باسمه هللا جزوه زبان تخصصی حسابداری دانشگاه آزاد اسالمی واحد میانه مهر 4931 The Impact of Quality Practices on Productivity and Profitability in the Saudi Arabian Dried Date Industry Introduction Many studies of Saudi Arabia’s manufacturing sector have stressed the importance of producing high-quality products, while also looking at ways to improve productivity and profitability. An increasing number of Saudi manufacturing companies have embraced total quality management (TQM) to meet performance targets in areas such as productivity and profitability. Quality refers to the degree to which a product or service meets customers’ specifications and needs. Organizations are now focusing on satisfying customers’ needs. The strategy that many organizations have adopted to achieve customer satisfaction involves emphasizing quality products and services; this approach is unsurprising given that an organization hoping to achieve, enhance, and sustain competitiveness must provide superior quality products and services to its consumers (Lai et al., 2002). Given that quality is a strategic competitive tool (Yong and Wilkinson, 2002; Hansen, 2001), an organization must acknowledge the strategic implications that quality will have on its competitive position. This has led to the emergence of numerous quality systems and initiatives, including just-in-time (JIT), total quality management (TQM), the Deming Prize, the Shying Prize, and the ISO standards. QM is considered essential for an organization’s success, as well as for its relationships and partnerships with its customers and suppliers. Quality management actually indicates the quality of a company’s management, and quality assurance (QA) practices initiate and develop confidence among an organization’s customers and its other stakeholders. The main instigator of QM implementation is senior management, which creates the values, goals, and systems needed to meet customers’ expectations and improve the performance of the organization (Ahire et al., 1996). Focusing on customers helps a business remain cognizant of which changes are occurring in its environment and the knowledge that the business needs in order to develop the product or service. Similarly, benchmarking enables organizations to continuously compare and measure themselves against leading businesses around the world in order to obtain information and provide guidelines for rational performance goals (Boone & Wilkins, 1995). Impact of Agency Costs of Free Cash Flow on Dividend Policy, and Leverage of Firms in Iran ABSTRACT: The objective of this study is to examine how firms in Tehran Stock Exchange control agency costs of free cash flow? And test the effect of agency costs of free cash flow on dividend and leverage. We use agency costs variables. Size, risk, Profit, growth, to measure the level of agency costs of the firms and use Dividend and leverage mechanism to control the agency costs of free cash flow. To this end, 101 companies listed in Tehran Stock Exchange during the period 2007 to 2012 were studied and multivariate linear regression model using fixed effects by panel data approach was used. Results show that there are Positive significant effect agency costs of free cash flow on use Dividend and leverage. Oslo size and profitability have positive significant effect on Dividend. Growth and risk have negative effect on Dividend but risk effect not statistically significant. Keywords: Agency Costs of Free Cash Flow, free cash flow, Growth opportunities, financial Leverage, Dividend. Impact of financial leverage on dividend policy: Empirical evidence from Karachi Stock Exchange-listed Companies This paper examines the relationship between dividend policy and financial leverage of 403 companies, listed with Karachi Stock Exchange during the period 2002 to 2008. Dividend policy, vastly followed by the companies, was tested by applying the extended model of Linter (1956) with the debt ratio of the firm, the previous year’s dividend yield as its independent variables and change in earnings as a dummy variable. At first, the descriptive statistics for our entire variables were calculated and then correlation matrix was calculated to identify the preliminary relationship among all the variables, followed by regression analysis on panel data to examine the significance and magnitude through fixed and random effects models. Theoretical assertions were justified through random effect model that the level of corporate debt (leverage) and widely practiced dividend policy, significantly, affect the dividend policy of the Pakistani firms. On the other hand, financial leverage was found to have a negative impact on dividend payout, indicating less dividend payments by high-debt firms. The findings also revealed/confirmed that change in earnings has no significant impact on dividend policy in case of Pakistani firms while the dividend yield has positive impact and vice versa. Fixed effect model, applied for the study, supports only the significant effect of dividend yield on dividend per share. Key words: Dividend policy, leverage, earnings, dividend yield, corporate debt, Pakistan, KSE. Relationship between Corporate Governance and Dividend Payment Policy of Companies Listed In Tehran Stock Exchange ABSTRACT: The main objective of this study is to determine the relationship between corporate governance and payout policies. Our sample consists of 100 companies listed in the Tehran Stock Exchange during the years 2005 and 2011and the statistical methods applied, consist of logic regression analysis and the comparative average of various groups. The corporate governance index includes the ratio of non-duty members of the board, board size, the dual responsibility of the CEO, the amount of stock owned by institutional investors, size of the auditing company, audit report quality and auditor replacement. Results of this study suggest that dividend is the result of the quality of corporate governance, and in companies where the rights of shareholders are not observed; opportunistic directors employ free flowing funds to invest in projects and fields that enhance their own prestige, grandeur and reputation. Biphasic results showed a meaningful correlation between the profitability of operations, liquidity, asset structure, corporate size and financial leverage and the payout policy. A relatively weak relationship exists between asset structure dividend payout policy while no meaningful relationship exists between growth opportunities and the latter. Key words: Agency Theory, Corporate Governance, Payout Policy Free Cash Flow, Growth Opportunities, And Dividends: Does Cross-Listing Of Shares Matter? Corporate dividend policy should strike a balance between paying cash to shareholders when there are excess resources and retaining sufficient resources in the company to fund worthwhile projects. Using excess resources to pay dividends can help to avoid overinvestment by the company in inappropriate projects and/or other potential misuse of funds by managers for their own benefit. However, companies also need to avoid paying too much in dividends to ensure that adequate resources are available within the company to fund projects that could increase shareholder wealth (i.e., to avoid underinvestment). Cross-listing of company shares can improve governance and oversight, which may make the dividend policies of cross-listed companies more likely to avoid both over and underinvestment. Using a sample of Chinese listed companies from 2003 to 2011, we find that cross-listed companies pay higher dividends than non-cross-listed companies when there are excess resources (measured by free cash flow), thereby reducing the potential for overinvestment/misuse of the resources by cross-listed companies. We also find that the dividends of cross-listed companies are lower than those of non-cross-listed companies when there are greater growth opportunities (measure by the market-to-book ratio), reflecting the reduced potential for underinvestment by cross-listed companies. We find more limited evidence that cross-listings may influence the relationship between dividend volatility and free cash flow and growth opportunities. Overall, our results suggest that company's crosslisting their shares have dividend policies that are more responsive than those of non-crosslisted companies to potential shareholder concerns about over and underinvestment. Keywords: Dividend Policy; Cross-Listing; Free Cash Flow; Growth Opportunities The Effects of Internal factors and Stock Ownership Structure on Dividend Policy on Company’s Value [A Study on Manufacturing Companies Listed on the Indonesia Stock Exchange (IDX)] ABSTRACT: This study intends to examine and analyze the effects of internal factors and stock ownership structure on dividend policy and their impacts on company’s value and examine the influence of dividend policy on company’s value. Internal factors cover free cash flow, company size, debt, asset growth, return on equity and financial risk while stock ownership structure cover managerial and institutional stock ownership. The study involved all of the manufacturing companies listed on the Indonesia Stock Exchange (IDX). There are 164 companies, 55 of which were selected using saturation sampling. The sampling was conducted during the six-year observation periods from 2005 to 2010 totaling 330 observations (6 x 55). The data were analyzed by applying Smart PLS (Partial Least Square). The results showed that: (1) free cash flow and company size have no effect on dividend policy but on company’s value, meaning that free cash flow and company size do not determine dividend policy but company’s value; (2) Return on Equity has no effect on company’s value but on dividend policy, meaning that profitability determines dividend payment; (3) Debt, asset growth and financial risk affect dividend policy and company’s value; (4) Managerial ownership has no effect on dividend policy but on company’s value, while institutional ownership positively and significantly affects dividend payment and company’s value. This indicates that corporate management is a representation of company’s ownership as a company’s control. (5) Dividend policy positively affects company’s value significantly. This result confirmed previous finding concluding that dividend payment has impact on company’s value. KEYWORDS: Internal factors, dividend policy, stock ownership structure, company’s value. The impact of financial leverage and debt ratios in comparison on the future returns on equity The issue of how to finance has caused extensive research in the area of finance and accounting. Despite the extent of funding, managers have to be aware about how to finance and the effects of applying each of its operating performance on profitability and future stock returns of the company. Therefore, in this study, Financial leverage and debt financing effect is studied in comparison on the future returns on equity of 80 companies listed in Tehran Stock Exchange and continuously active from 2007 to 2013. The data collection process has been devised by Tadbir Pardazesh database software. The present paper, the method and the nature of the study is cross - correlation. The positive relation has been found between financial leverage and ratio of debt with equity future returns of firms. The study aimed to determine the variables relationship. Source of research data collection included the financial statements and resolutions of the ordinary and extraordinary general meetings of the Company. The instruments used for data collection included observation, statistical analysis, databases, SPSS and Excel software. The findings of this study, in addition to filling the gap in this field of research are useful for managers and investors. Keywords: Financial ratios, Leverage ratios, Debt to operating leverage, Market Common shareholders' value ratios, Return on equity THE IMPACT OF USING ACCOUNTING INFORMATION SYSTEMS ON THE QUALITY OF FINANCIAL STATEMENTSSUBMITTED TO THE INCOME AND SALES TAXDEPARTMENT IN JORDAN Abstract This study aim to demonstrate the use of the accounting information systems’ impact on the quality of financial statements submitted to the Income Tax and Sales department in Jordan and the impact of such use, where Income Tax and Sales department works to collect tax money and auditing on tax payers in order to supply the state treasury with public revenues, a questionnaire consists of fourteen questions was designed by the researcher to measure the impact of the use of accounting information systems on the quality of financial statements submitted to the department, this questionnaire was distributed on 50 accountants who work in the department, all distributed questionnaires were retrieved, arithmetic mean and standard deviation have been extracted to describe the answers of the study sample, Cronbach's alpha test was used to measure the stability of measurement tool and also simple linear regression test was also used to test the hypothesis of the study. The study found that there is a presence of an impact when using the accounting information systems on the quality of financial statements submitted to the Income Tax and sales Department in Jordan, the study recommends to focus on the development of the devices used in the department, train and development of the staff on an ongoing basis to enable them to continue to perform their jobs and improve the quality of financial statements in the department. Keywords: Accounting information systems, the quality of financial statements, income tax and sales department in Jordan. The Role of Computerized Accounting Information in Product Pricing and Cost Measurement in Jordanian Industrial Corporations Abstract: The study aims to identify the role of accounting information systems applied in measuring costs and pricing of industrial products, and learn about the impact of the role of the successful pricing strategies employed in Jordanian Industrial Corporations. This study shows the impact of accounting systems in Jordanian industrial companies over pricing mechanisms and strategies of industrial products and measuring production costs which, in addition to identifying the most important benefits information from use of these systems, and to take the right decisions in industrial product pricing to win highly competitive industrial companies and enable them to ascend and achieve higher profitability. this study defined that The accounting system helps determine the cost of inventory by linking the procurement system with the accounting system to give the average cost in addition to the purchase price at the beginning of the year and the end of the purchase price of this helps to compare the increase in purchase prices , Pricing of industrial products in industrial companies through accounting information systems preclude an extra cost ,and Many industrial companies on accounting information systems in pricing their products heavily industrial. Impact of Financial Leverage on Dividend Policy at Tehran Stock Exchange: A Case Study in Food Industry Abstract This paper examines the relationship between dividend policy and financial leverage of 33 food companies listed in Tehran Stock Exchange with 242 data ‚during the period 2003 to 2010. Dividend policy‚ vastly followed by the companies ‚was tested by applying the extend model of Linter (1956) with the debt ratio of the firm ‚the current year’s dividend yield as its independent variables and change in earnings as a dummy variable. At first ‚the descriptive statistics for our entire variables were calculated and then correlation matrix was calculated to identify the preliminary relationship among all the variables‚ followed by regression analysis on panel data to Examine the significance and magnitude through fixed and random effects model. Theoretical assertion were justified through random effect model that the level of corporate debt (leverage) and widely practiced dividend policy‚ significantly‚ affect the dividend policy of the Iranian firms. The factors affecting dividend policy included sources and uses of funds set, why and how to select a particular source‚ according to requirements of the outside environment and also dominant phenomena within the company. In such circumstances‚ this current research has tried to focus on Financial performance of companies listed in Tehran Stock Exchange to examine effects. This research aimed to explore the impact of financial leverage‚ dividend policy in food industry companies listed in Tehran Stock Exchange Market. For this purpose‚ Independent variables in debt ratio‚ Stock returns and changes in Food group income from Stock are collected. Dividend per share is considered as only variable dividend policy that accounts for behavior of corporate managers in corporate financial decision. Food industry companies have positive effect on variables in dividend yield and changes income‚ but debt ratio has no meaningful relationship on dividend per share. It has only positive relationship‚ if the rate of debt ratio is less than dividend yield. When rate of debt ratio is more than dividend yield‚ it has negative relationship. Keywords: Dividend Policy, Leverage, Earnings, Dividend Yield, Corporate Debt, Tehran Stock Exchange Effect of Accounting Information System on Organizational Effectiveness: A Case Study of Selected Construction Companies in Ibadan, Nigeria Automated Accounting Information System (AAIS) provides a tool for finance department to enhance organizational effectiveness especially in this era of global technology advancement. The study examined the effect of accounting information system on organizational effectiveness with special reference to selected construction firms in the Ibadan metropolis. Specifically, the study examined the effects of accounting information on quality of financial reports and decision –making. Purposive sampling technique was adopted in selecting a total of ten personnel from each of the selected companies as sample for the study. A hypothesis was formulated and both descriptive and inferential statistical tools were employed to analyze the data. The results show that accounting information system has effect on organizational effectiveness. Recommendations were subsequently made to both the managers of such organization and government on how the use of AAIS known as ‘Contract Plus– Financial and Project Accounting’ package software can enhance performance in Finance Departments. Keywords: accounting, information system, organization, contract plus, global technology THE IMPACT OF ACCOUNTING INFORMATION SYSTEMS ON FINANCIAL PERFORMANCE – A CASE STUDY OF TCS – INDIA ABSTRACT: Accounting information systems (AIS) as a part of company’s information systems (IS) are seen as facilitating decision making within organizations and should be tailored to an organization’s environment, requirements of task, and structure. An accounting information system is a structure that a business uses to collect, store, manage, process, retrieve and report its financial data so that it can be used by accountants, consultants, business analysts, managers, chief financial officers(CFOs), auditors and regulatory and tax agencies. In particular, specially trained accountants work with AIS to ensure the highest level of accuracy in a company's financial transactions and recordkeeping and to make financial data easily available to those who legitimately need access to it, all while keeping data intact and secure. In this research, given to the subject studied, the role of accounting information systems on organizational environment from the perspective of top managers, five hypotheses related to the research were taken into account. Questionnaire was designed in part of top managers, includes 30 questions. By using the statistical package SPSS for testing each relationship, an output value called P-value which is the same –p, significance probability was obtained. Finally, The mean of each research hypothesis, after the test was as follows: first hypothesis 4.2584, second 3.5123, third 3.0958, four 3.5966 and five hypothesis 3.7042. Keyword: Accounting Information System, Information System, Organization Performance, Accountants, Decision Making THE ROLE OF COST INFORMATION IN DECISION-MAKING, CASE STUDY ABSTRACT: The purpose of this paper is to understand how information derived from management accounting has an impact on development and foundation of new decisions and therefore to better understands the relationship between management accounting and information. Using as an example a case study from the mining industry we will show the efficiency of information provided by management accounting in decision making and the operational control of the production process. Key Words: Cost, Management Accounting, Information, Expenses. THE ROLE OF MANAGEMENT AS A USER OF ACCOUNTING INFORMATION: IMPLICATIONS FOR STANDARD SETTING ABSTRACT The aim of this paper is to analyze the question of whether the sole focus of standard setters developing accounting standards that are useful to external users for making decisions about providing resources to the entity result in useful accounting information. To answer this question, we analyzed the relationship between the stewardship function of financial accounting and the demand for information useful in making economic decisions on resource allocation (decision-making demand; decision-useful information) by external investors. We first analyses information within an efficiency based framework of financial economics abstracting from agency conflicts. We demonstrate that decisions on resource allocation not only require forward-looking, but also backward-looking performance measures which indicate the necessity as well as the direction of corrective action. Next, we introduce information asymmetries and incentive problems. In this setting, the stewardship function of Accounting gains relevance. External users now need not only information for their investment decisions but also information to use in assessing management performance and to gain insight into how management used the entity’s resources. Since however, managers anticipate the way they are evaluated, any accounting information used to control management has an incentive effect and alters management’s internal decision-making. Therefore, standard setters cannot ignore the incentive effect (stewardship function) of financial accounting information and the consequence it has for decision- stewardship as compatible functions of accounting, accounting rules need to serve both functions simultaneously, that is, provide information that is useful for investors for making economic decisions and at the same time provide incentives for managers to act in the owners’ best interests. Or, if in fact the two functions are considered distinct and incompatible, then they must be separated and considered explicitly. That is, managers should then not be held accountable for their actions based on accounting information. Keywords: Decision-Usefulness, Qualitative Characteristics, Stewardship, Standard Setting A Balanced Scorecard Approach to Enterprise Systems Performance Measurement Abstract A range of influences, both technical and organizational, has encouraged the wide spread adoption of Enterprise Systems (ES). Nevertheless, there is a growing consensus that Enterprise Systems have in many cases failed to provide expected benefits. The increasing role of, and dependency on ES (and IT in general), and the ‘uncertainty’ of these large investments, have created a strong need to monitor and measure ES performance. This paper reports on a research project aimed at deriving an ‘Enterprise Systems benefits measurement instrument’. The research seeks to identify how Enterprise Systems benefits can be usefully measured, with a ‘balance’ between qualitative and quantitative factors. Keywords: Enterprise Systems, Information Systems, Performance Measurement, Balanced Scorecard, Governmental IS Performance effects of using the Balanced Scorecard: a note on the Dutch experience This article aims to contribute to understanding how to use the Balanced Scorecard (BSC) effectively. The BSC lends itself to various interpretations. This article explores how the way in which the BSC is used affects performance. Empirical evidence from Dutch firms suggests BSC use will not automatically improve company performance, but that the manner of its use Matters: BSC use that complements corporate strategy positively influences company performance, while BSC use that is not related to the strategy may decrease it. We discuss the Findings and offer managers guidance for optimal use of the BSC. Effects of Management Earnings Forecast on Capital Cost and Stock Return ABSTRACT: Forecasting earnings per share is an essential factor in investment and is considered important in share adoption methods. It is important both for providers and users. Managers try to estimate future earnings per share in order to gain the confidence of users, who, in return, consider it as a measure of evaluating performance. The present empirical study undertakes to evaluate effects of management earnings forecast on capital cost and stock return in companies listed at Tehran Stock Exchange. This is done using two variables of earnings forecast frequency and earnings forecast errors. Population of the study constitutes 81 active companies in Tehran Stock Exchange. Financial statements of these companies in a period of six years from 2006 to 2011 have been studied. The study proposes four hypotheses and uses mean comparison test of the two populations and multivariate linear regression test with company-year method, in order to test them. Results of the study indicate a significant and converse relationship between earnings forecast frequency and cost of capital, and also a direct and significant relationship between earnings forecast errors and capital cost in companies under observation. Key words: earnings forecast frequency; earnings forecast errors, capital cost, and stock return An Examination of the Factors Influencing the Level of Consideration for Activitybased Costing Abstract: Prior research into the extent to which operating units have considered activitybased costing (ABC) has either examined the extent to which operating units have considered or not considered ABC. This paper uses logistic ordinal regression analysis to examine the impact of the level of competition, product customization, manufacturing overhead costs and operating unit size on the level of consideration for ABC when measured on a three-point ordinal scale ranging from not considered, considering and considered ABC. The results indicate that operating unit size is related positively to the level of consideration for ABC. This implies that the availability of financial, labor, computing and time resources should mean that it is more likely for operating units to be considering or have considered ABC. Keywords: Activity-based costing (ABC), Consideration for ABC, Ordinal regression Activity Based Costing Systems: An analysis of successful implementation and impact On organizational performance Abstract Activity based costing (ABC) systems have been widely implemented since halfway the eighties. A change of a costing system is a timely and costly process. Organizations will also adapt such a system if it reflects improvements in financial and organizational performance. It is therefore important that the implementation is successful. In this thesis the relation between successful implementation and financial and organizational performance is identified, where prior literature discusses either the implementation or the effect after implementation. Determinants of successful implementation are identified, by analyzing existing literature, as contextual factors such as economical, organizational and environmental factors. In combination with top management support, non-accounting ownership and several other company specific factors the success of the Implementation is determined. These same factors contribute to a positive relation between successful implementation and both financial and organizational/operational Performance. The effect is noticed in an indirect manner. Several business initiatives such as just-in-time (JIT) production and total quality management (TQM) improve Organizational performance when ABC systems are implemented. The factors that enable companies to use such initiatives are comparable to the factors determining successful implementation of ABC systems. The Influence of Organizational and Environmental Factors on Cost Systems Design in Egypt Abstract: This paper aims at examining the extent to which organizational and environmental factors influence the cost systems design in Egyptian manufacturing firms. We use a questionnaire to survey a sample of Egyptian privately held firms in a wide spectrum of industrial sectors. The results reveal that the use of highly sophisticated cost systems in Egyptian manufacturing firms is limited, simple and complex traditional systems are widely used, and very few firms adopting simple Activity-Based Costing. Additionally, it was found that the sophistication level of cost systems is positively associated with the importance of cost information, while no association was found with product diversity, intensity of the competitive environment and cost structure. The results suggest that improvement in manufacturing performance resulting from reducing cycle and lead times, improving product quality and reducing costs is associated with an effective selection of cost system. The findings of this study will help management and practitioners in the Egyptian industrial sector to design effective cost systems with a certain level of sophistication that rationalize decisions and improve manufacturing performance. This study is one of few surveys that examine the impact of contextual factors on the product cost sophistication level and manufacturing performance in the Egyptian context. Keywords Product cost systems, Activity- Based Costing, cost centers, cost pools, cost drivers, environmental culture, organization culture, Egypt. Exploration of Factors Influencing on Choice the Activity-Based Costing System in Iranian Organizations Abstract: As a tool for planning and control, costing systems play a considerable role in providing information needs for managers. Given the diversity of costing systems and simultaneous advancement of new costing systems, choosing a costing system may challenge managers. This research seeks to explore such organizational factors as organization size, industry type, cost structure, the importance of cost information, and products and services diversity on adopting Activity-Based costing (ABC) system in the listed companies of the Tehran Stock Exchange. Using logistic regression model from 33.5% of respondents in the sample, the results of this survey study indicates a positive relationship among cost structure, the importance of cost information and products and services diversity (in term of products and services liner numbers). It also indicates a negative relationship among the type of industry, organization size and product and services diversity (in terms of support diversity and volume diversity) with adopting the mentioned system. There was not any significant relationship between above organizational factors and choice of the ABC system. Keywords: Costing Systems, Activity-based costing system, Overhead (Indirect) EARNINGS MANAGEMENT TO JUST MEET ANALYSTS’ FORECAST ABSTRACT My study seeks to answer the following research question: given the strong emphasis on meeting or beating earnings targets, do firms “manage” earnings to meet these targets? I focus my attention particularly on firms that have a strong motivation to meet these targets, that is, firms which have intrinsic earnings that nearly meet earnings targets and therefore more likely to manage their earnings upwards in order to meet these objectives. My results provide some support that these firms may have managed earnings upwards to meet earnings expectations, but that do not imply that firms that just meet forecasts experience inferior future firm and stock performance. I posit that this may be the case because firms that just meet forecasts have the ability to do so as they are inherently financially healthy firms, and the capital markets accept this fact and reward these firms accordingly for meeting earnings targets. Accounting Earnings Quality Abstract: Profit and loss has always been the main basis for investors' decision-making in the capital market whose correctness, accuracy, reliability, reassurance and predictability has direct relationship with correct major made decisions, but the existence of main shortcomings and failures such as the use of judgments, several methods of accounting and earnings management, threaten its undeniable role in decision-making. To reduce the effects of such threats, earnings quality is used. Earnings quality is an important aspect to evaluate the financial health of the company which has been noted by investors, creditors, and other users of financial statements. Therefore, in this study, first we define earnings quality from the perspective of the scholar. Afterward, the earnings quality components and the evaluation methods of profits are completely described. In the next section, the relationship between firm characteristics and the quality of earnings has been introduced. In continuance, the relationship between earnings quality, cost and return on equity and cash flows of the firm are discussed. In the end, the concluded results are discussed. CUSTOMER PERCEPTIONS OF VALUE: CASE OF RETAILBANKING Abstract. Recently, a growing interest in relationship marketing approach attracted much attention of marketers to the customer value creation and delivery as the most important task of marketing strategy. The fact that in the period of economic recession, the retail banking sector customers are more intended to re-assess their relationship with financial organization made marketing experts focus on the investigation of the factors that create and increase customer value in new light. Value creation and delivering to the customer in financial markets has been viewed as a competitive priority and a key component of an organization’s long term success. The aim of the current research paper is to assess the factors of customer perceived value in the retail banking sector during the period of economic recession. The research method involved the survey conducted with 200 retail customers of commercial banks in Lithuania. In addition, this research specifically examines the perception of value in the transitional economy. The study results revealed that in the period of economic recession the dimensions of emotional (affective) value (i.e., the reliability and security of bank, good psychological climate when contacting with bank personnel) and functional value (i.e., the quality of service provision, the competence of contact personnel) are rated higher by customers. Meanwhile, the factors of social value (i.e., the established long-term relationship, personal beliefs, social integration, the opinion and recommendations of relatives, acquaintances and/or friends) are rated lower. An Empirical Analysis to Design Enhanced Customer Lifetime Value Based on Customer Loyalty: Evidences from Iranian Banking Sector Abstract: The more a marketing paradigm evolves; the more long-term relationship with customers gains its importance. Also, the move towards a customer-centered approach to marketing, coupled with the increasing availability of customer transaction data, has led to an interest in understanding and estimating customer lifetime value (CLV). There are several researches about the CLV formulas and calculating relations. But the effect of the CLV on the other departments of the organization and especially the effect of the CLV on the key parameters for organization’s profitability such as customer loyalty and satisfaction had little attention. This research is about these shortcomings and covers another essential element for organizational sustainable profitability, customer loyalty. The main purpose of this research is to demonstrate the effect of customer loyalty on the customer lifetime value. For this purpose one of the biggest parts of service sector in Iran is selected and the data from this sector are gathered and analyzed. Banking sector is the biggest body of Iranian service sector of economy. By means of a valid questionnaire, data were gathered from banking sector and after analyzing the hypotheses, results show that the high customer loyalty strongly effects on the enhanced customer lifetime value. In the final section of this paper, both applied and theoretical recommendations will be provided. The Impact of Dividend Announcement on Share Price Behavior in Ghana ABSTRACT: The Efficient Market Hypothesis (EMH) provides that security prices reflect all available information. However, despite dividend announcements made in 2005, three companies selected for study performed badly on Ghana Stock Exchange (GSE). The problem of the study was therefore to establish whether the GSE did not recognize companyspecific information in pricing shares. The purpose of the study was to ascertain whether there was an instantaneous reaction of the companies’ share prices to dividend announcement in order to provide the basis for confirming or dispelling the EMH conclusions as far as the Ghana Stock Exchange was concerned. The event study methodology was used to achieve the research objective. Additionally, the Wilcoxon Matched-Pair signed-Ranked Test was employed in testing the null hypothesis. The major finding was that the GSE was not semistrong efficient resulting in the conclusion that the GSE must address itself to three forms of efficiency – operational efficiency, allocation efficiency and pricing efficiency. Social and Environmental Accounting in IRAN ABSTRACT The aim of this research is the study of the relationship between the elements of corporate social and environmental reporting and their annual financial reporting quality in IRAN. Since social and environmental accounting in Iran has not been used in an organized and formal form, we intend to study the effect of this type of reporting factors, i.e. to disclose human resource information, community involvements, and environmental issues on accepted firms' annual reporting quality in stock exchange in Iran. Accordingly, three hypotheses have been designed as the research hypotheses and a questionnaire was used to collect data. 235audit firms of Iranian Association of Certified Public Accountants (IACPA) were chosen as domain of study and the time scope has been in the spring and summer of 2012.One-sample T-test has been used to test hypotheses and provide a model for quality; also we used Mann-Whitney- Wilcoxon test to confirm its results. Bartlett test and principal component analyze have been used to provide quality model. The results show that there is a positive and significant relationship between the disclosures of the above three components and annual reporting quality. The amount of these variables impact based on specified pattern is 0.915 for socialin volvements, 0.864 for environmental issues and 0.818 for human resource information disclosure. KEYWORDS: social and environmental accounting-Annual reporting- Reporting qualityIranian financial reporting. The Survey of Effect of Corporate Accounting Social Responsibility Disclosure on Corporate Financial: An Experimental Study This study aims to consider the effects of identification, monitoring, measurement, and reporting of social and economic activities related to the business enterprises on the society. Community perceptions of companies’ business responsibilities have changed over the years. The purpose of this study is to contribute to the current discussions about the effectiveness of the corporate social responsibility (CSR) disclosure. Despite the widespread and growing public concern and support for the corporate social performance, there is a need for further investigations to achieve information about the correlation between social disclosure and social performance, also between social performance and the social and economic characteristics of a company, and the progress which is often slow and dispersed. Therefore, the aim of this study is to evaluate the impact of the corporate social responsibility disclosure on financial performance, type of the applied research and the study’s methods and materials and hypothesize testing. This research identified the cause and effect between two variables. The populations of the study are all chief financial officers of the companies listed in the Stock Exchange of Tehran. The Effects of Interruptions, Task Complexity, and Information Presentation On Computer-Supported Decision-Making Performance ABSTRACT Interruptions are a frequent occurrence in the work life of most decision makers. This paper investigated the influence of interruptions on different types of decision-making tasks and the ability of information presentation formats, an aspect of information systems design, to alleviate them. Results from the experimental study indicate that interruptions facilitate performance on simple tasks, while inhibiting performance on more complex tasks. Interruptions also influenced the relationship between information presentation format and the type of task performed: spatial presentation formats were able to mitigate the effects of interruptions while symbolic formats were not. The paper presents a broad conceptualization of interruptions and interprets the ramifications of the experimental findings within this conceptualization to develop a program for future research. Management information systems and business decision making: review, analysis, and recommendations Abstract The role of Management Information Systems is described and analyzed in light of its capability for decision making. Decision making process and its impact on top level management in a business organization is explained with an emphasis on automated decision making. Limitations and challenges of MIS are discussed and a set of six recommendations proposed for increasing the effectiveness of MIS in the decision making process. Keywords: Information Systems, Transactional Processing Systems, TPS, Management Information Systems, MIS, Expert Systems Determinants of Dividend Payouts in Financial Sector of Pakistan The rationale of this study is to conduct an empirical analysis of determinants of dividend payouts of financial sector firms of Pakistan listed at Karachi Stock Exchange. The study has applied a panel data methodology. Different variables related to the firms, operations i.e. Profitability, Liquidity, Size, Cash Flow, Asset tangibility and Earnings per share and their impact was analyzed on the dividend payouts of the firm. Data was collected from 21 financial sector firms listed at Karachi Stock Exchange. Results Show that cash flow have significant negative relationship and earnings per share have a significant positive association with the dividend payout of the company, while asset tangibility, profitability and size have in-significant negative relationship and liquidity has insignificant positive relationship with dividend payouts. KEY WORDS: dividend payouts, panel data methodology, liquidity. The use of management accounting information, learning and organizational performance Abstract: This paper analyses the relationship between the use of management accounting information by CEOs of German manufacturing companies, individual learning and organizational performance. Several hypotheses concerning the relationship between the use of management accounting information, individual learning and organizational performance are developed. It is argued that different types of information use (decision-making, monitoring and scanning) influence whether learning takes the form of mental model maintenance and/or mental model building. It is further proposed that the use of management accounting information has a positive impact on organizational performance both directly and indirectly via the afore mentioned learning processes. The proposed relationships are tested using structural equation modeling (LISREL). The data is derived from an empirical survey among CEOs of German manufacturing companies (sample size of 449 responses). The results indicate that different types of management accounting information use have different effects on mental model maintenance and mental model building of CEOs as well as on organizational performance. A survey of factors influencing the choice of product costing systems in UK organizations Abstract This paper reports on the findings of a postal questionnaire that examines the extent to which potential contextual factors influence the characteristics of product costing systems. Prior research has mostly used the adoption or non-adoption of ABC systems to capture the characteristics of product costing systems. This research has generally been inconclusive and has been unable to establish strong links between ABC adoption and those contextual factors that have been identified in the literature that are conducive to the adoption of ABC systems. Instead of using only the adoption or non-adoption of ABC systems as a measure of product cost system design this research uses four different proxy measures of cost system sophistication to capture the characteristics of the product costing systems. This allows for a more robust test of the relations among the predictor variables and cost system sophistication. Results indicate that higher levels of cost system sophistication are positively associated with the importance of cost information, extent of use of other innovative management accounting techniques, intensity of the competitive environment, size, extent of the use of JIT/lean production techniques and the type of business sector. No association was found between the level of cost system sophistication and cost structure, product diversity and quality of information technology. Keywords: Product costing; Activity-based costing; Direct costing; Absorption costing; Cost system sophistication; Contingent factors; Cost pools; Cost drivers The influence of Company Characteristics Factors to Activity Based Costing System Implementation Abstract: This study tried to determine the implementation of activity based costing system rate and to examine the relationship between company characteristics such as industry type, numbers of employees, numbers of products, and level of overhead and ABC implementation. The findings revealed that ABC implementation in the context of Jordanian Manufacturing Companies is approximately 19.5% measured according to the number of implementers companies within Jordanian Manufacturing Companies. In order to test hypotheses Logistic regression and chi-square used in the current study. The findings in this study reveals that company sectors, size - number of employees, diversity -number of product, and level of overhead cost don’t have significant influence on the implementation of ABC among manufacturing shareholding firms in Jordan. Therefore hypotheses H1a, H1b, H1c, H2, H3, and H4 are rejected. Dividend Policy and Its Impact on Stock Price – A Study on Commercial Banks Listed in Dhaka Stock Exchange ABSTRACT How do dividend policy decisions affect a firm’s stock price, is a widely researched topic in the field of investments and finance but still it remains a mystery that whether dividend policy affects the stock prices or not. There are those who suggest that dividend policy is irrelevant because they argue a firm’s value should be determine by the basic earning power and business risk of the firm, in which case value depends only on the income (cash) produced, not on how the income is split between dividends and retained earnings and opponents of this statement called dividend is irrelevance, that investors care only about the total returns they receive, not whether they receive those returns in the form of dividends, capital gains or both. The results of researches conducted in various stock markets are different. There are many internal and external factors, which simultaneously affect stock prices and it is almost impossible to segregate the effect of each so the variations remain. This paper empirically estimates excess stock market returns for all the thirty banks listed in Dhaka Stock Exchange for the period of 2007 to 2011. Attempts are made to examine, what kind of relationship exists between dividend policy and stock market returns of private commercial banks in Bangladesh, and to what degree the returns on stocks can be explained by their respective dividend policy for the same period of time. Various theories related to dividend policy are tested in various parts of the world with different results and findings. Various other articles are reviewed, written in Bangladesh and abroad to see the significance of dividend policy on the stock prices and to compare the results of this research with those conducted earlier. Sample size is large i.e. all the listed commercial banks of Dhaka Stock Exchange so the results are reliable and valid. Panel data approach is used to explain the relationship between dividends and stock prices after controlling the variables like Earnings per Share, Return on Equity, Retention Ratio have positive relation with Stock Prices and significantly explain the variations in the market prices of shares, while the Dividend Yield and Profit after Tax has negative, insignificant relation with stock prices. Overall results of this study indicate that Dividend Policy has significant positive effect on Stock Prices. “The Activity based costing and target costing as modern techniques in determination of product cost” ABSTRACT: Today, in the interrelated market place those enterprises are able to compete that manage to pin hope in continuance of their own commercial activity. More simply, they should manufacture some products with competitive advantages and introduce them to market, that they possess high quality with a reasonable use life and at the same time to be cost- effective for both producer and consumer in terms of price. In the past time, the system of price- finding was traditional for production that was followed by many defects accordingly, and it made this often difficult to achieve the aforesaid goal; however, at present in order to achieve their long standing wish for durable activity and flourishing and acquiring stable customers, enterprises have made useful efforts and through emergence of new creativity and innovations, they have introduced modern techniques to identify final cost accurately. In the present article, through conducting a review on two modern techniques of Target Costing and Activity Based Costing, we have interpreted a brief history and analysis about other aspects of these two techniques in a descriptive way. Keywords: Traditional costing, Target costing, Activity Based Costing (ABC) Effect of Macroeconomic Variables on Stock Market Returns Ghana: An Analysis Using Arbitrage Pricing Model ABSTRACT This work attempts to use Arbitrage Pricing Theory framework to explain the variations on returns on the Ghana Stock Exchange. Ordinary Least Squares Regression and co integration analysis was employed to model both the short- and long-run relationships. In addition, granger causality tests were used to examine the causality between the GSE All-Share index and seven macroeconomic variables namely money supply, rate of inflation, Treasury bill rate, exchange rate, world crude oil prices, world cocoa prices and gold prices. Results from the Ordinary Least Squares regression analysis showed that four out of the seven macroeconomic variables possess statistically significant power for stock returns on the Ghana Stock Exchange: inflation rate, the Treasury bill rate, and money supply and world crude oil prices. On the other hand, the Foreign exchange rate, world cocoa prices and world gold prices do not appear to have a statistically significant effect on stock prices in Ghana. However, while the Engle and Granger co integration test results signal the existence of an overall long-run relationship between stock returns and the observed variables on the GSE, the same could not be said of the long-run relationship between individual macroeconomic variables and stock returns. On the contrary, the Johansen and Juselius co integration test shows the existence of at least two co integrating relationships between stock returns and the macroeconomic variables. Additionally, the Engle and Granger causality test points to unidirectional causality between stock returns and the foreign exchange rate and the money supply. In the light of the above findings, Industry and academia should partner each other to conduct research which focuses on different aspects of the market and the findings should be made available to industry and the government should set realistic macroeconomic targets to limit chronic deviations which normally render fundamental analysis almost impossible in order to improve public confidence in government decisions. ‘‘New JIT’’: A new management technology principle at Toyota Abstract A future successful global marketer must develop an excellent quality management system that impresses users and continuously provides excellent, quality products in a timely manner through corporate management. The author proposes New JIT, a new management technology principle for manufacturing in the 21st century. New JIT contains hardware and software systems as next-generation technical principles for transforming management technology into the management strategy. The hardware system consists of the Toyota Marketing System (TMS), Toyota Development System (TDS) and Toyota Production System (TPS). These are the three core elements required for establishing new management technologies in the marketing, engineering and production divisions. To improve work process, quality of all divisions concerned with development, production and sales, the author proposes Toyota Total Quality Management utilizing Science SQC (TQM-S) as the software system. The author believes that New JIT’s effectiveness has been demonstrated as described herein based on the author’s experience at Toyota. Looking beyond the obvious: Unraveling the Toyota production system Abstract: In contrast to prior research on the Toyota Production System (TPS) that has tended to focus on the micro issues or structural issues, we take an integrated approach of TPS to include the rules or principles underlying TPS. Consistent with recent work by Spear and Bowen (1999) and Spear (2004), we suggest that the systematic method in combination with lean practices typify the TPS. We expand upon this body of work by empirically examining our suggestions on a large sample data comprising manufacturing plants in several industries. Several main effects of TPS practices on performance were found. Similarly, TPS rules were found to be positively related to manufacturing performance. Finally, we found a positive interaction effect between the TPS practice of preventive maintenance and the TPS rule of decentralized decision making on all performance measures in this study, i.e. manufacturing cycle time, quality, cost, and delivery speed. Implications for theory building and for practitioners are offered. An integrated approach for green design: Life-cycle, fuzzy AHP and environmental management accounting The growing awareness of environmental issues has made the design of eco-friendly products a critical task for modern businesses. Almost all the costs and the environmental performance of a product over its life-cycle are determined in its design and development phase. The selection of alternative green designs is, however, a major challenge in today's competitive environment. The increasing pressure on time-to-market conflicts with the analytical approach typically required when using conventional environmental management accounting (EMA) tools such as Life-Cycle Assessment (LCA) and Life-Cycle Costing (LCC). This paper introduces a comprehensive method that integrates the LCA and EMA concepts, fuzzy logic and Analytical Hierarchical Process (AHP), to measure the environmental and organizational performance of different designs. We propose a screening model to help designers reduce their reliance on LCA and present a case study to demonstrate that this approach provides a systematic method of evaluating alternative designs and identifying product design improvement options. The measurement approach presented in this research can help companies reduce development lead time by screening out undesirable design options. More importantly, the approach can be modeled with the mere use of an Excel spreadsheet, which means limited resources are needed to implement the proposed method. An investigation of the relationship between productivity indices and systematic risk based on the capital asset pricing model (among accepted companies in Tehran stock market) Systematic risk (beta) is one of the most effective factors in predicting the appropriate required rate of returns of portfolios. By understanding the systematic risk of usual portfolios of various companies, investors will be able to consider financial investment more confidentially. The aim of this study was to examine the relationship between productivity indices (operating leverage, financial leverage, combined leverage) as independent variables and systematic risk (Beta) as dependent variables. To do so, 112 companies accepted in Tehran Stock Market were selected based on screening (systematic deletion) in a five-yearperiod, 2004 to 2008. The required data were gathered from basic financial statements, committee reports, and other available documents in Tehran Stock Market. Regression and Pearson correlation were applied to analyze the data. The results of the study revealed that there was no significant relationship between productivity indices and systematic risk. Some suggestions are provided regarding the topic of the research. INTRODUCTION Research on the financial fields in Iran is in its initial stages. Economic conditions and traditional characteristics of investors and managers of business units have not yet provided desirable conditions to address serious and rigorous research; especially that stock price is shrouded in mystery. The evidence suggests that investors do not use quantitative methods to determine the value of shares. Assumptions are subjective and data are not based on empirical research. To improve the conditions of expanding capital market activities and to prevent failures and measures taken to attract public participation in investment, mental imagination must be replaced by scientific results and how to use known methods should be taught to both managers and investors to select the proper methods and be able to maintain their presence in the capital markets and through which the wheels of economic activities get rolling on. Common stock includes tools that, due to its lack of future returns, will make investors doubtful. Thus, if desirable conditions are provided to both investors and corporate managers to get necessary knowledge about capital market, and make them familiar with all the factors affecting investment, consequently, they will be assisted in decision-making and this, in turn, will be an influential factor in capital market. The returns that an investor acquires is unpredictable, so he is forced to bear the risk, on the other hand, non-systematic risk in an intellectual investment can be eliminated or reduced with variation in investments. In fact, the rate of risk and returns should be considered in investments. Analyze the impact of financial variables on the market risk of Tehran Stock Exchange companies Abstract Given the importance of forecasts in investment decisions, And given that both risk and return on investment are important factors influencing the process, this study measures the financial impact on risk of companies listed on stock market. Thus in order to try to increase the knowledge of investors in the analysis, support or disapprove decisions or making new decisions efficiently. Financial variables studied in this research include ROI, gross profit margins and sales volumes. In order to test hypotheses concerning the relationship between Beta and financial variables, information about 106 companies of Tehran Stock Exchange from 84 to 88 years in the form of a regression model has been analyzed. The results suggest that there is a relationship between ROI and market risk, sales volume and market risk. Beta can be obtained and about 40 percent of the beta variation can be explained by the model. Keywords: Tehran Stock Exchange, financial variables, systematic risk, ROI and gross profit margin Introduction Investment is necessary in the process of growth and economic development in counties. Some Factors that affect in selecting investments, is the investor's risk and return on investment. Investors are trying to invest their financial resources to somewhere that the highest efficiency and lowest risk. Therefore, companies should focus not only on the benefit but also the risk must be considered as a limiting factor for maximum efficiency. Unlike return, risk is a mental conception and non-quantitative. Therefore, economic and financial experts' effort is more on to identify and measure risk. According to modern portfolio theory, risk is divided into two parts: systematic risk and non-systematic risk. On the other hand, the capital asset pricing model states that non-systematic risk can be eliminated through diversification, and can be overlooked, and only systematic risk should be considered in the decision making. But sometimes due to not enough data it is difficult for investors to calculate the risk. On the other hand, the accounting systems provide information's that is possible to access them easily and are highly reliable. Since accounting information reflects financial and operational decisions in the company, it is believed that with the use of accounting and financial information we can extract the company's systematic risk. And the financial and accounting information to be used as a substitute for systematic risk (Belkaoui, 1978). Given that in the accounting literature quantifying risk is one of the benefits of accounting information from the view of investors (Namazi and Khajavi, 2004), experts And whom involved in capital markets, always On financial issues, have resorted numerous ways, such as market model, capital asset pricing model and the model Index to assess risk and All models have the main point is to rely on market prices. And this implicates the necessity of using stock companies in this study. Some studies have shown that accounting information is effective for changes in the stock market and corporate risk, it means that what The correlation between the, accounting and investment risk variables is more, prices of securities and The risk of the stocks in capital market reacts more quickly to new information And the market will move towards more efficient (Namazi and Zare, 2003). In this study, it is trying to use a method similar but with different variables, investigate the effect of financial variables such as ROI, Gross profit margin and sales volume on market risk for companies listed on stock exchange. Cash flow risk, systematic earnings revisions, and the cross-section of stock returns Abstract: The returns of stocks are partially driven by changes in their expected cash flow. Using revisions in analyst earnings forecasts, we construct an analyst earnings beta that measures the covariance between the cash flow innovations of an asset and those of the market. A higher analyst earnings beta implies greater sensitivity to market wide revisions in expected cash flow, and therefore higher systematic risk. Our analyst earnings beta captures exposure to macroeconomic fluctuations and has a positive risk premium that provides a partial explanation for the value premium, size premium, and long-term return reversals. From 1984 to 2005, 55.1% of the return variation across book-to-market, size, and long-term return reversal portfolios is captured by their analyst earnings betas. The Impact of Information Risk on the Systematic Risk Abstract Systematic risk is among the most significant topics and has been Longley considered by the researchers of the capital market. The final goal of the most investors, stakeholders and managers achieve the highest return. They confront risk and it is necessary to equilibrate the risk and return. Accordingly, it seems essential to investigate the risk and the related effective factors. This study seeks to find the effect of informative risk on the systematic one. Fifty two listed firms on Tehran Stock Exchange for a five year period including 2006-2010 were selected as the sample in order to test the hypotheses. Multivariate regression model has been also applied to analyze the required data. The findings reveal that there is a positive significant relationship between informative risk indicator (income smoothing) and systematic risk. Keywords: Informative risk, Income smoothing, Earnings quality, Systematic risk, Fama and French three-factor model. Introduction The investors, managers and other users should access the qualified information. The financial statements are the final products of the accounting system and financial reporting and these statements aim at providing summarized and classified information about the financial position, financial performance and financial flexibility of the business that is useful for a wide range of users in making economic decisions. Based on the theoretical concepts of the financial reporting, the useful information should have specific quality characteristics. The main qualified characteristics relate to the information content, relevancy and reliability (Bulu et al, 2011). Reported earnings are one of the most important measures of decision making that has been considered by a wide range of the users including shareholders, investors and stock brokers. Calculating the economic income is impacted by the estimated accounting methods and the business managers hold the responsibility to prepare the financial statements. The managers might manipulate earnings for different reasons. On the other hand, the investors pay special attention to the main factors of decision making (Ghorbani et al, 2010). The investors might select different and various investment choices based on the characteristics of risk and return. The investment in the financial properties has been always accompanied by the risk and uncertainty and threatens the return and capital. Therefore, it seems necessary to consider risk in the investments. Clearly, the investors try to maximize their wealth through reducing cost of capital and investment risks. One of the risks that the investors are confronted with is the systematic risk. It seems essential to take into account the systematic risk and the effective factors. The present study seeks to explain the relationship between information risk through income smoothing and systematic risk. Investigate the Relationship between Financial Leverage and Operating Leverage with Accruals ABSTRACT The aim of this study is to examine the relationship between financial leverage, operating and accruals. For this purpose Statistical population studied had companies listed in Tehran Stock Exchange. The number of samples that are 558 firm-year observations in the period between 2005 -2013. The findings show that positive relationship between accruals and degree of operating leverage is meaningful. There is an inverse relationship between discretionary accruals and financial leverage. And between variables of firm size, return on assets and current ratio have a positive relationship with financial and operational leverage. KEYWORD: Accruals, Financial Leverage, Operating Leverage, Tehran Stock Exchange INTRODUCTION The most important information available to investors is that they react to changes in earnings reported by companies. Investors studied the reported earnings and earnings components, ie predict accruals and operating cash flow, return on equity firm’s future . Earnings due accounting adjustments for accruals, and operating cash flows are different . In order to obtain the competitive advantage, corporations use their resources to improve their relative status compared to competitors and improving the corporation status causes better opportunities in the future. Market share and its growth have been identified as important indicators of corporate performance in the industrial organization studies as well as the positive relationship between market share and economic profit has been proved. In the structure, behavior, performance paradigm, two competitive approaches are presented to explain this relationship. The first approach is the conspiracy theory based on which they determine the product prices above the whole competition market price level by concentration of market share among a few numbers of dominant companies and therefore achieve a higher normal profit. Based on the second approach which is the efficiency perspective, gaining the market share is due to the increased efficiency of the company and innovation and economies caused by its scale bring economy benefits to the company. Regardless of these two approaches, if desired target of the companies is to gain more market share and it is expected that companies which have larger market share will have increased profitability and growth opportunities in the future, then changes in market share indicate the future performance and growth opportunities . The aim of this study, investigate the relationship between financial leverage, operating leverage and Accruals .The study is structured in this manner. First, the importance of the topic is presented in the introduction. The principles and literature, and internal and external history are given respectively in the second and third part. The forth section discusses the assumptions and methods and models of testing the assumptions. Conclusions are presented in the fifth section. A survey on the Relationship between Systematic Risk, Earning Per share and Dividend per share and Cost of Capital in Accepted Companies in Securities Exchange of Tehran ABSTRACT Cost of capital is considered as an essential factor in making decisions on investment, capital budgeting, managing of working capital, establishment of optimal financial structure, helping with performance measurement and determination of the firm value through helping in discounting cash flows. The present research aims at Survey of relationship between systematic risk, earnings per share(EPS) and dividend per share(DPS) as a in depended variables and cost of capital as a depended variable in accepted companies in securities exchange of Tehran in period of 2005-2010. Total of accepted companies in the securities exchange of Tehran have been seen as a statistic society. In order to conducting this research, 114 companies, random and with stipulate dimities, selected as research samples. In this research for estimation cost of equity capital we were used of Gordon growth model. It also for examination hypotheses of research we were used of partial correlation coefficient, step wise regression’s and curve estimation regression test. The results indicate there were not significant relationship between systematic risk, earning per share and dividend per share with cost of capital in total time’s dominion of the study. the yearly results show, there were significant relationship between systematic risk and cost of capital in 2007 from nonlinear aspect, between earning per share and cost of capital in 2007&2009 from linear aspect and in 2005,2006&2010,from nonlinear aspect and between dividend per share and cost of capital in 2007,2008&2009 from linear and nonlinear aspects. Introduction The cost of capital and its components (such as equity) are among the most important numbers in financial economics. An accurate measure of capital cost is necessary for financial managers and investors to make optimal investment and capital budgeting decisions. A vast literature in finance deals with the estimation of the cost/equity and the equity risk premium. (Mohsni, 2008, p70)Systematic risk or beta factor indicates that the percentage of price changes of one share is what percentage of shares’ total price indication changes. Shareholders are considered the owners of the firm, and therefore they prefer to invest in company which have higher output rate from firms having higher cost of capital and systematic risk. It can be concluded that the firms which have lower cost of capital, can provide investors’ output rate more easily (karimzadeh, 2004, p.p1-10). The main reason for considering earning per share (EPS) (not total earnings of the firm) is related to the chief aim of the firm which is maximizing shareholder's’ wealth. It should be taken for granted that the earning paid to shareholders by the firm (DPS) has a close relationship with the earning that company gains. In calculating of the proportion of paid dividend, the valued belonged to EPS is used(Pay noo,2001,pp48-49).while a company take action due to announcing the earning regularly, the investors consider this stability as the continuation of regular operating process. And a decrease in announced earning shares can be a sign of a potential problem in the firm for investors. For this reason, the firm managers attempt to apply a stable payment policy and if the firm earning decreases, they should increase the the dividend rate or even keep it in the same level as before (Setayesh, 2008, p.p 2-3) Modern corporate finance theory is founded on the proposition that financial capital is supplied to firms by investors who have an expectation of return, and reciprocally, such expectation represents the firm's cost of financial capital (SinYan, 2008, p6). PREDICTIVE POWER OF FINANCIAL RATIOS WITH REGARD TO THE TURKISH BANKING INDUSTRY: AN EMPIRICAL STUDY ON THE STOCK MARKET INDEX ABSTRACT In this study, it is examined whether changes in the stock market index can be explained by the change in financial ratios. Financial statements of 11 conventional and 2 participation banks for a total of 13 banks (representing the essential part of the Turkish Banking Sector and constituting the BIST XBANK Stock Index) announced on a quarterly basis from 2002 to 2013 were extracted from the Public Disclosure Platform website. The contemporaneous financial statements were merged and by using this data, consolidated financial ratios were obtained. Based on empirical evidence, while an increase in debt-to- equity ratio affects the BIST XBANK Index negatively, shareholders' equity to total assets ratio has a positive impact on the growth of the Index. In addition, it is verified that shareholders' equity to total assets ratio and provisions/non-performing loans ratio have a causal relationship with the BIST XBANK Index. INTRODUCTION Beneficiaries of financial statements use financial ratios to a large extent in order to comment on the current financial situation and to make estimation on the future financial position of firms. Those who benefit from the financial statements can be basically classified into four categories which are company managers, creditors, shareholders (investors) and the government. These four use financial ratios for different purposes: company executives to measure the company's financial performance, creditors to see the capability of debt payment, the government to assess whether the firms contribute to economic efficiency and consequently shareholders to determine whether their investments are profitable or not. When investors decide to buy securities, they take macroeconomic or firm-specific variables into account. Changes in macroeconomic variables more or less affect the stock market in the same way. However the impact of macroeconomic variables on each security will not be alike. In other words, the stock market adapts to business cycle fluctuations in the economy. However, management risk and financial risk as the firm-specific factors or non-systematic risks vary depending on the firm’s structure and the aforementioned risks will be minimized by effective management. In this respect, the fundamental analysis which is used frequently to measure financial performance and risk has a significant influence on the formation of shareholder value. Brokerage firms and investment banks related to advisory issue benefit widely from ratio analysis. The study is organized as follows. In the second part of the paper, the literature examining the impact of financial information and ratios on stock returns is summarized. In the third part, detailed information about the data is given. Methodology is presented in the fourth part. In the fifth section, to determine if consolidated financial ratios of banks involved in the XBANK index has a material impact on the XBANK Stock Index, an econometric analysis is performed and VECM is formed. Finally in the last section, the findings obtained as a result of econometric analysis are assessed. The Relationship between Operational Financial Ratios and Firm’s Abnormal Stock Returns Abstract: The investment in stock market and other stocks issued by the firms require sufficient knowledge and understanding of the financial reports and information of the business firms. This study aims to investigate the effects of three types of financial ratios, i.e., profitability/liquidity, continuity and efficiency of business firms over the investors’ abnormal stock returns. To achieve the aim of the study, the ratios were categorized into two group’s namely fundamental ratios and risk-proxy ratios. The financial ratios make a relationship between various economic variables of a firm and make it possible to compare financial information of various firms. The financial ratios also make it easier to evaluate the firm’s performance through examining the relationship between the variables of the financial statements. The results of this study showed that there is a significant relationship between the most fundamental accounting variables, i.e., return on assets, operational cash flow, changes in return on assets, changes in net profit margin and total asset turnover. The existence of this relationship shows the high dependence of abnormal stock returns on its intrinsic fundamental variables. However, there was not any relationship the liquidity ratio and stock returns. Moreover, there was not any significant relationship between the majority of risk proxy variables i.e., the ratio of accruals, operating leverage and stock issuance indicating the independence of abnormal stock returns from risk proxy variables. Keywords: Abnormal stock returns, activity ratios, operational financial ratios, profitability, performance ratios PREDICTION OF STOCK RETURNS USING FINANCIAL RATIOS BASED ON HISTORICAL COST, COMPARED WITH ADJUSTED PRICES (ACCOUNTING FOR INFLATION) WITH NEURAL NETWORK APPROACH ABSTRACT: The purpose of this research is to predict stock returns and the purpose of the least squares regression and neural network approach is used. The potential financial ratios based on the historical cost and financial ratios based on Adjusted Cost predict stock returns are investigated. Independent variables and the dependent variable in this study and financial ratios and stock returns is for these purpose financial ratios for listed companies in Tehran Stock Exchange for the period 2007 to 2012 were collected. The results showed that the predicted stock returns based on financial ratios financial ratios adjusted based on the general price index and the use of neural networks better performance in comparison with the historical financial ratios and least squares regression approach in predicting stock returns has the variables are adjusted based on the general price index, variables, net profit margin, return on assets, current ratio, asset turnover ratio and fixed assets turnover ratio, respectively, are of the greatest importance and impact. Keywords: Stock Returns, Financial Ratios, Accounting for Inflation, an Artificial Neural Network INTRODUCTION Due to the increasing importance of capital markets in small capitalization equip the individual to productive activities, identify variables influencing the behavior of investors and the market price of the stock return is gained (Babaeian and Arab, 2000). It is clear that investing in the stock market is an important part of the economy no doubt, the greatest amount of capital through stock markets around the world will exchange and the national economy is heavily influenced by the performance of the stock market to professional investors and to the public as an investment tool available. Stock markets and other macroeconomic parameters and many other variables affected, several of the factors affecting capital markets and their unknown causes uncertainty on investment (Khaloozadeh, 2003). Obviously this is undesirable feature of uncertainty in decision making and also for investors in the stock market this property is inevitable (Hendrickson, 1992) the overall objective of the research hypothesis and research, is to reduce uncertainty, investors are looking for ways to better predict stock returns to get the maximum performance from your investment. The relationship between stock prices and debt ratio and Capital flows with assets Abstract Some researchers are emphasized on the role of mind the accruals measure in lower of sustainability. Some other are attribute that to economic indicators such as the growth of the company. Discretionary and non-discretionary components of accruals information, including information that has been extracted from the financial statements and this information along with the stock prices of the major factors for achieving the goal analysis followed by investors. In this study, by using systematic elimination, the required data of 144 listed companies in Tehran Stock Exchange during the period 2006 to 2011 were reviewed. Also were used the modified Jones model to the calculation discretionary and non-discretionary accruals. The results of hypothesis testing on the combined data showed that there is significant and direct relationship between the ratio of inventories to net sales and stock prices. In addition, the results of hypothesis testing on the combined data showed significant and direct relationship between the ratio of the sum debt to of total assets and stock prices. Keywords: The ratio of inventories to net sales, the ratio of the sum debt to of total assets, stock prices Introduction Primary aim in financial reporting is to provide information about the performance firms provided by earning and its components. In other words, Users of accounting information In order to evaluate and forecast cash flows and future earnings of business entity and subsequent economic decisions rely more than any other information to data arising of earning or its components. Earning quality on financial reporting could affect at investor confidence in financial markets. Investors are looking for opportunities to invest additional resources in the most efficient capital markets and one of the main factors that every investor in his decision to give a special attention is "stock price". The cash and accrual components of earnings can be used as tools to predict future benefits by investors that in this regard, the accrual component of earnings for manipulated can be benefit special interest. Moreover, separate accruals into discretionary and non-discretionary components could be provided more appropriate context for belter analysis of accruals and subsequent more earnings quality analysis. Investors to make optimal decisions at the purchase, possession or sale of shares in addition to earning and its components pay attention to the other information contained in the financial statements, which can be effective to the stock price and import them to their decisions models, information obtained through the analysis of financial ratios that are underlying the financial statements and can be considered very useful tools in the evaluation of existing and projected future state business . Literature research Identify of components earning behaviors in recent years is form an important part of studies of market efficiency has started with Sloans research. (1996) .Studies at Identify of components earning behaviors show that Profits of nonfinancial items (accruals) has different behavior than financial items (cash flows) about earning of Sustainability. That if investors and other users of financial reports to identify the differences in the behavior of the interest component will have, the data related once provided will be absorbed by the market (Sloan, 1996). Pelk and Sapinza (2012) in their study who were seeking answers to the question whether the incorrect pricing of the stock market are affected investment decisions or not? They respond to the above questions were discretionary accruals as a proxy for the incorrect pricing of stock market. The results of this study indicate that discretionary accruals and capital expenditures are affected at future stock returns. David at el (2012) in a study to answer this question whether cash flows and accruals of the company can be expanded on the stock market Was to investigate the relation between accruals, cash flows and the cumulative stock returns the results showed retained accruals are a positive predictive power of described above and cash flows are a negative predictor for the cumulative stock returns. Exploring the relationship between financial ratios and created shareholders value: A life cycle perspective The aim of this research is to discover relationship between financial ratios and created shareholders value, at the different life cycle stages. Therefore, we select dividend pay-out, sale growth, capital expenditure, and firm age as the life cycle descriptors, which are suggested by Anthony and Ramesh (1992) (our sample firms were gathered from the Tehran Stock Exchange over the period 2005 to 2011), thus to identify firms according three life cycle stages, namely growth, maturity and decline, and investigated the impact of corporate life cycle on relationship between financial ratios and created shareholder value. For testing the hypotheses pooled least squares model was used. The results showed that although there is meaningful relation between financial ratios and created shareholders value, but corporate life cycle of different stages can affect the relationship between financial ratios and created shareholder value. Introduction The shareholder value concept implies that the ultimate measure of a company’s success is to enrich its shareholders. The term in this sense introduced by Alfred Rappaport in 1986 refers to a concept of planned management actions causing returns to shareholders to outperform certain benchmarks such as the cost of capital. For a publicly traded company, SHV is the part of its capitalization that is equity as opposed to long-term debt (Rappaport, 1998). Measuring shareholder value creation has been the subject of discussion all around the world. It has become crucial since companies are increasingly committed to creating shareholders value (Salehi et al, 2011). On the other hand, Whit the increasing global competition, companies are focusing their efforts on creating shareholder value in order to survive the intense competition. In view of this, it is becoming important for companies to measure the value they create for their shareholders. Keeping track of the value created yearon- year enables companies to evaluate past decisions and make decisions that will improve shareholder value (Viswandham & Poornima, 2005). Managers must focus on building shareholders value, because, shareholders as owners of business unions try to increase their wealth, and increasing the wealth causes the assessment of business union favorably, which is very important for business owners. On the other hand, the large challenge for management is proper integration value, given to different profit owners in organization. For this, shareholders search a norm which indicates company's value and rate of created value. And, finding an index is necessary by which company’s performance is logically explored for assessment of manager’s performance and measurement of value give to shareholders (Salehi et al, 2011). While, there is a large literature that supports the shareholder value approach, there is often confusion as to how to create value for shareholders and, especially, how shareholder value should be measured. The identification of the best measure for defining shareholder value has become a critical issue (Fiordelisi et al., 2010). However, companies are choosing to employ a system of measuring shareholder value for many reasons. First, value is the best metric of performance as it the only measure that is comprehensive and hence is useful for decision –making. By increasing shareholder value, companies can maximize the value for other stakeholders (customers, laboure and government (through taxes paid) and suppliers of capital). Review of the prediction power of Altman and Ohlson Models in predicting bankruptcy of Listed Companies in Tehran Stock Exchange – Iran ABSTRACT Current collapses of big companies and the worse fluctuations of the financial markets have evoked the awareness of the stakeholders and mangers to utilize suitable tools to predict the financial distress of companies. One of such tools is the application of financial ratios as independent variables and developing models to predict bankruptcy issue. The objective of this study is first to test the prediction power of original Altman (1983) and Ohlson (1980) models on the dataset of Iranian listed companies and secondly by applying Multiple Discriminate Analysis (i.e. MDA) and Logit Analysis statistical techniques on the same dataset, develop a suitable prediction model for bankruptcy of listed companies in the economic environment of Iran. It was Finally concluded that both original Ohlson bankruptcy prediction model in 1980 without any modification of multipliers and coefficients and Logistic regression technique showed better prediction results than original Atman model in 1983 or Discriminate analysis technique. Key words: bankruptcy, financial ratio, bankruptcy prediction models, multiple discriminate analysis, logistic regression, Altman Model, Ohlson Model IMPACT OF TQM IMPLEMENTATION ON PRODUCTIVITY AND QUALITY - A STUDY AT GENARAL MOTORS ABSTRACT TQM focuses on teamwork, increasing customer satisfaction, and lowering costs. Organizations implement TQM by encouraging managers and employees to collaborate across functions and departments, as well as with customers and suppliers, to identify areas for improvement. The objective of the study is to determine whether the implementation of TQM leads to higher productivity and quality. The study was carried out at General Motors by collecting the primary data from the managers through structured questionnaire. The data was analyzed by descriptive analysis and ANOVAs technique the result revealed that there is a significant relationship between TQM implementation and high productivity and quality. INTRODUCTION Total Quality Management is a method by which management and employees can become involved in the continuous improvement of the production of goods and services. It is a combination of quality and management tools aimed at increasing business and reducing losses due to wasteful practices. TQM views an organization as a collection of processes. It maintains that organizations must strive to continuously improve these processes by incorporating the knowledge and experiences of workers. The simple objective of TQM is “Do the right things, right the first time, every time.” TQM is infinitely variable and adaptable. Although originally applied to manufacturing operations, and for a number of years only used in that area, TQM is now becoming recognized as a generic management tool, just as applicable in service and public sector organizations. LITERATURE REVIEW: In urbanized countries such as UK, USA and JAPAN, total quality management has been a current issue for many years in all business sectors, mainly the manufacturing industry. However, in a developing country like India, even though it has successfully developed substantial manufacturing industry in the last two decades, TQM has made little impact. In manufacturing systems, quality management focuses primarily on technical issues such as equipment reliability, measurement of defects and statistical quality control techniques (process control). But quality management has penetrated into other areas such as product design, research and development, human resources practices (employee empowerment) team work, customer relations and organizational culture. Quality management pervades through the entire organization. Idris et al. (1996) conducted a survey of Malaysian manufacturing companies already registered to ISO 9000, with a view to examining their status as regards TQM implementation. Less than a third of the responding companies claimed to have RQM, but there was a strong minority claiming to have made substantial progress towards total quality practices. Theses authors also describes the Malaysian SIRIM model of total quality training for a company, which is multi-step process involving the adoption of such practices as a quality improvement process, Quality Control Circles(QCC) and TPM. Samson and Terziovski (1999) used a larger database of 1,024 usable responses from Australian and New Zealand manufacturing organizations to examine the relationships between TQM practices, individually and collectively, and firm performance, the study showed that the relationship between TQM practice and organizational performance is significantly in a cross-sectional sense. Based on 698 usable responses from Australian and New Zealand manufacturing organizations, Dow et al. (1999) employed confirmatory factor analysis (CFA) to identifying nine quality practices. Nine quality practices include workforce commitment, shared vision, customer focus, and use of teams, personnel training, co-operative supplier relations, use of benchmarking, advances manufacturing systems, and use of just-in-time principles. Salaheldin Ismail Salaheldin (2003) conducted a study on implementation of TQM strategy in Egyptian manufacturing firms. The study aims to explore the critical resisting and driving forces that inhibit or promote the implementation of total quality management (TQM) strategy in Egypt, in an attempt to determine whether TQM can be implemented effectively in this developing country, a force-field analysis was used for identifying the salient factors affecting TQM implementation in Egypt. The findings indicated that forces that promote or prohibit TQM implementation obtained in one developing country might be generalizable to another less developed country. The investigation identified some driving forces that promote the implementation of TQM strategy by the Egyptian manufacturing firms. G. Karuppusami and R. Gandhinathan, (2006) identified critical success factors of total quality management by using pareto analysis. The authors discussed even through there has been a large number of articles published related to TQM in the last few decades, only a very few articles focused on documenting the critical success factors (CSF’s) of TQM using statistical methods. An examination of 37 such TQM empirical studies resulted in compilation of 56 CSFs.