The effect of independent auditor's report on profit distribution policy: Evidence from Tehran Stock Exchange

Profit distribution is one of the most debatable subjects in financial field. Opposite theoretical models that sometimes, do not have a strong empirical support look for the explanation of corporate dividend policy. In this paper, the relationship between profit sharing policy and auditor`s and managers’ expected profit is studied. The study gathers the necessary information of 99 firms listed on Tehran Stock Exchange over the period 2002-2011. The implementation of regression analysis shows that there was more explanatory power of auditors’ expected profit than managers’ expected profit in dividends. The results also show that there was no meaningful difference between auditors` expected profit and managers` expected profit

A study on the effects of intellectual capital efficiency on economic performance

Intellectual capital plays essential role in corporate performance and this paper examines the impact of intellectual capital and its components on the ratio of corporate operating profit on sales as an indicator of economic performance. The study was accomplished among 1035 companies listed on Tehran Stock Exchange and by using the Pulic-2004 model over the period 2005-2012. The results indicate that intellectual value added coefficient, as an indicator of intellectual capital efficiency, preserves a positive effect on sales and efficiency of structural capital and capital employed maintains a positive and meaningful effects on different financial ratios

Testing the effects of government expenditures on Tehran stock exchange indexes

Nowadays many of economic theorisians believes that budgeting policies of government and its expenditures affects on financial markets. In this paper, we tried to examine the effect of governmental capital expenditures to the main indexes of stock market in Iran. To study the above issues, the real information about the capital expenditure of government and Tehran price index (TEPIX),industry index, 50 top companies index and selected industries index in the period of (1997-2011)with seasonal data were extracted and analyzed with field study approach. Thus this data’s had tested with using descriptive statistical and regression estimation models. The results of the tests and estimated models show that there is a meaningful relation between government expenditures and TEPIX and selected industry index. Furthermore the study showed that these relations are into existence in the long run for these variables

The Investigation of Relationship between Cash Dividends and Investment Considering the Effect of Company's Life Cycle Modifier in Listed Companies in Tehran Stock Exchange

Decision making with regard to the dividend is an important topic because this is influenced by various factors such as economic factors. One of the economic factorsis the company's life cycle. According to the life-cycle theory, companies in different stages of the life cycle show specific behaviors financially and economically. It means that institutions and companies follow specific policy according to stage of their economic life. Thus, the present study investigates the relationship between cash dividends paid and investment at the company's life cycle in listed companies in Tehran Stock Exchange. Accordingly, the research hypotheses were tested using the mix data regression in Tehran stock exchange with regard to the related data from 2003 to 2012. Among all attended companies, 680 companies were selected as the statistical sample. The findings show that there is a significant direct relationship between the cash dividend and investment,but this relationship differs in various stages of the company's life cycle

Life Cycle Stages Effects on Profitability and Growth of Enterprise Companies

Business enterprises follow the life curve like other live organisms. Economic theories denote that firms can even be born, grow, and after a while die. According to the evidence, it is obvious that operational profit with its components (such as margin of operational profit and assets turnover) show a non-linear behavior during various stages of companies' life cycle. In this paper we consider to show that how this economic variable affects the growth and profitability of listed companies on Tehran Stock Exchange (TSE), using yearly data from 2000 until 2010.The test sample was 149 firms that has been listed on TSE before 2000. To examine the research hypotheses we used survey based analysis and multi regression models, applying panel data and Wilcoxon rank sum test. Based on our findings hypotheses have not been rejected and confirm the efficiency of life cycle in financial analyses. However, the models have had a 40% enhancement in the ability of estimating, by calculating the life cycle variable into profitability predictor model

Review the influence of cash holding on the debt capacity and providing a new model for determination of debt capacity (Case study Tehran Stock Exchange (TSE) listed companies)

Management of internal financial flexibility depends to the use of cash, debt capacity and their interactions in the face of crisis and external shocks. Debt capacity as one of the decisive factors of internal financial flexibility, refers to amount of debt that companies can make in theirs financing resources without encountering difficulties in repaying debts. Study effective factors on the debt capacity as one component of internal financial flexibility is important for any company, because identification of these factors will leads to improvement business performance and companies can have better reaction in counter of unexpected events and investments opportunities. In this research, we examine the influence of cash holding on the debt capacity in 69 companies listed in Tehran Stock (TSE) during 2003 to2012. Our finding indicates that the level of cash holding is one of the most important factors that can affectthe Company's debt capacity. Therefore cash is one of the main factors in the creation of internal financial flexibility and also has an important role in the determining of debt capacity

Analysis of Factors Affecting Tax Quality Based on Analytical Hierarchy Process (AHP)

Tax is one of the main financing ways for governments in achieving social and economic objectives. Expanded and diversified economic activities, the increasing role of governments in developing public services and social security, government commitments expansion in the fields of social and economic development, and efforts to achieve economic growth and income distribution have made tax payments as an important and effective issue. Therefore, the paper is aimed to investigate tax quality and factors affecting it using analytical hierarch process and based on questionnaire. Findings show that tax quality factors preferences are as following: "Tax receiving expense"(26.1%)," Time of Tax receiving "(23.7%),"the appropriate tax rate and source"(17.2%),"appropriate and applicable rules and procedures"(11.8%), "reasonable tax Grounds" (8.2%), "the proper functioning of the Tax Organization"(5.9%),"tax accountability"(4.1%), and "taxpayers awareness" (3.1%). In other words, costs and time of tax collection have important roles in increasing tax quality. In this regard, tax rates, diversity of its sources and rules should not be ignore

Antimicrobial Prophylaxis for Surgical Site Infections

Abstract: Surgical Site Infections (SSIs) are associated with a high morbidity, mortality and healthcare costs

An efficient genetic algorithm for a hybrid flow shop scheduling problem with time lags and sequence-dependent setup time

In this paper, a hybrid flow shop scheduling problem with a new approach considering time lags and sequence-dependent setup time in realistic situations is presented. Since few works have been implemented in this field, the necessity of finding better solutions is a motivation to extend heuristic or meta-heuristic algorithms. This type of production system is found in industries such as food processing, chemical, textile, metallurgical, printed circuit board, and automobile manufacturing. A mixed integer linear programming (MILP) model is proposed to minimize the makespan. Since this problem is known as NP-Hard class, a meta-heuristic algorithm, named Genetic Algorithm (GA), and three heuristic algorithms (Johnson, SPTCH and Palmer) are proposed. Numerical experiments of different sizes are implemented to evaluate the performance of presented mathematical programming model and the designed GA in compare to heuristic algorithms and a benchmark algorithm. Computational results indicate that the designed GA can produce near optimal solutions in a short computational time for different size problems