چکیده:
Improving disclosure quality is one of the effective factors for achieving an efficient capital market. It is expected that improving disclosure quality will affect stock returns by reducing transaction costs. In this article, the impact of disclosure quality on stock returns is studied by controlling for company size and the book-to-market value ratio. To measure the disclosure quality variable, the disclosure quality score of each company published by the Tehran Stock Exchange is used. The research sample consists of 114 companies listed on the Tehran Stock Exchange during the period 1382 to 1389. The findings indicate that disclosure quality has a positive impact on the current and future returns of companies' stocks.
خلاصه ماشینی:
Investigating the Impact of Financial Information Disclosure Quality on Current and Future Stock Returns Shokrollah Khajavi 1 Associate Professor of Accounting, Shiraz University Alireza Momtazian Master's Student, Shiraz University Improving disclosure quality is one of the effective factors for achieving an efficient capital market.
Therefore, the main objective of this article is to investigate the relationship between the quality of financial information disclosure and the stock returns of companies listed on the Tehran Stock Exchange.
Control Variables The research results of Bagherzadeh (1384) indicate that company size, the book-to-market value ratio, and the earnings-to-price ratio are among the variables that have a significant impact on the stock returns of companies.
The results obtained from the statistical analysis of the collected data indicate that, in general, there is a significant positive relationship between the quality of corporate financial information disclosure and current and future stock returns.
Notes: 1- Return 2- Disclosure Quality 3- Information Asymmetry 4- Espinosa 5- Trombetta 6- Pownall 7- Schipper 8- Diamond 9- Verrecchia 10- Barry 11- Brown 12- Coles 13- Loewenstein 14- Handa 15- Linn 16- Clarkson 17- Hussainey 18- Mouselli 19- Easley 20- O’Hara 21- Kang 22- Bushman 23- Smith 24- Chow 25- Wong-Boren 26- Cooke 27- Zarzeski 28- Owusu-Ansah 29- Ali 30- Liu 31- Sun Bibliography A) Persian 1- Bagherzadeh, Saeid, (1384), Investigating the factors affecting the expected return of stocks of companies listed on the Tehran Stock Exchange; some empirical evidence, Journal of Financial Research, No. 19, 25-63.
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