Managemen Science Leers 3 (2013) 97 106 Conens liss available a GrowingScience Managemen Science Leers homepage: www.growingscience.com/msl Comparing he role of accruals and operaing cash flows on users' decisions on financial saemens: A case sudy of Tehran Sock Exchange Mohsen Sohrabi Araghi a and Sharifaldin Aari b* a Deparmen of Accouning, School of Managemen, Tehran Norh Branch, Islamic Azad Universiy (IAU), Tehran, Iran b M.Sc. Suden, Deparmen of Accouning, School of Managemen, Tehran Norh Branch, Islamic Azad Universiy (IAU), Tehran, Iran C H R O N I C L E A B S T R A C T Aricle hisory: Received June 2, 2012 Received in revised forma 28 Ocober 2012 Acceped 7 November 2012 Available online November 9 2012 Keywords: Accruals Informaion conen Operaing cash flows inancial raios Profi Jones model Informaion value-added One of he major challenges facing all of individuals and organizaions is decision-making based on he informaion. The issues of prioriy abou cash flows and accruals daa in decisionmaking process for differen groups of financial saemen users include invesors, crediors, shareholders, direcors, ec. one of he issues ha has been conroversial beween accrual and cash accouning advocaors for a long ime. In his sudy, we survey he role of accruals and operaing cash flows in decisions of financial saemen users in lised companies on Tehran sock exchange, informaion conen of operaing cash flows and accruals in he connecion wih decision-making crieria used by differen groups using financial saemen has been examined. In his sudy, we use eliminaing sampling and implied limiaions and he sample size includes 203 companies o examine six hypoheses. The resuls of his research indicae ha here is a significan differen beween accruals and operaing cash flows informaion conen in relaion o various decision-making crieria bu uilizing accruals and operaing cash flows supplemenary and simulaneously in profi frame depending on he selecion crieria may or may no be include informaion value-added. 2013 Growing Science Ld. All righs reserved. 1. Inroducion One of he major challenges facing all of individuals and organizaions is decision-making based on he informaion. The issue of prioriy abou cash flows and accruals daa in decision-making process for differen groups of financial saemen users include invesors, crediors, shareholders, direcors ec. In his sudy, we sudy he role of accruals and operaing cash flows in decisions of financial saemen users in lised companies on Tehran sock exchange, informaion conen of operaing cash flows and accruals in he connecion wih decision-making crieria used by differen groups using financial saemen has been examined. *Corresponding auhor. E-mail addresses: shareefaary@yahoo.com (S. Aari) 2013 Growing Science Ld. All righs reserved. doi: 10.5267/j.msl.2012.11.011
98 Panahian e al. (2008) presened an invesigaion o deec he relaionship beween discreionary accruals qualiy as well as innae accruals qualiy and porion of non-execuive board of direcors, concenraion of ownership raio and board size in Tehran Sock Exchange. The sudy used wo linear regression models o esimae he firs par of he informaion and hen using srucural equaion modeling examined six hypoheses. Based on he resuls of his survey hey concluded ha an increase on non-execuive members posiively could impac on discreionary accruals qualiy and negaively affeced innae accruals qualiy. They also repored ha concenraion of ownership raio posiively impaced on discreionary accruals qualiy and negaively influenced on innae accruals qualiy. inally, size of board of direcors negaively impaced discreionary accruals qualiy and posiively impaced on innae accruals qualiy. Khodaei Valahzaghard and Salehi (2012) sudied corporae governance and ownership impacs on earning qualiy in Iranian privae banks. The sudy implemened he informaion of 12 privae banks over he period 2005-2010 based on regression analysis using some panel daa. Among various facors, he impac of big five shareholder were invesigaed o be significan and posiive on earning qualiy. Besides, he impac of one variable regression es disclosed ha insiuional ownership had posiive influence on earning qualiy. However, he effecs of oher variables including percenage of ownership concenraion, he size of board of direcors, reliance on deb, logarihm of sum of asses, reurn of asses, logarihm of operaing cash flow on earning qualiy were no significance. They concluded ha insiuional ownership had imporan impac on earning qualiy simply since insiuions normally had he access on professionals o conrol managemen. Hassani and Taheri (2012) invesigaed he impac of earnings managemen and dividend announcemen in explanaion of informaion asymmery. The sudy only implemened qualified samples by aking ino accoun all limiaions and necessary crieria. Based on he resuls of his survey, hey concluded ha here was no a meaningful relaionship beween earning managemen and informaion asymmery in Tehran Sock Exchange. There was also no a meaningful relaionship beween low or high earning managemen and informaion asymmery. Esimaed dividend announcemen had some daa conen and i could impac on informaion asymmery. Rezaei e al. (2012) sudied he effec of board of direcors on he rae of corporae ransparency. They considered he impac of he combinaion of board of direcors on he corporae ransparency in some firms in Tehran Sock Exchange Marke over he period of 2007-2010. In his research, he combinaion of board of direcors was seleced among some facors of corporae ransparency such as srucure of ownership and he righs of owners, financial informaion and saisics and srucure and combinaion of board of direcors and managers as a sub-indicaor for corporae governance. Linear regression saisical mehod was implemened o examine differen hypoheses of sudy. They concluded ha he members of board of direcors had no impac on parnership ransparency, bu impaced on financial daa and informaion and srucure and combinaion of board of direcors. Arabzadeh (2012) performed an invesigaion on he effecs of cos-of-equiy models on cos-ofcapial and capial srucure. They sudied effecive facors on such models on Tehran sock exchange based on some daa over he period 2001-2005. The sudy analyzed and esed imporan daa o firm s deb raio and corporae size as efficien facors on cos-of-equiy. The preliminary findings indicaed ha conrary o he commonly held belief in financial managemen heorems, debs raio had he leas impac on cos-of-equiy. Neverheless, he sudy suggesed ha he varian of company s size had a meaningful relaionship wih cos-of-equiy. To calculae cos-of-equiy, CAPM, Gordon and reurn raio mehods were implemened and he resuls indicaed ha CAPM had more validiy compared wih oher varieies. On he oher hand, he resuls indicaed ha here was a 95-percen probabiliy proving ha liquidiy had a significan negaive impac on financial leverage.
B. Jarraya and A. Bouri / Managemen Science Leers 3 (2013) 99 Raei and Bahrani Jahromi (2012) developed a model for porfolio opimizaion using a hybrid of fuzzy ANP, VIKOR and TOPSIS in Tehran Sock Exchange. The resuls of he implemenaion of he proposed model had been examined agains Markowiz radiional model and he preliminary resuls indicaed ha he proposed model of heir mehod performed reasonably well compared wih alernaive mehod. VakilAlroaia e al. (2012) invesigaed he relaionship beween forwardbackward impacs on sock reurn, which normally depends on Price-Earnings raio (P/E) and sock flucuaion in sock exchange. They used monhly ime series paern of Tehran sock exchange over he period of 2006-2010. The daa conained all available companies in exchange where he shares were raded a he leas 120 days during for he recen 12 monhs. They repored ha he independen variables invesigaed in his research had meaningful impaced on he research's dependen variable. This means ha he impacs of company s sysemaic risk and markes risk on companies sock reurn are posiive. 2. The proposed model The proposed sudy of his paper uses he hisorical informaion of socks raded on Tehran Sock Exchange over he period 2001-2009. In our survey, we consider four major crieria for picking he socks, which are as follows, 1. irm mus be radable before year 2001 and i mus have been acively raded during he years of sudy. 2. irm should no have changed heir fiscal year during he period of sudy. 3. No holding or invesmen companies are permied in his survey. 4. All necessary informaion mus be available. Based on hese crieria, we could deermine 203 firms for he proposed sudy of his research and using 1421 year-firm from 24 differen indusries, he proposed sudy of his paper considers six hypoheses. Table 1 shows deails of independen and dependen variables, Table 1 Deails of dependen and independen variables Symbol Variable Mehod for calculaion Variable ype EPS Earning per share Ne revenue divided by he number of shares Dependen GPRT Growh profi Revenue Cos Independen Operaing profi Growh profi operaing expenses Independen Ne income Operaing profi non-operaing expenses - Tax Independen Toal Accruals Calculaed based on balance shee informaion Independen OC Operaing cash flow Inpu cashflows oupu cashflows Independen ROS Sale's margin Ne profi divided by ne sale Independen CURRENTRATIO Curren raio Curren asses divided by curren liabiliies Independen CASHCYCLE Cash cycle 365 divided by receivable cash Independen DEBTRATIO Deb raio Toal liabiliies divided by oal asses Independen ( P/E) Price per earning raio Share price divided by earning per share Independen There are wo mehods for calculaing based on balance shee and saemen. The firs mehod, balance shee based, is as follows, i ( CA CASH ) ( CL STDEBT ) DEPTN. (1) i i i i i In addiion, saemen based mehod uses he following mehod, i EBXT OC. (2) i i
100 In Eq. (1) and Eq. (2), EBXT i is ne profi before deducing unexpeced cos, OC i is operaing cash flow for, CA i represens curren asses, CASH i is oal cash or is equivalen, CL i is oal liabiliies, STDEBT i is long erm liabiliies, DEPTN i is he cos of depreciaion of fixed or inangible asses for firm i in year. Nex, we presen deails of all six hypoheses as well as economerics mehods for validaing hem. 3. The resuls In his secion, we presen deails of our findings on various hypoheses associaed wih he proposed sudy of his paper. 3.1. The firs hypohesis There is one main hypohesis, which is as follows, H 0 : There is no meaningful relaionship beween oal accruals and oal operaing cash flow. H 1 : There is a meaningful relaionship beween oal accruals and oal operaing cash flow. Table 2 shows he proposed economerics mehod as well as he resuls of our sudy using he implemenaion of ordinary leas square. Table 2 The resuls of regression model and he resuls of regression analysis for he firs hypohesis Model EPS GPRT OC Variables Consan GPRT OC Auo-correlaion Durbin-Wason 1.929 VI 1.144 1.527 1.631 1.328 1.174 R 2 0.840 0 1 2 3 4 5 Colinearliy Tolerance 0.874 0.655 0.613 0.753 0.852 Adjused R 2 0.830 Coefficien Saisical ess Non-sandard Sandard Sandard error -suden 899.035 101.510 8.857 0.000 15.829 0.390 1.255 6.240 0.005 17.680 0.184 6.941 2.547 0.000 132.408 0.637 15.503 8.541 0.000 14.365 0.541 5.321 7.543 0.000 12.245 0.023 4.237 3.441 0.016 Regression es Sandard error 65.92795 82.160 0.000 Based on he resuls of Table 2, we can undersand ha -value lies wihin he accepable limi and we can conclude ha here is a linear relaionship beween independen variables and dependen variable. In addiion, -suden value is saisically meaningful, which means we can rejec he null hypohesis and Durbin-Wason remains wihin an accepable limi leaving us o conclude ha here is no auo correlaion beween residuals. Boh OC and mainain posiive relaionship wih EPS, which is wha we expeced and we conclude ha here is meaningful relaionship beween oal accrual and operaing cash flow. H 0 : There is no meaningful relaionship beween EPS and a combinaion of oal accruals and oal operaing cash flow. H 1 : There is a meaningful relaionship beween EPS and a combinaion of oal accruals and oal operaing cash flow.
B. Jarraya and A. Bouri / Managemen Science Leers 3 (2013) 101 As we can observe from he resuls of Table 2, he coefficiens associaed wih growh profi, operaing profi and ne earnings are equal o 15.829, 17.680 and 132.408, respecively. Since all profi componens include wo componens of cash and accrual and hey are greaer han independen componens of cash (14.365) and accrual (12.245) associaed wih earning per share, we can rejec he null hypohesis and conclude ha boh cash and accrual erms ogeher conribue o EPS. 3.2. The second hypohesis There is a main hypohesis, which is as follows, H 0 : There is no meaningful relaionship beween he informaion obained from oal accruals compared wih and oal operaing cash flow in relaionship wih sales' margin. H 1 : There is a meaningful relaionship beween he informaion obained from oal accruals compared wih oal operaing cash flow in relaionship wih sales' margin. Table 3 demonsraes he proposed economerics mehod as well as he resuls of our sudy using he implemenaion of ordinary leas square. Table 3 The resuls of regression model and he resuls of regression analysis for he second hypohesis Model ROS GPRT OC Variables Consan GPRT OC Auo-correlaion Durbin-Wason 1.791 0 1 2 3 4 5 Colinearliy VI Tolerance 1.550 1.195 1.468 1.531 1.812 R 2 0.762 0.645 0.837 0.681 0.653 0.552 Adjused R 2 0.753 Coefficien Non-sandard 776.046 71.591 32.871 44.664 29.286 31.662 Sandard 0.173 0.471 0.161 0.152 0.382 Sandard error 32.61681 Saisical ess Sandard error 28.513 16.092 7.323 8.413 7.941 3.884 -suden 3.009 0.004 4.477 0.000 7.904 0.000 4.216 0.022 4.083 0.000 6.231 0.016 Regression es 17.502 0.006 Based on he resuls of Table 3, we can undersand ha -value lies wihin he accepable limi and we can conclude ha here is a linear relaionship beween independen variables and dependen variable. In addiion, -suden value is saisically meaningful, which means we can rejec he null hypohesis and Durbin-Wason (1.791) remains wihin an accepable limi leaving us o conclude ha here is no auo correlaion beween residuals. The coefficien of accrual is 31.662, which is greaer han he coefficien of operaing cash flow (29.286), which means ha here is a meaningful differen beween accrual and operaing cash flow for describing sales' margin. Therefore, we can rejec he null hypohesis. Boh OC and mainain posiive relaionship wih EPS, which is wha we expeced and we can conclude ha here is meaningful relaionship beween oal accrual and operaing cash flow. H 0 : There is no meaningful relaionship beween simulaneous use of oal accruals and oal operaing cash flow and sales' margin. H 1 : There is no meaningful relaionship beween simulaneous use of oal accruals and oal operaing cash flow and sales' margin.
102 As we can observe from he resuls of Table 3, he coefficiens associaed wih growh profi, operaing profi and ne earning are equal o 71.591, 32.871 and 44.664, respecively. Since all profi componens include wo componens of cash and accrual and hey are greaer han independen componens of cash (29.286) and accrual (31.662) associaed wih earning per share, we can rejec he null hypohesis and conclude ha boh cash and accrual erms ogeher conribue o sales' margin. 3.3. The hird hypohesis There is a main hypohesis, which is as follows, H 0 : There is no meaningful relaionship beween he informaion obained from oal accruals compared wih and oal operaing cash flow in relaionship wih curren raio. H 1 : There is a meaningful relaionship beween informaion obained from oal accruals compared wih oal operaing cash flow in relaionship wih curren raio. Table 4 demonsraes he proposed economerics mehod as well as he resuls of our sudy using he implemenaion of ordinary leas square. Table 4 The resuls of regression model and he resuls of regression analysis for he hird hypohesis Model CURRENTRATIO GPRT OC Variables Consan GPRT OC Auo-correlaion Durbin-Wason 1.842 0 1 2 3 4 5 Colinearliy VI Tolerance 1.058 1.862 1.961 1.328 1.174 R 2 0.801 0.945 0.537 0.510 0.753 0.852 Adjused R 2 0.780 Coefficien Non-sandard 155.228 7.485 7.452 13.110 14.112 89.331 Sandard 0.209 0.088 0.441 0.115 0.653 Sandard error 13.62710 Saisical ess Sandard error 12.969 1.990 1.980 3.485 3.752 23.751 -suden 70.707 0.000 7.274 0.011 4.695 0.040 23.499 0.022 11.528 0.008 21.852 0.000 Regression es 22.580 0.025 Based on he resuls of Table 4, we can undersand ha -value lies wihin he accepable limi and we can conclude ha here is a linear relaionship beween independen variables and dependen variable. In addiion, -suden value is saisically meaningful, which means we can rejec he null hypohesis and Durbin-Wason (1.842) remains wihin an accepable limi leaving us o conclude ha here is no auo correlaion beween residuals. The coefficien of accrual is 89.331, which is greaer han he coefficien of operaing cash flow (14.112), which means ha here is a meaningful differen beween accrual and operaing cash flow for describing curren raio. Therefore, we can rejec he null hypohesis. H 0 : There is no meaningful relaionship beween simulaneous use of oal accruals and oal operaing cash flow and curren raio. H 1 : There is no meaningful relaionship beween simulaneous use of oal accruals and oal operaing cash flow and curren raio. As we can observe from he resuls of Table 4, he coefficiens associaed wih growh profi, operaing profi and ne earnings are equal o 7.485, 7.452 and 13.110, respecively. Since all profi
B. Jarraya and A. Bouri / Managemen Science Leers 3 (2013) 103 componens include wo componens of cash and accrual and hey are greaer han independen componens of cash (14.112) and accrual (89.331) associaed wih earning per share, we can rejec he null hypohesis and conclude ha boh cash and accrual erms o geher conribue o curren raio. 3.4. The fourh hypohesis There is a main hypohesis, which is as follows, H 0 : There is no meaningful relaionship beween he informaion obained from oal accruals compared wih and oal operaing cash flow in relaionship wih cash cycle. H 1 : There is a meaningful relaionship beween informaion obained from oal accruals compared wih oal operaing cash flow in relaionship wih cash cycle. Table 5 demonsraes he proposed economerics mehod as well as he resuls of our sudy using he implemenaion of ordinary leas square. Table 5 The resuls of regression model and he resuls of regression analysis for he fourh hypohesis Model CASHCYCLE GPRT OC Variables Consan GPRT OC Auo-correlaion Durbin-Wason 1.986 0 1 2 3 4 5 Colinearliy VI Tolerance 1.835 1.067 1.504 1.451 1.404 R 2 0.392 0.545 0.937 0.665 0.689 0.712 Adjused R 2 0.387 Coefficien Non-sandard 287.981 7.634 21.423 5.112 13.649 5.745 Sandard 0.107 0.328 0.121 0.446 0.311 Sandard error 8.12601 Saisical ess Sandard error 52.560 2.223 14.543 0.332 3.357 1.112 -suden 5.479 0.000 3.176 0.013 7.335 0.040 4.921 0.022 16.334 0.002 6.112 0.024 Regression es 14.195 0.000 Based on he resuls of Table 5, we can undersand ha -value lies wihin he accepable limi and we can conclude ha here is a linear relaionship beween independen variables and dependen variable. In addiion, -suden value is saisically meaningful, which means we can rejec he null hypohesis and Durbin-Wason (1.986) remains wihin an accepable limi leaving us o conclude ha here is no auo correlaion beween residuals. The coefficien of accrual is 5.745, which is less han he coefficien of operaing cash flow (13.649), which means ha here is a meaningful differen beween accrual and operaing cash flow for describing cash cycle. Therefore, we can rejec he null hypohesis. H 0 : There is no meaningful relaionship beween simulaneous use of oal accruals and oal operaing cash flow and cash cycle. H 1 : There is no meaningful relaionship beween simulaneous use of oal accruals and oal operaing cash flow and cash cycle. As we can observe from he resuls of Table 5, he coefficiens associaed wih growh profi, operaing profi and ne earnings are equal o 7.634, 21.423 and 5.112, respecively. Since all profi componens include wo componens of cash and accrual and hey are no greaer han independen componens of cash (13.649) and accrual (5.745) associaed wih earning per share, we canno rejec
104 he null hypohesis and we canno conclude ha boh cash and accrual erms o geher conribue o cash cycle. 3.5. The fifh hypohesis There is a main hypohesis, which is as follows, H 0 : There is no meaningful relaionship beween he informaion obained from oal accruals compared wih and oal operaing cash flow in relaionship wih deb raio. H 1 : There is a meaningful relaionship beween informaion obained from oal accruals compared wih oal operaing cash flow in relaionship wih deb raio. Table 6 demonsraes he proposed economerics mehod as well as he resuls of our sudy using he implemenaion of ordinary leas square. Table 6 The resuls of regression model and he resuls of regression analysis for he firh hypohesis Model DEBTRATIO GPRT OC Variables Consan GPRT OC Auo-correlaion Durbin-Wason 1.728 0 1 2 3 4 5 Colinearliy VI Tolerance 1.476 1.715 1.036 1.704 1.272 R 2 0.687 0.678 0.583 0.965 0.585 0.786 Adjused R 2 0.679 Coefficien Non-sandard 10.656 13.613 5.231 7.458 11.268 9.958 Sandard 0.178 0.221 0.489 0.331 0.015 Sandard error 10.18410 Saisical ess Sandard error 0.005 6.529 1.225 4.006 5.336 4.340 -suden 128.656 0.000 11.460 0.000 7.641 0.038 8.021 0.003 9.026 0.021 4.540 0.000 Regression es 34.195 0.000 Based on he resuls of Table 6, we can undersand ha -value lies wihin he accepable limi and we can conclude ha here is a linear relaionship beween independen variables and dependen variable. In addiion, -suden value is saisically meaningful, which means we can rejec he null hypohesis and Durbin-Wason (1.728) remains wihin an accepable limi leaving us o conclude ha here is no auo correlaion beween residuals. The coefficien of accrual is 9.958, which is greaer han he coefficien of operaing cash flow (11.268), which means ha here is a meaningful differen beween accrual and operaing cash flow for describing deb raio. Therefore, we can rejec he null hypohesis. H 0 : There is no meaningful relaionship beween simulaneous use of oal accruals and oal operaing cash flow and deb raio. H 1 : There is no meaningful relaionship beween simulaneous use of oal accruals and oal operaing cash flow and deb raio. As we can observe from he resuls of Table 6, he coefficiens associaed wih growh profi, operaing profi and ne earning are equal o 12.613, 5.231 and 7.458, respecively. Since all profi componens include wo componens of cash and accrual and hey are differen wih independen componens of cash (11.268) and accrual (9.958) associaed wih earning per share, we can rejec he null hypohesis and conclude ha boh cash and accrual erms ogeher conribue o deb raio.
B. Jarraya and A. Bouri / Managemen Science Leers 3 (2013) 105 3.6. The sixh hypohesis There is a main hypohesis, which is as follows, H 0 : There is no meaningful relaionship beween he informaion obained from oal accruals compared wih and oal operaing cash flow in relaionship wih P/E raio. H 1 : There is a meaningful relaionship beween informaion obained from oal accruals compared wih oal operaing cash flow in relaionship wih P/E raio. Table 7 demonsraes he proposed economerics mehod as well as he resuls of our sudy using he implemenaion of ordinary leas square. Table 7 The resuls of regression model and he resuls of regression analysis for he sixh hypohesis Model P GPRT OC E 0 1 2 3 4 5 Variables Colinearliy Coefficien Saisical ess VI Tolerance Non-sandard Sandard Sandard error -suden Consan 7.756 5.789 9.827 0.000 GPRT 1.309 0.764 11.229 0.214 2.172 7.110 0.000 1.232 0.812 5.132 0.112 1.840 6.084 0.041 1.802 0.555 6.263 0.333 1.004 3.045 0.004 OC 1.957 0.511 4.654 0.421 3.869 8.050 0.000 1.490 0.671 1.918 0.117 3.226 4.226 0.021 Auo-correlaion Regression es Durbin-Wason R 2 Adjused R 2 Sandard error 1.784 0.681 0.672 28.50375 48.172 0.000 Based on he resuls of Table 7, we can undersand ha -value lies wihin he accepable limi and we can conclude ha here is a linear relaionship beween independen variables and dependen variable. In addiion, -suden value is saisically meaningful, which means we can rejec he null hypohesis and Durbin-Wason (1.784) remains wihin an accepable limi leaving us o conclude ha here is no auo correlaion beween residuals. The coefficien of accrual is 1.918, which is less han he coefficien of operaing cash flow (4.654), which means ha here is a meaningful differen beween accrual and operaing cash flow for describing deb raio. Therefore, we can rejec he null hypohesis. H 0 : There is no meaningful relaionship beween simulaneous use of oal accruals and oal operaing cash flow and P/E raio. H 1 : There is no meaningful relaionship beween simulaneous use of oal accruals and oal operaing cash flow and P/E raio. As we can observe from he resuls of Table 3, he coefficiens associaed wih growh profi, operaing profi and ne earnings are equal o 11.229, 5.132 and 6.263, respecively. Since all profi componens include wo componens of cash and accrual and hey are differen wih independen componens of cash (4.654) and accrual (1.918) associaed wih earning per share, we can rejec he null hypohesis and conclude ha boh cash and accrual erms ogeher conribue o P/E raio.
106 4. Conclusion In his paper, we have presened an empirical survey o sudy he role of accruals and operaing cash flows on users' decisions on financial saemens. The proposed sudy of his paper used daa from a case sudy of Tehran sock exchange. The resuls of his research indicaed ha here was a significan differen beween accruals and operaing cash flows informaion conen in associaion o differen decision-making crieria bu uilizing accruals and operaing cash flows supplemenary and simulaneously in profi frame depending on he selecion crieria may or may no include valueadded informaion. References Arabzadeh, M. (2012). A sudy on effecs of cos-of-equiy models on cos-of-capial and capial srucure. Managemen Science Leers, 2(6), 1855 1864. Hassani, M., & Taheri,. (2012). The role of earnings managemen and dividend announcemen in explanaion of informaion asymmery: Evidence from Tehran Sock Exchange. Managemen Science Leers, 2(7), 2537-2544. Khodaei Valahzaghard, M., & Salehi, A. (2012). Impac of he corporae governance characerisics and ownership on earnings qualiy of he Islamic privae banks in Iran. Managemen Science Leers, 2(7), 2607-2614 Panahian, H., Ghodrai, H., & Nazari, M. (2012). Innae and discreionary accruals qualiy and corporae governance: A case sudy of Tehran Sock Exchange. Managemen Science Leers, 2(8), 3023-3030. Rezaei, I., Delghandy, A., & Miri, S.H. (2012). A sudy on he effec of board of direcors on he rae of corporae ransparency. Managemen Science Leers, 2(7), 2441-2448. Raei, R., & Bahrani Jahromi, M. (2012). Porfolio opimizaion using a hybrid of fuzzy ANP, VIKOR and TOPSIS. Managemen Science Leers, 2(7), 2473-2484. VakilAlroaia, Y., & Nabavi, S.R., & Eslami Mofidabadi, H. (2012). Surveying effecs of forwardbackward P/E raios on sock's reurn and flucuaion in Tehran's sock exchange. Managemen Science Leers, 2(7), 1731-1740.