چکیده:
The so far studies، reveal a dual relationship between disclosure quality and firm performance. While some studies have examined the effects of disclosure quality on firm performance، other studies have examined the effects of firm performance on disclosure quality. Reviewing the evidence of the validity of both approaches means that there is a bilateral (two-sided) relationship between these two variables. In this regard، the goal of present research is to study the bilateral relationship between disclosure quality and performance of 149 companies listed on Tehran Stock Exchange (TSE) during 2004 to 2010. At first، the bilateral relationship between two variables was confirmed using Granger causality test and then simultaneous equations system was estimated using two-step regression. Based on the results، there is bilateral relationship between disclosure quality and performance of the companies listed on the TSE. In other words، the results of the simultaneous equation system have more reliability and validity compared to single-equation system.
خلاصه ماشینی:
In this regard, the present research aims to investigate the two-way relationship between disclosure quality and the performance of 149 companies listed on the Tehran Stock Exchange during the time period of 2004-2013.
The estimation results indicate the existence of a two-way relationship between disclosure quality and the performance of companies listed on the Tehran Stock Exchange.
Considering the aforementioned points regarding the simultaneous impact of the two variables, disclosure quality and company performance, on each other, the question arises: given the different economic, cultural, social, and political structures in Iran compared to developed countries, does a two-way relationship between disclosure quality and company performance also exist in the Tehran Stock Exchange?
Therefore, the present research seeks to examine the two-way relationship between the quality of information disclosure and the performance of companies in the Tehran Stock Exchange.
Therefore, The research hypothesis is stated as follows: There is a two-way relationship between disclosure quality and the performance of companies listed on the Tehran Stock Exchange.
Examining the Stationarity of Research Variables (Augmented Dickey-Fuller Test) Variable Critical Values Test Statistic Probability Value Performance -2/864107 -19/02911 0/0000 Disclosure Quality -2/864117 -14/03762 0/0000 Company Size -2/864101 -11/06229 0/0000 Financial Leverage -2/864109 -28/7692 0/0000 Ownership Structure -2/864133 - 29/66209 0/0000 Company History -2/864173 -6/39010 0/0000 Audit Firm Size -2/864105 -12/91769 0/0000 Liquidity -2/864188 -17/90270 0/0000 After ensuring the stationarity of the variables, the simultaneous equation system was estimated using the two-stage least squares method, the results of which are shown in Tables 3 and 4.
These results indicate the existence of a reciprocal and two-way relationship between the variables of disclosure quality and company performance.
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