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Research Article
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ABSTRACT
The aim of this study was to determine the effect of systemic risk factors on earnings response coefficient is in the
Tehran Stock Exchange. The 5-year study period listed companies in Tehran Stock Exchange for the years 2013 to
2008were studied. Between the 70 companies examined using multivariate linear regression analysis, the software SPSS17,The impact of the determinants of systemic risk under 5 criteria standardized unexpected earnings,
provide growth, leverage ratio, the variability of operating profit and operating profit growth rate of earnings response coefficient was measured. There are two sizes of company earnings stability index was considered as a
control variable, Test results show that the benefits of standardized unexpected earnings response coefficients,
the standardized unexpected earnings and earnings response coefficient of variation between operating profit and
earnings response coefficient is statistically significant But there is a significant relationship between the authority
and the power to grow and profit growth rate of reaction and reaction rate of interest was not confirmed.
Keywords Standardized Unexpected Earnings; Provide Growth; Leverage Ratio; Variability of Operating Profit;
Operating Profit Growth; Earnings Response Coefficient.
INTRODUCTION
In the world of investment decision today is perhaps
the most important part of the investment process in
which investors to maximize their profits and wealth,
requires decisions to be optimized. In this connection,
the most important decision-making information. Information can have a significant impact on the decision-making process. Because decisions will be different in different people. Exchange of information is also
affected investment decisions. Theorists securities
markets, financial reporting are the most important
source of information for investors .That's why one of
the purposes of accounting and preparation of financial statements provide information to facilitate decision-making. Because not all information in the possession of the same information asymmetry between
managers and investors is created. Information asymmetry situation that managers with investors has not
disclosed information about the various aspects of the
company's future operations and are This causes the
impetus and opportunity management directors have
the benefit. Calculate the net profit of an enterprise is
affected by estimates and accounting methods. Therefore, there is a possibility of manipulation or earnings
management. Management incentive to manipulate
* Corresponding Author
Seyed Masoud Merati
Email: sm.merati@yahoo.com
their profit goals that not only does not align with the
goals of the company and shareholders, but in most
cases it is in conflict.Securities analysts, corporate executives, investors and individuals who are involved in
the capital markets to the benefit of the most attention
as the last item in the income statement on that information. Overemphasis on profit reminded that the
market ignores other performance indicators Accounting profit as the end result of the process that so much
attention is the users of accounting information, accounting practices that affected the selection of management and have been calculated. Accounting income
and its components, including information when decisions are taken by the people. This figure is calculated
on the accrual basis and recognized Incentive management with the use of non-conservative accounting
practices, improve the stability of the company's
growth. Although various individuals and groups, different motives for the preparation and presentation of
information, however, if the data is bad news, justify
the need to hide and there will be no disclosure,Of
course, keeping bad news secret that the relative previous knowledge about it is, to a large extent seems
unlikely.
In fact, since the individuals and groups deemed completely risk averse, they are ready to make the access
to information and appropriate protection against the
impact of bad data, amounts to hide the type of information to spend. Without effective protection, consid-
712
713
that indicates the direction of the business and to ensure the continuity of the company's activity is relative.
One of the factors that will ensure the relative risk of
non-payment and the possibility of bankruptcy faced
with the uncertainty of an entity. In this sense the reaction rate of interest as compared to influence the
abnormal returns unexpected profit companies as a
measure of logical decisions, investors and other users
of financial examined And the effect of non-payment
risk as a measure of financial companies, the earnings
response coefficient was studied.4-year study period
from 1388 to 1391 were selected and analyzed by SPSS
software using descriptive statistics and hypothesis
testing inferential analysis, correlation analysis was
performed .The results of this study suggest a negative
effect on the risk of non-payment of interest is the response rate.
Minooei et al (2013) to "The relationship between debt
and dividends and stock price growth rate of operating
profit and return on equity in the Tehran Stock Exchange" began ,One of the purposes of accounting and
preparing financial statements, provide useful information to facilitate decision-making. These beneficial
effects can be predicted as financial items .And changes in accounting profit forecasts as a factor influencing
economic decisions has long been a favorite of investors, managers, financial analysts, researchers and the
creditors .In this study, the relationship between variables debt ratio and dividend and stock price growth
rate of operating profit and return on equity have been
tested and evaluated. The aim of this research is to find
the relationship and the impact of debt and Independent variables and stock prices to predict stock returns
is anticipated profits for years to come as well Data for
this study during 1386 to 1390 were studied, and the
population of the listed manufacturing companies that
were profitable during the period of investigation And
in the course of five years constantly on the exchange
transaction, the form. The results of the test, Pearson
correlation and multiple regressions for the six hypothesis suggests that Independent variables debt ratio and
dividend and stock price growth rate of operating profit is not the only variable significant relationship with
stock prices and stock returns have a meaningful relationship.
Mashayekhi & menatti (2013) to "investigate factors
affecting earnings volatility" began. According to the
researchers, previous volatility Accounting profit is
influenced by economic factors, and they caused. In
this paper, some accounting parameters such as characteristics associated with poor compliance, quality of
accruals and income smoothing Some Economic parameters including losses, company size, growth factors, industry, fluctuations in earnings and cash flow
and operating cycle companies were investigated. This
study used data from 400 participating companies
listed in Tehran Stock Exchange during 1380 to 1390
was conducted. The samples were grouped in five clas-
714
Equation (3):
Hypothesis 1-1: The standardized unexpected earnings and earnings response coefficients are related.
JK Welfare & Pharmascope Foundation | International Journal of Review in Life Sciences
715
Equation (4):
Ei,t (Xt)=Xi,t +t
Control Variable
Size: the natural logarithm of total assets (Ibid.)
Descriptive Data
To check the general profile of the basic variables (series) to estimate the model (model), and a detailed
analysis, the estimation of descriptive statistics of the
variables is required.
)CAR(
053
32075.
3250
)VOLA(
LEV
053
053
520.66
020374
025433
025333
0240746
0230640
462430
472..0
52660
52.00
02..5
452.70
3260
32404
032.70
MKTBK
053
32657.0
32675.0
)UE(
053
32404
32404
0426.3
002.60
52705
32404
0325.0
Average
320033
Middle
3240464
Standard deviation
323.3
Variance
32640
Skewness
32404
4257
0.2.0
32.04
32.04
426.
42.0
032.0
00260
4270
0.200
Standard error
coefficient of
skewness
32.54
Elongation
32.04
Standard error
coefficient of
elongation
323.
The lowest
3206
Maximum
32.04
32.04
Count
30055
02704.
402.57
Indicators
716
)GROW(
)PER(
Indicators
053
053
053
Count
44260..
32476.
325706
Average
4426353
324033
325033
Middle
300606
34.30.
3245.37
Standard deviation
324.4
32307
323.0
Variance
32060
42764
-32007
Skewness
3404
3404
3404
32356
52766
-32.0.
Elongation
32.04
32.04
32.04
43255
-32.4
3243
The lowest
4023.
4203
320.
Maximum
This image contains indicators is to describe variables. 2 or greater than +2, assuming normal Boone will be
The first row of the data shows, the second row of data rejected. The dispersion of the index compared to the
means that data on a regular basis the distribution is normal distribution is the stretch factor .The stretch
exactly at the point of interaction with the center. ratio of the standard error, the standard error is the
Middle third row of data shows. Data Central show coefficient of elongation. In the last two lines of data as
that 50% and 50% less than the number of data greater well as the highest and lowest observations have been
than the number set Being close to the mean and me- reported.
dian, the data show symmetry. Skewness symmetric
THE RESULTS OF THE RESEARCH HYPOTHESIS
distribution relative to a certain index suggests. The
Hypothesis 1-1: The standardized unexpected earnings
coefficient of skewness to its standard error standard
error is called the coefficient of skewness.Which can be and earnings response coefficients are related.
considered as a normal test, if the amount is less than Table (3) correlation, coefficient of determination, adjusted coefficient of determination and standardized unexpected earnings variable Watson dobin test and the response rate of profit
Dobin-Watson
Adjusted
coefficient of
determination
1.975
.37894
.166
The
coefficient of Correlation
determinatio coefficient The
model
n
.176
.419
717
the independence of each other errors If the base Watson camera at a distance of 1.5 to 2.5 is its lack of correlation between errors assumption is confirmed And
can be used regression. Watson camera base, the
above image is 1.975 This number indicates that there
is no autocorrelation between data and errors are independent of each other and can be used regression.
Table (4): coefficients of the regression equation standardized unexpected earnings variable interest rate reaction
Standardized
coefficients
Test line
Variance Tolerance
statistics
inflation
p.value
t
factor
.000
Beta
-4.075
SE
Beta
.643
-2.622
Intercept
1.027
.974
.034
2.129
.108
.116
.248
Standardized
unexpected
earnings
1.008
.992
.000
-6.007
-.301
.145
-.869
Sustainability
benefits
1.126
.888
.000
7.483
.396
.053
.398
Company
Size
The output level of significance standardized unexpected earnings variable as the independent variable
less than 5% as a result of the null hypothesis is rejected.
Table (5) correlation, coefficient of determination, adjusted coefficient of determination test variable Watson
dobin provide growth and interest rate reaction
Dobin-Watson
Adjusted
coefficient of
determination
1.672
.11003
.0178
The
coefficient of Correlation
determinatio coefficient The
model
n
.0188
.137
718
0.188 Shows The numbers suggest that approximately rors If the base Watson camera at a distance of 1.5 to
18% of variables by variable interest rate response will 2.5 is its lack of correlation between errors assumption
be provided to increase the coverage and explanation. is confirmed And can be used regression. Watson
One of the regression assumptions of independence of camera base, the above image is 1.672 This number
errors, if the errors independence hypothesis is reject- indicates that there is no autocorrelation between data
ed And errors are correlated with each other, there is and errors are independent of each other and can be
the possibility of regression. Watson statistic camera used regression.
used to evaluate the independence of each other erTable (6): variable regression equation coefficients provide growth and interest rate reaction
Standardized
coefficients
Test line
Variance Tolerance
statistics
inflation
p.value
t
factor
.000
9.418
Beta
SE
Beta
.187
1.759
Intercept
1.151
.869
.071
1.814
.087
.036
.066
Provide growth
1.008
.992
.000
-11.603
-.523
.042
-.487
Sustainability
benefits
1.126
.888
.000
6.466
.308
.015
.100
Company Size
The output level of significance standardized unexpected earnings variable as the independent variable
less than 5% as a result of the null hypothesis is rejected.
Table (7) correlation, coefficient of determination, coefficient of determination adjusted leverage ratio test and
the response variable interest Watson dobin
Dobin-Watson
Adjusted
coefficient of
determination
1.994
.43175
.262
The image (7) The correlation coefficient between variables, 0.521. This figure shows a strong positive correlation exists. The coefficient of determination adjusted
is calculated as the number of 0.262 Shows The numbers suggest that approximately 27% coefficient of
variation of the response variable by variable interest
coverage and leverage ratios will be explained. One of
the regression assumptions of independence of errors,
if the errors independence hypothesis is rejected And
errors are correlated with each other, there is the pos-
The
coefficient of Correlation
determinatio coefficient The
model
n
.272
.521
719
Table (8): variable regression equation coefficients of leverage and interest rate reaction
Standardized
coefficients
Test line
Variance Tolerance
statistics
inflation
p.value
t
factor
.000
-5.294
Beta
SE
Beta
.733
-3.880
Intercept
1.027
.974
.031
2.166
.109
.133
.287
Leverage
1.008
.992
.000
-5.293
-.264
.165
-.872
Sustainability
benefits
1.126
.888
.000
7.993
.421
.061
.484
Company Size
Table (10) correlation, coefficient of determination, adjusted coefficient of determination and dobin test variability Watson variable operating profit and earnings response coefficient
Dobin-Watson
Adjusted
coefficient of
determination
2.058
.11236
.229
The
coefficient of Correlation
determinatio coefficient The
model
n
.239
.489
720
Table (11): variable regression equation coefficients and coefficients of variability of operating profit Response
Standardized
coefficients
Test line
Variance Tolerance
statistics
inflation
p.value
t
factor
.014
-2.460
Beta
SE
Beta
.191
-.469
Intercept
1.027
.974
.001
3.246
.167
.035
.112
Variability of
operating profit
1.008
.992
.000
-4.844
-.247
.043
-.208
Sustainability
benefits
1.126
.888
.000
6.892
.371
.016
.109
Company Size
Table (12): correlation, coefficient of determination, adjusted coefficient of determination and Watson dobin
test variable rate operating profit and earnings response coefficient
Dobin-Watson
Adjusted
coefficient of
determination
1.5 79
.29401
.1502
The
coefficient of Correlation
determinatio coefficient The
model
n
.1513
.389
that there is no autocorrelation between data and errors are independent of each other and can be used
regression.
721
Table (13): reaction rate coefficients of the regression equation variable rate of growth of operating profit and
profit
Standardized
coefficients
Test line
Variance Tolerance
statistics
inflation
p.value
t
factor
.000
5.852
Beta
SE
Beta
.477
2.790
Intercept
1.023
.978
.061
4.422
.210
.090
.0098
1.128
.887
.000
-3.859
-.193
.119
-.458
Sustainability
benefits
1.234
.810
.000
5.581
.292
.043
.241
Company Size
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