Liquidity of a company is the ability to meet cash commitments before the deadline. Selecting from cash spending or cash holdings by the managers is of great importance for the owners of the company. Various factors can be effective in determining the level of company's liquidity. Ownership structure of companies is one of these factors, which may lead to companies' behavioral change. This change is derived from monitoring activities by different investors in this structure. This study was an attempt to assess the impact of ownership structure on the level of companies' cash holdings in creating appropriate ownership in connection with creating the level of cash holdings. In this study, ownership structure has been categorized into four types of institutional ownership, managerial ownership, corporate ownership, and foreign ownership. In this regard, the impact of institutional, managerial, corporate and foreign variables on the level of cash holdings has been investigated. For every category of ownership, a hypothesis was proposed and its impact on the level of cash holdings was tested. The statistical sample of the research included 96 companies from 2004 to 2013. The statistical method of testing the hypotheses in this study was multiple regressions through panel data. The findings revealed a significant relationship between institutional, managerial, and foreign ownership and the level of cash holdings; however, there was no significant relationship between corporate ownership of the company and the level of cash holdings.
This research aims to examine the specific risk of companies and their effectiveness in various stages of the company life cycle on state and nonstate ownership. For this purpose, the specific risk was estimated using Fama and French three-factor models, and the research objective was examined by considering the data panel model during the period 2015 to 2020 in a statistical sample consisting of 136 companies active in the Tehran Stock Exchange. For this purpose, the main contribution of research is evaluation of the effect of specific risk in different stages of the life cycle of companies admitted to the Tehran Stock Exchange. Therefore, the main valuable advantage to helping stock managers is assessing the impact of government ownership and nongovernment ownership on the specific risk of companies at different stages of the life cycle. Also, presenting a model to show the effects of dependent and independent variables in order to evaluate the impact of government and nongovernment ownership. The research results confirmed that the specific risk of the company in the stages of introduction, growth, and decline is higher compared to the stages of maturity and stagnation of the life cycle of companies listed on the Tehran Stock Exchange. Because the coefficients of virtual variables related to the life cycle stages of the company are estimated to be significant. Also, the finding confirmed that government ownership significantly affects the relationship between firm risk and life cycle stages in companies listed on the Tehran Stock Exchange. Because, the coefficient of variable state ownership is negative and significant, indicating a lower specific risk in state-owned companies than in nonstate-owned companies.
Background: The quality of auditing and how it is performed has always been the subject of audit research. Quality of audit is important because of the increased reliability of the financial results. The quality of auditing is remarkable because it can have a tremendous impact on the decisions of investors, employees, employees, and employees. Objectives: The purpose of this study is to investigate the role of culture in auditors’ social norms and audit quality in Iran’s environmental conditions. Methods: The research method was descriptive and structural equations. The statistical population of this study consisted of all auditors working in member firms of auditors in Iran. According to the unlimited statistical population, with the help of Cochran’s formula, a sample size of 384 was obtained, and finally, by sampling in a questionnaire, 380 were collected. The research tools included innovative questionnaires for activating social norms, audit quality, and auditor culture. Analytical analysis methods were used for the data. Results: The fit indices of the research model were in good condition. Activation of social norms (ethical reasoning, responsibility, honesty, and fairness) significantly affected audit quality. The mediating role of culture in auditors’ social norms and audit quality has also been investigated. Among the hypotheses of mediator sub-relationships, the mediating role of ethical culture (ethics at work) in the relationship between (activating the auditor’s ethical reasoning and audit quality) and the mediating role of Islamic culture in the relationship between (auditor’s sensitivity in accountability and audit quality) became. Conclusions: The activation of social norms significantly affected audit quality. The auditor culture had a significant effect on the relationship between the activation of social norms and audit quality.
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