Books and journals Case studies Expert Briefings Open Access
Advanced search

Search results

1 – 10 of 621
To view the access options for this content please click here
Article
Publication date: 17 November 2019

Analyzing causal relationships of effective factors on the decision making of individual investors to purchase shares

Hossein Sayyadi Tooranloo, Pedram Azizi and Ali Sayyahpoor

Changes in economic markets have made it necessary to understand the psychology of individual investors. Conducting effective studies on the decision of investors to buy…

HTML
PDF (339 KB)

Abstract

Purpose

Changes in economic markets have made it necessary to understand the psychology of individual investors. Conducting effective studies on the decision of investors to buy stock in the stock market can be useful. Therefore, it is necessary to identify and prioritize the factors affecting the decision-making of investors to purchase shares of the stock exchange. The purpose of this study was to analyze causal relationships and to weight effective factors on individual investment to purchase shares of Tehran Stock Exchange.

Design/methodology/approach

The present study is applied research in the term of its purposes and a descriptive-survey one in the term of data gathering methods. The data required in this study was collected through library and field studies. The study population included 35 investment experts. In present study, multi-criteria decision-making techniques in type-2 fuzzy environments have been used to analyze the causal relationships and weighing the factors affecting individual investment in purchasing stock in the stock market.

Findings

In the study, 4 indicators and 20 sub-indicators influencing individual investors’ decision to purchase shares of Tehran Stock Exchange were selected based on the literature review in the field of investment in the stock exchange, as well as interviews with experts. Analyzing the opinions of experts showed that they have much paid attention to financial index compare to the economic, political and psychological indicators of the market in determining the priority of indicators. In analyzing sub-indicators, it was identified that Iranian investors pay special attention to economic and political developments, political news and international economic developments.

Research limitations/implications

The present study has been carried out in Iran, and therefore, is geographically limited to Iran. In thematic terms, it is limited to effective factors of individual investments in Tehran Stock Exchange. The statistical population of present study was limited to investing experts in Tehran Stock Exchange. The difference in financial, economic, social and political conditions of individuals was another limitation of present study. The main consequences of research were the explanation of causes of investors’ higher attention to financial factors than economic, political and mental factors of market in buying stocks.

Originality/value

Given the uncertainty in the market status, using multi-criteria decision-making techniques in financial analysis can help decision-makers to make better decisions. In addition, it would be possible to take into account many variables that do not have a mathematical aspect but are important in decision-making and lead to increased decision-making satisfaction. The research initially analyzed causal relationships of determinants of individual investment on stock exchange for buying stocks through a type-2 fuzzy approach.

Details

International Journal of Ethics and Systems, vol. 36 no. 1
Type: Research Article
DOI: https://doi.org/10.1108/IJOES-03-2019-0053
ISSN: 2514-9369

Keywords

  • Investments
  • Tehran Stock Exchange
  • Fuzzy
  • Individual investors
  • Group decision approach

To view the access options for this content please click here
Article
Publication date: 8 May 2017

The impact of Iran Central Bank’s sanction on Tehran Stock Exchange

Mahdi Salehi, Mostafa Karimzadeh and Navid Paydarmanesh

US sanctions have been a major feature of US Iran policy since Iran’s 1979 Islamic revolution, but the imposition of UN and worldwide bilateral sanctions on Iran that…

HTML
PDF (120 KB)

Abstract

Purpose

US sanctions have been a major feature of US Iran policy since Iran’s 1979 Islamic revolution, but the imposition of UN and worldwide bilateral sanctions on Iran that began in 2006 and increased dramatically as of 2010 is recent by comparison. The objectives of US sanctions have evolved over time. Broad international sanctions imposed on Iran harmed Iran’s economy and contributed to Iran’s acceptance of agreements that exchange constraints on its nuclear program for sanctions relief. The subject of this study is important because both Iran and the international communities are demanding for information about the effect of sanctions on Iran. In an international and regional perspective, it seems that sanctions have a negative impact on economic, social and even political status of Iran. Therefore, this paper aims to examine the impact of Iran Central Bank sanction on Tehran Stock Exchange as on December 31, 2011.

Design/methodology/approach

Variables of model are consisted by exchange rate, oil prices and Tehran Stock Exchange Price Index (TEPIX) from October 2, 2011 to March 29, 2012, which is offered daily. To analyze the model, the authors used Johansen–Juselius and Autoregressive Distributed Lag (ARDL) methods.

Findings

The results indicate that there is a long-run equilibrium relationship between selected variables as oil prices, and exchange rates have a positive effect on the TEPIX. In other words, the results of the econometric estimation show the positive effect of the Iran Central Bank sanction on the TEPIX. Thus, because of economic sanctions imposed by the Western countries, Tehran Stock Exchange has been growing.

Originality/value

No empirical research exists that examines the impact of sanctions on stock price in developing countries. This study fills this gap by examining the links between sanctions and stock price in Iran.

Details

International Journal of Law and Management, vol. 59 no. 3
Type: Research Article
DOI: https://doi.org/10.1108/IJLMA-12-2015-0062
ISSN: 1754-243X

Keywords

  • Tehran Stock Exchange
  • Exchange rate
  • Oil price
  • Iran Central Bank sanction

To view the access options for this content please click here
Article
Publication date: 25 February 2014

An integrated system based on fuzzy genetic algorithm and neural networks for stock price forecasting: Case study of price index of Tehran Stock Exchange

Noraddin Mousazadeh Abbassi, Mohammad Ali Aghaei and Mahdi Moradzadeh Fard

The aim of this research is to predict the total stock market index of the Tehran Stock Exchange, using the compound method of fuzzy genetics and neural network, in order…

HTML
PDF (92 KB)

Abstract

Purpose

The aim of this research is to predict the total stock market index of the Tehran Stock Exchange, using the compound method of fuzzy genetics and neural network, in order for the active participants of the finance market as well as macro decision makers to be able to predict the market trend.

Design/methodology/approach

First, the prediction was done by neural network, then the output weight of optimum neural network was taken as standard to repeat this prediction using the genetic algorithm, and then the extracted pattern from the neural network was stated through discernible rules using fuzzy theory.

Findings

The main attention of this paper is investors and traders to achieve a method for predicting the stock market. Concerning the results of previous research, which confirms the relative superiority of non-linear models in price index prediction, an appropriate model has been offered in this research by compounding the non-linear method such as fuzzy genetics and neural network. The results indicate superiority of the designed system in predicting price index of the Tehran Stock Exchange.

Originality/value

This paper states its originality and value by compounding the non-linear method issues pattern to predict stock market, to encourage further investigation by academics and practitioners in the field.

Details

International Journal of Quality & Reliability Management, vol. 31 no. 3
Type: Research Article
DOI: https://doi.org/10.1108/IJQRM-06-2012-0085
ISSN: 0265-671X

Keywords

  • Artificial neural network
  • Fuzzy genetic system
  • Fuzzy theory
  • Genetics algorithm

To view the access options for this content please click here
Article
Publication date: 14 May 2018

Financial performance evaluation of companies listed on Tehran Stock Exchange: A negative data envelopment analysis approach

Ali Karimi and Masoud Barati

This paper aims to evaluate the financial performance of companies listed on Tehran Stock Exchange by using negative data envelopment analysis (DEA) approach.

HTML
PDF (188 KB)

Abstract

Purpose

This paper aims to evaluate the financial performance of companies listed on Tehran Stock Exchange by using negative data envelopment analysis (DEA) approach.

Design/methodology/approach

First, the financial metrics for performance evaluation were extracted and then filtered based on the experts’ opinions. Upon choosing the appropriate financial measures, the financial information of 72 companies selected from four automotive, pharmaceutical, petrochemical and cement industries were collected, and the criteria values were also measured. The financial performance of selected companies was assessed using negative data bounded adjusted measure in the DEA, and efficient and inefficient companies were identified. Finally, the efficient companies were ranked using Andersen and Petersen model.

Findings

The required analysis was conducted, and the financial performance of selected companies listed on Tehran Stock Exchange was evaluated. There were 58 efficient companies with a performance value of 1; 14 companies became inefficient because the efficiency size was less than 1; therefore, reference units were also introduced to the managers for efficiency of inefficient companies.

Originality/value

The aim of this study was to identify the required financial criteria and to determine an appropriate model for performance evaluation based on negative DEA. The findings can help shareholders to identify efficient companies and make the optimal portfolio accordingly; the managers of inefficient companies can also take the proper reforming actions to improve efficiency.

Details

International Journal of Law and Management, vol. 60 no. 3
Type: Research Article
DOI: https://doi.org/10.1108/IJLMA-12-2016-0145
ISSN: 1754-243X

Keywords

  • Tehran Stock Exchange
  • Financial performance evaluation
  • Negative data envelopment analysis

To view the access options for this content please click here
Article
Publication date: 1 May 2020

Management stock ownership and corporate debt: evidence from an emerging market

Shayan Farhangdoust, Mahdi Salehi and Homa Molavi

The purpose of the present paper is to examine the trade-off relationship between managerial ownership and corporate debts and whether this relationship is moderated by…

HTML
PDF (404 KB)

Abstract

Purpose

The purpose of the present paper is to examine the trade-off relationship between managerial ownership and corporate debts and whether this relationship is moderated by ownership structure and corporate tax rates, particularly in a transition and emerging market whose unique institutional characteristics considerably differ from those prevailing both in the West and East markets.

Design/methodology/approach

This research is semi-empirical in terms of method and practical in terms of purpose. The authors test their hypotheses by using simultaneous equations system methodology with two- and three-stages least squares regression (2SLS and 3SLS) and panel data technics on a sample of 952 listed companies on the Tehran Stock Exchange during 2011-2018.

Findings

The findings indicate that, contrary to the current line of research, there is no trade-off relationship between managerial ownership and debt concerning the reduction of agency costs. Likewise, the study finds no convincing evidence that either the controlling shareholder or the corporate tax rate could influence or moderate this interrelationship. The conjecture lies in the fact that the fundamental environmental variations between the Tehran Stock Exchange and the institutional assumptions underpinning the Western models have led to the formation of such unexpected results.

Research limitations/implications

The implications drawn from this study are constrained by two primary limitations. First, the present study is conducted in an Iranian setting; therefore, the data used for the study only contain companies listed on the Tehran Stock Exchange. The utilization of listed companies on the Tehran Stock Exchange is likely to affect the generalizability of the study in an international context. Second, in this study, we were unable to extend the sample time period because of some major deficiencies in the Tehran Stock Exchange library and its supplementary software. The usage of an extended time period could have provided more generalizable results. However, extended time period, per se, may impair the validity of the results as well.

Originality/value

Because the fundamental institutional assumptions underpinning the Western and even East Asia capital structure models are not valid in the institutional environment of Iran, the findings of this study could provide substantial implications for the understanding of agency costs and capital structure literature. These significant institutional and ownership differences are the factors affecting firms’ leverage and capital choice decisions. Indeed, this study has laid some groundwork upon which a more detailed evaluation of the Iranian firms’ capital structure could be based. In addition, the examination of such relations may provide the ground for sound decision-making by various interested users of financial and accounting information.

Details

Management Research Review, vol. 43 no. 10
Type: Research Article
DOI: https://doi.org/10.1108/MRR-12-2018-0475
ISSN: 2040-8269

Keywords

  • Iran
  • Agency costs
  • Tehran Stock Exchange
  • Ownership
  • Capital
  • Capital structure
  • Managerial ownership
  • Other management-related topics
  • Corporate tax rate

To view the access options for this content please click here
Article
Publication date: 19 November 2018

The relationship between cost stickiness and financial reporting quality in Tehran Stock Exchange

Mahdi Salehi, Nasrin Ziba and Ali Daemi Gah

The purpose of this paper is to investigate the relationship between financial reporting and cost stickiness in companies listed on the Tehran Stock Exchange.

HTML
PDF (192 KB)

Abstract

Purpose

The purpose of this paper is to investigate the relationship between financial reporting and cost stickiness in companies listed on the Tehran Stock Exchange.

Design/methodology/approach

Data of all Iranian manufacturing listed companies gathered for testing hypotheses during 2010–2016 and R statistical software are employed in order to analyzing data.

Findings

The results of this study indicate that there is a significant relationship between administrative, sale, material, labor and overhead costs and the financial reporting qualities of the companies under study.

Originality/value

The study focuses on relationship between financial reporting and cost stickiness in companies listed on the Tehran Stock Exchange, which is the first study of its type in Iran.

Details

International Journal of Productivity and Performance Management, vol. 67 no. 9
Type: Research Article
DOI: https://doi.org/10.1108/IJPPM-10-2017-0255
ISSN: 1741-0401

Keywords

  • Financial reporting quality
  • Distribution and sales cost stickiness
  • Administrative cost stickiness
  • Cost stickiness
  • Material-labor-overhead

To view the access options for this content please click here
Article
Publication date: 23 November 2020

Examining financial information reporting and behavior of listed companies in Iran

Roya Izi, Mansour Garkaz, Parviz Sayeedi and Alireza Matoufi

The purpose of this research paper is to provide a model for reporting quality of financial information based on behavior of listed companies in Tehran Stock Exchange…

HTML
PDF (216 KB)

Abstract

Purpose

The purpose of this research paper is to provide a model for reporting quality of financial information based on behavior of listed companies in Tehran Stock Exchange which is based on structural equation modeling approaches.

Design/methodology/approach

This study uses applied research and postsemi experimental method of data collection in the field of proofing accounting research with deductive–inductive approach. The statistical population of this study includes the sample of 128 listed companies in the Tehran Stock Exchange between 2007 and 2017. The behavioral characteristics of managers (hidden variables) are measured by observable variables of myopia, opportunistic behavior and overconfidence of managers. Reporting quality of financial information is also investigated based on the scores accrued to each company and the announcement published by the Tehran Stock Exchange based on the companies' rating in terms of the quality of reporting and proper notification.

Findings

After insuring the acceptable fitness of the measurement pattern and the structure of research in both approaches, structural equations modeling and regression, the results indicate that there is a significant negative relationship between the behavioral characteristics of managers and the reporting quality of financial information.

Originality/value

Accountants have a critical and difficult responsibility of dealing with transactions and presenting them in the form of financial reports that can be used by interest groups to assess the performance of companies. This critical responsibility becomes meaningful when professional and ethical behaviors are the basis for disclosure of financial reporting. Based on the behavioral characteristics of disclosing financial reporting in emerging capital markets such as Iran, this study can be successful in developing new and theoretical literature in this field.

Details

Journal of Management Development, vol. 39 no. 9/10
Type: Research Article
DOI: https://doi.org/10.1108/JMD-08-2018-0249
ISSN: 0262-1711

Keywords

  • Behavioral characteristics of managers
  • Reporting quality of financial information
  • Structural equation modeling

To view the access options for this content please click here
Article
Publication date: 7 November 2016

The impact of research and development and marketing costs on the profitability of pharmaceutical companies of Tehran Stock Exchange using panel data 2001-2013

Yahya Bayazidi, Enayatollah Homaie Rad, Mehdi Mojahedian, Mehdi Toroski, Azita Nabizadeh, Parna Farahmand and Banafshe Felezi Nasiri

The main aim of this study is to investigate the effects of marketing and costs and research and development (R&D) investments on profitability of pharmaceutical companies…

HTML
PDF (95 KB)

Abstract

Purpose

The main aim of this study is to investigate the effects of marketing and costs and research and development (R&D) investments on profitability of pharmaceutical companies of Iran.

Design/methodology/approach

In this study, pharmaceutical companies that have been accepted in Tehran Stock Exchange until March 19, 2013 were investigated. Random-effect panel data estimator was used for this purpose.

Findings

The findings indicate that variables such as company size, capital-to-total asset ratio and debt-to-asset ratio have an effect on profitability. But, company life, advertising cost and R&D investment are ineffective on profitability.

Originality/value

Legal issues like not having patent law and pricing mechanism are reasons for the ineffective relationship between R&D and marketing costs and its effect on profitability of the Iran pharmaceutical industry.

Details

International Journal of Pharmaceutical and Healthcare Marketing, vol. 10 no. 4
Type: Research Article
DOI: https://doi.org/10.1108/IJPHM-06-2015-0029
ISSN: 1750-6123

Keywords

  • Iran
  • Research and development
  • Pharmaceutical marketing
  • Panel data

To view the access options for this content please click here
Article
Publication date: 20 December 2019

The relationship between audit components and audit expectation gap in listed companies on the Tehran stock exchange

Mahdi Salehi, Fariba Jahanbin and Mohammad Sadegh Adibian

The expectation gap between auditors and users has recently been the topic of many controversies. This paper aims to evaluate the relationship between auditor’s…

HTML
PDF (228 KB)

Abstract

Purpose

The expectation gap between auditors and users has recently been the topic of many controversies. This paper aims to evaluate the relationship between auditor’s characteristics and audit expectation gap among information users in listed companies on the Tehran stock exchange market. In other words, the study attempts to find whether there is a significant relationship between audit components and the audit expectation gap or not.

Design/methodology/approach

The multiple regression model is used to test the hypotheses. Research hypotheses are tested using a sample of 78 listed companies on the Tehran stock exchange during 2012-2016, by using integrated data technique of the multiple regression model.

Findings

The findings show that standard audit fees are not significantly associated with the audit expectation gap. Furthermore, audit fees are negatively associated with the audit expectation gap, which provides that allocated audit price in financial statements gives useful information for external and internal individuals. Predictably, it is recommended that audit opinion significantly determines the level of the audit expectation gap. The authors also find that the independence of the director boards and audit committee members fulfill the expectation gap of individual users. Moreover, finding the negative impact of audit firms ranking on the expectation gap, supports the idea of higher ranked audit firms provide high quality services, and consequently, more reliable information. Finally, the results show that the audit record is positively associated with the audit expectation gap.

Originality/value

As all recent studies on the expectation gap were qualitative, the present study is the first paper, which measures the expectation gap quantitatively through the statistical method.

Details

Journal of Financial Reporting and Accounting, vol. 18 no. 1
Type: Research Article
DOI: https://doi.org/10.1108/JFRA-12-2018-0115
ISSN: 1985-2517

Keywords

  • Audit fees
  • Board independence
  • Audit committee independence
  • Audit expectation gap
  • Type of audit report
  • Audit firm ranking
  • Audit firm record

To view the access options for this content please click here
Article
Publication date: 19 December 2019

Relationship between earnings management, CEO compensation, and stock return on Tehran Stock Exchange

Mahdi Moardi, Mahdi Salehi, Simin Poursasan and Homa Molavi

The purpose of this paper is to investigate the relationship between earnings management and chief executive officers’ (CEOs) compensation. Owing to the fact that earnings…

HTML
PDF (203 KB)

Abstract

Purpose

The purpose of this paper is to investigate the relationship between earnings management and chief executive officers’ (CEOs) compensation. Owing to the fact that earnings management does not have only opportunistic effects, but signaling effects, this study focuses on accruals quality to examine earnings management incentives. Thus, accruals quality is described against future cash flow. The empirical evidences suggest that a positive relationship between discretionary accruals and future cash flow provides predictive elements for earnings management, whereas a negative relationship between discretionary accruals and future cash implies to opportunistic elements for earnings management. Should there is no significant relationship between discretionary accruals and future cash flow, there will be no earnings management, and such a result suggests that incentives and managers’ performance in these firms differ.

Design/methodology/approach

The statistical population of this research consists of all listed companies on the Tehran Stock Exchange during 2009–2016. Panel data method is applied in order to estimate the research model.

Findings

Findings of the study show that there is no significant relationship between discretionary accruals and future cash flow in pharmaceutical and food industries, thus they have neither predictive nor opportunist earnings management, while the results evidence a negative significant relationship between discretionary accruals and future cash flow in machineries, automobile, mineral and chemical industries. Furthermore, it can be alleged that there is no significant difference between CEOs’ compensation in firms with opportunistic earnings management (OEM) and other types of earnings management. It shows that firms do not have appropriate plans for CEOs’ compensation. Moreover, the relationship between earnings management and stock return has been investigated in this study. We document that stock return is influenced by accruals quality and its components. In other words, stock return significantly differs in firms with OEM and firms without any kind of earnings management.

Research limitations/implications

The authors’ findings provide contributions; for managers, it is noticeable that stock markets have sufficient comprehension about financial statements and the undertaken procedures on them, resulting in a higher return base on fair information. For investors and regulators, using the findings, may have deeper understanding to distinguish between industries that are recognized as opportunistic and non-opportunistic, which, in turn, results in better decision and regulation.

Originality/value

Previous studies have been mostly investigated OEM, while the current study examines both signaling and opportunistic aspects of earnings management.

Details

International Journal of Organization Theory & Behavior, vol. 23 no. 1
Type: Research Article
DOI: https://doi.org/10.1108/IJOTB-12-2018-0133
ISSN: 1093-4537

Keywords

  • Corporate governance
  • Opportunistic earnings management
  • Predictive earnings management

Access
Only content I have access to
Only Open Access
Year
  • Last week (4)
  • Last month (13)
  • Last 3 months (41)
  • Last 6 months (81)
  • Last 12 months (159)
  • All dates (621)
Content type
  • Article (490)
  • Earlycite article (71)
  • Book part (37)
  • Expert briefing (14)
  • Executive summary (7)
  • Case study (2)
1 – 10 of 621
Emerald Publishing
  • Opens in new window
  • Opens in new window
  • Opens in new window
  • Opens in new window
© 2021 Emerald Publishing Limited

Services

  • Authors Opens in new window
  • Editors Opens in new window
  • Librarians Opens in new window
  • Researchers Opens in new window
  • Reviewers Opens in new window

About

  • About Emerald Opens in new window
  • Working for Emerald Opens in new window
  • Contact us Opens in new window
  • Publication sitemap

Policies and information

  • Privacy notice
  • Site policies
  • Modern Slavery Act Opens in new window
  • Chair of Trustees governance statement Opens in new window
  • COVID-19 policy Opens in new window
Manage cookies

We’re listening — tell us what you think

  • Something didn’t work…

    Report bugs here

  • All feedback is valuable

    Please share your general feedback

  • Member of Emerald Engage?

    You can join in the discussion by joining the community or logging in here.
    You can also find out more about Emerald Engage.

Join us on our journey

  • Platform update page

    Visit emeraldpublishing.com/platformupdate to discover the latest news and updates

  • Questions & More Information

    Answers to the most commonly asked questions here