Top PDF The analysis of the effect of tax on profitability indices in listed companies of Tehran Stock Exchange

The analysis of the effect of tax on profitability indices in listed companies of Tehran Stock Exchange

The analysis of the effect of tax on profitability indices in listed companies of Tehran Stock Exchange

The tax had a negatively significant effect on the profitability index of ROE. According to Kit’s word (1994), tax on enterprises performance in Stock Exchange is practiced in two methods: first, to the total supply of the main factors of the production with decrease in net return (after tax reduction) or the profit and in the second step on the efficient use of tax system resources on revenue. Tax system introduces a single way that provides unequal and incomplete conditions on tax fairness for different companies. In order to encourage the listed companies in Stock Exchange for production, different rates of tax could plan to increase the production and their profit- ability, and generally, increasing the rate of company’s revenue, tax returns would increase in long term. Ac- cordingly, creating different rates, planning and prac- ticing accurate tax policies, the government could set the circumstances for increasing the production in the country and could cause to increase the rate of tax col- lections. As it was mentioned in chapter 2, it was ex- pected that the connections among the effective rate of the tax of enterprises – listed in Stock Exchange – in growth and profitability were effective; as they were so (Raymond and Jacob, 2002). Dalton (1991) pointed out that the tax would cause to reduce the efficiency and accordingly, influence on their qualifications to do the job. Ultimately, it can be effective on the matter of pro- duction as well as growth and profitability of the com- panies’ investment. The companies with higher growth rather than companies with lower and smaller growth are less probable to find problems with respect to the status of the tax on the revenue – this conclusion is con- sistent with Hanford et al. (2003) findings. Hendi (2003) believes that financial policies can be led to facilitate the business for small enterprises, through developing effi- ciency. He argues that the weak tax regulations operates as an obstacle on the way of this matter and prevents to achieve the goal. Tax on business, the adaption cost for the government regulations, and the most important is- sues in investment and the performance is investment in small companies. The simpler tax systems are known as an essential term, by businessmen, for supporting investment activities in connection with smaller com-
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THE EFFECT OF CHANGES IN CASH DIVIDENDS DISTRIBUTION ON FORECASTING THE FUTURE PROFITABILITY OF LISTED COMPANIES IN TEHRAN STOCK EXCHANGE

THE EFFECT OF CHANGES IN CASH DIVIDENDS DISTRIBUTION ON FORECASTING THE FUTURE PROFITABILITY OF LISTED COMPANIES IN TEHRAN STOCK EXCHANGE

Anthony Flynn et al (2010) examined the relationship between future profit growth and dividend payout ratio in the stock market of Australia and carried out their study in Australian companies within (1989- 2008). The results of their study were firstly derived by univariate analysis indicating an extremely strong relation among the payment of stock dividends and growth of future earnings in one, three, and five years. Then the relationship is positive and very significant among dividend payout ratio of future earnings growth in multivariate regression analysis. Parker (2005) showed that the dividend payout ratio has a positive relation with future earnings growth at level of market index in America, Canada and Australia. It is because dividends and distributed dividends are some of features of big- size companies that strengthen these results, and increase in dividend payout ratio will result in increased future earnings growth, and the weakest data is in Australia within 1956- 2005.
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The Level of Conservatism and its Effect on Earnings Management of Listed Companies in Tehran Stock Exchange

The Level of Conservatism and its Effect on Earnings Management of Listed Companies in Tehran Stock Exchange

With recognizing the existence of these two types of risk, it can be said that conservatism is consistent with statistical probability analysis and therefore, it is the way we should deal with ambiguity. The users, especially the creditors, need to know that the financial status of the business unit at least is what it has been stated in the financial statements. They need a safety margin to protect themselves from the negative outcomes. In spite of the criticisms, the advocates of this believe that still in practice conservatism is being followed. It is because years of experience have shown the accountants that conservatism is a useful covenant in an environment full of uncertainty.
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The effect of sales growth on the determinants of capital structure of listed companies in
            Tehran Stock Exchange

The effect of sales growth on the determinants of capital structure of listed companies in Tehran Stock Exchange

Abstract: In this study, a review of the most important factors in capital structure of listed companies in Tehran Stock Exchange for the period 1388-1384 in a sample of 60 companies listed in Tehran Stock Exchange, we will. Variables studied in this paper, including asset-exactness, firm size, sales growth, risk and the effective tax rate is. The impact on sales growth between the super capital structures is also studied. The results showed that during the study period, real assets, firm size, sales growth, operational risk and the effective tax rates are significantly associated with the ratio of total debt. The replacement of long-term debt rather than total debt, excluding variable size, has the same relationship. Among these factors, the real property, the strongest factor associated with debt ratios is.Low, there are significant differences.
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Investigating the Effect of Financial Distress on Tax Avoidance during the Global Financial Crisis in Companies Listed on Tehran Stock Exchange

Investigating the Effect of Financial Distress on Tax Avoidance during the Global Financial Crisis in Companies Listed on Tehran Stock Exchange

Due to the integration and interrelatedness of the global economy in recent decades, the onset of financial crisis from the U.S. economy and its diffusion to the other global economies has led to the most important events and global financial crisis at the beginning of the third millennium. This investigation aims to examine the impact of financial distress on tax avoidance of the listed companies in Tehran stock exchange during the global financial crisis. All listed companies in Tehran stock exchange were selected as the statistical population of the research during 2003 to 2013. In this investigation, the base year (crisis) is 2008 and 2003 to 2008 as before the financial crisis and 2008 to 2013 is regarded after the crisis period. 90 firms were selected through the systematic elimination method. Heteroskedasticity, F-Limer, Hausman and Lin-Levene tests were used as pretest and regression test as post test to confirm/reject the research hypotheses. EVIEWS9 software was used in this research to analyze data. The results showed that there is no significant relation between financial distress and tax avoidance of the listed companies in Tehran stock exchange.
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Investigating the Effect of Transformational Leadership on the Success of the Results of the Projects in the Listed Companies in Tehran Stock Exchange

Investigating the Effect of Transformational Leadership on the Success of the Results of the Projects in the Listed Companies in Tehran Stock Exchange

Since the aim of this study is effective and efficient leadership of companies' projects, statistical population includes project managers, project team members and people who have a direct relationship with the managers and members of the project team and who are familiar with project management. The total number of population is 100 people and using Morgan table, 75 were selected. Since their number is more than 30, according to the central limit theorem in the statistics, there will be no problem for data analysis.

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The Effect of Conservatism on the Reliability of Information and Timeliness of Disclosure among the Listed Companies in Tehran Stock Exchange

The Effect of Conservatism on the Reliability of Information and Timeliness of Disclosure among the Listed Companies in Tehran Stock Exchange

of earnings management and investors have been led to increase their expected returns And with increasing conservatism in accounting, which in turn leads to improving the quality of information disclosure, manipulation of accounting information by managers as well as information asymmetry will be reduced; Therefore, high quality disclosure requires conditional and unconditional conservatism. High quality disclosure companies are less into earnings management, and have higher conditional conservatism and lower unconditional conservatism. The study was presented in the first part as an introduction on the topic, followed by a second part as the statement of the problem; in the third part, the importance and necessity of research, and in the fourth part the theoretical basis of the research are represented; the fifth part involves the research hypothesis and In the sixth part, models and analysis of descriptive statistics and correlations between variables have been stated and seventh part outlines the results of hypothesis testing and finally the results will be expressed in the last part.
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The Investigation of Effective Indices on Conservatism in Companies Acquired in Tehran Stock Exchange

The Investigation of Effective Indices on Conservatism in Companies Acquired in Tehran Stock Exchange

In this research, the effect of conservatism on earnings management and capital structure of listed companies in Tehran Stock Exchange has been investigated. The research population consisted of all companies listed in Tehran Stock Exchange during the period of 2005-2015. The research method is descriptive-survey and correlation type. The sample size is 120 companies based on the Cochran formula. The required data from the software was extracted. Datasheet analysis was used to analyze the data. Chow model, Hausman and combined regression were used. In the first model, coefficients of short and long-term debt ratio ratios to capital, and in the second model, the ratio of debt to capital, company size and asset return at a significant level of 5%, the remaining coefficients are not significant, and the amount of the R2 (coefficient of determination). The model suggests that 87% of the variations of the dependent variable with the independent and controllable variables can be explained, and the Durbin-Watson statistics reject the assumption of self-correlation between the components of the model. The results showed that conservatism on the structure of capital and the management of the profits of private companies were accepted in Tehran Stock Exchange.
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Evaluation of the Relationship between Investment and Stock Liquidity of Listed Companies in Tehran Stock Exchange

Evaluation of the Relationship between Investment and Stock Liquidity of Listed Companies in Tehran Stock Exchange

trading, when needed, and at reasonable costs. Varan et al. (2006) indicated that by increasing the quality of financial reporting, the possibility of attracting more investors would be greater, since they would be more ensured on stock exchange equity at fair prices, and this factor increases the value of exchanges in the capital market, called as increased liquidity of the capital market .Baker et al. (2006) evaluated the relationship between stock liquidity and investment opportunities in the environment. They showed that an increase in stock liquidity and a reduction in capital costs as a result of the index adjustment led to an increase in investment opportunities, and their empirical findings show that increasing liquidity leads to a better prediction of the net present value of investment projects and investment opportunities. Emam Pour and Razdar (1396) examined the impact of liquidity on the level of investment in companies. The results of regression analysis revealed that cash flow, past operating income, operating profit, and the ratio of debt to tangible fixed assets have a positive and significant effect on the investment level of companies, but future operating income does not have a significant effect on investment of companies. Shahrian and Heydari (1395) examined the investments resulting from liquidity in investment funds. The results showed that the degree of return of emotions is positively related to proxy for demand shocks and it is related to the institutional owners of investment funds, their liquidity and the measurement of market uncertainty density.
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A Study on the Effect of Working Capital Management on the Profitability of Listed Companies in Tehran Stock Exchange

A Study on the Effect of Working Capital Management on the Profitability of Listed Companies in Tehran Stock Exchange

FP   7 . 9  2 . 21  0 . 05  1 . 43  0 . 63   Test results of liquidity cycle components hypothesis The second research model significance test results which have investigated the relationship between liquidity cycle components and financial performance by combined analysis of data in table number (2) is as follows. The F -statistic is significant at the 99% confidence level. Thus, the research model was significant and independent variables and control variables are able to explain dependent variable. In addition, the adjusted coefficient of determination obtained from the model test was 0.78. This figure shows that approximately 0.78 % of the variability of dependent variable, that is, the financial performance results from the independent and control variables which exist in the model and the other 0.22 % of variability results from other factors.
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The Effects of Dividend Policy on Market Value on Companies Listed In Tehran Stock Exchange

The Effects of Dividend Policy on Market Value on Companies Listed In Tehran Stock Exchange

Gordon (1959) argued that dividend policy affects the company's cost of capital and this supports the view that the higher rates of paid dividends, cover more cost of capital Modigliani and Miller (1961) Texted analysis of capital to draw the policy to pay dividends. They argued that as long as the company's cash flow distribution is stable and there is no tax effect, choosing a policy of paying dividends on the stock market value has no effect. In their analysis, there was the increased profits from the sale of shares of new stock supply.( Ohlson ,1995), There was also the residual income valuation model based on earnings, book value of assets and development rights to owners of capital. Ohlson's model under the framework of the theory is developed in relation to dividends. He claimed dividends are paid, current book value of equity will be reduced, but it does not affect current earnings. The claims concerning that his theory of dividends Modigliani and Miller(1961) is consistent. Barclay,(1995) after numerous studies, three factors will be discussed as determinants of corporate dividend policy; (1) the amount of investment opportunities, (2) the effects of a updates and changes in cash dividends (3) firm size. In their model, the cash dividend yield on the dividend policy is intended as a substitute variable. Bar&Callen (1996)' dynamic data, the model Ohlson discovered and found that earnings, book value of assets, equity and dividend, in a period of time, the dynamic information in connection with the evaluation of the equity are important.
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The relationship between EVA and EPS and DPS of listed companies in Tehran Stock Exchange

The relationship between EVA and EPS and DPS of listed companies in Tehran Stock Exchange

Theory (2000) study entitled "Assessing the relationship between earnings per share and economic value of non-listed companies in Tehran Stock Exchange" was done after examining both the economic value and profit Hrs·hm. They concluded that many of the companies in the sample, despite affirmative action has led to a negative EVA due to the high cost of having the title company and thus there is no significant relationship between economic value and earnings per share. Rezaei (2001) did another study entitled "The effect of the correlation between equity returns and economic value in assessing performance vehicle industry companies in Tehran Stock Exchange". He concluded that there is no significant relationship between EVA and return on equity, and he asserts that the high rate of capital costs has an impact, and the cost of raising a result of the economic value calculated for the companies, equals to or greater than the net operating profit after tax leading to Sfrya EVA, which is negative. Another study investigated the relationship between EVA and stock dividend per share price of the companies listed on the Stock Exchange of Tehran and the results indicate that there is no significant relationship between EVA and dividends per share, but there was a significant relationship between stock price index and, therefore, confirms that the EVA can better estimate the stock price.
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Manipulation of profit figures associated with the bankruptcy of companies listed in Tehran Stock Exchange

Manipulation of profit figures associated with the bankruptcy of companies listed in Tehran Stock Exchange

Modarres, Hosseini and Reissi (2009): In a research on the effect of institutional investors as a measure of corporate governance on shareholder returns of companies listed in Tehran Stock Exchange, they concluded that due to agency problems, corporate managers may not use company resources to increase shareholder wealth. For this purpose, five-year data (2003-1999) of ninety companies were studied. Using regression analysis, the research hypotheses were tested. The results showed that although the level of institutional ownership in companies listed in Tehran Stock Exchange is very high, there is no significant relationship between shareholders and institutional efficiency. However, based on results from studies in other countries, this relationship has been positive or negative.
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The Effect of Profitability Ratios on Market Capitalization in Jordanian Insurance Companies Listed in Amman Stock Exchange

The Effect of Profitability Ratios on Market Capitalization in Jordanian Insurance Companies Listed in Amman Stock Exchange

Table (4) presents the results of a simple independent variable( ROI) decline and its impact on the( Market Capitalization) variable analysis, and after a review of this table it shows that the co-efficiency of determination (Adjusted R square) of ($ 0.091) , which means that the market interpreted this rate of change in the ROI and results of the analysis have shown the value of co-efficiency in the amount of (0.318**) , which means that there is a strong positive correlation relationship between the dependent variable and the independent variable . In addition, the regression results have shown that the value of (Sig) which is $ 0.003 are lower than 5%, which means that ROE affects the Market Capitalization and therefore were accepted for the first sub-hypothesis Which stipulates that (There's an effect of ROI upon Market Capitalization for the companies operating in the insurance
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The Role of Business Cycles on the Relationship between the Company's Working Capital and the Profitability of Listed Companies in Tehran Stock Exchange

The Role of Business Cycles on the Relationship between the Company's Working Capital and the Profitability of Listed Companies in Tehran Stock Exchange

Many firms have invested significant amounts in working capital and a number of studies have examined the determinants of this investment. For example Kim et al. (1998) and Opler et al. (1999),Chiou et al. (2006) and D’Mello et al. (2008) find that the availability of external financing is a determinant of liquidity. Thus restricted access to capital markets requires firms to hold larger cash reserves. Other studies show that firms with weaker corporate governance structures hold smaller cash reserves(Harford et al., 2008). Furthermore firms with excess cash holding as well as weak shareholder rights undertake more acquisitions. However there is a higher likelihood of value-decreasing acquisitions(Harford, 1999). Kieschnick and Laplante (2012) provide evidence linking working capital management to shareholder wealth. They find that the incremental dollar invested in net operating capital is less valuable than the incremental dollar held in cash for the average firm. The findings reported in the paper further suggest that the valuation of the incremental dollar invested in net operating working is significantly influenced by a firm’s future sales expectations, its debt load, its financial constraints, and its bankruptcy risk. Further the value of the incremental dollar extended in credit to one’s customers has a greater effect on shareholder wealth than the incremental dollar invested in inventories for the average firm. Taken together the results indicate the significance of working capital management to the firm’s residual claimants, and how financing impacts these effects. A thin thread of the literature links business cycles to working capital. In a theoretical model,Merville and Tavis (1973) posit that investment and financing decisions relating to working capital should be made in chorus as components of each impact
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The Effect of Corporate Life Cycle on Financial Reporting Quality Companies Listed in Tehran Stock Exchange

The Effect of Corporate Life Cycle on Financial Reporting Quality Companies Listed in Tehran Stock Exchange

Firms in growth stage have a larger size than those in birth stage. Financial resources are invested more in facilities and equipments (productive assets) and liquidity indexes have a suitable status; coefficient of cash dividend in such firms is usually between 10 and 50 percent. Return on investment is often more than the weighted rate of cost of capital (Karami & Omrani, 2011). In the maturity stage, firms experience a stable and balanced rate of sales growth and the need to cash is often satisfied via domestic resources. Properties of firms in this stage are more than those in growth stage and coefficient of cash dividend in such firms usually fluctuates between 50 and 100 percent. Due to abundance of liquidity and reduced reliance on financing policy from outside of the firm, return on investment in these firms is generally equal to weighted rate of cost of capital or more than it (Karami & Omrani, 2011). If there are growth opportunities in decline stage, most probably they will be very insignificant. Indexes of profitability, liquidity and commitment have a descending order and the firm is exposed to highly competitive conditions; besides, financing cost of financial resources is high due to borrowing from external resources. Thus, return on investment in most cases is less than the financing rate (Karami & Omrani, 2011).
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Investigation of the Profitability of the Methods of Selecting for Predicting the Risk of Stock Price Fall in the supply chain of Companies Listed in Tehran Stock Exchange

Investigation of the Profitability of the Methods of Selecting for Predicting the Risk of Stock Price Fall in the supply chain of Companies Listed in Tehran Stock Exchange

reduction methods were used, the mean determination coefficient increased and the mean absolute percent error and root mean square error decreased. The reason for the superiority of the performance evaluation criteria in the case of conducting the variable reduction phase, compared with ignoring this phase, is the curse of dimensionality. It seems that adding more variables may increase the parasites (noise) and finally the errors, and adding the variables may contribute to improving the prediction up to a threshold, and adding the variables more than that threshold may lead to the curse of dimensionality. Moreover, the findings of the present study showed the superiority of the relief method for selecting the variables compared over other methods of variable reduction. After the relief method, the principal component analysis method had a better performance compared with the factor analysis method and the correlation-based method in reducing the predictor variables. It is to be noted that the factor analysis method, which is commonly used in the financial and accounting projects, had weaker performance compared to the other three methods introduced in the study. However, using this method was proved to be better than ignoring the phase of variable reduction (and using all primary predictor variables). Moreover, the reduction percentage of the predictor variables in case of using different methods of variable selection or extracting the predictor factors is an important criterion in evaluating a predictor variable reduction method. In general, the logical low number of predictor variables is one of the most important criteria in evaluating the model quality, and a model is considered as a valuable and important one when explains a high extent of variations just through a low number of variables. Totally, the variable selection methods (the correlation-based model and the relief model) had preference over variable extraction methods because of maintaining the primary variables without any change (and not in the altered form). Furthermore, based on the findings of the present study, the factor analysis method, which was frequently used in the previous studies, was found to be the weakest method for reducing the variables.
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The Profitability Determinants Of Food And Beverages Companies Listed At The Indonesia Stock Exchange

The Profitability Determinants Of Food And Beverages Companies Listed At The Indonesia Stock Exchange

Abstract: this study is conducted to investigate what are factors that determine the profitability or Return on Asset, especially among Indonesia food and beverages companies. Type of data is panel set comprising 48 observations of 12 companies that are listed on the Indonesia Stock Exchange (IDX) in 2013 to 2016 period, and it is analyzed by a regression analysis. Chow test and Hausman test have been done before a regression analysis to determine the fit model is common, fixed or random effect. The study finds that while the profitability is proved positively be influenced by size, age, lagged profitability, growth, and productivity of the companies, but it was not proved be influenced by industry affiliation. This paper addresses to company leaders to improve performance of their companies, especially their Return on Assets in order to be able to compete in gaining investor confidence. This paper addresses an issue that is relevant to investors to pay attention to the value of return on assets of the firm and determinants that was proved to affect return on assets before make decision to invest into a food and beverages company.
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Effect of Financial Leverage on the Trend of Stock Pricing Fluctuations in Companies Listed in Tehran Stock Exchange

Effect of Financial Leverage on the Trend of Stock Pricing Fluctuations in Companies Listed in Tehran Stock Exchange

The present study is a correlation analysis in terms of research approach. On the other hand, this study has a quantitative approach. As in this method, the data are quantitative in nature and the conclusion of them requires statistical calculations and have been analyzed using software. On the other hand, this research is applied in terms of purpose and is a descriptive-correlational research in terms of data collection method. Descriptive research involves a set of methods that are intended to describe the conditions or phenomena under study. Among the descriptive researches, as in the present research, independent and dependent variables have occurred in the past, it is a post-event research. In post-event research, the researcher seeks to explore the relationships between factors and specific conditions that already existed or occurred through the study of their results. Their previous context is hoping to find the cause of the phenomenon or action. Therefore, the researcher seeks to investigate the possibility of causal relationships by observing and studying the existing results and their previous context in the hope of finding the cause of the phenomenon or action. As a result, the researcher does not interfere with the data. The statistical population in this study are companies listed in Tehran Stock Exchange during 2011-2018. The reason for the selection of the Stock Exchange as the statistical population is that the Stock Exchange includes all companies that are active in different industries. On the other hand, according to the purpose of the research, the Stock Exchange is considered as the statistical population.
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Studying the Relationship between Liquidity Indices (traditional and modern) and the Profitability of Companies Listed in Tehran Stock Exchange

Studying the Relationship between Liquidity Indices (traditional and modern) and the Profitability of Companies Listed in Tehran Stock Exchange

Detailed analysis is required for studying the relationship between liquidity ratios and profitability ratios. When a conservative strategy is used and current assets are maintained more than optimal level of working capital or current liabilities are created less than the optimal level of working capital companies incur more operational costs (such as storage costs, costs of outstanding cash and etc.) and accordingly profitability is decreased that it shows the low efficiency of management in using existing resources to acquire profitability. The existence of positive relationship between liquidity and profitability states that companies of Tehran Stock Exchange have not yet placed in optimal level of maintaining working capital or they don’t use optimal models for maintaining assets.
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