_______________________________________________________________

_______________________________________________________________

Report Information from ProQuest

02 December 2014 01:34
_______________________________________________________________

02 December 2014

ProQuest

Table of contents
1. The Conservatism in Accounting and Its Effect on Earnings Response Coefficient in Tehran Stock
Exchange Listed Companies...........................................................................................................................

02 December 2014

ii

ProQuest

Document 1 of 1

The Conservatism in Accounting and Its Effect on Earnings Response Coefficient in Tehran Stock
Exchange Listed Companies
Author: Zeidi, Abbas Ramezanzadeh; Taheri, Zabihollah; Farahabadi, Ommolbanin Gholami
ProQuest document link
Abstract: The main purpose of this research is to investigate the relationship between conservatism and
earnings response coefficient. For conservatism, the book-to-market ratio and for measurement of earnings
management Ohlson's valuation model is used. The statistic population of the research includes the listed
companies in Tehran Stock Exchange and the samples include 154 companies over the period of 2007 to 2012.
Using the panel regression analysis, several models have been estimated and the hypotheses have been
examined. Results show that there is negative and significant relationship between conservatism and earnings
response coefficient.
Full text: Headnote
Abstract. The main purpose of this research is to investigate the relationship between conservatism and
earnings response coefficient. For conservatism the book-to-market ratio and for measurement of earnings
management Ohlson's valuation model is used. The statistic population of the research includesthe listed
companies in Tehran Stock Exchange and the samples include 154 companies over the period of 2007 to 2012.
Using the panel regression analysis, several models have been estimated and the hypotheses have been
examined. Results show that there is negative and significant relationship between conservatism and earnings
response coefficient.
Keywords: Conservatism, Earnings Response Coefficient, Earnings per Share
1. INTRODUCTION
Conservatism has been a controversial concept since accounting started as a science, and it has a significant
role in the practice of accounting. Basu believes that conservatism has affected both theoretical and applied
accountings for centuries. Historical records of the early 15th century concerning partnership and collaborative
trade trades show that accounting has been conservative in Medieval Europe. Conservatism is one of the
dominant features of financial reports which have attracted more attention due to scandals (in companies like
Enron and WorldCom). Some recent studies, such as Watts (2003), Roychowdhury and Watts (2005), Lafond
and Watts (2006), are specifically focused on conservatism. The notion of conservatism was introduced when
the balance sheet was the most important, if not the only, financial report, and the components of earnings and
other operational results were less often presented out of the companies.
In securities market, investment decisions are affected by factors like news media, analysts, and financial
reports of companies. Therefore, different responses of investors towards earnings information lead to different
responses by the market. But what are the reasons behind the different responses of the market? Scott, in his
book titled financial accounting theory, presents several reasons including systematic risk (beta), quality of
earnings, continuation of profitability or loss, opportunities for investment growth, and capital structure. Thus, in
earnings response coefficient two variables must be determined; abnormal returns and unexpected earnings.
New securities market values that react to new information can be observed. In fact, the response of the
securities market for a number of unexpected earnings is higher for some companies. Earnings response
coefficient is different responses of the market to the earnings information. In other words, earnings response
coefficient measures the unexpected output in response to the unexpected earnings reported by the companies
which publish the securities (Khoshtinat et al., 2008).
One of the factors that may lead to a different response of the market to earnings information is conservatism.
Many researches have been done on the responses of the market to earnings information. Based on such
02 December 2014

Page 1 of 9

ProQuest

researches, since the notions of conservatism and earnings response coefficient are applied in accounting
differently for financial reporting, and each one can affect the quality of financial reporting, and hence affect the
efficiency of investment market and the behavior of investors, creditors, and in general behavior of all who use
the financial lists, it seems that investigating the relation between these two factors can contribute to the
literature of this issue.
In this study, the researcher tries to answer the question of whether conservatism in accounting approaches
affects the earnings response coefficient, and what is the response of earnings coefficient of each share in such
companies.
2. BACKGROUND AND LITRATURE REVIEW
Many researches have been done concerning the earnings response coefficient and the factors affecting it.
According to these studies, the investors' decisions lead to the market response. The new values of the
securities market which respond to the new information can be observed. The first evidences of the securities
market response to publishing and announcement of earnings were provided by Ball and Brown (1986). In
addition to demonstrating the market response to publishing the earnings according to the prediction, they
measured the amount of the response in forms of mean and average. They showed that investors' response to
the companies with good news resulted in unexpectedly positive outcome and to the companies with bad news
led to unexpectedly negative outcome. Ball and Brown applied the average of unexpected securities in their
research. This average can cover a high amount of deviation from the mean. Thus, the unexpected outcome is
probably at the average level for some companies and below the average for some others.
Vikil (1990) investigated the effect of audit change on the earnings quality and the earnings response
coefficient. He hypothesized that earnings response coefficient in the companies that had changed their audit
would face a significant change; however, he could not prove his hypothesis based on the statistic results.
In a research trying to provide a way to interpret the market from the published and announced information of
earnings, Ceris and Samer (2005), directly related earnings response coefficient with continuation of profitability
trend. This research differs from other researches concerning the effect of continuation of profitability trend on
the earnings response coefficient in that it considered the continuation of unexpected earnings trend as the
effective variable rather than the continuation of profitability trend. Moreover, in interpretation of the earnings
response coefficient, rather than dividing it into two levels, stable and instable, it is divided into several new
levels. The findings proved the relation between the variables of the research.
Tosh, Zayang and Jian (2005), tried to show that the companies which disclose the increases due to keeping in
profits and incomes have a more earnings quality and higher earnings response coefficient in comparison with
those companies that disclose only increases due to keeping in profit. Their research findings proved their
assumptions.
In a research, Louis (2011) investigated the relation between conservatism accounting and the value of kept
cash money with that of abnormal outcome of a company. He found that conservatism accounting affects
positively the relation between kept cash money and future operation of the company. In addition, the results
prove that conservatism accounting is related to optimal use of available cash of the company. The results also
supported the view that conservatism accounting can be are placement for foreign supervision, resulting in
expense decrease.
Abed et al. (2012) investigated a level of conservatism in accounting and its relation with earning management.
The results of their research showed that levels of conservatism differ in different companies. They also found
that conservatism and earnings managements are negatively correlated.
Khoshtinat and Joshghani (2006) examined the effects of financial leverage on earnings response coefficient in
Tehran Stock Exchange listed companies. The objective of their research was to answer the question of
whether investors and analysts consider the capital structure of the companies and how much leverage they
were in their response to good and bad news resulting from publishing accounting information, and whether
02 December 2014

Page 2 of 9

ProQuest

their response affected such news. In this research, they employed the balance sheet approach to measure
financial leverage. In the balance sheet approach two definitions are given for leverage: the ratio of debt to
assets and the ratio of debts to the share holders' right, both of which have been considered in this research.
Investigation of the only hypothesis by regression analysis during the period of 2000-2004 shows that in the first
definition of leverage in the entire sample and in the second definition of leverage in the high level of leverage,
there are negative relations between the financial leverage and the earnings response coefficient. However, in
the first definition of Leverage in the low level and in the second definition in the entire sample in the low level
no significant relation was observed between the financial leverage and the earnings response coefficient.
Ahmadi (2008) studied the relation between the earnings quality and earnings response coefficient. In this study
the qualitative characteristics of financial information are used to evaluate the earnings quality. In this research,
firstly, the dimensions of relevance and reliability benefits have been separately estimated using time series
analysis and combined data methods. Companies were classified on the basis of high and low earnings quality
based on cluster analysis. In order to test the hypothesis Ohlson's model (regression price-profit) was used. The
findings show that the earnings response coefficient as well as the explanatory power of the regression (costbenefit) is significantly higher in portfolio of companies with high quality of earnings than companies with low
quality of earnings. Thus, both hypothesis of the research were proved.
2.1. The Statistic Population
In the present study, to test the hypotheses classified financial data of listed companies in Tehran Stock
Exchange has been used. Samples were limited to the companies with the following specifications:
1) The end of the financial year of the company was the end of Iranian calendar year.
2) The company did not have a change of the financial year in two succeeding years.
3) The financial data of the company for the study period was accessible.
4) The company was not one of the investment companies, leasing and banks due to the nature of their
activities.
Considering the mentioned limitations, 154 companies were selected for the study.
2.2. The Research Hypothesis
Based on the preliminary studies, the research hypothesis is as follows:
There is a significant correlation between conservatism and earnings response coefficient.
3. METHODOLOGY
This research is based on descriptive-exploratory approach. It studies the present situation, describing it
systematically, and examines characteristics and features of the present situation in relations between the
variables. This type of research is not only practical in the area of decision-making and planning but is also
fundamental since it leads to scientific facts based on inductive method.
3.1. The Operational Definition of Variables and the Way They are calculated
Dependent Variable (Earnings Response Coefficient), The earnings response coefficient measures the
unexpected yield of the market in response to the unexpected component of reported earnings by a company
that has securities sites. In other words, the earnings response coefficient measures the sensitivity of the
market to declaration of profit by the slope coefficient of the regression of abnormal returns and unexpected
earnings (Scott, 2003). In this research, the dependent variable is the earnings response coefficient. The
earnings response coefficient, which measures the reaction of the market to changes of profit of each share and
is derived from a regression of price and earnings per share, accounts for the way the information regarding
profit can affect the stock price. The assessment model, based on Ohlson's , is as follows. Following Barth et al.
(1999), the researcher added two variables, namely risk and growth, to the equation so that the effects of other
variables can be controlled. The desired variable in this research is the EPS coefficient.
Price = 0 +1 BVE + 2 EPS + 3 (EPS * DE) + 4 (EPS *EVAR) +
Price: The price of each share at the end of the financial year
02 December 2014

Page 3 of 9

ProQuest

BVE: Book Value of each share

EPS: Earnings per share before unexpected items
DE: Debt to equity ratio (risk)
EVAR: The change percentage in earnings of per share
3.2. The Independent Variable
Conservatism is one of the dominant features of financial reporting which have attracted more attention in
recent years due to financial scandals (in companies like Enron and WorldCom). The independent variable in
this research is conservatism. According to previous studies (Ahmad et al, 2002; Zhang, 2007; Lobo et al,
2008), the ratio of the book value to the market value of equity is considered as the representative of
conservatism. The ratio of book value to market value of equity being less than one is an indication of
accounting conservatism.
3.3. The Control Variables
3.3.1. Size
Zimmerman (1983) states that big companies are more conservative due to more political sensitivity (Political
Cost Theory). In the present research, the natural logarithm of total assets of the end of period is considered as
the indication of the company size.
3.3.2. Operation
Operation, measured through ROE, is calculated by dividing the earnings, after tax deduction, on the total
shareholders' equity at the end of the period.
3.3.3. Financial Leverage
Accounting methods are related to financial leverage since one of the criteria which is considered by the
creditors in Iran, i.e. banks, is the ration of debts of the company. Therefore, the higher the ratio of debt of a
company is, the less intention it will show to use conservatism methods. Consequently, company managers are
expected to apply less conservative methods in their financial statements in order to reduce the risk of rejection
of loan applications and to avoid incurring higher interest costs. This variable is defined as total debts to total
assets at the end of period. This ratio is calculated by dividing total debts to total assets.
3.4. Earnings Management
According to previous studies, discretionary accruals in a company represent earnings management. Residual
values of the modified Jones's model of accruals, that is, discretionary accruals are employed in this research
as the criterion of earnings management.
3.5. Analyses Concerning the Main Model of the Research
The hypothesis of this research concerns the relation between conservatism and earning response coefficient.
This relation is also considered in the main model of the research. To examine such a relation, in this research,
Ohlson's general model of assessment was employed. To examine the main model of the research, the
interactive variable of conservatism index (the ratio of book value to market value) and earnings per share is
included in the main model. In this research, to control the effects of some factors according to previous studies,
the researcher will consider the variables of the ratio of debt to shareholders' equity and percentage of change
in earnings per share, size, yield of shareholders' equity, earnings management as control variables, the impact
of which will be assessed as interactive relationships.
3.6. Descriptive Statistics of the Main Model Variables
The descriptive statistics of the variables include central, dispersion, and distribution indexes. In this research,
information related to mean and median from central index, standard deviation related to dispersion index, and
stretching and skewing related to distribution index are presented. In addition, in this figure, Jarque -Bera
statistic and the related level of significance are presented for examining the normality of the variables
distribution. The descriptive statistics of the main model variables are given in table (1):
Observations show that the average price of each share of the sample companies is about 4395 Rials. The
02 December 2014

Page 4 of 9

ProQuest

book value per share is about 1885 Rials in average, and the earnings per share is average about 600 Rials.
These three are the basic variables of Ohlson's assessment model which all have positive skewing and
stretching. Positive stretching indicates that the curve of variables distribution is longer than normal distribution.
As it is also observed from the Jarque-Bera and the related level of significance, the three variables do not have
a normal distribution.
Observations indicate that the conservatism index of the sample companies is about 0.88 in average. As it was
already mentioned, in Jain and Rezaee's (2004) belief, the ratio of book value to market value of equity being
less than one is an indication of accounting conservatism. Since this proportion is less than one in the sample
companies, in these companies there is conservatism accounting. In half of the companies the ratio of book
value to the market value is more than 0.55, and in the other half this ratio is less than 0.55. The debt of the
sample companies is averagely about two times of their shareholders' equity. The mean of change percentage
of earnings per share shows that the earnings per share of the companies have changed nearly 11.26 units
during the period of this research. The yield of shareholders' equity of the research samples is about 40
percent. The discretionary accruals, which indicate earnings management, is -4.50E-12. The minus mark shows
a negative relation between earnings management and earnings response coefficient.
4. RESULTS AND DISCUSSIONS
4.1. Examining Correlation between the Main Model Variables
In this section, using Pearson's correlation coefficient, existence and direction of correlation between the
variables of the model of response coefficient is examined. The correlation coefficient matrix is given in table
(2).
As it is seen in this table, considering the level of significance related to correlation coefficient between the
variables, the intensity of the relationship between the explanatory variables of the main model is weak or
average, and a strong correlation between the explanatory variables is not observed. Therefore, simultaneous
entry of variables in the research model would not interfere in terms of linear time.
4.2. Tests Related to Main Models of the Research
Test of the main model is performed at 95% certainty level based on multiple variables regression, and in
estimating the general model combined data analysis will be used. In this analysis, first to choose a suitable
model, Chow test (for choosing a model with or without effects) and Hausman test (for choosing a model with
fixed effects) are used. For examining significance of the regression model Fisher's statistic, for examining the
significance of the regression model coefficients Student'st statistic, for examining autocorrelation between
observations Durbin-Watson statistic, and for examining explanatory power of the model the adjusted coefficient
of determination statistics are used.
4.3. Tests Related to the Model of Correlation between Conservatism Index and Earnings Response Coefficient
To choose a suitable model, Chow test and Hausman test were used. The results of these tests are given in
table (3). Considering the F statistic of Chow test and the amount of probability (less than 0.05) the model with
effects is suitable. According to the c of Hausman test and the amount of probability (less than 0.05), the model
with fixed effects is suitable.
The results of estimating the model by fixed effects method are given in table (4). Analyzing the results of model
estimating, the followings can be concluded: the t statistic and probability (less than 0.05) indicate the
significance of both book value per share and earnings per share. Moreover, the width of source of the model
affects the model positively and significantly. Considering the fact that the variable coefficient of earnings per
share in the model is 1.298114, the market price of each share responds positively and significantly to the
changes of earnings per share. In other words, the earnings response coefficient is positive.
In this model, correlation between conservatism and earnings response coefficients is performed through
examining the interactive variable. The t statistic and the probability (less than 0.05) indicate the significance of
02 December 2014

Page 5 of 9

ProQuest

the interactive variable. Of course, the negative coefficient of the interactive variable indicates a negative and
significant correlation between the index of conservatism and earnings response coefficients.
In the first model of earnings response coefficient, the variable coefficient of earnings per share in the model is
2.002890. In other words, earnings response coefficient is positive, and the market price of each share
responds positively and significantly to changes of earnings per share. In the model of correlation between
conservatism index and earnings response coefficient, the variable coefficient of earnings per share in the
model is 1.298114. In other words, earnings response coefficient is positive and the market price of each share
responds positively and significantly to changes of earnings per share. Decrease in coefficient of earnings per
share represents the impact of conservatism interactive variable on earnings response coefficient, a fact which
is in accordance with the research findings. The adjusted R2 statistic of the model indicates that nearly 80
percent of changes in the market price of each share can be explained by the explanatory variables, while the
adjusted R2 statistic of the first model, without the presence of the interactive variable of earnings management
is about 37 percent. This increase of approximately 43 percent in adjusted coefficient of determination is
another reason for the interactive role of conservatism in the model, and it can account for high reaction of the
market price of each share to the changes of earnings per share. Durbin-Watson statistic of the model is
1.872307, and this rejects the assumption of autocorrelation between the elements of the model.
4.4. Tests Related to the Model of Correlation between Conservatism Index and Earnings Response Coefficient
at the Presence of Control Variables (Ration of Debt and Growth)
To choose a suitable model, Chow test and Hausman test were used. The results of these tests are given in
table (5). Considering the F statistic of Chow test and the amount of probability (less than 0.05) the model with
effects is suitable. According to the X2 of Hausman test and the amount of probability (less than 0.05), the
model with fixed effects is suitable.
The results of estimating the model by fixed effects method are given in table (6).
Analyzing the results of model estimating, the followings can be concluded: the t statistic and the probability
(less than 0.05) indicate the significance of both book value per share and earnings per share. Considering the
fact that the variable coefficient of earnings per share in the model is 1.081997, the market price of each share
responds positively and significantly to the changes of earnings per share. In other words, the earnings
response coefficient is positive.
The variable coefficient of earnings per share in this model decreased in comparison with the previous models.
This means that earnings response coefficient in the model with the interactive role of conservatism and with
the control variables is decreased compared with the previous situation in which the control variable were not
present, indicating that the control variables affects the model. The adjusted R2 statistic of the model indicates
that nearly 83 percent of changes in the market price of each share can be explained by the explanatory
variables. The adjusted coefficient of the model with interactive role of conservatism is higher than the previous
models. Durbin-Watson statistic of the model is 1.958772, and this rejects the assumption of autocorrelation
between the elements of the model.
4.5. Tests Related to the Model of Correlation between Conservatism Index and Earnings Response Coefficient
at the Presence of Control Variables (Ration of Debt, Percentage of Earnings Changes, Size, Profitability, and
Earnings Management)
Analyzing the results of model estimating, the followings can be concluded: the t statistic and the probability
(less than 0.05) indicate the significance of both book value per share and earnings per share. Considering the
fact that the variable coefficient of earnings per share in the model is 1.196885, the market price of each share
responds positively and significantly to the changes of earnings per share. In other words, the earnings
response coefficient is positive.
The variable coefficient of earnings per share in this model has increased in comparison with the previous
models. This means that earnings response coefficient in the model with the interactive role of conservatism
02 December 2014

Page 6 of 9

ProQuest

and with the control variables (yield and earnings management) is again increased compared with the previous
situation, showing the role of the newly added control variables. Among the newly added control variables, the
size is not significant, the control variable of yield has a positive and significant effect on the model, and the
earnings management has a negative and significant effect. The adjusted R2 statistic of the model indicates
that nearly 89 percent of changes in the market price of each share can be explained by the explanatory
variables. The adjusted coefficient of the model with interactive role of conservatism is higher than the previous
models. Durbin-Watson statistic of the model is 1.921116, and this rejects the assumption of autocorrelation
between the elements of the model.
5. CONCLUSION
In this research, first the interactive variable of conservatism was fitted without control variables. The results
show that the earnings response coefficient is positive and its amount is less than the primary situation without
the interactive variable of earnings management, indicating that the interactive variable of conservatism affects
the model. In the second stage, the interactive variables of risk and growth in form of interaction were inserted
into the model together with the interactive variable of conservatism. In this case, the findings showed a positive
earnings response coefficient, yet the amount was less than the first case in which no control variable was
present. This indicates that the control variables of risk and growth influence the amount of earnings response
coefficient. In the last stage, the interactive variables of size, yield of shareholders' equity, and earnings
management were inserted into the model. The findings in this case, too, show a positive earnings response
coefficient. This time, also, the earnings response coefficient was higher in comparison with the previous
situation in which only two variables of growth and risk were present, indicating the effect of new control
variables on the changes of earnings response coefficient. In general, it can be concluded that there is a
negative and significant correlation between conservatism and earnings response coefficient, and adding the
interactive variable of conservatism will lead to reduction of earnings response coefficient in the model.
Suggestions for Future Studies:
1- It is suggested that the role of earnings smoothing on statement of earnings response coefficients are
examined.
2- It is suggested that time-series properties of earnings, including earnings persistence, earnings predictability
and the like should be considered in the evaluation of earnings response coefficients.
3- It is suggested that earnings response coefficient is separately investigated in different bourse industries.
References
REFERENCES
Abed S, Al-Badainah J, Serdaneh JA (2012). The Level of Conservatism in Accounting Policies and Its Effect on
Earnings Management. International Journal of Economics And Finance, 4(6): 78-85.
Ahmed AS, Billings BK, Morton RM, Harris MS (2002). The Role of Accounting Conservatism in mitigating
bondholder-shareholderconflicts over dividend policy and in reducing debt costs. The Accounting Review, 77
(4): 867-890.
Bae B, Sami H (2005). The effect of potential Environmental Liabilitieson Earnings Response Coefficients.
Journal of Accounting, Auditing &Finance, 43-70.
Barth ME, Beaver WH, Hand JRM, Landsman WR (1999) Accruals, Cash Flows, and Equity Values. Review of
Accounting Studies, 4: 205- 229.
Basu S (1997). The Conservatism Principle and the Asymmetric Timeliness of Earnings. Journal of Accounting
and Economics, 3-37.
Ballsam S, Krishnan J, Yang J, (2003). Auditor Industry Specialization and the Earnings Response Coefficient.
Auditing: A journal of practice &Theory.
Belkaoui AR (2002). The Effects of Multinationality on EarningsResponse Coefficients. Managerial Finance, 28:
97-106.
02 December 2014

Page 7 of 9

ProQuest

Chang A, Shiva K (2010). Earnings Management and Earnings Predictability. www.ssrn.com, working paper.
Collins D, Kothari S (1989). An Analysis of International and Cross-Sectional Determinants of Earnings
Response Coefficients. Accounting and Economics, 11: 143-18.
Dechow PM, Skinner DJ (2000). Earnings management: Reconciling the views of accounting academics,
practitioners, and regulators. Accounting Horizons, 14(June): 235-250
Hong T, Wong S, Perceived T (1993). Quality Auditor and Earnings Response Coefficient", Accounting Review,
68(2): 346-366.
Jain P, Rezaee Z (2004). The Sarbanes- Oxley Act of 2002 &Accounting Conservatism. www.ssrn.com,
Working Paper series.
Khani A (2007). The relationship between accounting profit and accounting abnormal returns profit in Tehran
Stock Exchange. Journal of Faculty of Administrative Sciences and Economics, University of Tehran, 19(1).
Khoshtinat M, Josheghani FH (2008). Accounting Studies, 17: 1-26.
Lafond R (2005). The influence of ownership structure on earnings conservatism and the informativeness of
stock prices: An international comparison. On line:17. http://www.ssrn.com;
Lobo GJ, Parthasarathy K, Sivaramakrishnan S (2008). Growth, Managerial Reporting Behavior, and
Accounting Conservatism. Working paper Series. University of Houston.
Roychowdhury S, Watts R (2007). Asymmetric Timeliness of Earnings, Market to Book and conservatism in
financial reporting. Journal of Accounting &Economics 44: 2-31.
Perols JL, Lougee A (2011). The relation between earnings management and financial statement fraud.
Contents lists available at ScienceDirect, 39 -53.
Rahmani A, Bashirimanesh N, Shahrokhi S (2012). Accounting Knowledge , 10: 29-50.
Saghafi A, Bolo G (2009). Cost of shareholders salary and earnings attributes. Accounting Research, 2: 44-59.
Watts. Ross L (2003). Conservatism in Accounting, Part II : Evidence and Research Opportunities,
www.ssrn.com,Working Paper.
Zhang F (2007). Accruals, Investment, Growth, and The accrual Anomaly. The Accounting Review. 82(5): 13331363.
AuthorAffiliation
Abbas Ramezanzadeh Zeidi1*, Zabihollah Taheri2, Ommolbanin Gholami Farahabadi3
1Department of Accounting, Neka Branch, Islamic Azad University, Neka, Iran
2Department of Accounting, Payamenour University, Sari, Iran
3Department of Accounting, Payamenour University, Neka, Iran
*Corresponding Author: E-mail: Rameznzadeha@yahoo.com
Received 11 November 2013; Accepted 27 December 2013
Abbas Ramezanzadeh Zeidi received his MA in Accounting from Tehran Branch, Islamic Azad University.
Currently, he is PhD Candidate at AMU India. He has more than 20 papers in the referees journals and
conferences. He is faculty member of Neka Branch, Islamic Azad University.
Zabihollah Taheri received his MA in Accounting from Tehran Branch, Islamic Azad University. He is faculty
member of Payamenour University, Sari, Iran.
Ommolbanin Gholami Farahabadi received her MA in Accounting from Payamenour University, Behshahr, Iran.
She is faculty member of Payamenour University, Neka, Iran.
Publication title: International Journal of Scientific Research in Knowledge
Volume: 2
Issue: 1
Pages: 28-37

02 December 2014

Page 8 of 9

ProQuest

Number of pages: 10
Publication year: 2014
Publication date: Jan 2014
Year: 2014
Section: Full Length Research Paper
Publisher: International Journals of Scientific Research Publications (IJSRP)
Place of publication: Isfahan
Country of publication: Malaysia
Publication subject: Sciences: Comprehensive Works
Source type: Scholarly Journals
Language of publication: English
Document type: Feature
Document feature: Tables References
ProQuest document ID: 1521023214
Document URL: http://search.proquest.com/docview/1521023214?accountid=49910
Copyright: Copyright International Journals of Scientific Research Publications (IJSRP) Jan 2014
Last updated: 2014-05-24
Database: ProQuest Agriculture Journals

_______________________________________________________________
Contact ProQuest

Copyright 2014 ProQuest LLC. All rights reserved. - Terms and Conditions

02 December 2014

Page 9 of 9

ProQuest