رابطه اقلام تعهدي اختياري با وجه نقد عملياتي بازده سهام و كارايي سرمايه گذاري دارايي هاي سرمايه اي در شركت هاي پذيرفته شده بورس اوراق بهادار تهران

The Relationship between Discretionary Accruals with Operating Cash, Stock Return, and the Efficiency of Capital Investment within the Companies Listed in Tehran Stock Exchange

This research aims to determine the differences in investment process of the firms with or without discretionary accruals. The relationship between discretionary accruals and operating cash flows, stock return, and the efficiency of capital investment within the companies listed in Tehran Stock Exchange is studied. Therefore, a research sample of manufacturing companies listed in Tehran stock exchange during 1999-2006 is selected. Three hypotheses were set up. The first hypothesis refers to the presence of a significant relationship between the future capital investment with discretionary accruals of the current period and the future operating cash flows. The second hypothesis emphasizes the existence of a significant relationship between the stock return of the current period shares with discretionary accruals and external finance. And the third hypothesis predicts a smaller return ratio of assets for firms with greater accruals. Regarding the theoretical basis and the literature of the research, three regression models were used for data analysis. The results confirmed all of the research hypotheses.