This change in interests leads to a reevaluation of risk by managers. Violation of contractual obligations by companies leads to the reflection of bad news in prices. In essence, to regulate and safeguard prices and mitigate the risk of information asymmetry for creditors, company managers curtail their risk-taking. Simultaneously, to secure their job positions, they adopt approaches that consider the interests of creditors. In companies with high accounting information quality, there is a greater tendency to reduce dispersion and diversity in the debt structure. This approach of centralization is a function of the company's financial situation and managers' risk-taking. Financial constraints lead to a change in the behavior of creditors towards the company and reduce their willingness to provide credit.

One of the most significant pillars of financing and economic development of a country is tax. Due to the fact that companies typically view tax as a major cash outflow and a threat to their survival, there is a strong incentive to use a bold tax strategy to reduce their tax burden. The aim of this research is to examine the effect of profit management, inventory intensity and capital intensity on tax evasion. The current research is applied research in its purpose. It is descriptive-causal research in terms of execution method, and data collection method. It is a post-event type. Regression models will be used to test research hypotheses. In addition, Eviews software was used to analyze the data. The data related to 134 companies admitted to the Tehran Stock Exchange between 2012 and 2021 were examined. The research results show that profit management has a positive and significant relationship with tax evasion. There is no significant relationship between inventory intensity and tax evasion. Finally, the results show that capital intensity and tax evasion are significantly related. Companies are not involved in tax evasion through profit management, and the relevant organizations have considered that companies are involved in daring tax policies through profit management.

Introduction: Stock analysts are active intermediaries in financial markets. They give advice on buying, maintaining or selling stocks based on different information analysis. The way in which environmental information is included in the evaluation models of analysts has not been clearly defined so far. <br />Method: This research is a field survey and it is applicable in terms of its purpose. In order to measure the importance, priority and the main reason of giving attention (or lack of attention) to any of the environmental indices announced by the Global Reporting Initiative, 64 investment managers active in investment funds under the supervision of the Tehran Stock Exchange filled in the questionnaires in 2007 and their responses were examined using one-sample, binomial and Friedman tests. <br />Results: The results of the research reveal that raw materials and energy indices mostly matter to the analysts and the main reason of paying attention to these standards is...

Objective: Due to the different levels of corporate governance quality in different companies, it is expected that the quality of external and internal corporate governance in different companies will have a different effect on the reduction of agency problems and information asymmetry. This research investigates the role of corporate governance quality on the relationship between cash holdings and firm values when information asymmetry exists. Methods: In this research, the quality of corporate governance has been measured from both internal and external dimensions. Also, to measure information asymmetry, that has a moderator role, three different criteria have been used. The data set includes 106 listed companies of the Tehran stock Exchange within the period 2007 to 2016. Multiple regression models are utilized to test the hypothesis. Results: In the presence of information asymmetry, the higher (lower) quality of corporate governance would have a significant and positive (negati...

Increasing the debt capacity leads to improving the company's financial flexibility. Financial flexibility plays an important role in the financial empowerment of the company regarding investment in the future, which is important to maintain flexibility according to the existing risks, which is possible with risk management. The current research aims to track the effect of business risk management and life cycle on the debt capacity of the companies listed in the Tehran Stock Exchange. In this regard, a sample of 124 companies from the Tehran Stock Exchange along a period of 2012-2021 were selected as sample and the research hypotheses were tested with aide of multiple linear regressions based on pooled data. The results showed that business risk management has a positive effect on the debt capacity of companies, and this business risk management effect during the recession stages of the life cycle of companies is more dominant. As expected, in the conditions of better use of business risk management mechanisms, the debt capacity of companies has also improved significantly. With better applying of risk management mechanisms, the reliability of loans and creditors to the company is increased too and as a result, the company's debt capacity is also improved.

The competitive environment makes it difficult for firms to achieve effective performance. To be able to prove themselves, managers try to make performance positive by earning management. Based on this, the aim of the current research is to investigate the marginal effect (which includes both simple and Interaction) of competition on performance at different levels of earning management. In this research, variables of performance (asset return rate, sales return rate and equity return rate), product market competition and profit management have been used as indicators research. A statistical sample of 94 companies listed on the Tehran Stock Exchange between 2013 and 2019 was used for this research. Regression with panel data was used to test research hypotheses. The findings of the research show that competition has a significant effect on the three performance measurement indicators and the impact varies depending on the level of earning management. In such a way that with the increase in earning management, the level of competition has an increasing effect on performance, and with its decrease, this effect decreases. The results showed that the degree of competition has a rising impact on performance as earning management increases and a decreasing impact as earning management decreases. Also, the higher the earning management of the business unit, the higher the competition, which will lead to better performance.

Investors are particularly sensitive to how financial reporting and discretionary disclosure of information by business units are about making financial decisions and analyzing economic events; But in recent decades, abnormal behaviors have emerged in financial markets that classical financial theories are unable to explain. Therefore, concepts such as mental accounting in the financial-behavioral context are more common. It has already attracted the attention of researchers. Although the theory of mental accounting was developed to explain customer and household decisions, its ideas apply to the preparers and users of financial statements and disclosures. The three main features of accounting theory (i.e., coding, classification, and valuation) are consistent with the main features of financial reporting and discretionary disclosure. The statistical population of the present study is all active companies listed on the stock exchange, which was selected by systematic elimination method in the period 2011 to 2018. By performing regression, it was found that mental accounting has a negative and inverse relationship with the quality of financial reporting. With mental accounting.

Objective: Corporate sustainability, focused on the environment, society, and governance (ESG), has garnered global attention from investors and observers. In recent decades, a new form of investment, known as "sustainability investment," has attracted interest from companies, institutional investors, and social advocacy groups. This research aims to investigate the impact of investment in material sustainability activities on the value creation of companies in the oil and gas, metals, mines, and coal mining industries listed on the Tehran Stock Exchange from 2016 to 2021. Methods: To determine material sustainability activities, this research matched disclosed activities in the board of directors' report and explanatory notes with SASB standards. Economic value added (EVA) and market value added (MVA) value creation performance criteria were used to measure value creation and compared with traditional performance evaluation criteria (ROA) and the combined criterion (q-tobin). Companies were divided into two groups based on their level of investment in material sustainability activities, and separate regressions based on panel data were estimated using four methods to measure value creation. The bootstrap method was used for the residuals of the model to compare the power of explaining the models. Additionally, the study compared the average value creation of each group of companies using the independent group's t-test. Results: The results suggest that regression models exhibit stronger explanatory capability when utilizing EVA and MVA measures for assessing value creation, in

Objective: The purpose of this research is to design and empirically test a model for determining instances of disclosure in the management commentary (MC) in Iran. To the best of its author's knowledge, this study can be characterized as a practical one for the first time in the world. Methods: This piece of research adopted a mixed research method (a combination of qualitative and quantitative data). First, the research model's disclosure instances were identified qualitatively. Then, they were tested quantitatively. In the qualitative part, appropriate disclosure instances regarding the six content elements of MC were identified using qualitative content analysis via conducting a review of the extant reporting guidelines and frameworks, MC of companies, and the latest findings of the International Financial Reporting Standards (IFRS) Foundation. In the quantitative part, to localize disclosure instances based on the information needs of the financial reports' main users, the relevant data were collected through a survey method using a questionnaire from the view of investors and creditors. The investors were individual investors and investment experts working in investment companies, investment funds, portfolio management companies, and brokerages, in 2021. The creditors included lenders to the companies. In this research, the opinions of credit experts of Iranian banks familiar with the MC and also involved in the financing of companies were obtained. In the following, descriptive statistics, demographic variables, and the Kolomogorov-Smirnov test were used. The onesample Wilcoxon signed rank test and Friedman's test were next used to determine the final disclosure instances and to rank them, respectively. Also, the confirmatory factor analysis technique, based on SEM-PLS, was used to verify the disclosure instances and to evaluate the research model. Consequently, the final research model was presented. Results: Based on the findings of the qualitative part of the research, 88 disclosure instances were identified. Then, following the quantitative part of the research's tests, the number of disclosure instances of the proposed model of MC in Iran was reduced to 74 disclosure instances. These disclosure instances were classified into six content elements: 1. "business model" with six disclosure instances, 2. "strategy and objectives" with 14 disclosure instances, 3. "resources and relationships" with 15 disclosure instances, 4. "risks and risk management" with 14 disclosure instances, 5. "external environment" with six disclosure instances, and 6. "position and performance" with 19 disclosure instances. Moreover, the disclosure instances of each of these six content elements were ranked based on their relative importance using the Friedman test. Conclusion: Considering the disclosure instances' comprehensiveness provided by the proposed model, as well as its locality and appropriateness to Iran's environmental conditions, the proposed model by this study can act as an effective guide for regulators including the Iranian Audit Organization and the Iranian Securities & Exchange Organization. These organizations can use the aforementioned model in establishing regulations and guidelines relevant to the MC's preparation. Furthermore, these disclosure instances help companies in presenting and disclosing more useful information in the form of voluntary disclosure and also help them in preparing an efficient and effective MC.

Objective: This study aims to detect the indicators of integrated reports to identify the specific challenges of higher education. This research examines the content of the reports provided by the universities. It is based on the analysis of report contents provided by several pioneer universities in this field. It seeks to identify types of reports prepared in the universities and to designate the types of reports with more informational content to create an important base for moving towards effective integrated reporting. This study uses content analysis to investigate the disclosure of accounting and non-accounting information. Content analysis is empirically valid in corporate, social, ethical, and environmental reports. The study seeks to identify the framework of integrated reporting in universities and the research questions include 1. In general, what kind of reports are prepared in universities? 2. What is the most complete and comprehensive type of report in terms of disclosure of indicators and information content? 3. What are the components and indicators of integrated reporting in universities? 4. Which indicators have the highest frequency among the reviewed reports? The results of this research can be useful for policymakers and legislators who decide to implement and standardize sustainability or integrated reporting in higher education centers. In addition, the results can be valuable for managers and financial managers in universities who wish to follow such new trends. Also, the findings can serve as a learning process for institutions interested in implementing integrated reporting. In addition, the results of the present study are important for other stakeholders, such as students, academics, etc., to encourage universities to address integrated reporting issues in their reporting because this will increase their impact on society. Methods: This study was implemented in two phases. Firstly, the texts related to reporting in universities were searched and reviewed, and then a thematic content analysis was done to identify the main topics and themes hidden in the search. This research is designed by exploring the reports submitted by 48 top universities in the field of reporting. These universities prepared 58 different reports based on their needs. The reports include annual, social, impact, financial, and sustainability reports. Purposive sampling was used to select the reports of higher education centers. Therefore, at least 5 top universities from each continent were selected based on the Times Higher Education Impact Ranking Score. In addition, a number of the top universities in the field of reporting, indexed in the GRI database, as well as the reports of universities indexed in the integrated reporting database, were also used to complete the work. Results: The findings indicated that the components of integrated reporting in universities include 130 indicators: 1) an overview of the organization and the environment in which it operates (34 indicators), 2) Governance (7 indicators), 3) Business model (58 indicators), 4) Risks and opportunities (17 indicators), 5) Strategy (8 indicators), 6) Performance (3 indicators), and 7) Basis for preparing and presenting reports (3 indicators). Conclusion: The findings confirmed that universities can officially accept an integrated report by combining and integrating different documents into a comprehensive document and creating a single accountability tool. Also, the results showed that some key elements of the international integrated reporting framework are included in university reports, but often in a scattered and non-homogeneous way. Therefore, the findings can be a good basis for developing integrated reporting to improve the reporting methods of universities and strengthen their accountability.

Today, the development of a comprehensive corporate social responsibility reporting in order to create transparency and accountability in capital markets, attracted considerable attention. Therefore, the purpose of the present study is to investigate the relationship between corporate social responsibility reporting and stock liquidity and study the moderating effect of external monitoring on this relationship. The present study is concerned with examining the association between social responsibility and stock liquidity as well as exploring the moderating effect of external monitoring on this relation. A sample of 87 firms listed in Tehran Stock Exchange during 2013 to 2018 is examined. To analyze data and test hypotheses, the multivariate regression model based on panel data is used. The results show that there is a significant positive relationship between corporate social responsibility reporting and stock liquidity. In addition, the results indicate that external monitoring played a moderating role in the relationship between corporate social responsibility and stock liquidity and exacerbated the positive relationship between them. Research findings can be useful for investors, the Securities and Stock Exchange organization and other stakeholders for decision making.

Objective: Corporate sustainability, focused on the environment, society, and governance (ESG), has garnered global attention from investors and observers. In recent decades, a new form of investment, known as "sustainability investment," has attracted interest from companies, institutional investors, and social advocacy groups. This research aims to investigate the impact of investment in material sustainability activities on the value creation of companies in the oil and gas, metals, mines, and coal mining industries listed on the Tehran Stock Exchange from 2016 to 2021. Methods: To determine material sustainability activities, this research matched disclosed activities in the board of directors' report and explanatory notes with SASB standards. Economic value added (EVA) and market value added (MVA) value creation performance criteria were used to measure value creation and compared with traditional performance evaluation criteria (ROA) and the combined criterion (q-tobin). Companies were divided into two groups based on their level of investment in material sustainability activities, and separate regressions based on panel data were estimated using four methods to measure value creation. The bootstrap method was used for the residuals of the model to compare the power of explaining the models. Additionally, the study compared the average value creation of each group of companies using the independent group's t-test. Results: The results suggest that regression models exhibit stronger explanatory capability when utilizing EVA and MVA measures for assessing value creation, in contrast to the utilization of q-tobin and return on total assets criteria. Companies with higher investments in tangible sustainability initiatives exhibit greater average value creation compared to companies that have allocated fewer resources to such endeavors. Conclusion: The findings of this study highlight the importance of sustainability investment and its potential impact on value creation for companies in the oil and gas, metals, mines, and coal mining industries listed on the Tehran Stock Exchange. By identifying material sustainability activities and measuring value creation using EVA and MVA, this study provides valuable insights into the relationship between sustainability investment and corporate performance. The significance of this research lies in its focus on value creation as an indicator of performance, which aligns with the main objective of sustainability to benefit all stakeholders. Previous empirical studies have primarily examined the impact of sustainability on corporate performance without distinguishing between material and immaterial sustainability activities or considering the specific effects of the industry. However, the SASB standardization body emphasizes that sustainability indicators are not equally important for stakeholders and that material sustainability issues vary depending on the industry. Therefore, this study identifies material sustainability activities for the first time in Iran by matching SASB criteria with disclosed activities in the financial reports of selected companies. By analyzing the effects of these activities on the value creation of companies, this research provides evidence that investing in sustainability can lead to better financial performance. Moreover, given the need to pay attention to the type of activity when evaluating the performance of corporate sustainability activities, this study focuses on companies involved in the extraction and processing of mineral materials listed on the Tehran Stock Exchange. The operations of companies in this industry can have significant adverse effects on the environment, making it essential to examine their sustainability practices. In conclusion, this study sheds light on the importance of sustainability investment and its potential impact on value creation for companies in the mining and mineral processing industry. By identifying material sustainability activities and measuring value creation using EVA and MVA, this research provides valuable insights into the relationship between sustainability investment and corporate performance. The findings of this study can help companies make informed decisions about sustainability investment and contribute to the growing body of research on corporate sustainability.

Objective: The purpose of this research is investigating the effect of community social capital on asymmetric behavior of cost. Social capital refers to features of social organization such as norms and networks that simplify cooperation and harmony for mutual benefit. Community social capital captures the strength of cooperative norms and the density of social networks in a region. Cost stickiness is a behavioral property of cost that is substantially based on managerial decisions. In this case of cost behavior, managers are quick to expand resources when demand is increasing, but for a variety of reasons choose to stick with unutilized capacity when sales are decreasing. As such, community social capital is a socio-economic factor that might affect managerial resource adjustment decisions via different channels.  Methods: The method of the present research is descriptive-correlation because in this study the principle is to make hypotheses, test them, explain the relationships bet...

Objective: According to Beneish (1999), "earnings manipulation happens as an instance where management violates Generally Accepted Accounting Principles (GAAP) in order to beneficially represent the firm's financial performance." In this research, the development of the Beneish model (DBM) was done through emphasizing non-accounting variables, including the Information Asymmetry (IS) and Product Market Competition (PMC). Methods: The data was collected for 184 companies listed in the Tehran Stock Exchange (TSE) during the past 11 years 2006-2017. The coefficients of models were estimated by trained Artificial Neural Network (ANN) through PSO algorithm. In order to provide the potential of comparability, ten run with 300 iterations in each run were done for both the Beneish model (BM) and (DBM), then were stopped after convergence. Results: Research results indicate that training error of ANN trained by PSO algorithm measured by mean square error (MSE) was reduced from 0/0807 to 0/0777 by the development of BM. The area under Receiver Operating Characteristic (ROC) for BM was calculated up to 0/5792, which is located in very low confidence range of 0/5-0/6, indicating failed test result and high prediction error up to 39/74 percent. Consequently the best cutoff point and the best precision for BM were estimated to be 0/5021, 60/26 percent, by the maximum accuracy method, respectively. Furthermore, the results show that the AUC for DBM was increased to 0/6335 through incorporating environmental variables of Product Market Competition (PMC) and information symmetry (IS) to the BM, which is still out of an acceptable range of 0/7-0/8 for a relatively good test, indicating poor test result and high model prediction error up to 32/58 percent. Consequently the best cutoff point and the best precision for DBM were estimated to be 0/5304, 67/42 percent by the intersection point of minimum distance and Youden's index, respectively. Incorporating PMC and IS variables to the original model of Beneish decreased model prediction error from 39/74 to 32/58 percent, which is not statistically significant. Nevertheless, this fact improved the predictive power of the BM slightly insignificant. Conclusion: The findings indicate that the BM is a random model in Iranian capital market and impotent to detect two groups of earning manipulator and nonearning manipulator companies. Although findings indicate that the DBM is a little bit more powerful than the BM and confirm that the impact of environmental variables of PMC and IS is slightly insignificant, indicating the test outcome is still weak and the DBM is an approximately random model in identifying two groups of earning manipulator and non-earning manipulator companies.

Objective: Stock price informativeness refers to the extent to which the market price of a share is informative and contains information about the real and underlying economic conditions of that share. It can be one of the most prominent topics in the field of company investment in developed and developing markets. Several factors can affect stock price awareness. Companies proficient in effectively communicating and disseminating information to investors tend to achieve superior performance in the capital market, often resulting in an increase in their stock prices. Stock price informativeness enables companies and industries to be aware of the latest developments and events related to the capital market and thus, to make intelligent investment decisions. Stock price informativeness denotes the degree to which a share's market price conveys valuable information about its true underlying economic conditions. Accordingly, this study endeavors to enhance our understanding of this domain by evaluating the efficacy of factors that influence stock price informativeness. Accordingly, the purpose of this research is to investigate the effectiveness of factors affecting the informativeness of stock price announcements in companies listed on the Tehran Stock Exchange. Methods: This research employs a mixed-methods approach, combining both qualitative and quantitative methods within an inductive-deductive framework. The research participants in the qualitative part were professors and financial managers. According to the purpose of the research, sampling was done in a purposeful way, using the snowball technique, with a number of 17 individuals. The research's statistical population comprised financial managers from companies listed on the stock exchange. Out of this population, 68 managers in this field participated in the study, selected through the stratified probability sampling method. Results: The data obtained from semi-structured interviews led to the extraction of 41 factors influencing stock price informativeness. In this research, the focus has been on factors that impact other variables, along with factors that are influenced by them. Additionally, it has identified factors that permeate and are receptive to permeation. Based on Dematel analysis, management stability factors, management strategies, board experience, and transaction volume are the most important factors that are both penetrable and penetrant. Among the factors examined, state ownership, political conditions, economic factors, and capital market laws exert the most significant influence. Additionally, factors such as managerial stability, strategic company management, the presence of a strategic plan, and growth expectations have been found to have the greatest impact among the other variables. Conclusion: In this research, the factors affecting stock price informativeness have been identified. "Given that the decisions made by managers and investors hinge on their understanding of stock price information, it becomes imperative for researchers and financial industry executives to place significant emphasis on cultivating this awareness and comprehending the factors that influence it". "Therefore, the researchers of the present study suggest that diversifying ownership, delivering timely and precise financial information to investors, and fostering interaction with shareholders can be instrumental in bolstering investors' trust in the company's management and decision-making".

Objective: There are many perspectives on the interplay of profitability, Corporate social responsibility (CSR), and financial risk in different industries. The purpose of this paper is to examine the factors affecting the success of asset management companies (AMC) in Iran from a financial and social point of view. Since the asset management industry in Iran is emerging and the first AMC was founded in 2011, not much research has been conducted in this field. Therefore, this study tries to contribute to the extant literature by investigating the interactive effect of profitability, CSR, and financial risk. It also seeks to document empirical evidence in this industry.

Current paper examines the effect of retrospective source of finance on the capital budgeting decisions and investigates the possibility of costly decision errors in the case of using mental accounting by managers. This experimental study has utilized a 2*2 between subjects factorial design. Independent variables that are manipulated in this paper are retrospective source of finance and prospective source of finance. The sample consists of 160 participants including executive experts and academic persons assigned to one of the four groups through random assignment. Results show that managers are less likely to part with a debt financed asset in comparison with an identical equity financed asset. The reason behind above reluctance is related to the managers' perceptions about the asset's past benefits. This study shows that a psychological factor may cause managers to forego investments that they should invest according to the capital budgeting techniques. In this way, the re...

The present study seeks to answer the question of whether there is a relationship between investor behavioral bias and short-term returns of initial public offering (IPO) or not and whether this relationship is affected by audit quality (audit size) and the firm growths of be moderated or not? In this research, the data of 172 companies listed on the Tehran Stock Exchange (TSE) during the years 2008-2021 have been used. To measure investors' interest in lottery through the expected skewness criterion as well as short-term cumulative return, it is calculated within 10 working days after the offer. Regression test was performed based on cross-sectional regression. The results of the study indicate that the direct relationship between the investors' preference for skewness and short-term returns of IPO and higher audit quality (audit size), reduces the amount of the effect. Also, the intensity of this effect is less in companies that have less growth options than the average than companies that have more growth options than the average.