Investigating the relation of independence of boards of directors with earning: evidence from listed firms in Tehran stock exchange (Review Completed - Accepted)
The purpose of this article is to investigate the relation of companies’ board of directors and its composition with annual earnings. The sample of this research is 61 of registered firms in Tehran Stock Exchange which have complete financial information and reports about the composition of their board of directors from 2008 to 2013. The results shows that board of directors with more independent managers have made much more earnings, therefore have direct influence on profit of firms. Thus, we can claim that board of directors is a vital factor for stock exchange firms for being profitable. The result in this research is in line with previews researches in this field. We conclude that firms with more independent managers on their board of directors are more profitable than those with less independent managers on their board of directors.
Keywords: Board Of Directors, Earnings Management, Tehran stock exchange
The study of Targeted Subsidies plan on market returns of listed companies on Tehran Stock Exchange (Review Completed - Accepted)
This research has examined the relation between the targeted subsidies plan and the market returns of Tehran stock exchange. The aim of the study is to examine the market returns in the years after and before the implementing plan and the relation of it on the returns of Tehran stock exchange. It is expected that the implementing plan and actualization of prices have more influence on energy industry, so 3 energy industry indexes (cars and parts manufacturing, cement, gypsum and lime, and transportation, warehousing and communications) are used to calculate the market returns. Therefore, the study applies 3 dependent variables (the returns of automotive industry and parts manufacturing, cement, gypsum and lime, and transportation and warehousing) and 1 control variable (gold and dollar rate) and 1 independent variable (targeted subsidies plan) is used which the last one has 2 values and its value before and after the implementing of the plan is 0 and 1, respectively. In this study, we have examined 3 hypotheses in relation with the study of market returns and the targeted subsidies plan separately in 3 industries using multiple linear regression analysis during 28/09/2008 to 28/09/2010. The obtained results have rejected the relation of market returns and the targeted subsidies plan. To ensure the obtained results, a one more test (T-test) was done which approved the related findings
Keywords: Targeted subsidies plan, Tehran stock exchange, market returns