International Journal of Academic Research in Accounting, Finance and Management Sciences

1-8

Authors: Mohsen IRANMAHD, Mahmoud MOEINADDIN, Nasim SHAHMORADI, Forough HEYRANI

In today's knowledge-based industry, the role of intellectual capitals in creating value for the business units is more effective than financial capitals. The accounting system plays a crucial role in finding appropriate strategies for achieving suitable methods of evaluating intellectual capitals. One of the most significant shortcomings of traditional accounting systems is that it doesn't reflect the intellectual capital value in financial reports of business units. Collecting the data from 84 firms, this study examines the relationship between intellectual capital and financing costs, and the value of manufacturing companies listed in Tehran Stock Exchange for an eight-year period. In order to measure intellectual capital, the value-added of intellectual capital coefficient, value-added of intellectual capital and value added of capital applied were used the calculation of which were performed through Palic's method which is one of the most practical methods of calculating intellectual capital. In order to analyze the data, Pearson correlation, univariate and multivariate regressions, and Z Wang test were also performed. Results showed that the value added of capital applied, value added of intellectual capital, and the value added of intellectual capital coefficient negatively influenced weighted average cost of capital, yet they had no effect on enterprise value.

19-25

Authors: Dragos Stefan OPREA, Laura BRAD

The attitude of individual investors is strongly correlated with their sentiment, so their behavior on the stock market can generate important changes in price fluctuations. The aim of our study was to provide evidence regarding the relationship between the evolution of stock market and the individual investor sentiment, proxy by the consumer confidence index. This study is conducted on the Bucharest Stock Exchange (BSE) for a 10 year time period, starting from 2002 to 2011 and includes 120 observations. The results proved that there is a positive correlation between changes in consumer confidence and stock market returns, demonstrating that individual investor sentiment affects stock prices. However, the influence of individual investor sentiment seems to be quickly removed by the force of arbitrage. The price adjustments are realized in less than a month. Moreover, the influence of individual investor sentiment on the prices of the most 10 liquid companies from BSE is not statistically significant.

38-46

Authors: Orhan BOZKURT, Sukru DOKUR, Adem YILDIRIM

The aim of calculating the costs more accurately with less deviation and managing the costs in businesses is increasing. This is more important in production businesses. Therefore, it is necessary to know the costs well and put them on product prices. The aim of this study is to compare business costs and the methods used in calculating these costs on the one hand, and tax laws and recognition within the scope of Turkish Accounting Standard (TAS-2) on the other hand. This standard explains what should be considered in determining costs. In addition, this standard shows what will be the production and stock cost calculation method and how they will be reported. As a result of the study, it is seen that there are different results when full cost and variable cost methods are used. It is seen that in full cost method all expenses are added to the cost. This complies with legal regulations however it causes to an increase in the calculated costs. On the other hand, while the occurrence of a legally unaccepted cost section in variable cost method reveals a deficiency; the lower costs compared to other method helps to give better price offers.

58–71

Authors: Nadia Belkhir BOUJELBÉNE, Abdelfatteh BOURI, Jean-Luc PRIGENT

t This paper investigates the relationship between market microstructure and corporate governance in the Tunisian Stock Market. We examine in particular, the relationship between stock liquidity and institutional ownership by the type of institutions (e.g. banks, insurance companies, investment companies, pension funds). We consider eight liquidity measures: absolute quoted bid-ask spread, relative quoted bid-ask spread, absolute effective bid-ask spread, relative effective bid-ask spread, depth, lambda, turnover ratio and Amihud (2002) illiquidity ratio. For our sample, institutional ownership was found to have a significant negative impact on the stock liquidity as measured by Amihud (2002) illiquidity ratio. Our findings support the contention that the relationship between stock liquidity and institutional ownership varies significantly across institution. The ownership of insurance companies increases the bid-ask spreads. The investment companies have a significant and negative effect on the liquidity more than the other types of institutions.

81–93

Authors: Rihab GUIDARA, Younes BOUJELBENE

R&D treatment could be influenced by earnings management purposes due to the flexibility allowed in the R&D accounting standards. This paper attempts to determine whether discretionary R&D treatments are motivated by financial performance or can be constrained by board independence. The study is conducted on a sample of 410 firm-year French companies investing heavily in R&D in the period 2007-2011 and accounting data are collected from the Worldscope database. Using two logistic regression models, results show that the French companies do not tend to capitalize the R&D expenditures in order to smoothen the results but rather tend to cut the R&D expenditures in order to achieve earnings targets. However, the hypothesis that independent directors reduce R&D manipulation is not supported.

105–116

Authors: Evren AYRANCI

This study considers motivation to lead (MTL) as its focal point and assumes that MTL should be linked to the person's emotionality. The author draws on two partially opposing concepts regarding emotions: emotion recognition and alexithymia. Their effects on MTL are analysed using two data sets, from top managers and senior business administration students. A noteworthy finding is that the statistical structures of emotion recognition, alexithymia and MTL are the same for both groups. Though managers are superior to the students in terms of identifying and expressing their emotions, and are not as externally oriented as the students; they tend to focus more on the negative emotions. The managers are more emotionally proactive in assuming leadership role and consider more strongly that leadership is an honourable duty. The managers’ more extroverted alexithymia factors are found to affect their MTL. Manager MTL’s affective component is linked with their emotionality, and their emotion recognition and externally oriented thinking affect their MTL’s affective component. The students’ MTL is not found to be affected by their emotionality but a decomposition of their MTL uncovers that only social-normative component is affected by their externally oriented thinking and deficiency in identifying their own emotions.

127–135

Authors: Muhannad Akram Meqbel AHMAD, Ashraf Mohammad Salem ALRJOUB

This study tests the head of departments’ perception towards the relationship between applying accounting information systems and production activities. The results show a positive significant relationship between AIS and production activities (i.e. production design, production planning and control, production operation and cost accounting).This study recommends that using modern methods to develop the skills of the interaction between the users of accounting information systems and between these systems.

144–151

Authors: Edwin QUINN Jr.

The purpose of this study is to exam the challenges for establishing the convergence of accounting reporting among different countries. The role and efforts by the International Financial Reporting Standards (IFRS), the Generally Accepted Accounting Principles (GAAP), and Financial Accounting Standards Board (FASB) are discussed to determine what progress has been achieved towards convergence.

166–175

Authors: David Omondi ACHIENG, Juliet Akinyi JAGERO

Management Support is crucial to survival and success of organizations where managers are decision makers of the adoption of Computer Integrated Model (CIM) that is intended to contribute to the performance or effectiveness of the adopting organizations. Management support is the attitude and commitment of managers towards CIM technology adoption. This paper sought to establish the extent to which management support readiness determines adoption of CIM in financial forecasting of Small and Medium enterprises in Kisumu East District. This study was guided by a conceptual framework which indicated determinants of adopting CIM in financial forecasting. The study adopted descriptive survey methodology with both quantitative and qualitative approaches to source and analyze data. The finding established that managerial support readiness is key in adopting Computer Integration Model in financial forecasting amongst other determinant factors of adoption of CIM.

185–200

Authors: Habib AFFES, Fatma AYADI

The literature offers little empiric evidence on the role of management accounting in inter-firm relationships. So, in the following research, we examined the effect of the use of a set of new management accounting practices namely the ABC, the balanced scorecard and the financial and accounting benchmarking as well as the effect of the investment in information and communication technologies (ICT) on the improvement of the features of strategic buyer-supplier relationships (SBSR) within supply chain while taking into account the moderator effect of ICT. The Results show that new management accounting practices and investment in ICT have a positive and significant effect on the improvement of the features of strategic buyer-supplier relationships (SBSR). However, the moderator effect of ICT on the relationship between the use of new management accounting practices and the improvement of the features of strategic buyer-supplier relationships (SBSR) is not demonstrated.

218–231

Authors: Esmaeel Farzaneh KARGAR, Eesa ZAREI

Since some investors may need their investing financial sources immediately, in every financial market, the level of assets liquidity is considered as a basic issue in investment. By considering the effect of liquidity in discovering the assets` prices, distributing the financial risk, decreasing the costs of transactions, and determining the factors which affect it, is very important. This research reviews the effect of outside members of board of directors and institutional ownership, as the most important criteria of corporate governance, on liquidity of stocks. To do so, a number of 69 companies were chosen from Tehran stock exchange through screening method, in 2008-2011 time periods. In this research 7 different standards were defined for liquidity. We reached to evidences that show the number of outside members of board of directors has no effect on liquidity and institutional ownership is not that effective on liquidity. The results indicate that, since among 7 standards of liquidity, 4 standards have a negative and significant relationship with institutional ownership, we can say that: there is a negative and significant relationship between institutional ownership and liquidity of stocks.

255–263

Authors: Justin Iorakpen IORUN

The contributions of small business enterprises to any economy globally cannot be overemphasized. They are considered as the engine of growth and development of countries; for their contributions to the manufacturing subsector, diversification of output, and reduction of unemployment are immeasurable. Above all, their quick adoption and adaptation of technologies and reduced capital intensiveness provide an effective means of mitigating rural- urban migration. The main objective of this paper is to evaluate the survival strategies that will ensure sustained growth of small and medium enterprises in Nigeria. Primary data were applied in carrying out this research work. Chi square method was employed to analyze the data. The results reveal that creativity is a strategy for the survival of small business enterprises in Nigeria. The results also indicate that high risk taking is a strategy for the survival of SMEs in Nigeria. Lastly, the results also show that, areas of opportunities for business are a panacea for the survival of SMEs in Nigeria. It is recommended among others that prospective entrepreneurs should only go into business after taking a realistic view of their strengths and weaknesses and drawing up a well thought out business plan. Also, Government should provide infrastructures necessary to encourage and promote the growth and development of SMEs in Nigeria.

271–281

Authors: Henry Asante ANTWI, Zhou LULIN, Ethel YIRANBON, James Onuche AYEGBA, Mary-Ann YEBAOH, Emmanuel Osei BONSU

Health care, due to its high upfront costs and centrality to humankind, is often considered ‘different’ and best left outside the domain of markets. But such blanket opposition ignores valid reasons for not dismissing the value markets could bring. Since its inception in 1948 the NHS in England has gradually evolved (and devolved) into a very different being. No longer is it – in the words of health policy analyst Rudolf Klein the ‘secular church’, maintained and presided over by disciples of its founder, Aneurin Bevan. In its current state, the NHS functions on the basis of what has been variously called a ‘quasi’, ‘mimic’ or ‘internal’ market with its own risk levels for investors. For risk managers, at the centre of strong risk management is suitable risk metrics that are constructed using complex mathematical models. This study looks at the three approaches and how they apply in computing VaR. For the three techniques, VaR is defined and the main methodologies. Thereafter, the methods are applied, separately, to the data so as to compute VaR. The results is presented and analysed respectively. Next, we discuss the advantages and disadvantages associated with the three approaches. Furthermore, we will discuss the critical yet complex issues involved with the model accuracies and mapping up of positions related to risk factors and model volatility. The report concludes with a brief summary on the issues pertinent to VaR analysis.

291–302

Authors: Jeremiah Mugo KARAGU, Bichanga OKIBO

This study was geared towards finding the financial factors influencing performance of SACCOs in Kenya. As a result the study found that funds misappropriation influences performance of Sacco’s. The study concluded that Sacco’s need to improve on their internal audit department and other internal control measures. It also established that investment decisions made by Sacco’s influence their performance. It also emerged from the study that Sacco’s need to invest in prudent projects in order to achieve better returns. It was also found that Sacco’s should put in place loan recovery strategies and introduce collateral securities as a way of eliminating or reducing loan defaulting. The study established that member withdrawal affects Sacco’s performance. The study concluded that Sacco’s should introduce more products in order compete with other organizations such as Micro finance Institutions.

312–319

Authors: Eesa ZAREI, Esmaeel Farzaneh KARGAR, Sedigheh BAZYAR

t Since education is affected by technological developments, more than anything else, it needs to equip itself to the latest technologies. In this research, we have reviewed the reasons of disagreements in choosing technology in accounting educations in MA and PHD courses. This research which is an applied survey research is performed through choosing 11 different technologies and sending questionnaire to two groups of professors in MA and PHD courses of state and Azad universities, then by using this information we analyzed the results. The measurement tool in this research has been questionnaire, and research population has been the professors of MA and PHD of accounting course in state, Azad, Payam-Noor and nonprofit universities of Iran. Statistical method of this research is t test. The results indicate that there is a significant difference between uses of above mentioned cases between two groups of accounting professors of MA and PHD courses of state and Azad universities. Practical solution to cover this gap is to use more information technology in accounting education, in order to improve the quality of education by dear professors in one side, and the affairs of students in learning modern technologies and applying them practically in another side.

327–333

Authors: Rasoul Sadeghi BARZANI

Immediate disclosure regulations information was delivered in 1380 by the Council of the Stock Exchange and the Securities Market Law was passed in 1384. The main objective of this study was to investigate the effects on the quality of information disclosure regulations adopted by the Company are reported profits. The present study investigated the effects of regulatory approval in three intervals since 1378 and Exchange 1380 pre-regulation Between 1384 and 1381 years after the adoption of the provisions of the Securities Market Act Between the years 1385 and 1387 of the Act deals with the securities market .Based on information provided quality velocity data (timeliness) and prediction error (reliability) is measured. The sample consists of 119 companies listed in Tehran Stock Exchange Shrek selected data variables collected using Kruskal and Wallis is analyzed. The results showed that there was a decrease in the percentage of earnings forecast error, which seems to be related to the uncertain business environment. Dividends declared official after the regulations have been more time. After the enactment of regulations, the quality of disclosure in terms of timeliness has improved.

343–361

Authors: Joy Lynn R. LEGASPI

This research concentrates in the area of Management Accounting. To identify the important management areas prioritize by today’s managers and to recognize the up to date comprehensive contribution of academic scholars and researchers to management accounting literature. This study is important to unite the interest of the users and researchers on the management areas to support information needed by today’s managers. The method of research process applied review of the related literature and survey to general managers and finance/accounting managers of servicing, merchandising and manufacturing firms registered in Metro Manila, Philippines.

369–384

Authors: Fawzi AL SAWALQA

The current study comes to discuss the role of Central Bank in developing the corporate governance best practices in Jordanian banks. In addition, the study focuses on investigating the extent to which Jordanian banks are comply with the corporate governance code for banks in Jordan as outlined by Central Bank in 2007. Furthermore, it investigates the extent to which banks comply with the corporate governance code for banks in Jordan in transparency and disclosure. Based on the annual financial reports of 13 banks listed in Amman Stock Exchange (ASE) for 2012, the results indicated that the overall compliance with corporate governance code for banks in Jordan is 90.9%. The results show that the lower compliance is concentrated in audit committee as only 70.5% of the banks do comply with its rules as outlined in corporate governance code for banks. The expected reasons for such low compliance were discussed in the current study. The compliance rate with board of directors’ rules and general corporate governance information is 90.9% and 100% respectively. After computing the voluntary disclosure index, the results show that the average disclosure score is 61.3%, which is unsatisfactory. Apart from employee information, the results show high consistency in disclosure practices among Jordanian banks. The unsatisfactory percentage of disclosure implies that there are several factors may hinder banks from disclosing some sensitive information. The findings of the study have many applications for decision makers in Jordan and other developing countries.

395–412

Authors: Rim AFFES, Habib AFFES

In this article we will try, on the one hand, to make a literature review of studies on the determinants of the design of the control system management in medium enterprises. On the other hand, we will try to propose and analyze the contingency factors will have an impact on the development of the function of management control as perceived by Tunisian management controllers. The study will be conducted through the method of cognitive mapping among four management controllers from Tunisian industrial midsize enterprises.

1–15

Authors: Ebrahim KARIMI, Mahmoud RAFIEE

Today organizations to encounter with environment of global Competition and for prosperity in this environment. We need to radical changes and creative in work. Supply chain management (SCM) is a thunderstruck of organization with higher and lower relationship that are involve in process and activities and like presentation product and services to final customers to create value. So it is important in organization. So in this research the target is checking influence the adoption of supply chain management practices in organization performance through competitive priorities. Practices of data collection in this research is questionnaire that comprehensive supply chain management questionnaire, organization performance and competitive priorities. This research according to application target and the methods. Scaling descriptive any correlation based on structural equation modeling (SEM). Research statistical communities apply all employees of Pump Iran that 483 of employees selected to random manner as members of sample. Research finding indicate that apply practices supply chain management influence in Iran pumps Company, according to competitive priorities.

21–35

Authors: Chia-Ling HUANG, Rong-Kwei LI, Chih-Hung TSAI, Yi-Chan CHUNG, Yao-Wen HSU

Since 1997, the Critical Chain Project Management (CCPM) method has received considerable attention. Hundreds of successful CCPM cases have achieved highly reliable on-time delivery (OTD) with short project lead-time (PLT) in multi-project environments. However, two obstacles have remained, blocking the implementation of CCPM to project management (PM) society. The first has been addressed by PM practitioners, who have been less than confident that OTD and PLT can be significantly improved by simply changing the way to manage multi-projects. The second is from academia: some scholars have claimed that the ideas of CCPM are not new and are of no substantial contribution to Project Management Body of Knowledge (PMBOK). In this study, we first used multi-project management games to overcome the first obstacle. A comparative study of CCPM and Program Evaluation and Review Technique/Critical Path Method (PERT/CPM) planning methods, excluding bad human behaviors, was then conducted to overcome the second obstacle. The simulation results show that: (1) the “mode of managing multi-projects” was the root cause, and changing the mode of managing multi-project could significantly improve OTD and PLT; (2) in terms of mean project time, CCPM is not significantly better than PERT/CPM. However, in terms of plan reliability, CCPM achieves higher than PERT and CPM. This is due to a CCPM logistical change that generates a more reasonable and reliable project plan than do the PERT/CPM methods.

41–51

Authors: Zahra GHORBANPOUR, Hasan Dehghan DEHNAVI, Forough HEYRANI

t The current study has been designed and implemented with the goal of examining organizational characteristics using a heuristic model that helps distinguish auditors in terms of the acceptance of dysfunctional behaviors. This conceptual model is consisted of parameters including locus of control, acceptance of dysfunctional behavior, mandatory rotation, organizational commitment and auditor performance. Data were collected using Smith's standardized questionnaire, which was validated through the use of the factor analysis as well as the viewpoints of experts. The research was a descriptive correlational study whose data were analyzed using the structural equation model. The statistical population included all audit executives (senior auditors, audit supervisors and senior audit supervisors) with the audit firms of the official auditors associations of Tehran and Shiraz (including private audit firms as well as the Audit Organization). The sampling method was the simple random sampling which covered 620 auditors. Some 250 questionnaires were distributed finally. The collected date were primarily calculated with the SPSS software and analyzed by the confirmatory factor analysis to verify proper parameters and omit poor parameters. Also, the LISREL software was employed to find the optimal path through the variables.

67–75

Authors: Saeed FATHI, Farzaneh GHANDEHARI, Sayyed Ya’ghoub SHIRANGI

This paper studies determinants of capital structure in listed firms of selected stock exchanges of developing countries and Tehran stock exchange, and comprises effects of these determinants on selected stock exchanges with Iran. In this study, determinants of capital structure are studied in firm and country levels. In firm-level profitability, distance from bankruptcy, size and tangible assets, and in country level stock market development and GDP growth are studied. Data are collected from Compustat Global Vantage database, World Bank databases and Tadbirpardaz software. Panel Regression is used for analysis and Excel and EViews 6 and F and t test statistics are used. Results of study in level of developing countries show that except development of stock market, GDP growth and distance from bankruptcy, all variables have a significant relationship with capital structure; distance from bankruptcy and tangible assets on Tehran Stock Exchange have a significant relationship with capital structure. Impact of distance from of bankruptcy, size and tangible assets in Tehran Stock Exchange and selected developing countries stock exchanges capital structure are different. This paper enables to comparison, benchmarking, identifying strengths and weaknesses and its results can be used to determine strategies and objectives of firms financing.

85–95

Authors: Eric Edwin OWUSU, Gabriel DWOMOH, Mintah COLLINS, Gyamfuah YAA, Ofori DANIEL

The study examined the relationship between budget participation and employees’ performance of public universities in Ghana using University of Education as the study area. It therefore seeks to explore the behavioral elements of budgeting process in the study area and determine budget participation relationship with employees’ performance and commitment to budget goal. The study employed the quantitative research methodology and used convenience and simple random sampling techniques to select 110 employees of the university as respondents. Data was analyzed using SPSS 16. The findings of the study showed that the relationship between budget participation and employees’ performance (attainment of budget goal) was positive though not significant connoting that budget participation alone cannot significantly influence attainment of budget goal. Despite that it cannot alone help an organization to achieve its budget goal; it was evident from the study that it serves as the foundation for the other behavioral elements to be realized in the budgeting process. The research therefore argued out strongly for policy makers to hammer on budget participation since it is the foundation of which the other behavioral elements to achieving budget goal revolves.

103–108

Authors: Hamid Reza Ranjbar JAMALABADI, Ghasem Rayati SHAVAZI, Jalil JALILI, Fatemah SHIRGHOLAMI

This research examines the association between Corporate age and Tangibility & capital Structure. Prior research suggests showed that age and Tangibility influence on Capital Structure. This essay investigates whether of age and Tangibility and Capital Structure. For investigating this relationship; we use data for 90 listed companies on Tehran Stock Exchange for period of 2007-2011. The results of this research, shows that there is not a reasonable relation between age and capital Structure.

119–127

Authors: Hossein Sharifi RANANI, Zivar BIJANI

In the age of knowledge-based economy, an organization uses two distinguished resources for value creation and profit making: material or tangible resources and intellectual or invisible resources. In fact, it is claimed that intellectual capital can explain better the material and physical capital and a company’s performance financial indices. Intellectual capital provides a new complete model for observing organizations’ real value and by using it; a company’s future value can be calculated. The objective of the present study is to investigate the influence of intellectual capital on financial performance of the listed companies in Tehran Stock Exchange. In order to assess the intellectual capital, the value added intellectual capital coefficient developed by Palyk was used, which is one of the most important and valuable methods of assessing intellectual capital. In the present study, the influence of intellectual capital indices (efficiency of human, structural and physical capitals) on financial performance (earnings per share and the efficiency of assets) for 70 companies during the years 2004 to 2007 was investigated using the panel data regression. Be reviewing the literature, four hypotheses were proposed. The results obtained from testing the hypotheses showed that intellectual capital has positive and significant influence on earnings per share and the efficiency of assets. The results of regression models show that intellectual capital has positive and significant influence on earnings per share and the efficiency of assets. Structural capital like other components of intellectual capital also has significant and positive on the efficiency of assets. The results also indicate that the negative influence of structural capital on earnings per share, however, because this influence is not significant enough, it can be neglected. The results of the approach of panel data are indicative of the significant influence of physical capital on earnings per share and the efficacy of assets. Therefore, increase in physical capital results in improving the financial performance of the studies companies.

136–144

Authors: Mohammad Reza DALVI, Ebrahim BAGHI

In this paper, the relationship between performance and liquidity of shares listed on the Tehran Stock Exchange investigated. In countries where the capital market is one of the main sources of financing units their business, a lot of research is in this field, that the rapid growth of the capital market in Iran, the necessity of such research is more evident. The present study with examined data from 154 companies listed in Tehran Stock Exchange between 1383 and 1388 with the combinational methods, the relationship between business performance and liquidity has been studied. This study supports the theory of representation and feedback between performance scales and stock Liquidity, using by multiple regressions has been evaluated and compared. The results of investigation show that between the liquidity and performance scales a strong correlation was observed. By comparing the two performance measures (return on assets and Q Tobin index) indicators that Q Tobin index is better to use of market values,because that more suitable for studying the relationship between performance and the company's liquidity.

157–166

Authors: Marzieh Seyed REZAEI, Mahmoud MOEINADIN, Hasan Dehghan DEHNAVI

Separation of ownership and management caused performance evaluation to become an important issue in the field of accounting and finance. In this regard, various financial measures are introduced and used, but all of them are criticized due to the fact that they consider only one prospect of the organization (financial prospect). In order to overcome the shortcomings of financial measures, balanced scorecard was introduced as one of the best strategic performance measurement systems. In this system, the performance of organization is evaluated in four prospects: financial, internal process, customer, learning and development. This study examined the relationship between prospects of the balanced scorecard in companies listed on the Stock Exchange. Ex post facto and correlational research methods by nature of the study were used. Data collection source of the study was financial statements and explanatory notes accompanying the sample companies from 2007 to 2012. Statistical sample consisted 66 companies accepted in the Stock Exchange obtained by systematic elimination method. After collecting the data and calculating the main variables, canonical correlation method was used to test research hypotheses. Results of the study showed that there is a significant relationship between the balanced scorecard prospects while growth and learning prospect were of great importance among the 4 available prospects.

175–187

Authors: Rim EL HOUCINE, Adel BOUBAKER

The objective of this paper is to examine the relation between share repurchases and stock options. In fact, certain studies demonstrate that the development of stock option plans since the beginning of the 1990s is also considered one explanation for the increase in equity programs for repurchasing shares. We have tested the validity of our hypothesis on a sample of 77 French firms listed during the 2003-2008 period. The results demonstrate a positive link between the performance of near future exercise of employee stock options and share repurchases. The desire to avoid the dilution associated with the performance of stock options can thus be one of the motives for making share repurchases. The results subsequently demonstrate that directors holding a substantial number of stock options encourage companies to make share repurchases. On the other hand, we detected a negative relationship between the existence of managerial stock options and the augmentation of dividends.

201–211

Authors: Zeynep Merve ÜNAL

Humor is a common dimension of human interaction. Therefore, it has an effect on working groups and organizations. The influence of humor on interpersonal relationship and behavior has been considered by various enterprises. In this work, we report that adaptive humor styles employed by leader buffers job related positive affective well-being of employees whereas maladaptive humor styles employed by leaders buffers job related negative affective well-being of employees. Our results indicate that selfenhancing humor played a key role in leadership at workplace. This helps us to acquire evidence for the self-enhancing humor enhanced job related positive affective well-being of employees. On the other hand, aggressive humor showed a positive but small effect on job related negative affective well-being of employees. The study aims to shed light on humor which can be considered as a precursor of job related affective well-being of employees.

220–227

Authors: Mahmoud MOEINADIN, Forough HEIRANY, Azadeh HARANDI

Due to the international sanctions against Iran, the tax discussions and the necessity of increasing tax credits have been overemphasized. Tax evasion and its influential factors have been examined by various researchers; however, the ways to improve the tax compliance have been rarely investigated in Iran. Therefore, the present study aims to examine the ways by which the tax compliance could be improved. The population is composed of the taxpayers in Yazd province. The sample is constituted of 383 taxpayers selected based on Cochran’s formula and stratified random sampling. This is an applied study using descriptive surveys to collect the required data from a researcher-made questionnaire including 18 elements. The collected data is then analyzed by different statistical methods such as exploratory factor analysis (EFA) and independent mean comparison. The findings support the significance of the questionnaire elements from the perspective of the participants. The results of EFA also reveal that about 62.767 percent of the tax compliance is a function of four factors of social, individual, structural and legal factors.

235–239

Authors: Radu CIOBANU

This study analyses whether the toehold (the target shares owned by the acquirer prior to launching a takeover bid) have a decisive role in the success of mergers and acquisition (M&A) transaction. It is well known that in any bidding process having a toehold is a significant competitive advantage over the rival bidders. This study is based on the takeover bids occurred on the Romanian capital market from 2000 to 2012. Our database includes both successful and unsuccessful transaction in terms of the change of control and companies operating in every industry. Other results suggest that the toehold can play an important role in a successful M&A transaction, but also that the toehold is influenced by other factors and by the industry of the acquired company.

252–255

Authors: Narges SADEGHI, Amir HORTAMANI

The present study investigates the important role of buyer-supplier relationship and non-relationship factors to accept or reject the new product by retailers in agricultural organic products Shahrekord. In the present study, considering the research model, one main hypothesis (accept or reject the new product by retailers) and four sub-hypotheses (Relationship Intensity-Channel Motivation-Product Advantage-Market Competitiveness). This research is an applied one in terms of its purpose, and is a survey study with a correlation approach. The population includes 132 retailers of agricultural organic products Shahrekord. Due to the limited size of population, the entire population was considered as the sample and no sampling was done. Data collection tool is a researcher-made questionnaire containing 12 items, the validity of which was confirmed through advising- and consulting professors and the experts comments and its reliability by Cronbach’s alpha (α=75%). The items include personal data, as well as main, specialized questions items on the research hypotheses. 124 out of 132 questionnaires were returned (return rate = 93%). SPSS and AMOS software has been used For data analysis and hypotheses testing. The findings supported all research hypotheses. Thus, buyer-supplier relationship and non-relationship factors have a significant effect on accept or reject the new product by retailers.

266–271

Authors: Maysam MUSAI, Mohsen MEHRARA, Seyed kamalodin Ahmadi GHALLE

In this paper we had studied the relationship between social networks and micro (small)-shareholders, also, and we had answered this basic question that whether social networks affect shareholders decisionmaking for entering stock market and selling and buying the shares? If it so, which one has the greater effect? This study is a survey, studied population of which is the shareholders of Tehran stock market; 384 people had been selected randomly and had been questioned. We had analyzed the result using variance analysis method. The findings show that, there are some social networks which effect participating of shareholders in stock market including: social networks of friends and acquaintance, social network of relatives and kinsfolk, social network of Internet, social group of ethnicity. They had the strongest effect. The strongest networks which affect decision-making about selling and buying the shares are, respectively: social network of coworkers in stock market, social network of friends and acquaintance, social network of relatives and kinsfolk. We concluded that social and economic policy-makers in course of stock market expansion, can support the effective social networks of stock market and equip them with information, or, establish (virtual informative)networks in stock market.

279–286

Authors: Melinda Timea FÜLÖP

The corporate governance as environment/framework in which it evolves the audit function, was analyzed from the conceptual point of view starting from the unanimous definition that was found in the OECD principles and continuing with the corporative governments attributes which define it. The main role of corporate governance is to restore market confidence and in this process plays an important role the audit committee. After determining the role and the importance of the audit committees in the entity framework we had considered necessary to analyze the correlations between the Audit Committee and the influence of the exchange rates. Considering the achievement of the objectives proposed in this research, our research is based on a deductive approach from general aspects to particular aspects that combines quantitative and qualitative studies. Theoretical knowledge is used for a better understanding of a phenomenon and not for making assumptions. Thus, in order to achieve our study, we selected 25 companies listed on Berlin Stock Exchange. Following this study, we concluded that the role of the audit committee is crucial.

293–298

Authors: Hashim ZAMEER, Shehzad ALI, Waqar NISAR, Muhammad AMIR

Motivation plays an important role in all public and private organizations. Without motivating their employees organizations can’t run and can’t achieve their goals. Purpose of present study is to explore the impact of motivation on employee’s performance of beverage industry in Pakistan. The data for present study has been collected from five major cities of Pakistan using structured questionnaire. Results from present study explores that motivation plays a vital role toward the performance of employees in beverage industry of Pakistan.

309–318

Authors: Forough HEIRANY, Mahmoud MOEINADIN, Manije NAZEMIZADEH

This study seeks to investigate the role of the accruals decomposition in increasing the information value. The sample is composed of 66 firms listed on the Tehran Stock Exchange over a five year period from 2007 to 2011. The samples are selected by using filtering technique. The collected data is examined by univariate and multivariate regressions. The findings reveal that the cash-flow-statement based accruals have no effect on the return. The findings reveal that the cash-flow-statement based accruals and return are negatively associated. The results of this study showed that there is a significant negative association between cash-flow-statement based accruals and return; however, this relationship is positive for the four-items and return. Furthermore, it is found that there is a negative significant relationship between cash-flow-statement based accruals and return. Among the four differential factors, it is shown that the operating other funds are positively associated with the return.

331–339

Authors: Mohammad Hosein RANJBAR, Bijan ABEDINI, Azadeh MOZAFFARI

Managers tend to hide bad news about the performance of companies and potentially pretend that they are in a desirable state. In companies with conservative reporting environment, there are more limited management opportunities and motives for hiding bad news. Therefore, in these companies, projects with negative net current value are more probably identified and set aside in a timely manner. Main goal of the present research was to study effect of accounting conservatism and earning quality on reaction of investors to cash holding level in the companies accepted in Tehran Stock Exchange. The statistical sample included 160 companies accepted in Tehran Stock Exchange from 2007 to 2011. The data were analyzed using regression method, the results of which indicated that financial reporting environment and change in quality of the published information had no effect on the shareholders' reaction to cash balance. It also seemed that changes in cash balance were followed by users of financial statements only when the company reduced the reported earnings due to accounting conservative procedures.

352–357

Authors: Farzad KARIMI, Mohsen DASTGIR, Monireh SHARIATI

Nowadays, investment in the bource organizes the important part of country economy. So the prediction of stocks index is very important for stockholders to earn the highest return from their investment. The changes of stock market influence by several factors such as political, economical and social factors and maybe, using the classic methods for stock market prediction result in exact results. since, the intelligent method have this capability that consider the complex effects of above factors in the analysis, so we can use them in stock index prediction. Therefore, we can use the artificial neural network for predicting and the genetic algorithm for optimizing the input variable in the neural network. This research has studied the efficiency of compound model, artificial neural network and genetic algorithm for predicting the stock index of Tehran negotiable documents bourse. For this reason, the economical data such as open market price of foreign exchange, bubble of coin price, the price of each ounce of gold in international market and the price of OPEK oil basket as inputs of compound model and total index of bource that compared with outputs of compound model, and have collected from 23st of September in 2010 until 18th of March in 2013 daily. The results indicated that the compound model, artificial neural network and genetic algorithm, can accomplish the exact prediction and this model operate efficiently.

365–370

Authors: Karikari AMOA-GYARTENG

The opportunity to use tax havens leads to a decline in tax revenues of many resident countries of multinational technology companies. Several studies have proven that havens aid multinational technology companies to engage in income shifting and tax avoidance. This paper deconstructs how technology firms are able to avoid taxes. The paper looks at what motivates these firms and proffers recommendations on ways to minimize or curb the practice.

382–389

Authors: Sepideh SOLTANI, Shahnaz NAYEBZADEH, Mahmoud MOEINADDIN

The objective of the present research is the impact examination of management accounting measures on the performance of tile companies in Yazd. The research model is formed using the variable of management accounting techniques as the independent variable and performance as the dependent variable. The methodology of the research is applied from the viewpoint of objective and is correlative from the standpoint of methodology that the needed data is collected by employing questionnaire tool and descriptive method. The statistical population has been tile factories of Yazd. Simple random sampling was used for choosing the sample, and 52 acceptable samples were collected. Furthermore, structural equations modeling with the help of partial least square and Smart PLS software were used to test hypotheses and the validity of the model. The results of the research show that pricing techniques, decision-making for investment and budgeting have significant and direct relationship with performance.

397–408

Authors: Che-Tsung TUNG, Kuo-Hsien WANG, Yu-Je LEE

We study a one-manufacturer and one-retailer type of supply chain that the manufacturer manufactures two newsvendor-type items and offers a buy-back contractual commitment to the retailer who sells the items in a stochastic demand market with various prices, allowing demand leakage from high-priced item to low-priced one. The objective of this study is to coordinate the chain by jointly determining wholesale prices, buy-back prices, retail prices and order sizes. We first derive a succinct model for the chain in which the manufacturers expected profit subject to the retailer’s optimal expected profit will be explored. And a solution method to the case of uniformly distributed error demand is subsequently proposed; accordingly, a series of examples along with graphical concavity and satisfying constraint of the manufacturer’s expected profit are conducted to validate our solution method.