خلاصة:
Identifying the factors affecting earnings forecast accuracy has always been a subject of attention. The present research examines the impact of information asymmetry and stock illiquidity on earnings forecast accuracy, as well as the indirect effect of ownership structure (concentration) on earnings forecast accuracy. The statistical population of the research consisted of companies listed on the Tehran Stock Exchange, where 86 companies were used as the basis for hypothesis analysis. The testing of research hypotheses was conducted using the Ordinary Least Squares method with the help of Eviews7 software. The results of the hypothesis testing show that information asymmetry has a positive effect on earnings forecast accuracy. This means that companies with lower information asymmetry indices have less deviation in their earnings forecast accuracy; however, no evidence was found regarding the effect of stock illiquidity on earnings forecast accuracy or the indirect effect of ownership structure (concentration).
ملخص الجهاز:
Keywords: Ownership concentration, earnings forecast accuracy, information asymmetry, stock illiquidity 1- Senior Accounting Expert, Ferdowsi University of Mashhad, Faculty of Administrative and Economic Sciences, Mashhad, Iran.
The results of empirical tests using information related to a sample of companies listed on the Tehran Stock Exchange during the period from 1381 to 1385 indicate the existence of a positive and significant relationship between information asymmetry among investors and the level of conservatism applied in financial statements.
Ownership concentration is also, according to agency theory and previous research, influential on various matters including agency costs, company performance, stock price, and liquidity; therefore, the third and fourth hypotheses of the research are presented as follows: Ownership structure (concentration) has an indirect effect on earnings forecast accuracy through information asymmetry.
3-3-4- Research Model The regression models for each of the research hypotheses are presented as follows: Equation (4) Model of the first research hypothesis (refer to the page image) In each of the above regression models, FEi,t is the profit forecasting accuracy, All_Index is information asymmetry, A i,t is illiquidity, CONCi,t is ownership concentration, sizei,t is company size, D/Li,t is the debt ratio, ROEi,t is the return on equity, FLi,t is financial leverage, ROSi,t is the net profit margin, and ui,t is the model residual.
The present research was conducted with the aim of investigating the effect of stock illiquidity and information asymmetry variables on the accuracy of earnings forecasting.
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