Analyzing the efficiency of capital market relative to the decreas-ing and increasing information of the components of accounting earnings
سال انتشار: 1401
نوع سند: مقاله ژورنالی
زبان: انگلیسی
مشاهده: 237
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شناسه ملی سند علمی:
JR_AMFA-7-1_006
تاریخ نمایه سازی: 30 آبان 1400
چکیده مقاله:
This research investigates the capital market's efficiency relative to the decreasing and increasing information the components of cash and accrual of the accounting earnings. In the accrual accounting system, accounting earnings includes two components of cash and accrual. Information about decreasing and increasing values of the normal and abnormal portion of the changes in financial assets as a cash component is compared with the information on the decreasing and increasing amounts of discretionary and non-discretionary accruals. The required data was extracted from the financial statements of the listed companies in Tehran Stock Exchange during the years ۲۰۰۳ to ۲۰۱۷. In order to estimate the research models from the regression with the combined data as well as the equations system, the simultaneous equations system with the seemingly unrelated regression (SUR) approach are utilized and then some experiments are implemented to evaluate the research hypotheses by using Mishkin’s test. The results reveal that the capital market is inefficient in terms of the increasing information (positive portion) of accrual and discretionary accruals and information on abnormal changes in financial assets (increasing and decreasing), but rather on the information (negative) of discretionary and non-discretionary accruals and abnormal changes in the financial assets (increasing and decreasing).
کلیدواژه ها:
نویسندگان
Leila Lak
Department of Accounting, Ahvaz Branch, Islamic Azad University, Ahvaz, Iran.
Allah Karam Salehi
Department of Accounting, Masjed-Soleiman Branch, Islamic Azad University, Masjed-Soleiman, Iran
Mehdi Basirat
Department of Economic, Ahvaz Branch, Islamic Azad University, Ahvaz, Iran
Ahmad Kaab Omeir
Department of Accounting, Ahvaz Branch, Islamic Azad University, Ahvaz, Iran.