Volume-2 Issue-7

S. No

Volume-2 Issue-7, December 2016, ISSN: 2394-0913 (Online)
Published By: Blue Eyes Intelligence Engineering & Sciences Publication Pvt. Ltd. 

Page No.

1.

Authors:

Hamid Saremi, Shaban Mohammadi, Behrad Moein Nezhad

Paper Title:

Relationship between the Investments in IT with Firm Financial Performance: Evidence from Tehran Stock Exchange

Abstract:  In present study, we examine the relationships between investment in information technology (IIT) and firm financial performance (FFP) of the listed companies on the Tehran Stock Exchange (TSE). Data were gathered from the audited financial statements of the firms provided by TSE’s website from 2010 to 2015. The results of multiple linear regression analysis show that investments in information technology have significant effects on Return on Investment. Investment in information technology isn’t significantly related to return on equity. Investments in information technology were significantly related to return on sales and sales growth. There is a no significant relationship between earnings per share and investment in information technology. Also, there is a no significant relationship between dividend per share and investment in information technology. However, the results of fuzzy regression analysis indicate significant relationships between the independent variable except financial performance (FFP).

Keywords:  investment in information technology, firm financial performance, fuzzy regression. JEL classification: G31, G34, M41, M48

References:
1.       Adi Masli, Vernon J. Richardson, Juan Manuel Sanchez, and Rodney E. Smith (2011) The Business Value of IT: A Synthesis and Framework of Archival Research. Journal of Information Systems: Fall 2011, Vol. 25, No. 2, pp. 81-116.
2.       Adi Masli, Vernon J. Richardson, Juan Manuel Sanchez, and Rodney E. Smith (2011) Returns to IT Excellence: Evidence from Financial Performance around Information Technology Excellence Awards. International Journal of Accounting Information Systems. 12(3): 189-205.
3.       Broadbent, M. and Weill, P.,(1997), Management by Maxim: How Busi- ness & IT Managers Can Create IT Infrastructure, Sloan Management Review,77-91.
4.       Chae, H-C, Koh, C.E. and Prybutok, V.R., (2014) Information Technology Capability and Firm Performance: Contradictory Findings and their Possible Causes. MIS Quarterly. 38(1):305-326.
5.       Dewan, S. and C. Shi. (2007) Investigating the Risk-Return Relationship of Information Technology Investment: Firm-level Empirical Analysis, Management Science: 53(12): 1829-1842.
6.       Farhanghi, A.A, Abbaspour, A., Abachian Ghassemi,R.(2013). The Effect of Information Technology on Organizational Structure and Firm Performance: An Analysis of Consultant Engineers Firms (CEF) in Iran. Procedia - Social and Behavioral Sciences. 81, 644-649.
7.       Chia S. Hung, David C. Yen, Chin S. Ou, (2012). An empirical study of the relationship between a self-service technology investment and firm financial performance. Journal of Engineering and Technology Management. 29, 1, 62–70.
8.       Floyd, S.W. & Wooldridge, B. (1990). Path Analysis Relationship Competitive Strategy, Information Technology, Financial Performance. Journal of Management Information Systems. 7 (1): 47–64.
9.       Jae Kyeong, Jun Yong Xiang, Sangho Lee,(2009), The impact of IT investment on firm performance in China: An empirical investigation of the Chinese electronics industry, Technological Forecasting & Social Change. 76:678–687.
10.    Jee-Hae Lim, Bruce Dehning, Vernon J. Richardson, and Rodney E. Smith (2011) A Meta-Analysis of the Effects of IT Investment on Firm Financial Performance. Journal of Information Systems: Fall 2011, Vol. 25, No. 2, pp. 145-169.
11.    Kalkan, A., Erdil, O., Çetinkaya,O. (2011). The relationships between firm size, prospector strategy, architecture of information technology and firm performance. Procedia-Social and Behavioral Sciences. 24, 854-869.
12.    Lee, S., & Kim, S. H. (2006). A Lag Effect of IT Investment on Firm Performance. Information Resources Management Information Resources Management Journal. 19 (1): 43-69.
13.    Liua, L., Chen, D.Q.,   Bosec, I ., Hua, N., Bruton,G.,D.(2013). Core versus peripheral information technology employees and their impact on firm performance. Decision Support Systems. 55, 1, 186–193
14.    Rong-Ruey Duh, Chee W. Chow ,Huiling Chen.(2006). Strategy, ITS Applications for Planning and Control, And Firm Performance: The Impact of Impediments to IT Implementation. Information & Management. 43: 939–949.
15.    Shi-Ming Huang, Chin-Shyh Ou, Chyi-Miaw Chen and Binshan Lin. (2006). An Empirical Study of Relationship Between It Investment and Firm Performance: A Resource-Based Perspective, European Journal of Operational Research. 173: 984–999.

1-6

2.

Authors:

Hamid Saremi, Shaban Mohammadi, Behrad Moein Nezhad

Paper Title:

Relationships between Effective Tax Rate and Audit Fees: Evidence from Tehran Stock Exchange

Abstract: In present study, we examine the relationships between effective tax rate and audit fees of the listed companies on the Tehran Stock Exchange (TSE). Data were gathered from the audited financial statements of the firms provided by TSE’s website from 2010 to 2015. The results of multiple linear regression analysis show that effective tax rate have negative significant effects on audit fees. Firm size is significantly related to audit fees. Financial leverage and audit opinion were negative significantly related to audit fees. There is a significant relationship between loss report and audit fees. Also, there is a no significant relationship between accruals and audit fees. However, the results of fuzzy regression analysis indicate significant relationships between the independent variable except audit fees.       

Keywords: effective tax rate, audit fees, audit opinion, loss report.JEL classification: G31, G34

References:
1.       Al-Harshani, M. O. (2008). The pricing of audit services: evidence from Kuwait. Managerial Auditing Journal, 23(7): 685-696
2.       Ayers, B., Laplante, S. & Mcguire, S. (2010). Credit Ratings and Taxes: The Effect of Book–Tax Differences on Ratings Changes. Contemporary Accounting Research, 27 (2): 359-402.
3.       Bell, T., Landsman, W. & Shackelford, D. (2001). Auditors’ Perceived Business Risk and Audit Fees: Analysis and Evidence. Journal of Accounting Research, 39 (1): 35-43.
4.       Donohoe, M. & Knechel, R. (2014). Does corporate tax aggressiveness influence audit pricing? Contemporary Accounting Research, 31 (1): 284-308.
5.       Dyreng, S., Hanlon, M. & Maydew, E. (2008). Long-run corporate tax avoidance. The Accounting Review, 83 (1): 61-82.
6.       Graham, J., Raedy, J. & Shackelford, D. (2012). Research in accounting for income taxes. Journal of Accounting and Economics, 53(1-2): 412-434.
7.       Gul, F. A., Chen, C.J.P. & Tsui, J.S.L. (2003). Discretionary Accounting Accruals, Managers’ Incentives, and Audit Fees. Contemporary Accounting Research, 20 (3): 441-464.
8.       Hanlon, M. & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2-3): 127-178.
9.       Hanlon, M. & Slemrod, J. (2009). What Does Tax Aggressiveness Signal? Evidence from Stock Price Reactions to News about Tax Shelter Involvement. Journal of Public Economics, 93(1-2):126-141.
10.    Hanlon, M., Krishnan, G. & Mills, L. (2012). Audit fees and book-tax differences. Journal of the American Taxation Association, 34 (1): 55-86.
11.    Krishnan, G. & Visvanathan, G. (2008). Do auditors price audit committee’s expertise? The case of accounting vs. non-accounting financial experts. Journal of Accounting, Auditing & Finance, 24(1): 115-144.
12.    Lennox, C., Lisowsky, P., Pitman, J., (2013). Journal of Accounting Research,Volume 51, Issue 4, pages 739–778,
13.    Mills, L., and K. Newberry. (2001). The Influence of Tax and Non-Tax Costs on Book-Tax Reporting Differences: Public and Private Firms. Journal of American Taxation Association 23 : 1-19.
14.    Phillips, J., M. Pincus, and S. Rego. 2003. Earnings Management: New Evidence Based on the Deferred Tax Expense. The Accounting Review 178 (April): 491-522.
15.    Seetharaman, A., F. Gul, and S. Lynn. (2002). Litigation risk and audit fees: Evidence from UK firms cross-listed on US markets. Journal of Accounting & Economics (33): 91-115.
16.    Simunic, D. (1980). The pricing of audit services: Theory and evidence. Journal of Accounting Research, 18 (1): 161-190.

7-11

3.

Authors:

Hamid Saremi, Behrad Moein Nezhad, Abdullah Habibi Moheb Saraj, Hamid Akhavan

Paper Title:

Relation of the Market Value Ratio to the Asset Book Value with Leverage Ratio (The study of Pharmaceutical Companies)

Abstract:  Financing and investment decisions of companies, both are the decisions that are taken by forward-looking. In the financing decisions, the company applies the needed funds already so that in the future to be able to perform their obligations to the sponsors. The investment decision, the company will ignore some of the current benefits in the hope of further benefits in the future. Investment in machinery and equipment can apply to prospective profit Return on investment. The purpose of this paper is to examine the components between the market value to the asset book value with leverage ratio in the industry of pharmaceutical companies using the two control variables of the size and profitability. In this paper, for data collection, data of 32 petrochemical companies listed in Tehran during the years of 1388 to 1392 has been analyzed using spss software. The results show that the ratio of market value to book value of property assets with a book leverage and market leverage significant relationship exists.

Keywords:  market value ratio to book value of assets, the ratio of market leverage, book leverage ratio, profitability, firm size

References:
1.       Ahmadpur, Ahmad Majid Rahmani (1386) "The effect size ratio of book value to market value on stock returns," Journal of Economic Research, No. 79, Summer, pp: 19-37
2.       Yaghoobnehad, Ahmad Saeedi, Ali, Mansur Roze,ee (1389) "market risk premium estimates regarding the market leverage" Financial Research, Volume 11, Number 28, Winter, pp: 105-120
3.       Arab Mazar-Yazdi, Mohammad Farhad Ahmadi Arab (1390), "The relationship between the components of book value to market value with future stock returns" Journal Stock Exchange, No. 15, Vol. IV, pp: 107-123
4.       Tehrani,Reza, Roohollah Rahnama Flavarjany (1387) "The ratio of book value to market value as a variable risk using an alternative Leverage approach "The accounting and auditing, Volume 15, Number 52, pp: 37-54
5.       Farid, Darioosh and Marzieh Dehghanizadeh (1387) "can now predict the ratio of book value to market value Svavry" Journal of Human Sciences and Economic, eighth year, No. 3, pp: 98-122
6.       Kurdistani, GH. and M. Akbari. (1390) "Effect of Leverage and operational components of book value to market value in explaining stock returns", Journal of Accounting Studies, No. 29, pp: 39-64
7.       Sinai, Hasan Ali and Abdulsini (1382) "investigating factors of financial leverage" empirical studies of financial accounting, No. 4, pp: 148-129
8.       Pahlevan, Rahim (1386) "The effect of firm size on income smoothing" MS Thesis, University of Nishapur
9.       Tehrani, Reza and Saeed Bajelan (1386), "Relationship between the property company's financial success, a research executive management, (1)
10.    Beik, M (1381), "The relationship between the ratio of book value to market value of the company stock return, Master Thesis, University Mashhad
11.    Slalehfard, D. (1387) "the relationship between the ratio of price to earnings ratio of book value to market value" of the master's thesis, University of Nishapur
12.    Sinai, Hasan Ali and Ali Rezaeian (1384) "Effect of the characteristics of the company's capital structure," Journal of Social and Human Sciences, No. 19, pp: 124-148
13.    Shams Shahabuddin, Babaloyan SH, July, J. (1389) "Evaluation of portfolio companies provided in Article 44 of the Tehran Stock Exchange" Stock Exchange Bulletin, Vol. 3, No. 10; Of pages: 77-90
14.    GA Bokpin (2009)” Macroeconomic development and capital structure decisions of firms: Evidence from emerging market economies” Studies in economics and finance,- emeraldinsight.com
15.    Ratio, Equity Market Timing and Capital Yiaolei Liu,Laura(2008) "Historical Market-to- Book and Past Returns in a partial adjustment Model of Leverage www.bm.ust.hk/fnliu/cs,
16.    Mahajan,Arvind and Semih Tartaroglu(2006) "Historical Market to Book Ratio, Equity Market Timing and Capital Structure",fma.org/slc/papers,..
17.    Fama, E., French, K., (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics 33, 3-56.
18.    A Antoniou, Y Guney, K Paudyal(2002) The Determinants of Corporate Capital Structure: Evidence from European Countries (book) webkuliah.unimedia.ac.id
19.    Margaritis, Dimitris, Psillaki, Maria,(2010)."Capital structure, equity ownership and firm performance", Journal of Banking & Finance 34 ,P: 621–632

12-19

4.

Authors:

Hamid Saremi, Behrad Moein Nezhad, Abdullah Habibi Moheb Saraj

Paper Title:

The Impact of Intellectual Capital on the Profitability Ratios in Petroleum Products Industry in T.S.E

Abstract:   The purpose of this article has been the study of  the intellectual capital and its components  (structural, physical and human capital) on the petroleum products industry profitability ratios   (return on assets,  returns on shareholders’ equity, profit margins and net profit growth rate) in petroleum products industry sector  with in Tehran stock  Exchange, controlling size and the financial leverage.  With using pulic 2000 model 9 companies during 2009-2013 (45 companies’ years) have been analyze. The results show there is a significant relation between the intellectual capital variables and its components with ROA, ROE, profit margin and net profit growth rate.  without exerting the controlling variables also there no significant relevant bet wen   Intellectual capital relation with net profit growth rate, the physical capital with ROA and the human capital with the  net profit growth rate, and the structural capital with ROE, the profit margin and the net profit growth rate.   

Keywords: ROA, ROE, (structural, physical and human capital), (45 companies years).

References:
1.        Ahmadpoor , Ahmad, Melkiyan, Isfandyar, Javad Zareh Bahnamiri, Zeynab Shadi (2012), “study of the companies’ intellectual capital, Board of directors’ structural role with a phase approach, case study of Tehran stock exchange pharmaceutical companies”, Accounting knowledge journal, third year, No: 8, pages: 73-93.
2.        AppuhamiR, The impact of intellectual capital on investors’ capital Gain on shares: An empirical investment in thin Banking finance insurance sector. Journal of Interpreting and  commerce. 2007. 12 (1).
3.        3-Bontis, N (1998),”Intellectual capital: an exploratory study that develops measures and models”. Journal of Management Decision, 36, 2, 63-76.
4.        Chang, W, Hsieh,J, (2011),” The dynamics of intellectual capital in organizational development” African Journal of Business Management Vol. 5(6), pp.2345-2355, 18 March 2011
5.        Ghichli, B., & Moshabaki, a. (2006). ”The role of social capital in intellectual capital”, Journal of Knowledge Management, 19 (57), 125-147
6.        Dastgir Mohsen, Kamran Mohamadi “ intellectual capital, Organization endless treasure”, Tadbir monthly journal, No: 214, pages:28-34, 2009
7.        Delavar, Ali (2005) “Theoretical and scientific research foundations in human and social sciences” 4th edition.
8.    Demurry, Darush, Nazar zadeh, Somayeh (2012), “ Definition of intellectual capital status in the financial performance improvements of the companies in Tehran stock exchange”  pages: 367-386.
9.     Hamid Separ doost, Bashir Motie (2011) “Intellectual capital role in the performance of the companies in Tehran stock exchange”, economical policies, No:1, pages: 131-144.
10.     Haji Karimi, Abbas Ali, Bathai, Ateeyeh (2009), Intellectual capitals management ( strategy civility- organization value creating) concepts & application, first edition, Tehran: Bazargani publishing company
11.     Hassan zadeh brothers, Rasool, Samadiyan, Behnam & Bahram Shadkam Agha (2012) “The study and comparison of the relationship of structural capital and profit quality” The Tenth National Conference of Iran Auditing, pages: 56-67.
12.     Jafar nejad, Ahmad & Ghassemi, Ahamd reza (2008)” , model presentation of  technology acquisition according to intellectual capital strategy (case study of the companies located in Tehran university science & technology park “ Information technology management, quarterly journal, 1st edition, No:1, pages: 19-36
13.     Maditinos, D., C. Chatzoudes, C. Tsairidis, And G. Theriou. (2010). The impact of intellectual capital on firms’ market value and financial performance. MIBES,  433- 447.
14.     Marr, Gray, D. and Neely, A. (2008), “Why Do firms measure their IC?”, Journal of intellectual capital,
15.     Monavariyan, Abbas, Gholipoor, Ariyan, Yazdani, Hamid reza (2006), Intellectual capital role in the survival or space of the organizations: A study on Mellat Bank, quarterly journal of Iran management, 1stk year, Number 3
16.     16-Moosai, Ahmad, Mansoori Moayed, Fereshteh & ahmad Ghazanlu, (2009), “Presenting a model for the establishment of the industrial cluster in petrochemical” Development and knowledge Journal, the 16th year, No: 28, pages: 1-21.
17.     Namamiyan, Farshid, Gholizadeh, Hassan & Fatemeh Bagheri (2011) “ Intellectual capital and its measuring methods” the Second Conference of Executive
Management, pages: 1-16.
18.     Nik khah Azad, Ali & Vida Mojtahedzadeh (2008)” Study the independent auditors’ responsibility fields from the users’ viewpoints of independent auditors & auditing services” Accounting & auditing studies, No: 26
19.     Poorzamani, Zahra, Jahanshad, Azita & Ali Mahmood abadi (2012) “Intellectual capital impact on the market and financial performance in Tehran stock exchange” Accounting and Auditing studies, No: 2, pages: 17-30.
20.     Pulic, Ante (2004).” Intellectual Capital – Is  it Create or Destroy Value? “Measuring  Business  Excellence, Vol: 8.No 1.pp 62-68.   
21.     Rahmani, Ali, Majed Moosavi, Mirsajad & Rooh allah Gheytassi (2009) “ Study of the profitability relationship and return according to the life cycle and size of the company in Tehran stock exchange” Iran Accounting Council, pages: 1-18
22.     Saghafi and Aghaee, Mohammad Ali, (1994),” the accounting profit behavior”, the study of accounting and auditing, 9th edition, pages 5 – 21.
23.     Talukdar, Abhijit (2003) what is it in Intellectual Capital?
24.     Talebnia, Ghodrat allah, davar khan Husseini, Alhad??? Molla Ghassem “study of the intellectual capital impact on the market value and the financial performance of cement industry companies” the tenth National Conference of Iran Accounting (2012), pages: 24-39
25.     Zéghal,  Anis  Maaloul, (2010) "Analyzing value added as an indicator of intellectual capital and its consequences on company performance",
26.     Journal of Intellectual Capital, Vol. 11 Is: 1, pp.39 – 60.
27.     Williams, M. (2002). ” Are intellectual capital performance and disclosure practice related”? .Journal of Intellectual Capital. 2(3), 192-203.

20-30

5.

Authors:

Hamid Saremi, Shaban Mohammadi, Behrad Moein Nezhad

Paper Title:

Relationship between the Investments in IT with Firm Financial Performance: Evidence from Tehran Stock Exchange

Abstract: In present study, we examine the relationships between investment in information technology (IIT) and firm financial performance (FFP) of the listed companies on the Tehran Stock Exchange (TSE). Data were gathered from the audited financial statements of the firms provided by TSE’s website from 2010 to 2015. The results of multiple linear regression analysis show that investments in information technology have significant effects on Return on Investment. Investment in information technology isn’t significantly related to return on equity. Investments in information technology were significantly related to return on sales and sales growth. There is a no significant relationship between earnings per share and investment in information technology. Also, there is a no significant relationship between dividend per share and investment in information technology. However, the results of fuzzy regression analysis indicate significant relationships between the independent variable except financial performance (FFP).

Keywords:  investment in information technology, firm financial performance, fuzzy regression. JEL classification: G31, G34, M41, M48

References:
1.       Adi Masli, Vernon J. Richardson, Juan Manuel Sanchez, and Rodney E. Smith (2011) The Business Value of IT: A Synthesis and Framework of Archival Research. Journal of Information Systems: Fall 2011, Vol. 25, No. 2, pp. 81-116.
2.       Adi Masli, Vernon J. Richardson, Juan Manuel Sanchez, and Rodney E. Smith (2011) Returns to IT Excellence: Evidence from Financial Performance around Information Technology Excellence Awards. International Journal of Accounting Information Systems. 12(3): 189-205.
3.       Broadbent, M. and Weill, P.,(1997), Management by Maxim: How Busi- ness & IT Managers Can Create IT Infrastructure, Sloan Management Review,77-91.
4.       Chae, H-C, Koh, C.E. and Prybutok, V.R., (2014) Information Technology Capability and Firm Performance: Contradictory Findings and their Possible Causes. MIS
Quarterly. 38(1):305-326.
5.       Dewan, S. and C. Shi. (2007) Investigating the Risk-Return Relationship of Information Technology Investment: Firm-level Empirical Analysis, Management Science: 53(12): 1829-1842.
6.       Farhanghi, A.A, Abbaspour, A., Abachian Ghassemi,R.(2013). The Effect of Information Technology on Organizational Structure and Firm Performance: An Analysis of Consultant Engineers Firms (CEF) in Iran. Procedia - Social and Behavioral Sciences. 81, 644-649.
7.       Chia S. Hung, David C. Yen, Chin S. Ou, (2012). An empirical study of the relationship between a self-service technology investment and firm financial performance. Journal of Engineering and Technology Management. 29, 1, 62–70.
8.       Floyd, S.W. & Wooldridge, B. (1990). Path Analysis Relationship Competitive Strategy, Information Technology, Financial Performance. Journal of Management Information Systems. 7 (1): 47–64.
9.       Jae Kyeong, Jun Yong Xiang, Sangho Lee,(2009), The impact of IT investment on firm performance in China: An empirical investigation of the Chinese electronics industry, Technological Forecasting & Social Change. 76:678–687.
10.    Jee-Hae Lim, Bruce Dehning, Vernon J. Richardson, and Rodney E. Smith (2011) A Meta-Analysis of the Effects of IT Investment on Firm Financial Performance. Journal of Information Systems: Fall 2011, Vol. 25, No. 2, pp. 145-169.
11.    Kalkan, A., Erdil, O., Çetinkaya,O. (2011). The relationships between firm size, prospector strategy, architecture of information technology and firm performance. Procedia-Social and Behavioral Sciences. 24, 854-869.
12.    Lee, S., & Kim, S. H. (2006). A Lag Effect of IT Investment on Firm Performance. Information Resources Management Information Resources Management Journal. 19 (1): 43-69.
13.    Liua, L., Chen, D.Q.,   Bosec, I ., Hua, N., Bruton,G.,D.(2013). Core versus peripheral information technology employees and their impact on firm performance. Decision Support Systems. 55, 1, 186–193
14.    Rong-Ruey Duh, Chee W. Chow ,Huiling Chen.(2006). Strategy, ITS Applications for Planning and Control, And Firm Performance: The Impact of Impediments to IT Implementation. Information & Management. 43: 939–949.
15.    Shi-Ming Huang, Chin-Shyh Ou, Chyi-Miaw Chen and Binshan Lin. (2006). An Empirical Study of Relationship Between It Investment and Firm Performance: A Resource-Based Perspective, European Journal of Operational Research. 173: 984–999.

31-36

6.

Authors:

Hamid Saremi, Shaban Mohammadi, Behrad Moein Nezhad

Paper Title:

Relationships between Effective Tax Rate and Audit Fees: Evidence from Tehran Stock Exchange

Abstract:  In present study, we examine the relationships between effective tax rate and audit fees of the listed companies on the Tehran Stock Exchange (TSE). Data were gathered from the audited financial statements of the firms provided by TSE’s website from 2010 to 2015. The results of multiple linear regression analysis show that effective tax rate have negative significant effects on audit fees. Firm size is significantly related to audit fees. Financial leverage and audit opinion were negative significantly related to audit fees. There is a significant relationship between loss report and audit fees. Also, there is a no significant relationship between accruals and audit fees. However, the results of fuzzy regression analysis indicate significant relationships between the independent variable except audit fees.

Keywords:   effective tax rate, audit fees, audit opinion, loss report. JEL classification: G31, G34

References:
1.       Al-Harshani, M. O. (2008). The pricing of audit services: evidence from Kuwait. Managerial Auditing Journal, 23(7): 685-696
2.       Ayers, B., Laplante, S. & Mcguire, S. (2010). Credit Ratings and Taxes: The Effect of Book–Tax Differences on Ratings Changes. Contemporary Accounting Research, 27 (2): 359-402.
3.       Bell, T., Landsman, W. & Shackelford, D. (2001). Auditors’ Perceived Business Risk and Audit Fees: Analysis and Evidence. Journal of Accounting Research, 39 (1): 35-43.
4.       Donohoe, M. & Knechel, R. (2014). Does corporate tax aggressiveness influence audit pricing? Contemporary Accounting Research, 31 (1): 284-308.
5.       Dyreng, S., Hanlon, M. & Maydew, E. (2008). Long-run corporate tax avoidance. The Accounting Review, 83 (1): 61-82.
6.       Graham, J., Raedy, J. & Shackelford, D. (2012). Research in accounting for income taxes. Journal of Accounting and Economics, 53(1-2): 412-434.
7.       Gul, F. A., Chen, C.J.P. & Tsui, J.S.L. (2003). Discretionary Accounting Accruals, Managers’ Incentives, and Audit Fees. Contemporary Accounting Research, 20 (3): 441-464.
8.       Hanlon, M. & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2-3): 127-178.
9.       Hanlon, M. & Slemrod, J. (2009). What Does Tax Aggressiveness Signal? Evidence from Stock Price Reactions to News about Tax Shelter Involvement. Journal of Public Economics, 93(1-2):126-141.
10.    Hanlon, M., Krishnan, G. & Mills, L. (2012). Audit fees and book-tax differences. Journal of the American Taxation Association, 34 (1): 55-86.
11.    Krishnan, G. & Visvanathan, G. (2008). Do auditors price audit committee’s expertise? The case of accounting vs. non-accounting financial experts. Journal of Accounting, Auditing & Finance, 24(1): 115-144.
12.    Lennox, C., Lisowsky, P., Pitman, J., (2013). Journal of Accounting Research,Volume 51, Issue 4, pages 739–778,
13.    Mills, L., and K. Newberry. (2001). The Influence of Tax and Non-Tax Costs on Book-Tax Reporting Differences: Public and Private Firms. Journal of American Taxation Association 23 : 1-19.
14.    Phillips, J., M. Pincus, and S. Rego. 2003. Earnings Management: New Evidence Based on the Deferred Tax Expense. The Accounting Review 178 (April): 491-522.
15.    Seetharaman, A., F. Gul, and S. Lynn. (2002). Litigation risk and audit fees: Evidence from UK firms cross-listed on US markets. Journal of Accounting & Economics (33): 91-115.
16.    Simunic, D. (1980). The pricing of audit services: Theory and evidence. Journal of Accounting Research, 18 (1): 161-190.

37-41

7.

Authors:

Hamid Saremi, Shaban Mohammadi, Behrad Moein Nezhad

Paper Title:

The Impact of Working Capital Management on Financial Performance in Various Industries Tehran Stock Exchange

Abstract: This paper examines the impact of working capital management on the Tehran Stock Exchange's financial performance in the industry. to find out the relationship between working capital management and financial cumulative functional and regression correlation. among the companies listed on the Tehran Stock Exchange, members of industry, construction of car wash equipment in the specified time are selected. the research showed that the relationship between working capital management and financial performance of the companies in the machinery and equipment in the production of automobile parts and products is not significant. the positive relationship between working capital management and profitability there.

Keywords: Asset management, financial performance, Capital Management, profitability.

References:
1.       P hilip  Bromiley(2010) Deans professor of Strategic Management Merage School of Business, University of California, September .
2.       Susan J Hart(2010),School of Management and Languages, Strategic Management Accounting:, Heriot-Watt University, September.
3.       Robin  Roslender(2010), School of Management and Languages, Strategic Management Accounting:, Heriot-Watt University, September
4.       Danuletiu, A. (2010). “working capital management and profitability: A case Ofalba County companies”.Annales Universitatis Apulensis Series Oeconomica, Vol. 12, No. 2, pp. 364-374.
5.       Deloof, M. (2003). “Does working capital management affect profitability of Belgain firms?”. Journal of Business  Finance and Accounting, Vol. 30, pp. 573-588.
6.       Falope, OI, Ajilore, OT. (2009). “Working capital management and corporate profitability: evidence frompanel data analysis of selected quoted companies in Nigeria”. Research Journal of Business Management, Vol. 3, pp. 73-84.
7.       Gill, A, Biger, N, Mathur, N. (2010). “The Relation Between Working Capital Management And Profitability: Evidence From The United States”. Business and Economics Journal, Volume 2010: BEJ-10.
8.       Lazaridis, I, Tryfonidis, D. (2006). “Relationship between working capital management and profitability of companies listed in the Athens Stock Exchange”. Journal of Financial Management and Analysis, Vol. 19,No. 1, pp. 26-35.
9.       Mathuva, D. (2009). “The influence of working capital management components on corporate profitability :a survey on Kenyan listed firms”. Research Journal of Business Management, Vol. 3, pp. 1-11.
10.    Raheman, A, Nasr, M. (2007). “Working capital management and profitability – case of Pakistani firms” .International Review of Business Research Papers, Vol. 3, pp. 279-300.
11.    Shin, H, Soenen, L. (1998). “Efficiency of working capital management and profitability”. Financial Practice and Education, Vol. 8, pp. 37-45.

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