پیوندهای مفید
آمار
| تعداد نشریات | 22 |
| تعداد شمارهها | 712 |
| تعداد مقالات | 10,253 |
| تعداد مشاهده مقاله | 71,971,811 |
| تعداد دریافت فایل اصل مقاله | 63,721,993 |
The accrual anomaly analysis at different stages of the corporate life cycle of companies listed on the Tehran stock exchange | ||
| International Journal of Nonlinear Analysis and Applications | ||
| مقاله 106، دوره 13، شماره 1، خرداد 2022، صفحه 1269-1278 اصل مقاله (5.08 M) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22075/ijnaa.2022.5677 | ||
| نویسندگان | ||
| Mustafa Ostad1؛ Mohsen Dastgir* 1؛ Shukrollah Khajavi2 | ||
| 1Department of Accounting, Faculty of Economics and Accounting, Islamic Azad University, Isfahan Branch (Khorasgan), Iran | ||
| 2Department of Accounting, Faculty of Economics, Management and Social Sciences, Shiraz University, Shiraz, Iran | ||
| تاریخ دریافت: 31 خرداد 1400، تاریخ پذیرش: 15 شهریور 1400 | ||
| چکیده | ||
| Financial theorists believe that low accruals firms have higher returns compared to those with high accruals calling this relationship an accruals anomaly. Since the introduction of this concept, various studies have examined the factors causing accruals anomalies and their impact on corporate revenues. The current paper aims at investigating the impact of accruals anomalies on corporate profitability as well as the role of the corporate life cycle. Thus, the data was collected using 109 companies listed on the Tehran Stock Exchange data during the period 2012 to 2018. Then, the relationships were examined using regression modelling with a panel approach. The results indicate that there is no significant impact of life cycle on the relationship between accrual anomalies and profitability. | ||
| کلیدواژهها | ||
| Accruals Anomaly؛ Life Cycle؛ Stock Returns | ||
| مراجع | ||
|
[1] A. Ali, X. Chen, T. Yao, and T. Yu, Do mutual funds profit from the accruals anomaly?, Journal of Accounting Research, 46 (2008) 1–26. [2] J.H. Anthony, and K. Ramesh, Association between accounting performance measures and stock prices: A test of the life cycle hypothesis, J. Account. Econ. 15(2–3) (1992) 203–227. [3] M. Arabzadeh, D. Foroughi, H. Amiri, Explaining the anomaly of accruals using the multi-factor pricing model in the Tehran Stock Exchange, Finan. Res. 20(3) (2018) 305–326. [4] E. Benmelech, E. Kandel, and P. Veronesi, Stock-based compensation and CEO (dis) incentives, Quart. J. Econ. 125 (4) (2010) 1769–1820. [5] E.L. Black, Which is More Value-Relevant: Earnings or Cash Flows?, S&P Global Market Intelligence Research Paper Series, 1998. [6] D.W. Collins, G. Gong, and P. Hribar, Investor sophistication and the mispricing of accruals, Rev. Account. Stud. 8(2–3) (2003) 251–276. [7] V. Dickinson, Cash flow patterns as a proxy for firm life cycle, Account. Rev. 86(6) (2011) 1969–1994. [8] Y. Hasas Yeganeh, and S. Bari, The role of return dispersion in interpreting accruals anomalies, Finan. Knowledge Secur. Anal. 10 (33) (2017) 33–49. [9] D. Hirshleifer, S.H. Teoh, and J.J. Yu, Short arbitrage, return asymmetry, and the accrual anomaly, The Review of Financial Studies, 24(7) (2011) 2429–2461. [10] P. Hribar, and N. Yehuda, Life Cycle, Cost of Capital, Earnings Persistence and Stock Returns, Working Paper, The University of Iowa and Columbia University, 2007. [11] P. Hribar, and N. Yehuda, The mispricing of cash flows and accruals at different life-cycle stages, Contem. Account. Res. 32(3) (2015) 1053–1072. [12] Z. Huang, Z. Qiu, and D. Lin, Evaluating the accrual anomaly in the Chinese stock market with the decomposition method, China Econ. J. 13(3) (2020) 270–289. [13] B. Lev, D. Nissim, The persistence of the accruals anomaly, Contemp. Account. Res. 23(1) (2006) 193–226. [14] Y. Liao, The effect of fit between organizational life cycle and human resource management control on firm performance, J. Amer. Academy Busin. 8(1) (2006) 192–196. [15] H. Louis, D. Robinson, and A. Sbaraglia, An composite analysis of the association between accrual disclosure and the anomal accrual anomaly, Rev. Account. Stud. 13(1) (2008) 23–54. [16] C. Mashruwala, S. Rajgopal, and T. Shevlin, Why is the accrual anomaly not arbitraged away? The role of idiosyncratic risk and transaction costs, J. Account. Econ. 42(1–2) (2006) 3–33. [17] D. Miller, and P.H. Friesen, A longitudinal study of the corporate life cycle, Management Science, 30(10) (1984) 1161–1183. [18] D.C. Mueller, A life cycle theory of the firm, J. Indust. Econ. 20(3) (1972) 199–219. [19] G. Papanastasopoulos, Percent accruals and the accrual anomaly: evidence from the UK, Account. Forum Routledge 44(3) (2020) 287–310. [20] M. Pincus, S. Rajgopal and M. Venkatachalam, The accrual anomaly: International evidence, Account. Rev. 82(1) (2007) 169–203. [21] S.A. Richardson, R.G. Sloan, M.T. Soliman, and I. Tuna, Accrual reliability, earnings persistence and stock prices, J. Account. Econ. 39(3) (2005) 437–485. [22] S. Shane and T. Stuart, Organizational endowments and the performance of university start-ups, Manag. Sci. 48(1) (2002) 154–170. [23] R.G. Sloan, Do stock prices fully reflect information in accruals and cash flows about future earnings?, Account. Rev. 71(3) (1996) 289–315. [24] K.G. Smith, T.R. Mitchell and C.E. Summer, Top level management priorities in different stages of the organizational life cycle, Academy Manag. J. 28(4) (1985) 799–820. [25] X.F. Zhang, Accruals, investment, and the accrual anomaly, Account. Rev. 82(5) (2007) 1333–1363. | ||
|
آمار تعداد مشاهده مقاله: 16,404 تعداد دریافت فایل اصل مقاله: 9,937 |
||