saeid aliahmadi
@khuisf.ac.ir
Department of Accounting
Isfahan (Khorasgan) Branch, Islamic Azad University, Isfahan, Iran
Scopus Publications
Scholar Citations
Scholar h-index
Scholar i10-index
Scopus Publications
Saeid Aliahmadi
Emerald
Purpose The main purpose of this study is to investigate the effect of investor sentiment on accounting conservatism in listed companies in the Tehran Stock Exchange (TSE). Design/methodology/approach In this paper, two models of Ball and Shivakumar (2006) and Basu (1997) have been used for measuring conditional conservatism in accounting. To measure investor sentiment, the author uses the Baker and Wurgler (2006, 2007) index. The research sample consists of 1,820 observations and 182 firms listed on TSE over a ten-year period between 2011 and 2020. This study uses panel data and multivariate regression analysis to test it hypotheses. Findings Consistent with this hypothesis that accounting conservatism will increase with investor sentiment, the results showed that Iranian firms recognize economic losses and bad news in a more timely manner during high sentiment periods than during low sentiment periods. This implies that Iranian managers recognize economic losses and bad news in earnings in a more timely manner during periods of high investor sentiment. Practical implications This finding provides significant evidence for investors and financial reporting standard-setters in Iran because by removing accounting conservatism from the conceptual framework, managers are not able to present conservative financial reports, and this can intensify the negative impact of investors sentiment in the Iranian capital market. Managers of Iranian companies can reduce information asymmetry and increase capital market efficiency by accelerating the disclosure of bad news. Thus, managers can strategically recognize losses and prevent investors from making emotional decisions that reduce their wealth. Originality/value To the best of the authors’ knowledge, this is the first study to empirically examine the impact of investor sentiment on accounting conservatism in a developing market called Iran. This study contributes to the corporate disclosure literature. Also, the result of this study contributes to standard-setters of accounting standards to improve the mandatory disclosure literature on more conservative accounting earnings.
Saeid Aliahmadi
Emerald
PurposeThis study investigates the moderating effect of CEO power on the relationship between labor productivity and financial performance in the Tehran Stock Exchange (TSE).Design/methodology/approachIn this study, the power of the CEO variable was measured using the power index method and its effect on the relationship between labor productivity and financial performance was tested using a multivariate regression. The study sample consisted of 1,040 observations and 130 firms listed on the TSE over an eight-year period between 2012 and 2019. Panel data and appropriate statistical techniques were applied to estimate models. In this study, Tobin’s Q and return on assets (ROA) are the two variables used to measure financial performance.FindingsThe results of the hypotheses show that the link between labor productivity and financial performance based on Tobin’s Q and ROA strengthens with increasing CEO power. Thus, the stewardship theory is approved on the TSE. In addition, CEO power and labor productivity have a positive impact on firm performance.Research limitations/implicationsTo the best of the author’s knowledge, this is the first study to examine the moderating impact of CEO power on the relationship between labor productivity and firms' financial performance in emerging capital markets. Therefore, the results of this study can be used by investors, board of directors, policymakers and regulations.Practical implicationsTaking into consideration the sanctions on Iran's economy during the study period and to increase the productivity and financial performance of the company, the results of this study can provide a practical guide for the board of directors to consider the characteristics of CEO power and how to choose it in the emerging capital market. Additionally, the study results show that investors should choose companies with strong CEO to invest in the Iranian capital market.Originality/valueThe current study is the first study conducted in an emerging economy to examine the moderating impact of CEO power on the link between labor productivity and financial performance.
Najmeh Shafiei Varzaneh and Saeid Aliahmadi
Richtmann Publishing
The present study aimed to determine the relationship between EQ (mostly known by its quotient (EQ)) and decision-making styles of stock exchange market investors. The present study is a descriptive survey. Statistical population of the research included all investors in Esfahan stock exchange market using Cochrane formula of unknown population, the sample size is determined to be 96 individuals. In this study, EQ questionnaire of Henry Wezinger (1998) and the questionnaire of Scott and Bruce (1995) were applied to assess the investors’ EQ and decision-making style, respectively. Data analysis in two levels of descriptive and inferential statistics using univariate t-test and variance analysis (ANOVA) is conducted by applying spss software. The results show that from the perspective of investors, there is a relationship between rational and intuitive decision-making style and emotional intelligence. The results of the research indicated that there is a positive significant relationship between EQ and rational and intuitive decision making. No significant relationship was found between EQ and dependent, impulsive and avoidant decision making. While among the five decision-making styles, rational decision-making style the highest rank and spontaneous decision-making style the lowest rank have had among the styles. DOI: 10.5901/mjss.2015.v6n3p423
Afsaneh Ebrahimpour and Saeid Aliahmadi
Richtmann Publishing
Competition has gained a major increase, and global market has came into spot light. In so happening, the national industries have to add to their competitive advantages. Brand value is one of the strategic tools which will bring commitment, repeated use, adding to the economic value for the shareholders and increases the domain of economical activities in the different geographical locations. From the investment domain, the most important factor for an investor is the stocks returns. Stock returns means all the cases earned because of stock keeping along with the capital gain. This study was aimed at investigating the relationship between companies brand value and stocks’ future returns in the accepted companies of Tehran’s stock exchange during the years of 2005 to 2012. The population under study was consisted of all the accepted companies of Tehran’s stock exchange. 80 companies were selected for the purpose of this study. The sampling method was based on systematic deletion.The data of the study was of a compound type. In order to test the hypothesis of the study, the multiple regressions were used. The results of the study showed that there is a negative and significant relationship between brands’ value and stocks’ future returns.The results showed that among the variables such as company size, book value ratio, and market Value ; the only statistic which was positive and meaningful was the statistics of book value to market Value . This shows the positive effect of this variable on the stocks’ future returns. DOI: 10.5901/mjss.2015.v6n3p20