بررسي ميزان مربوط بودن اجزاي سود حسابداري و جريان هاي نقدي عملياتي بابازده سهام

A Study of Value Relevance of Components of Accounting Income and Operating Cash Flows with Stock Returns

In this study; according to the role of accounting earnings and cash flow from operations as the base of decision-making and prediction, we examine the value relevance and information contents of accounting earnings and its components in the Tehran stock exchange. This is done by testing relationship between stock returns and accounting earnings and its components including: operating income, income before taxes, net income, accruals and cash flow from operation. The examine of hypothesis is done with the usage of pooled data related to the 331 selected companies among the accepted companies of Tehran stock exchange from 1380 to 13 86.To calculate the stock returns changes, also independent and dependent variables, Excel program has been used. For statistical tests, values of coefficients and obtain the necessary statistical analysis used Pearsonʹs correlation coefficients, simple and multiple linear regression, T, F, DW, and Wald statistics. Results show that operating income, income before taxes and net income have explanatory power of stock returns and are value relevant. Net income has the highest power of explaining returns than the other variables and explains about 37% of changes of stock returns. Furthermore, results indicate cash flow from operations and accruals are not value relevant. On the other hand operating income, income before taxes, cash flow from operations and accruals do not have incremental information content beyond net income.