The Comparison of the Ownership Structure at Different Level of the Financial Collapse in Listed Firms of Tehran Stock Exchange

Abstract

The main objective of this study is to compare ownership structure of different levels of collapse in listed companies of Tehran Stock Exchange (TSE). Study variables are the ownership structure that includes governmental ownership, private ownership (corporate ownership and individual ownership) and the different levels of collapse including latency stage, the stage of cash deficits and commercial and financial insolvency and complete collapse. Altman model (Z´- Score) is used to predict the collapse of firm and Chi-Square test is used to test the research hypothesis. The study is the applied research and statistical population of study includes 96 collapse firms that are active in the TSE (subject to Business Law Article 141). Given the availability of financial information of distressed companies in 7 years between 2004-2010 years, a sample of 81 members was selected. The results show that the ownership structure of collapsed firms is independent from their different levels of collapse.

Moderating Effect of Voluntary Disclosure Quality on The Relationship Between Earnings Management and Cost of Capital

“…al., 2016). Capital that is financed by debt is called leverage, when at any increase in debt the leverage increases and thus the financial risk increases (Kangarlouei et. al., 2013).…”

Risk Disclosure and Earnings Quality in Indonesia Banking Industries: Fair Value, Diversification, Financial Stability

“…However, investors do not know about the specific risks because managers only know specific information about a firm's daily operations. Salem et al (2020), Karajeh (2019), Consoni et al (2017), Omar et al (2014), Kangarlouei et al (2013), Young (2012), dan Francis et al (2008) found that voluntary disclosure increases earnings quality. Thus, disclosure such as risk and voluntary disclosure has a close relationship with earnings quality.…”

“…Previous studies have carried out a study on earnings quality both in the international scope and within the scope of Indonesia. At global coverage, determinant factors on earnings quality such as fair value (Takacs et al, 2020;Pompili & Tutino, 2019;Rhee et al, 2018;Tutino & Pompili, 2018;Mauro et al, 2017;Šodan, 2015), corporate social responsibility (Rezaee et al, 2020;Mohmed et al, 2019;Bozzolan et al, 2015;Kim et al, 2012;Salewski & Zülch, 2012), voluntary disclosure (Salem et al, 2020;Karajeh, 2019;Consoni et al, 2017;Kangarlouei et al, 2013;Francis et al, 2008), diversification (Masud et al, 2017;El Mehdi & Seboui, 2011;Rodríguez-Pérez & van Hemmen, 2010), size (Phuong et al, 2020), financial stability (Riahi, 2020), audit quality (Alzoubi, 2018), profitability (Phuong et al, 2020), dividend (Mulchandani et al, 2020), dan capital structure (Phuong et al, 2020). Studies in Indonesia had investigated several determinant factors such as corporate governance (Sudirgo et al, 2021;Yasa et al, 2020;Saksessia & Firmansyah, 2020;Wijaya et al, 2020;Yasa et al, 2019;Nariman & Ekadjaja, 2018), size (Anam & Afrohah, 2020;Purnamasari & Fachrurrozie, 2020;Anggrainy & Priyadi, 2019;…”