نقش ابعاد افشای اطلاعات بر قیمت‌گذاری احتمال استفاده از اطلاعات محرمانه
محورهای موضوعی : سرمایه‌گذاری
محسن حمشی
1
,
رحیم بنابی قدیم
2
*
,
حیدر محمدزاده سالطه
3
1 - گروه مدیریت، واحد مراغه، دانشگاه آزاد اسلامی، مراغه، ایران.
2 - گروه حسابداری، واحد مراغه، دانشگاه آزاد اسلامی، مراغه، ایران.
3 - گروه حسابداری، واحد مرند، دانشگاه آزاد اسلامی، مرند، ایران.
کلید واژه: اطلاعات استراتژيك, اطلاعات ريسكي, اطلاعات محرمانه, افشاي اطلاعات, قيمت‌گذاري,
چکیده مقاله :
هدف: هدف از این پژوهش بررسی نقش ابعاد افشای اطلاعات بر قیمت‌گذاری احتمال استفاده از اطلاعات محرمانه است.
روش‌شناسی پژوهش: براین‌اساس پژوهش از نظر روش‌شناسي، از نوع شبه‌تجربي و پس‌رويدادي در حوزة پژوهش‌ها اثباتي و همچنین از لحاظ ماهيت و اهداف از نوع كاربردي است. جامعه آماری پژوهش شامل كليه شركت‌هاي پذيرفته‌شده در بورس اوراق بهادار تهران براي دوره زماني سال‌هاي 1390 تا 1400 (10 سال متوالی) می‌باشد كه 146 شركت به روش نمونه‌گيري به روش حذف سيستماتيك انتخاب و مطالعه گرديدند.
یافته‌ها: نتايج حاصل از آزمون فرضیه‌های پژوهش با نرم‌افزار ايويوز و پي‌ال‌اس، حاكي از وجود رابطه منفی و معنادار بین ابعاد افشای اطلاعات از جمله افشای اطلاعات مالی، افشای اطلاعاتی غیرمالی، افشای اطلاعاتی استراتژيک و افشای اطلاعاتی ریسکی با قیمت‌گذاری احتمال استفاده از اطلاعات محرمانه است. بااین‌حال، رابطه منفی و معناداری که بین ابعاد افشای اطلاعات و قیمت‌گذاری احتمال استفاده از اطلاعات محرمانه مشاهده شد نشان می‌دهد افشای اطلاعات شرکت‌ها، مدیران را به کاهش قیمت‌گذاری احتمال استفاده از اطلاعات محرمانه ترغیب می‌کند.
اصالت / ارزش‌افزوده علمی: نتایج حاصل از این پژوهش می‌تواند بینش جدیدی نسبت به ابعاد افشای اطلاعات بر قیمت‌گذاری احتمال استفاده از اطلاعات محرمانه ارائه كند تا از این طریق بتواند سیاست‌گذاری را در صنعت مالی تبیین كند.
Purpose: This study aims to investigate the role of different dimensions of corporate disclosure on the pricing of the probability of insider information usage.
Research Methodology: Methodologically, the research is categorized as a quasi-experimental and ex post facto study within the domain of positivist research. In terms of purpose, it is applied in nature. The statistical population comprises all firms listed on the Tehran Stock Exchange over a ten-year period from 2011 to 2021. A total of 146 firms were selected using a systematic elimination sampling method.
Findings: The results of hypothesis testing, conducted using EViews and PLS software, indicate a significant negative relationship between various dimensions of information disclosure—including financial, non-financial, strategic, and risk-related disclosure—and the pricing of the probability of insider information usage. The observed negative and statistically significant associations suggest that enhanced corporate disclosure discourages managers from pricing securities in a manner that reflects the potential use of insider information.
Originality / Value: The findings provide novel insights into the influence of disclosure dimensions on the pricing of insider information usage, offering valuable implications for policymaking in the financial industry and promoting transparency and market integrity.
Aflatooni, A. (2016). Use of private information in stock trading and its impact on the cost of equity. Financial Accounting Knowledge, 3(2), 131-148. [In Persian]
Aflatooni, A., & Sohrabi, R. (2015). The Effect of Calendar Anomaly of Religious Time on Use of Private Information in Stock Trading. Financial Accounting Research, 7(2), 1-16. [In Persian]
Akins, B. K., Ng, J., & Verdi, R. S. (2012). Investor competition over information and the pricing of information asymmetry. The Accounting Review, 87(1), 35-58.
Armstrong, C. S., Core, J. E., Taylor, D. J., & Verrecchia, R. E. (2011). When does information asymmetry affect the cost of capital? Journal of accounting research, 49(1), 1-40.
Baradaran Hassanzadeh, R., & Mahroomi, R. (2018). The Effect of Risk Disclosure on the Share Price Anticipation based on Earnings and Firm Value. Financial Management Strategy, 5(4), 189-209. [In Persian]
Beretta, S., & Bozzolan, S. (2004). A framework for the analysis of firm risk communication. The International Journal of Accounting, 39(3), 265-288.
Bhattacharya, U., & Daouk, H. (2002). The world price of insider trading. The journal of Finance, 57(1), 75-108.
Brennan, M., Huh, S. W., & Subrahmanyam, A. (2013). An analysis of the Amihud illiquidity premium. The Review of Asset Pricing Studies, 3(1), 133-176.
Bushee, B. J., & Noe, C. F. (2000). Corporate disclosure practices, institutional investors, and stock return volatility. Journal of accounting research, 171-202.
Chen, W. P., Chung, H., Lee, C., & Liao, W. L. (2007). Corporate governance and equity liquidity: Analysis of S&P transparency and disclosure rankings. Corporate Governance: An International Review, 15(4), 644-660.
Desai, H., Rajgopal, S., & Venkatachalam, M. (2004). Value‐glamour and accruals mispricing: One anomaly or two? The Accounting Review, 79(2), 355-385.
Dobler, M., Lajili, K., & Zéghal, D. (2011). Attributes of corporate risk disclosure: An international investigation in the manufacturing sector. Journal of International Accounting Research, 10(2), 1-22.
Duarte, J., & Young, L. (2009). Why is PIN priced? Journal of Financial Economics, 91(2), 119-138.
Easley, D., & O'hara, M. (2004). Information and the cost of capital. The journal of finance, 59(4), 1553-1583.
Elshandidy, T., Fraser, I., & Hussainey, K. (2013). Aggregated, voluntary, and mandatory risk disclosure incentives: Evidence from UK FTSE all-share companies. International Review of Financial Analysis, 30, 320-333.
Espinosa, M., & Trombetta, M. (2007). Disclosure interactions and the cost of equity capital: evidence from the Spanish continuous market. Journal of Business Finance & Accounting, 34(9‐10), 1371-1392.
Fallahzadeh Abarghouhei, A., Taftiyan, A., & Heirany, F. (2018). The investigation of the interaction relationship between voluntary disclosure of information with Stock price synchronicity and crash risk with simultaneous equations system. Quarterly Financial Accounting, 9(36), 53-75. [In Persian]
Forbes, S. J., Lederman, M., & Wither, M. J. (2019). Quality disclosure when firms set their own quality targets. International Journal of Industrial Organization, 62, 228-250.
Foroghi, D., Amiri, H., & Mirzae, M. (2012). The Impact of Opacity in Financial Reporting on the Future Stock Price Crash Risk of Listed Companies in Tehran Stock Exchange. Financial Accounting Research, 3(4), 15-40. [In Persian]
Francis, J. R., Khurana, I. K., & Pereira, R. (2005). Disclosure incentives and effects on cost of capital around the world. The accounting review, 80(4), 1125-1162.
Ghorbani, B., Hosseini Ghoncheh, S. J., & Mohammadiler, Z. (2017). The impact of strategic, non-financial and financial information disclosure on earnings management. Financial Accounting and Auditing Research, 9(35), 23-40. [In Persian]
Glaeser, S. (2018). The effects of proprietary information on corporate disclosure and transparency: Evidence from trade secrets. Journal of Accounting and Economics, 66(1), 163-193.
Grewal, J., Hauptmann, C., & Serafeim, G. (2017). Stock price synchronicity and material sustainability information. Harvard Business School.
Hajian, N., Anvary Rostamy., A. A., Rahmani, A., & Azar, A. (2015). Investigating Effective Factors on Disclosure Scores of Listed Companies in Tehran Stock Exchange. Financial Accounting Research, 7(1), 71-92. [In Persian]
Hughes, J. S., Liu, J., & Liu, J. (2007). Information asymmetry, diversification, and cost of capital. The accounting review, 82(3), 705-729.
Kang, H. G. (2004). Disclosure-risk premium: asset pricing under asymmetric information, manipulation and ambiguity. Manipulation and Ambiguity.
Khajavi, S., & Momtazian, A. (2014). Investigation The quality of financial information disclosure effect on current and future stock return of listed companies of Tehran Stock Exchange. Financial Accounting Knowledge, 1(1), 9-27. [In Persian]
Khodadadi, V., Nikkar, J., & Veisi, S. (2016). Corporate Life Cycle and Cost of Equity Capita. Empirical Studies in Financial Accounting, 13(52), 61-82. [In Persian]
Kordestani, G., & Teymori, T. (2017). The Effect of Private Information on Investment and Dividend Policy. Financial Management Strategy, 5(2), 27-53. [In Persian]
Koushan, A., FarshadShadbad, A., & Kamani Nejad, M. (2015). Investigating the relationship between the level of voluntary disclosure and stock price synchronization with emphasis on the role of corporate governance in companies listed on the Tehran Stock Exchange. The Third International Conference on Management, Economics and Accounting. [In Persian]
Kristandl, G., & Bontis, N. (2007). The impact of voluntary disclosure on cost of equity capital estimates in a temporal setting. Journal of intellectual capital, 8(4), 577-594.
La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. (2006). What works in securities laws? The journal of finance, 61(1), 1-32.
Lambert, R. A., Leuz, C., & Verrecchia, R. E. (2012). Information asymmetry, information precision, and the cost of capital. Review of finance, 16(1), 1-29.
Linsley, P. M., & Shrives, P. J. (2006). Risk reporting: A study of risk disclosures in the annual reports of UK companies. The British Accounting Review, 38(4), 387-404.
Manove, M. (1989). The harm from insider trading and informed speculation. The Quarterly Journal of Economics, 104(4), 823-845.
Miisavian Khalil Abad, H. R., & Kordestani, G. (2013). Competition between Informed Investors over Information and the Pricing of Information Asymmetry. Journal of Asset Management and Financing, 1(2), 127-144. [In Persian]
Moosavi Shiri, M., Soleymani, H., Momeni, Y., & Soleymani, H. (2015). The Relation between the Quality of Accounting Information Disclosure and Stock Return Volatility. Empirical Research in Accounting, 5(4), 131-144. [In Persian]
Morgese Borys, M. (2007). Testing multi-factor asset pricing models in the Visegrad countries. CERGE-EI Working Paper.
Moumen, N., Othman, H. B., & Hussainey, K. (2015). The value relevance of risk disclosure in annual reports: Evidence from MENA emerging markets. Research in International Business and Finance, 34, 177-204.
Mousavian Khalilabad, S. H. (2012). Informational competition between informed investors and pricing information asymmetry (Master Thesis, Imam Khomeini International University, Qazvin). [In Persian]
Nazemi, A., Momtazian, A., & Behpur, S. (2016). Investigating the Relationship between Disclosure Quality and Stock Return of the Companies Listed in Tehran Stock Exchange: Using a Simultaneous Equations System. Journal of Accounting Advances, 7(2), 219-244. [In Persian]
Patel, S. A., & Dallas, G. S. (2002). Transparency and disclosure: Overview of methodology and study results-United States. SSRN.
Rahmani, A., & Bashirimanesh, N. (2014). A Review of the Literature on Disclosure in Iran. Journal of Accounting and Social Interests, 4(4), 35-68. [In Persian]
Riahi, Y., & Mounira, B. E. N. (2011). Disclosure frequency and earnings management: An analysis in the Tunisian context. Journal of accounting and taxation, 3(3), 47-59.
Song, L. (2015). Accounting disclosure, stock price synchronicity and stock crash risk: An emerging-market perspective. International Journal of Accounting & Information Management, 23(4), 349-363.
Vakili Fard, H. R., Talebniya, G., & Naderipor, M. (2011). The effect of an increase in disclosure resulting from the implementation of revised accounting standards on information asymmetry. Financial Accounting and Auditing Research, 3(12), 27-56. [In Persian]
Vayanos, D., & Wang, J. (2012). Liquidity and asset returns under asymmetric information and imperfect competition. The Review of Financial Studies, 25(5), 1339-1365.
Wang, Y., & Kogan, A. (2018). Designing confidentiality-preserving Blockchain-based transaction processing systems. International Journal of Accounting Information Systems, 30, 1-18.
Yahyazadeh Far, M., Shams, S., & Fallah Mohammadi, N. (2012). The Effect of Information Disclosure on Bid-Ask Spread Using Simultaneous Equations System. Journal of Business Administration Researches, 2(4), 53-73. [In Persian]
Yan, X., Zhang, C., Luo, W., Li, W., Chen, W., & Liu, H. (2012). Solve traveling salesman problem using particle swarm optimization algorithm. International Journal of Computer Science, 9(6), 264-271.
Zhang, B. Z., & Niu, S. J. (2015). Study on voluntary information disclosure and stock price synchronicity: Evidence from Chinese listed companies. International Conference on Management Science and Management Innovation, 501-507.