International Research Journal of Finance and Economics
 Issue 155
 November, 2016
 
Relationship between Unqualified Auditorís Report and Liquidity of Stock in Companies Listed At Tehran Stock Exchange
7-14
Pouria Karimi, Hadi Nournejad Vanosh and Saeed Dashti

Abstract:
Aim of this research was investigating relationship between unqualified auditorís report and liquidity of companies listed at Tehran Stock Exchange. Un-qualified auditorís opinion used as independent variables as well as liquidity of stocks as dependent variable . Therefore, we used data related to companies listed at Tehran stock exchange during 2008 and 2012. Furthermore, we used t-student in order to test normality and assess the overall adequacy of the F- statistics of Fisher. Results of research indicated that significant relationship exists between unqualified auditorís report and amount of trading volume and value of trading volume. There was not significant relationship between unqualified auditorís report and Stock turnover rate, absolute split proposal price of buying and selling stock, relative gap of proposal sale and buy of stock prices. Significant relationship exists between unqualified auditorís opinions. In according to results of the research, it can be concluded that one of effective factors on liquidity of stock is independent auditorís opinion.
Keywords: Auditorís opinion, Liquidity of Stock, unqualified auditorís opinion
 
 
The Analysis of Weekday Effect on Stock Market Return, Volatility and Turnover
15-30
Elham Mardani, Farzaneh Nassirzadeh

Abstract:
Studying calendar effects as a branch of behavioral financial area, considers the returns and volume of transactions at special times of the year and is looking to see if there is a significant difference between the returns and volume of the transactions, before and after these special days? The aim of this study is to gain an appropriate relationship in order to guide investors in the stock market, so that they can predict the returns and volatilities of the market and also the volume of future transactions, in order to have a good planning for gaining more returns from their investment. Firstly with the variance analysis test and then using spearman correlation coefficient, the data of the study was analyzed. The sample consists of 258 firms accepted in the Tehran Stock Exchange from 2008 to 2013. The results of the study show that there is a significant difference between the average stock returns on Saturdays and other days of the week; there is a significant difference between the average volume of transactions on different days of the week but the average volatility at Saturdays has no significant difference with other days of the week, and also there is a significant relationship between the returns, volatility, and the volume of transactions, with different days of the week.
Keywords: Volatility of stockís return, Stockís return, Amount of transaction, Days of week.
 
 
Examining the Effect of Macroeconomic Risks on Stock Market Risk in Tehran Stock Exchange
31-42
Maryam Bagherzadeh Sohrabi, Sahar Jabbarpour Angiz, Mehdi Bahari

Abstract:
Today, due to increase the importance of capital markets to equip and collect small individual funds towards productive activities, identifying behavior of investors and variables influencing stock market have been important. Undoubtedly, investing in the stock exchange constitutes an important part of economy of the whole country, the highest capital is exchanged through the stock markets in the world and national economy severely is affected by performance of stock market. The aim of this research is to evaluate the impact of macroeconomic risks on the stock market risk of Tehran Stock Exchange from 1990 to 20143 annually. The used econometric method in this research is the ordinary least squares.
The research results show a positive significant effect of the independent variable of standard deviation of Iran fluctuation rate as indicator of macroeconomic risk on the dependent variable of standard deviation of stock returns as beta risk indicator of stock market. It indicates that increasing fluctuation rates is a macroeconomic risk for all companies in the stock exchange, which reduces demand for their stocks and fluctuations of stock return will be increased due to the beta risk of stock market. The research results also show a positive significant effect of the independent variable of Iran gross domestic product (GDP) as indicator of macroeconomic risk on the dependent variable of standard deviation of stock returns as beta risk indicator of stock market. It indicates that increasing production fluctuation rates is a macroeconomic risk for all companies in the stock exchange, which reduces demand for their shares and fluctuation of stock return will be increased due to the beta risk of stock market.
Keywords: stock returns, fluctuation rate, economic growth
 
 
On Investigating the Personality and Behavioral Traits of Successful Vendors Compared To Unsuccessful Vendors (Case Study: Medical Equipment Trading Company)
43-53
Mohammad Hossein Dehghan Manshadi, Nader Gharibnavaz and Elham Faridchehr

Abstract:
According to researches along with being competitive in businesses, the importance of effective communication with customers increases day by day. Among different methods of communication with customer such as advertising, public relations, personal selling, sales promotion and direct marketing, two-way communication methods such as personal selling and direct marketing will be more effective. That is because of the two-way interaction between economic enterprise and customers. This kind of interactions allows them to hear their costumerís voice and recognize their needs. Consequently, they move in direction to obtain costumerís satisfaction with reciprocal winning attitude. One of the direct marketing techniques is telemarketing in which in case of professional telephone marketers, the rate of success in achieving sales targets by retailers will increase. The aim of this study is to evaluate the combined effects of vendorís personality traits and behavioral skills in selling. In this regard, four main personality variables, openness to experience, work ethic, extraversion and matching on the success and impact of the four behavioral factors of vendors; the ability to get information from others, penetration techniques, the ability to adapt during selling and cross-selling ability to control relations during a telephone conversation have investigated. The statistical population consisted of 50 individuals and 1,000 phone calls from medical equipment company vendors. The data collection tool was a Neoís questionnaire and checklist, for validity, construct validity using confirmatory factor analysis, and for validation of check list Cronbach's alpha were used. Structural equation modeling was used to test the relevant hypotheses. The results show that 4 variables of behavioral factor of ability to get information from others, using penetration techniques, ability to adaption during selling and ability to control reciprocal relations on selling have direct impact on vendors success. Based on verification with the structural equation in this study three personality factor of work ethic, consistency and extraversion have positive impact on vendors success and experience and opening has no significant impact on vendors success.
Keywords: personality traits, behavioral characteristics, telemarketing, vendor success, Medical Equipment.
 
 
Investigate the Relationship between Accounting Conservatism and Earnings Management in Politically Connected Firms
54-63
Ali Bayat, Zahra Ranjbarpur

Abstract:
This research investigates the accounting conservatism and earnings management in firms with political connection. The population includes firms listed on Tehran Stock Exchange that its time span is from the beginning of 2008 until the end of 2014. For this purpose, 65 firms were selected as sample. 19 firms according to the condition of investigation are politically connected firms and 46 firms are non-politically connected firms. Multiple linear regression and t-test was used to investigate the hypotheses of research. The results of research show that there is a significant negative relationship between conservatism and earnings management in politically connected firms and non-politically connected firms. The conservatism used in politically connected firms than other firms is less and statistically is significant. The results also show that the earnings management used in politically connected firms than other firms is more and statistically is significant. Moreover, there is no significant relationship between earnings management and conservatism in non-politically connected firms and politically connected firms.
Keywords: political firms, earnings management, accruals, discretionary accruals, conservatism.
 
 
Studying the Impact of Organizational Non-Financial Factors on Indivdual Funds Raising in Stock Exchange (Case Study: Bandar Abbas Regional)
64-75
Dr. Ali Amiri, Dr. Abdolhamid Delshad and Hamidreza Bahador

Abstract:
This study aims to investigate the effect of organizational non-financial variables on natural persons' investment attraction in the stock exchange. The study population includes the specialists, experts, managers and investors working in the stock exchange of Bandar Abbas, out of whom 384 people were selected as the sample using Morgan table and two researcher-made questionnaires regarding the areas under study (organizational non-financial variables with reliability of 84% and natural persons' investment attraction with reliability of 83%) were distributed among them. The validity of the questionnaires was also confirmed by experts in the field. We used regression test in order to analyze the data. Results showed that organizational non-financial variables (investment security, shareholding culture, reference groups, location of the stock exchange, non-stock investments, political and economic risks, and the satisfaction of current shareholders and transparency of stock) affect the natural persons' investment in the stock market. Therefore, the main hypothesis and all of the sub-hypotheses were confirmed. Finally, some suggestions were provided with respect to the results obtained from the research.
Keywords: Organizational Non-Financial Variables, Natural Persons' Investment, Stock Exchange.
 
 
Investigating the Impact of the Application of IT concepts on Employee Empowerment and Job Satisfaction (Case Study: Shiraz Municipality)
76-83
Ali Heidari and Abdolhamid Bazyari

Abstract:
The present study was conducted in 2016, aiming to investigate the effect of applying IT on employee empowerment and job satisfaction in the Municipality of Shiraz. The study population included all senior managers, middle managers and employees involved in decision-making in Shiraz Municipality, whose number at the time of the study was 116 people. The reliability of the questionnaire was confirmed using Cronbach's alpha coefficient. The one-sample t- test was used to test the hypotheses and respond to the research questions. We used SPSS Software in order to analyze the research data. In this study, two main hypotheses and six sub-hypotheses were considered and after the statistical analysis, the results showed that all of the research hypotheses have been confirmed and IT has an impact on employee empowerment and job satisfaction.
Keywords: Information Technology, Employee Empowerment, Job Satisfaction.
 
 
The Impact of the Online Trading System on the Capital Market (Case Study Tehran Stock Exchange)
84-92
Mohammad Esmaili Adargany and Esmail Bagheri

Abstract:
The main purpose of this study, Factors affecting the development of financial markets (capital market) and ,technology development (system online trading) and its positive impact on the Tehran stock exchange transactions on a daily basis during 1386 to1393 in this study, the dependent variables contains: return, risk and independent variables contains: price, respectively, stock and size. The results of the analysis of 24 companies,¨ including 42063 daily data, which are using multivariate regression model in%95 confidence level show The return in period 89/6-93 (system online trading) rather the period 86-89/6 (before the system online trading) has increased and This indicates that system online trading had a positive effect on these variables but Risk variable in the period 89/6-93 (system online trading) than the period 86 -89/6 (before the system online trading) is less dnd And this actually represents is that system online trading had a negative impact on these variable.
Keywords: Returns, Risk, prices respectively of stock, size, Online trading system.
 
 
Investigation and Analysis of the Creativity of Technical Engineering Students and Art Students of Fatemieh Technical and Vocational University of Bandar Abbas
93-97
Azade Aryana, Reza Ameri Siyahouei and Sahar Pezeshki

Abstract:
By investigating and analyzing the students' creativity, we can discover their abilities and talents, which we can then develop in order to achieve our goals using strategic planning and guidance. To achieve this, this study has been conducted with the aim of investigating and analyzing the creativity of the technical-engineering students and art students of Fatemieh Technical and Vocational University of Bandar Abbas. For this purpose, the fourth- semester students of computer and Architecture (Technical- Engineering) and Graphic Design and Garment Designing & Sewing Technology (art) were used via enumeration method. After they completed the questionnaire, the data were examined using t-test, and the results showed that the creativity of the technical-engineering students and art students of Fatemieh Technical and Vocational University of Bandar Abbas is at a favorable level, but there is a significant difference between the creativity of the technical-engineering students and art students of Fatemieh Technical and Vocational University of Bandar Abbas.
Keywords: creativity, technical-engineering students, art students, Fatemieh Technical and Vocational University.
 
The Effect of Financial Reporting Quality and Factors of Over Time on Unusual Volatility (Using the Modified Jones Model and the Model of DECHOW and DYCHV)
98-112
Sara Khalajasady and Zahra Poorzamani

Abstract:
The aim of the present research is to study the effect of financial reporting quality on the variances of stock's abnormal return in firms enlisted in Tehran Stock Exchange during a time period of 6 years (from 2008 to 2013). In this study we have used earning quality index based on accruals' model and Decho & Dichoo's model to measure financial reporting quality and Fama & French 3 factor model to calculate stocks' abnormal return variances. The analysis of the data in this research was done by using multiple linear regressions using integrated data. To do so, we have used Excel spreadsheet software to organize and calculate the variables. Also to analyze the data and test the hypotheses we have used Eviews 8 software. The research results showed that financial reporting quality affects stock's abnormal return variances adversely. Results of testing the second hypothesis showed that the pass of time factor has had a meaningfully positive effect on stock's abnormal return variances. Furthermore, the results of control variables showed a direct effect of annual stock return, leverage, and next year operating cash flows on stock's abnormal return variances and a reverse effect of firm size on stock's abnormal return variances.
Keywords: financial reporting quality, stock's abnormal return variances, time pass, accruals' square, panel data.