No abstract

Given the increasing importance of liquidity, factors affecting cash holdings have attracted many researchers. In this study, using data from the financial statements of companies listed in Tehran Stock Exchange (TSE), 76 companies are selected as samples. The impact of accruals quality on cash holdings are evaluated using 11 control variables for the period between the years 2003 to 2009 through multivariate linear regression. The results show that the effect of discretionary accrual quality, leverage, capacity to generate cash flows, dividend, debt maturity structure, growth options and financial distress on cash holdings is not statistically significant. On the other hand, non-discretionary accruals quality, size, bank debt,

The purpose of this study is the comparative investigation of difference between ownership structure and cost of capital in capitalized and levered companies of TSE. The population of this study is 81 listed companies in the TSE during the period of 2003 to 2009. Studied variables in this study include ownership structure as independent variable that it is divided into two variables, type of ownership and the degree of ownership concentration. Ownership type in this study is divided into four classes including governmental, institutional, individual and private ownership. In addition, Hrfyndal-Hyrshmn index (HHI) is used for calculation of ownership concentration ratio. Cost of capital is considered as dependent variable. Finally, the hypotheses are tested using Multivariate Analysis of Variance (Manova). Based on the research results, governmental and private institutional ownership increase average cost of capital in levered companies more than capitalized companies and private individual ownership results in reduction of average cost of capital in levered companies more than capitalized companies. Also, based on the research results, concentration of ownership reduces of cost of capital in capitalized companies more than levered companies, however, diffused ownership increases average cost of capital in capitalized companies than levered companies.

Much has been written lately concerning the failure of several major corporations to report their financial statuses accurately. Enron, Global Crossing, IBM and others have failed to provide accurate information to their investors and to provide full disclosure of liabilities that would influence the valuation. The present paper is focusing on creditors as a main group of accounting information users, which have been neglected, in field of information presentation. To solve this problem we introduce a new financial statement called “the commitments statement”. In the beginning, we point out financial reporting goals and users` informational needs. Then, we mention the issue, which creditors’ informational needs have not been well provided; and the reasons are explained. We continue with inspection of providing information related to solvency and recognition of financial flexibility of entities. Finally, we introduce “the commitments statement” and explain how to provide this statement. We end with the conclusion section.

The main objective of this study is to compare ownership structure of different levels of collapse in listed companies of Tehran Stock Exchange (TSE). Study variables are the ownership structure that includes governmental ownership, private ownership (corporate ownership and individual ownership) and the different levels of collapse including latency stage, the stage of cash deficits and commercial and financial insolvency and complete collapse. Altman model (Z´- Score) is used to predict the collapse of firm and Chi-Square test is used to test the research hypothesis. The study is the applied research and statistical population of study includes 96 collapse firms that are active in the TSE (subject to Business Law Article 141). Given the availability of financial information of distressed companies in 7 years between 2004-2010 years, a sample of 81 members was selected. The results show that the ownership structure of collapsed firms is independent from their different levels of collapse.