چکیده:
This paper addressed finance and behavioral finance theories including capital assets pricing and
arbitrage theory. In addition, the relationship of the growth of assets and accruals with the financial performance of the firms listed in the Tehran Stock exchange over 2008-2013 was explored. The results showed that the growth of assets and abnormal returns has a relatively strong relationship with abnormally fluctuated shares. It was also found that returns on accruals are more strongly influenced by the group with highly abnormal fluctuations than by group with low abnormal fluctuations. In addition, results are similar when the size is controlled. These findings suggest that the negative correlation found between accruals and abnormal returns are mostly attributable to shares that have unusually high fluctuations.
خلاصه ماشینی:
"The relationship of accruals and assets growth with return and risk level of companies listed in Tehran Stock Exchange Hoda Hemati1, Zohreh Hajiha2 and Hassan Durandish3 1PhD in Accounting, Assistant Professor and Faculty of Department of Accounting, Islamic Azad University, Roudhen, Iran 2 PhD in Accounting, Assistant professor , Islamic Azad University East Tehran Branch , Tehran , Iran 3M.
In addition, the relationship of the growth of assets and accruals with the financial performance of the firms listed in the Tehran Stock exchange over 2008-2013 was explored.
As such, the arbitrage pricing theory is considered as a rational model to explain the expected return per share and the macroeconomic variables are significant and are considered as sources of systematic risk in the Tehran Stock Exchange.
Accordingly, the evidence from the firms listed in the Tehran Stock Exchange over 2003-2012 using the regression analysis indicated that there is no significant relationship between the disclosure quality and accruals quality and they are not complement to each other in explaining the portfolios‟ excess return variations.
In addition, the results of testing the third hypothesis indicate that assets growth (in both cases) has a significant relationship with stock returns.
05 Not Significant Discussion The results presented in the above table are consistent with a study by Li and Sullivan (2010) as it was found that the two promiscuities (assets growth and accruals) are not significantly related to unsystematic risk in the lower mean firms but this relationship was confirmed for firms above the mean."