چکیده:
In this study، the effect of accruals quality on cost of capital for firms accepted in Tehran Stock Exchange has been analyzed.(accruals، has defined as difference between accounting earnings and cash flows). The aim of this study is to determine، if accruals quality (AQ) has meaningful effect on cost of capital (cost of debt and cost of equity). Therefore 85 firms in the period of 1376-1384 have been studied. The selected approach for test hypotheses is panel data analysis. AQ is separated to discretionary and nondiscretionary، to test the results of these two components on cost of capital. The results show that، the cost of capital of firms isn't influenced by AQ and its components. On the other words، we couldn't accept that there is a meaningful difference between cost of capital of firms with poor AQ and those of with high AQ. Keywords: Accruals، Poor Accruals Quality، Cost of Capital، Panel Data *Corresponding
خلاصه ماشینی:
The results of some research indicate that accrual profit and its components affect the return on company shares, their market value, and their cost of capital.
The research of Saghafi and Kordestani in 2002 was about investigating and explaining the relationship between earnings quality and accumulated abnormal stock returns in companies whose cash dividends have increased (decreased).
The results of this research show that based on earnings quality based on profit sustainability, the market reaction to the increase in cash dividends of companies is positive, contrary to expectations, and stock returns are not affected by the accrual components of profit [2].
Many researchers have used this model to investigate the extent of the impact of non-discretionary factors on accrual quality [01], which is shown in equation number (4): (4) (Refer to the image on the page) Where, AQ, accrual quality; Size, company size, measured by the logarithm of total company assets; ?(CFO), standard deviation of cash flow from operations; ?(Sales), standard deviation of sales revenue; and NegEarn, the number of years the company has reported a loss (frequency of loss identification).
Also, to test the components of accrual quality according to equations 3 and 4, we separate it into non-discretionary and discretionary components and enter it into equation 5 instead of the accrual quality variable, which is as follows: (9) (Refer to the image on the page) (01) (Refer to the image on the page) Population and Statistical Sample This research is based on information from the financial statements of companies listed on the Tehran Stock Exchange during the period 1341-1383.
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