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Mahmoud Nourayi, Ph.D. - Loyola Marymount University. Los Angeles, CA, US

Mahmoud Nourayi, Ph.D. Mahmoud Nourayi, Ph.D.

Professor Emeritus of Accounting, College of Business Administration | Loyola Marymount University


Paul A. Grosch Professor


You can contact Mahmoud Nourayi at Mahmoud.Nourayi@lmu.edu.

Mahmoud Nourayi retired from LMU in May 2021 after 31 years with the university. During his tenure, he served as professor of accounting, chair of the Department of Accounting and associate dean of the College of Business Administration. Mahmoud was recognized as the “2012 Outstanding Accounting Educator" by the California Society of Certified Public Accountants. He has taught cost accounting, management accounting, quantitative methods, and planning and managerial decisions since 1981. His professional experience includes tax and financial and management advisory services. He worked as an auditor in both public accounting and government. His professional experience also includes position as the accounting manager of a manufacturing concern and corporate internal auditor.

His research interests include measurement concepts, managerial issues, corporate governance, CEO compensation and educational and economics-based research. Professor Nourayi has published in journals such as the Journal of Accounting and Public Policy, the International Review of Economics and Business, Journal of Managerial Issue, Internal Auditing Journal, Issues in Accounting Education, Journal of Education for Business, Research on Accounting Ethics, Research on Professional Responsibility and Ethics in Accounting, Journal of Applied Business Research, Managerial Finance, Managerial and Decision Economics, and The Journal of Business Inquiry among others.

He is a member of the American Accounting Association, Institute of Management Accountants, International Association for Accounting Education and Research, and the California Society of CPAs. He has been a member of several committees of California Society of CPAs'. He is also a past president of the South Bay Chapter of Institute of Management Accountants.

Education (5)

USC: Ph.D. 1989

California State University, Los Angeles: M.S.B.A., Economics 1983

West Coast University: MBA, Business Administration 1978

West Coast University, Los Angeles: M.S., Financial Management 1977

Institute of Advanced Accounting: B.S., Accounting 1975

Areas of Expertise (4)

Tax + Financial Consultant

Auditor in Government and Public Accounting

Internal Auditor + Accounting Manager

Public Accounting

Industry Expertise (4)




Training and Development

Accomplishments (7)

Paul A. Grosch Professorship in Accounting, Loyola Marymount University (professional)


The Grosch Professorship is named after Paul Grosch, who was an accounting professor at LMU for 32 years. Professor Grosch’s vision for educating competitive and ethical accounting professionals is still at the core of the LMU Accounting Program. Distinguished faculty who hold the Grosch Professorship perpetuate this legacy and ensure that the Department of Accounting sustains its tradition of excellence in accounting education.

2012 Outstanding Accounting Educator Award, California Society of CPAs (professional)


Mahmoud Nourayi was selected as one of two recipients of the California Society of CPAs (CalCPA) 2012 Outstanding Accounting Educator Award. The award recognizes educators employed as full-time faculty members at an accredited college or university in California who have made significant contributions to accounting education and demonstrated excellence in teaching and/or endeavors in research over a sustained period of time.

Best Paper: “Aggregated Performance Measures” (professional)


12th Annual Conference of American Society of Business & Behavioral Science, Managerial Accounting Track

1985 Outstanding Doctoral Student's Achievement Award (professional)


University of Southern California

Certified Public Accountant (CPA) (professional)


California, (Certificate Number 31235E)

Certified Management Accountant (CMA) (professional)


(Certificate Number 4841)

Certified in Financial Management (CFM) (professional)


(Certification Number 277)

Affiliations (5)

  • American Accounting Association
  • California Society of Certified Public Accountants
  • Institute of Management Accounting
  • Beta Gamma Sigma
  • International Association for Accounting Education and Research

Languages (1)

  • Farsi

Research Focus (3)

Research Interests:

(1) Economic based research/regulatory environment (2) Performance Measurement--Concepts and Application (3) Cost management systems and evaluation


"SEC's Enforcement Actions and its Effectiveness in an Efficient Market."

Masters’ Thesis:

-“Demand for Money in Iran: 1960-1977.” (CSULA) -“Nationalization of Iranian Oil & International Relations: 1901- 1961.” (WCU)

Articles (30)

Earnings Persistence in the IT Sector


I analyze the stochastic properties of three measures of profitability for the Information Technology Economic Sector using a balanced panel of disaggregated US Information Technology (IT) firms during the period 1995-2009.

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The Impact of Corporate Governance and the Sarbanes-Oxley Act on CEO Compensation

Journal of Applied Business

Refereed Journal. Co-author. This paper examines the effects of corporate governance on CEO compensation in light of regulatory controls introduced by the Sarbanes-Oxley Act of 2002 (SOX). The influence of economic and corporate governance variables on incentive-based CEO compensation are considered, using cross-section time-series panel data that includes multiple observations for the years 1999 to 2005.

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An Empirical Analysis of the Competitiveness in the U.S. Airline Industry

Review of Economics & Finance, Volume 5, (3), 2015: pp. 83-99

Refereed Journal. Co-author.

An Alternative Test of the Trade-Off Theory of Capital Structure

Contemporary Economics., Volume 8 (4), 2014: pp. 365-386

Refereed Journal. Co-author.

Firm Profitability: Mean-Reverting or Random-Walk Behavior?

Journal of Economics and Business, 66, 2013: pp. 76-97

Refereed Journal. Co-author.

Speculative Markets and CEO Compensation

Journal of Global Business Issues, Vol. (4), Issue 1, 2010: pp 37-49

Refereed Journal. Author.

Non-financial Measures, Aggregation and Performance Evaluation

The Journal of Business Inquiry, Vol.8 (1), 2009:pp. 1-11

Refereed Journal. Co-author.

CEO Compensation, Firm Performance and Operational Characteristics

Managerial Finance, Vol.34 (8), 2008:pp. 562-584

Refereed Journal. Co-author.

Tenure, Firm Performance, and CEOs’ Compensation

Managerial Finance, Vol.34 (8), 2008: pp. 524-536

Refereed Journal. Co-author.

Executive Compensation and Firm Performance: Adjustment Dynamics, Non-linearity and Asymmetry

Managerial and Decision Economics,Vol.29(4), 2008: pp.293-315

Refereed Journal. Co-author.

CEO Compensation and Firm Performance: Non-linearity and Asymmetry

Advances in Management Accounting, Vol. 15, 2006: p. 103-126

Refereed Journal. Author.

Profitability in Professional Sports & Benchmarking: The Case of NBA Franchises

Benchmarking--An International Journal, Vol. 13 (3), 2006:pp. 52-271

Refereed Journal. Author.

The Effect of Non-recurring Gains and Losses on the CEO’s Compensation

Journal Corporate Ownership & Control, Vol. 3 (3), Spring 2006:pp. 161-177

Refereed Journal. Co-author.

The Impact of Incentives on the CEO Compensation and Firm Performance

Rivista Internazionale Di Scienze Economoche E Commerciali (International Review of Economics and Business),Vol.53(3), September 2006: pp. 402-420

Refereed Journal. Co-author.

An Instructional Case in Using Receivables as Collateral for a Loan: Harrison Chemical Company

Research on Professional Responsibility and Ethics in Accounting, Volume 10, 2005:pp. 195-209

Refereed Journal. Co-author.

International Textile, Inc.

Research on Accounting Ethics, Volume 8, Spring 2002: pp. 251-261

Refereed Journal. Co-author.

An Appraisal of Doctoral Education: Perception of Recent Graduates

The Journal of 21st Century Accounting, Volume 1 (1), Winter 2001: pp. 1-20

Refereed Journal. Author.

Financial Synergy of Bank Mergers: The Case of Bank of America

Journal of Bank Cost & Management Accounting, 1998, 11 (2): pp. 3-18

Refereed Journal. Co-author.

The impact of Time Budget Pressure on Internal Auditors' Behavior

Internal Auditing, 13 (1), Summer 1997: pp. 42-50

Refereed Journal. Co-author.

The Influence of Political Environment on the Regulatory Enforcement Process: The Case of the Securities & Exchange Commission

Rivista Internazionale Di Scienze Economoche E Commerciali (International Review of Economics and Business), 43 (1), January-March 1996: pp. 31-40

Refereed Journal. Co-author.

Performance Evaluation and Measurement Issues

Journal of Managerial Issues, 8 (2), Summer 1996: pp. 206-217

Refereed Journal. Co-author.

Economic Conditions and the SEC's Enforcement Process

Journal of Applied Business Research, 11 (2), Spring 1995: pp. 23-28

Refereed Journal. Author.

Stock Price Responses to the SEC's Enforcement Actions

Journal of Accounting and Public Policy, 13 (4), Winter 1994: pp. 333-347

Refereed Journal. Author.

Some Performance and Attitude Effect on Students in Managerial Accounting: Lecture vs. Self-Study Courses

Issues in Accounting Education,9 (2), Fall 1994: pp. 319-329

Refereed Journal. Co-author.

A Test of Regulatory Behavior: The Case of the Securities & Exchange Commission

Rivista Internazionale Di Scienze Economoche E Commerciali (International Review of Economics and Business), 41 (4), April 1994: pp. 311-324

Refereed Journal. Co-author.

Accounting Students' Performance and Personality Types

Journal of Education for Business, 69 (2), November/December 1993: pp. 111-115

Refereed Journal. Co-author.

Business Institutions

(ed.) University readers, San Diego, California

Book. Author.

"New Manufacturing Environment & the JIT Philosophy" in Global Business Trends

S. G. Amin, D. L. Moore, D. L. Kurtz, and S. Fullerton (eds.), Academy of Business Administration, 1997: pp. 1 -7.

Book. Author

The Influence of Political Environment on the Regulatory Enforcement Process: The Case of the Securities & Exchange Commission

Documentation Politique Internationale (International Political Science Abstract)

Other. Author

“Accounting Students' Performance Evaluation: Does the Examination Format Matter?” in Accounting Education for the 21st Century: The Global Challenges

Jane O. Burns and Belverd E. Needles, Jr. (Eds.), American Accounting Association, 1994: pp. 359-368

Other. Author.