چکیده:
This article examines the impact of disclosure quality on the current and future performance of companies listed on the Tehran Stock Exchange. In this regard, the impact of company size and financial leverage is also controlled. To measure the disclosure quality variable, scores assigned to each company by the Tehran Securities and Exchange Organization through the "Quality of Disclosure and Appropriate Reporting" announcement were used. Performance was measured using accounting criteria (return on assets and return on equity) and market criteria (market-to-book ratio and Tobin's Q ratio). The findings of the study of 110 companies during the period 1383 to 1388 Q show that there is a direct and significant relationship between disclosure quality and the current and future performance of companies listed on the Tehran Stock Exchange. In addition, in all hypotheses, the relationship between the control variables of size and financial leverage with performance measures was significant.
خلاصه ماشینی:
The findings of the study of 110 companies during the period 1383-1388 indicate that there is a direct and significant relationship between disclosure quality and the current and future performance of companies listed on the Tehran Stock Exchange.
Theoretical foundations and empirical evidence indicate that there is an inverse and significant relationship between the quality of information disclosed by companies and their cost of capital (Dastgir & Bazazadeh, 1382; Botosan, 1997).
Therefore, high-quality information disclosed as part of control mechanisms helps investors discipline the managers of capital-receiving companies and encourages these managers to take steps in line with the interests of shareholders and improve company performance (Smith & Bushman, 2003).
Bushman and Smith (2003) believe that financial accounting information and higher disclosure quality, through better identification of investment opportunities by managers and investors, systematizing the selection of plans and reducing moral hazard of managers (the governance role of information) and increasing liquidity and reducing information asymmetry among investors, promotes and improves economic performance.
's (1390) research show that there is a significant inverse relationship between disclosure quality and the cost of capital for current and future common stock of companies.
The findings of Lang and Landhelm's (1993) research indicate that there is a direct and significant relationship between disclosure quality and company profit performance.
The research findings indicate that there is a direct and significant relationship between disclosure quality and company performance.
Considering the mentioned research, no study has been conducted so far in the field of investigating the impact of disclosure quality on the current and future performance of companies listed on the Tehran Stock Exchange.
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