Issue #3 (spec. issue) (Volume 14 2016)

Nowadays, reaching to economic goals in any society requires public participation, which is only the result of people participation. Investment in stock market is one of people participation methods. So, awareness from stock return and its affecting factors is one of anxieties of investors and owners of shares. In this research, authors evaluate the effective factors on stock return using Fama and French models. So, authors study the effect of some factors including accruals quality, anomalies of investments, size factor, market’s risk premium factor, and book equity to market equity factor, on stock’s risk premium which is representative of stock returns, in 70 listed companies in Tehran stock exchange from 20 March 2003 to 20 March 2014. Results showed that accruals quality and quality of risk have meaningful effect on risk premium, which is representative of stock returns. Results also show that investment anomaly has no meaningful effect on risk premium and, consequently, on stock returns.

Keywords: accruals quality, investments anomaly, risk premium, return diversity, stock returns, quality of earnings, discretionary accruals, systematic risk.
JEL Classification: M41, G12, G14

Administrative corruption in a simple definition is violation of a law for personal benefits by utilization of job position. It is a phenomenon within today’s world as one of the most important obstacles on the way of societies’ progress. The impact of different factors in forming corruption has given it a complicated nature. Administrative corruption is a correlative issue and it is different according to value system of each society. This article is trying to present a solution in order to fight against administrative corruption through classification of staff with the help of explaining the relation of their perception, sensation and commitment towards corruption and corrupted situations. Present study in terms of purpose is developmental-practical, and in terms of execution and based upon research purposes is a survey. The study population is the staff of Ministry of Economic Affairs and Finance in 2015. In order to explain perception, sensation and the behavior of staff, the questionnaire of administrative corruption is designed in three dimensions: perceptive aspect (cognitive) which includes items for assessing the status of awareness and recognition of staff from instances and consequences of administrative corruption; sensation aspect which includes items for assessing the vision and tendencies of staff towards corruption, and behavioral aspect which is formed from items for assessing the behavior of staff in facing with corruptive situations. In order to identify the reasons of corruption two questionnaires of “National identity” and “Organizational culture” have been designed. The result of the research was that the perpetrators of corruption can be divided into three categories. First category is the staff that their perception is positive, it means that they have adequate cognition from manifestations and corruption consequences and their feeling about corruption is negative, it means that they consider it as an ominous phenomenon, but they are guilty of corruption. Second category is the staff that their perception is positive, they don’t see corruption as an ominous phenomenon. Consequently, their feeling toward corruption is positive, and they perpetrate it. The third category is the staff whose perception is negative, their feeling is uncertain, and they perpetrate it. The behavior of these categories will be interpreted in form of related theories. The significant note is that despite the tendency average to practice administrative corruption among governmental staff is lower than assumed average and it indicates that there is a protection of corruption perpetration, but the rank of our country is not favorable the International Organization report. This warning made the researchers to provide new solutions to help resolving this social issue by reviewing current solutions for prevention, and fighting against administrative corruption, regarding the richness of evaluating system in Iran.

Keywords: corruption, administrative corruption, corruption perception, sense of corruption, corruption behavior, organizational culture, national identity.
JEL Classification: D73, M12, Z10

The main purpose of this study is analyzing the relationship between organizational citizenship behavior and market orientation. This study is an applied research in terms of the purpose based on a descriptive correlational method. The statistical population included all employees of Agricultural Jihad Organization of Mazandaran province consisting of 1923 persons. 391 people (male and female) were selected using random stratified sample. Data were collected through two standard questionnaires: Podsakoff’s (2003) organizational citizenship behavior (24 questions) and Fazel’s (2012) organizational performance (13 questions). Validity of questionnaires was confirmed by experts and reliability of them was confirmed using Cronbach’s coefficient alphabet. Cronbach’s alpha for the organizational citizenship behavior and organizational performance was calculated by 0.80 and 0.87. Components of organizational citizenship behavior included civic virtue, altruism, conscientiousness, sportsmanship, and courtesy. Components of organizational performance included customer satisfaction, employee satisfaction, organizational effectiveness, and financial results and the market. Data were analyzed using descriptive and inferential statistics through SPSS software. The descriptive statistics included frequency, percentage, mean, and standard deviation and inferential statistics included Kolmogorov-Smirnov, Spearman’s rank correlation coefficient, Fisher’s z-distribution using SPSS software.

Keywords: organizational citizenship behavior, employees, organizational performance, Agricultural Jihad, Mazandaran Province.
JEL Classification: D23, M12, M10

Increasing market share is one of the main challenges of organizations nowadays, in order to guarantee profitability and survival of the organization. Market share index in an indicator of success/failure. The aim of the present study is to investigate the effect of strategic management accounting techniques effect on market share changes in Tehran stock market companies. This is a descriptive research in which information are in collected via secondary data and inspecting financial statements. The purpose is to investigate the relationship between variables of the study and then find their correlation.
Results of the study suggested that market added value, net present value, profitability index and investment return rate are among those accounting strategic techniques that have significant effect on markets market share, but economical added valued doesn’t have a significant effect on markets share changes.

Keywords: market added value (MAV), economic value added, net present value, profitability index, investment return rate, market share changes.
JEL Classification: G14, G30, M31, M41

In this paper, along with introducing determinants affecting decision making relevant to dividend policy, the impact of these factors on companies which merely sell their products domestically is compared with their impact on companies which, in addition to domestic sales, have exports as well. In this regard, 712 companies were tested during the years 2008 to 2013.
In this study, the ratio of dividend per share to earnings per share (DPS/EPS) was used as a dividend policy index; for expressing the significant difference in dividend policy of multinational and domestic companies, t and “Mann Whitney” tests were applied. For stating the determinants in dividend policy, the variables systematic risk, profitability, free cash flow, sales growth, firm size and leverage were used. For the analysis and interpretation of data, a multivariate linear regression model was implemented as panel data. Research findings demonstrate the existence of significant difference in dividend policy of multinational and domestic companies such that the multinational companies shared more profit compared with their domestic counterparts. Whereas only leverage and profitability were among the determinants in the domestic companies, for multinational companies, in addition to these variables, the variables of free cash flows and sales growth were also among significant factors. Furthermore, the impact of Beta variables and the firm size were not found significant on dividend policy of domestic and multinational companies.

Keywords: dividend policy, long term debt, multinational companies (MCs), domestic companies (DCs).
JEL Classification: G32, G35, H63, F23

This paper aims to evaluate the relationship between the quality of reporting and efficiency of investment in companies registered at Tehran Stock Exchange Market during 2010-2014 (Iranian calendar) period. The population consists of manufacturing firms registered at Tehran Stock Exchange and the statistical sample includes 126 companies. To explore the assumptions of the research, secondary data, as well as audited balance sheets have been used to collect the data. The data have been analyzed using descriptive and inferential methods at two levels and via Panel Yapold tests. Reliability for variables has been verified using Luin, Leen and Chu methods for data related to the study. The results coming out of the study have been obtained by financial and monetary data of the companies registered at Tehran Stock Exchange during the years between 2010 and 2014 and have been analyzed. It was illustrated that not only companies that used higher qualities of reporting had better investments, but also the higher quality of reporting itself made the investments more efficient. Moreover, the results showed that there is negative and significant relation between too much investment and quality of financial reporting and between too little investment and the quality of reporting.

Keywords: quality of reporting, investment efficiency, Tehran Stock Exchange.
JEL Classification: M41, M42, G32

The present study investigates the effects of behavioral biases on the efficiency of Tehran stock exchange. In fact, these biases are the mistakes that individuals make while making financial decisions.
The methodology of this research is that firms with financial information during 1997 to 2006 that have also been active on the stock exchange have been classified based on two criterions of operating profit/per share and earnings per share, then, the return of these firms was calculated in the first period and compared to their return in the second period. Therefore, it will be clear that the companies’ financial performance trend has been effective on the behavioral biases of investors and consequently on their extreme reactions towards the published information. Therefore, the process of the stock return changes can be predicted in the coming period. As a result, this hypothesis is an evidence of market inefficiency and predictability of financial behavioral theories. On the other hand, this research does not offer sufficient and strong evidences on the effect of consistency in the financial performance process and also the presence of compatible and incompatible signs in companies’ financial performance on the market predictability. Thus, in this case, it is not possible to admit the effect of behavioral biases on the predictability and thus market efficiency.

Keywords: behavioral finance, financial performance, behavioral bias, representation, conservatism.
JEL Classification: G02, G23, M41

Unlike learning process, the critical phenomenon of organizational forgetting is not entirely understood. There are two categories of forgetting: accidental forgetting (not-preferred) and intentional forgetting (preferred). Therefore, all the variables that influence intentional forgetting can be important for organizational learning. One of them, which have been neglected thus far, is the edge of chaos in quantum learning. It is the point that a balance is achieved between stability and chaos. Organizational innovation, learning, and creativity all reach a proper level at this point. Along with emphasizing on these variables and surveying an IT-based organization, the present study is an attempt to discover the causal relationships between the variables. Based on the data from 289 filled out questionnaires, of which reliability and validity have been confirmed, structural equations model was developed in AMOS. The results showed that the all path coefficients were significant. In addition, comparison of goodness of fit indices and the standard range showed that all indices were acceptable and the main hypothesis regarding effectiveness of quantum learning on organizational forgetting was supported. The effect of quantum learning on organizational forgetting in non-standard and standard conditions was 0.51 and 0.28, respectively.

Keywords: quantum learning, edge of chaos management, intentional organizational forgetting.
JEL Classification: D83, D23

Today, the management of resources and current expenditures, working capital management is to maximize shareholder wealth as part of the task of financial management is particularly important. Administrators can choose different strategies affect the company’s liquidity. I.e., in current assets can be conservative or aggressive strategy to secure and in current liabilities can be either conservative or aggressive strategy selected. Risk management is the process that tries the risk of providing investors with regard to their expected returns and put it in the right direction. It should also be noted that risk and return are two integral part of the decision making and risks should always be considered with regard to efficiency. The purpose of this study is to evaluate the impact of working capital policy on risk management companies. This study is based on analysis of literature and analytical Ali panel data (panel data) is. In this study, the financial data of 110 companies listed in Tehran Stock Exchange during the period 2007 to 2012 were reviewed (660 firm – years). To analyze the results of the study program 20 Spss, 7 Eviews and 16 Minitab is used. The results confirm the hypotheses associated with the sub 1-1, 2-1, 3-1 and 4-1, respectively, show that Among the four criteria of profitability and working capital policy, return on assets, return on equity, return on investment and Tobin’s q and there is a direct relationship. The results confirm the hypotheses associated with sub 1.2 and 2.2, respectively, indicating that the between policy and operational risk and financial risk, working capital and an inverse relationship exists.

Keywords: policy, working capital, return on assets, return on equity, Tobin’s q, return on investment, operational risk, financial risk, and panel data.
JEL Classification: G30, G32

The main purpose of this study is analyzing the relationship between organizational citizenship behavior and market orientation. This study is an applied research in terms of the purpose based on a descriptive correlational method. The statistical population included all employees of Agricultural Jihad Organization of Mazandaran province consisting of 1923 persons. 391 people (male and female) were selected using random stratified sample. Data were collected through two standard questionnaires: Podsakoff’s (2003) organizational citizenship behavior and Kohli, Jaworski, Narver, and Slater’s (1990) market orientation. Validity of questionnaires was confirmed by experts and reliability of them was confirmed using Cronbach’s coefficient alphabet. Cronbach’s alpha for the organizational citizenship behavior and market orientation was calculated by 0.80 and 0.91. Components of organizational citizenship behavior included civic virtue, altruism, conscientiousness, sportsmanship, and courtesy. Components of market orientation included customer orientation, competitor orientation, and intra-functional coordination. Data were analyzed using descriptive and inferential statistics through SPSS software. The results of the study showed that there is a significant relationship between organizational citizenship behavior and market orientation in organizations.

Keywords: organizational citizenship behavior, market orientation, employees, Agricultural Jihad, Mazandaran Province.
JEL Classification: D23, M10, M12, M31

This study attempted to analyze customer perception of environment in an LG store and its effect on brand loyalty through joy of shopping. This was an applied, descriptive-correlational research involving a survey. The population included all buyers of LG home appliances at stores based in Isfahan. Moreover, simple random sampling was employed. Validity of the questionnaire was calculated through content validity and confirmatory factor analysis, while its reliability was confirmed through Cronbach’s alpha at 0.88. Of the 250 questionnaires distributed among customers, 231 were completed and returned for analysis. Data were analyzed through SPSS and AMOS based on descriptive statistics (frequency, percentage, mean and standard deviation) and inferential statistics (confirmatory factor analysis, path analysis with significance level). According to the results, the main hypothesis was proved, suggesting there is a significant relationship between store environments through joy of shopping on customer loyalty. Furthermore, the subhypotheses were proved, suggesting environment, human interaction and in-store design affect joy of shopping and joy shopping, in turn, affects customer loyalty. In comparison of the research hypotheses, environment left the greatest impact on joy of shopping, followed by human interaction and store interior design are effective in joy of shopping. Finally, there are three components of environment, human interaction and design indirectly leaving a significant effect on brand loyalty through joy of shopping as a mediating variable.

Keywords: joy of shopping, store environment, consumer behavior, brand loyalty.
JEL Classification: D11, D12, M31

Nowadays, competition between organizations has turned from developing tangible assets into developing intangible assets. Abilities and talents of its human resources and staffing is the most important element of intangible assets of any organization. Contribution to the actual potential of the current forces and special talent recruitment to fill gaps identified in can help organizations to achieve higher productivity in the area of talent management. The investigation aims to find the relationship between performance of talent management strategy with attracting, recruiting and human resources development in Iranian offshore oil company. The study population included 420 HR headquarters in Tehran and the sample based on Cochrane Formula is 200 people. Three questionnaires were used to test hypotheses. Buckingham M. & Vosburgh R. (2001) questionnaire was used to measure talent management; Beardwell I., L. Holden, T. Claydon. (2004) questionnaire was used to measure recruitment (2004) and finally Reuther, Robert (1996) was used to assess the individual development. The results revealed that there is a significant positive relationship between the ability and opportunity to hire human resources in Iranian offshore oil company. In addition, there is a significant positive relationship between the ability, opportunity and skills with the development of human resources.

Keywords: talent management, human resource development, human resource recruitment.
JEL Classification: M12, O13

Policy making University of Medical Sciences, in a comprehensive look, three stages of formulation, implementation and evaluation. In the full implementation of the policies of Medical Sciences, indices are several factors to identify them in order to streamline the implementation of policies is important. In this paper, according to studies, the perspective of managers, supervisors and experts on the factors affecting the implementation of the policies set and looked University of Medical Sciences. In the present study, type research methods analytical and applied in terms of goal. The population of managers, supervisors and reporters are Zahedan and Zabol University of Medical Sciences. The questionnaire that the overall validity of the content and reliable 0.84 with Cronbach’s Alpha coefficient was estimated. The results of this study six important landmark in the implementation of policies were identified and ratings which include administration and bureaucracy, targets and policy development, enforcement expertise, personality traits and behavioral anchors, consumers and supported by the legal authorities.

Keywords: public policy making, vision, medical sciences, health document.
JEL Classification: D78, I11

This research will investigate the effective factors on changing auditor. Variables such as company size, audit opinions, audit reporting delay and auditing firm reputation are considered as effective factors on changing auditor. By selecting a sample which consists of 96 listed companies in Tehran’s stock exchange during 2010 to 2014 and applying multi-variable regression and econometric models, the results of research shows there is a significant positive relationship among company size, auditor opinion and auditing reporting delay and changing auditor, but there isn’t any significant relationship between auditing firm reputation and changing auditor. The findings of this research can fill the researches gap which are performed in this field and can provide accounting information for investors to make decision about stock exchange organization and other stockholders.

Keywords: company size, auditor opinion, auditing report delay, auditing firm reputation, changing auditor.
JEL Classification: M41, M42

Modern organizations provide their required goods and materials easily from other organizations and even other countries and the only resource that can’t be exchanged ideally is human resources, such that an efficient and standard human resources is the most important competitive capital of a country. According to this, current research aims to explain the relationship between personality characteristics with career management of Melli Bank staff in Iran. Statistical population of this research is all employees of Melli Bank central branches which are located in Tehran city. The number of Melli Bank central branches’ employees is 2603 and the total number of branches is 28 and an appropriate group sampling method is applied. The research method is descriptive-correlation type. For data gathering, two questionnaires of career path based on Shine model and personality characteristics questionnaire were used. The results show that there is a positive significant relation between the variables of emotional stability personality with the regression coefficient of 0.143, compatible personality with the regression coefficient of 0.110, experience- oriented personality mode variable with the regression coefficient of 0.231 and work ethic personality with the regression coefficient of 0.143 and career management of Melli Bank employees. But there is no significant relation between extroversion as one of the personality characteristics and employees’ career management.

Keywords: career dimensions, career anchors, personality characteristics, Melli Bank.
JEL Classification: M10, M12, J24

The importance of human resource cannot be ignored in today’s global and complicated environment. The importance of human resource management and especially, human resource talent management, would appear in a point that, in the new economy, the important resource for economy, is knowledge and, in this current era, human resource knowledge is a competitive advantage and in among other manufacturing factors is as an important factor and also invisible organizational assets that, in organizational structures and process would, apply and make possible the situation to innovation. Regarding to this situations, attracting and retaining human resources in organizations are facing to its complicities and challenges, without focusing on the effective factors on it and also non-recognition, human resource management project would face with failure undoubtedly. Secondary data were collected via library study and with using of the questionnaire made by the researcher and, then, the basic information research was collected that validity and variables was verified formally and also the questionnaire reliability with a pre- testing by using of Cronbach’s Alpha test that was equal with 0.89 was verified. Statistical Society is the all professional physicians in the management of Social Security of Tehran province and its subordinate units and based on Morgan Krejcie table in 95 percent confidence level, between 1272 persons in the mentioned statistical society, 259 persons were selected as sample research. In order to analyze the data, descriptive statistics and inferential statistics are used. Friedman test is used for ratings research’s variables by helping SPSS software.
The results reveal that about 50% of female responders and the rest of that were males and over 85% of responders were physicians and about 75% of responders were having a professional PHD degree and the rest of them were having a master degree and about 61% were having job’s history who were over 20 years old.

Keywords: attracting and retaining, organizational talents, talent management, human resource management, professional physicians, management of remedy social security.
JEL Classification: M12. M55, O15

The intensification of changes in industrial and commercial environment in recent decades has challenged many traditional strategy approaches for the creation of organizational capabilities. Today, organizational capabilities play undeniable role in the development of organizational programs and their success. The aim of this study is to investigate the relationship between the central capabilities with the success of the organization in Golestan province. In this study, three subscales of the organization capabilities including strategic capabilities, structure capabilities, and knowledge capabilities as the independent variable and in order to measure organizational success, four subscales speed, flexibility, integrity and innovation were used. Result of hypothesis testing indicated that there is a positive and significant relationship between three central capabilities of organization including strategic capabilities (0.143), structural capabilities (0.110) and knowledge capabilities (0.231) with organizational success.

Keywords: strategic capabilities, organizational structure, knowledge capabilities of the organization, organizational success.
JEL Classification: D8, L22, M21, M31

The purpose of this study is comparing the method of selecting and forming portfolios. The methods are Capital Assets Pricing Model, Fama and French Model and Excess return model. The methods are transacted in four steps: expected return estimation, stock valuation, selecting portfolios and estimating all kinds of portfolios’ returns and risk. In the point of forming portfolios, the decision variables were estimated to compare the methods. There are two questions: are the portfolio forming methods significant at Tehran Security Exchange? And, are there significant differences between methods with the view of generating Expected Rate of Return, Real Return, Risk, Differential Extents of market return and risk-free return? Multivariate Regression, One Way ANOVA and Correlations Tests are used to analyze and test models. The research finding shows that the models have the ability to perform significantly in Tehran Security Exchange. The models were significantly different in five important measures. They are risk, the future actual return, expected return in short and long terms. Finally, it was evidenced that not only there are significant differences between the three models, but also Excess return method was more efficient than the other models.

Keywords: expected return, intrinsic value, book value, market value, firms’ size.
JEL Classification: D46, G12, G14, G30, G32