Abstract The purpose of this study is to compare the financial performance of the companies with their accruals and financing. The model of the research has been formed using total accruals, discretionary accruals and financing support as the independent variables, and future stock returns as the dependent variable. The methodology of the present research is practical regarding the purpose and has been conducted using correlation method. The data collection has been conducted using desk study. The population of this study includes the companies listed on Tehran Stock Exchange among which, due to the limitations of the study, 46 companies have been selected. Data needed to test this hypothesis has been collected by two software programs, i.e. RAHAVARD NOVIN and TADBIR PARDAZ from the company's financial statements during 2004-2011. Data analysis was performed using EVIEWS software, Ver. 6. The results of the study indicate that there exists no correlation between the total accruals and discretionary accruals represented by the earnings management with stock returns. External debts and equity were two variables considered for external financing. There is no significant relationship between efficiency and equity stock futures, however, there exists a negative correlation exists between debt and future stock returns.
ابراهیمی کردلر، علی و حسنی آذر داریانی، الهام. (1385). «بررسی مدیریت سود در زمان عرضۀ اولیۀ سهام به عموم در شرکتهای پذیرفتهشده در بورس اوراق بهادار تهران». بررسیهای حسابداری و حسابرسی، ش 45، 3-23.
حقیقت، حمید و ایرانشاهی، علیاکبر. (1389). «بررسی واکنش سرمایهگذاران نسبت به جنبههای سرمایهگذاری اقلام تعهدی». بررسی حسابداری و حسابرسی دانشکدۀ مدیریت، دانشگاه تهران دورۀ 3، شمارۀ 61، 3ـ22.
جعفری صمیمی، احمد؛ یحییزاده فرد، محمود؛ عبادی دولتآبادی، میرکریم. (1383). «بررسی رابطۀ روشهای تأمین مالی و بازده و قیمت سهام، شرکتهای بورس تهران». دو ماهنامۀ علمی پژوهشی دانشگاه شاهد، شمارۀ 5، 37-47.
دستگیر، محسن؛ خدادای، ولی؛ دستکار، مجید. (1389). «بررسی رابطۀ بین ویژگیهای مالی و غیرمالی شرکت با کیفیت اقلان تعهدی و سود»، فصلنامۀ بورس اوراق بهادار، شمارۀ 10، 55ـ75.
سیفی، شیرین. (1383). «بررسی ارتباط اقلام تعهدی و بازده سهام با تأکید بر طول مدت سرمایهگذاری». پایاننامۀ کارشناسی ارشد، دانشکدۀ علوم اداری دانشگاه شهید بهشتی،1383ـ1384.
کردستانی، غلامرضا و نجفی عمران، مظاهر. (1389). «بررسی تأثیر روشهای تأمین مالی بر بازده آتی سهام». مجلۀ پیشرفت حسابداری دانشگاه شیراز، شمارۀ 2، دورۀ 2، 75ـ108.
مرادزاده فرد، مهدی و نادعلیپور منفرد، حسام. (1388). «رابطۀ جریانهای نقدی ناشی از فعالیتهای تأمین مالی و بازده سهام». پژوهشنامۀ حسابداری مالی و حسابرسی، 89ـ96.
Allen,E.,Chad Larson and Richard G.solan,(2011).Accrual Reversals,Earning and Stock Returns.Hass School of Bussiness,University of California at Berkeley
10. Baker, M.,Jeffrey,andWurgler.(2000).The Equity share in New Issues and Aggregate stock Returns.Journal of Finance,55(5):2219-2257.
11. Balakrishnane, S., & Fox, I., (1993). "Asset specificity, firm heterogeneity and financial leverage", Strategic Management Journal, vol 14(1), pp:3-16.
12. Bradshaw m,s.aRaichardson,(2006).the relation between corporate financing activities,analysts s forecastes and stock returns.journal of accounting and economic42.pp53_85(2006)
13. Cai,Jie,zhe.,(2005).Zhang.Capital structure Dynamics and stock Return. The university if lowa, Department of Finance (January) www.FMA
14. Cohen,D.,Thomas z.(2006).Weighing the Euidence on the Relation Between External Corporate Financing Activities, Accruals and Stock Returns.Journal of Accounting and Economics 42(2006) 87-105
15. Eberhart,A.,A.,siddique.(2002).The long-term performance of corporate Bonds(and stock)Following seasoned Equity offering” The Review of FINANCIAL Studies 15,1385-1406
16. Foneska,M.M,SamaraKoon,Lalith,Gao-liangTian.(2011).Accessibility to External Financing and Stock Returns in Chinese Firms,5th Symposium of China Kournal of Accounting Research,NOV 2011.
17. Jones.(1991). Earning mangment during import relief investigation'',journal of accounting Research29(2).
18. Lam.EWei,J.(2012).The External Financing Anomaly Beyond Real Investment and Earning Management. Finance and Hong Kong University
19. LoughranT.,andJ.R.Ritter.(2000).University Least Powerful Tests of Market Efficiency. Hournal Financial Economic,55,361-389
20. Modigliani,F.andM.Miller.(1958).The cost of capital,corporate Finance, and the theory of Investment.The American Economic Review,48 (3):261-297
22. Richardson,S.A.,Slaon,R.G.(2003).External Financing,Capital Investment and Future Stock Returns.WorkingPaper,University of Pennsylvania and University of Michigan,WorkingPaper,TheWartonSchool,University of Pennsyvalnia
23. Sloan,R.(1966).Do stock prices fully reflect information in accruals and cash flows about future earning?. The accounting Review71,289_315
Wu J ., Zhang L., Zhang,F. (2009). The q- Theory Approach to Understanding the Accrual Anomaly. Journal of Accounting Research. vol 48 no. 1.
poya, E., Moienodin, M., & nayebzadeh, S. (2014). Examining the Relationship between Accruals and Financing using Equity Issuance and Debt Instruments
Case Study: Listed Companies on Tehran Stock Exchange. Financial Management Strategy, 2(1), 125-140. doi: 10.22051/jfm.2015.979
MLA
elham poya; Mahmoud Moienodin; shahnaz nayebzadeh. "Examining the Relationship between Accruals and Financing using Equity Issuance and Debt Instruments
Case Study: Listed Companies on Tehran Stock Exchange". Financial Management Strategy, 2, 1, 2014, 125-140. doi: 10.22051/jfm.2015.979
HARVARD
poya, E., Moienodin, M., nayebzadeh, S. (2014). 'Examining the Relationship between Accruals and Financing using Equity Issuance and Debt Instruments
Case Study: Listed Companies on Tehran Stock Exchange', Financial Management Strategy, 2(1), pp. 125-140. doi: 10.22051/jfm.2015.979
VANCOUVER
poya, E., Moienodin, M., nayebzadeh, S. Examining the Relationship between Accruals and Financing using Equity Issuance and Debt Instruments
Case Study: Listed Companies on Tehran Stock Exchange. Financial Management Strategy, 2014; 2(1): 125-140. doi: 10.22051/jfm.2015.979