نقش ابعاد افشای اطلاعات بر قیمت¬گذاری احتمال استفاده از اطلاعات محرمانه
الموضوعات :
محسن حمشی
1
,
رحیم بنابی قدیم
2
,
حیدر محمدزاده سالطه
3
1 - دانشجو
2 - دانشگاه آزاد اسلامی، مراغه
3 - گروه حسابداری، واحد مرند،دانشگاه آزاد اسلامی،مرند، ایران.
الکلمات المفتاحية: افشاي اطلاعات, اطلاعات محرمانه, اطلاعات ريسكي, اطلاعات استراتژيك, قيمت گذاري,
ملخص المقالة :
هدف: هدف از این پژوهش بررسی نقش ابعاد افشای اطلاعات بر قیمت¬گذاری احتمال استفاده از اطلاعات محرمانه است. روش‌شناسی پژوهش: بر این اساس پژوهش از نظر روش¬شناسي، از نوع شبه¬تجربي و پس رويدادي در حوزه¬ي پژوهش ها اثباتي، همچنین از لحاظ ماهيت و اهداف از نوع كاربردي است. جامعه آماری پژوهش شامل؛ كليه شركت¬هاي پذيرفته شده در بورس اوراق بهادار تهران براي دوره زماني سال¬هاي1390 تا 1400(10 سال متوالی( می¬باشد. كه 146 شركت به روش نمونه گيري به روش حذف سيستماتيك انتخاب و مطالعه گرديدند. یافته‌ها: نتايج حاصل از آزمون فرضيات با نرم افزار ايويوز و پي ال اس، حاكي از وجود رابطه منفی و معنادار بین ابعاد افشاری اطلاعات از جمله افشای اطلاعات مالی؛ افشای اطلاعاتی غیرمالی؛ افشای اطلاعاتی استراتژيک و افشای اطلاعاتی ریسکی با قیمت گذاری احتمال استفاده از اطلاعات محرمانه است. با این حال، رابطه منفی و معنی‌داری که بین ابعاد افشای اطلاعات و قیمت¬گذاری احتمال استفاده از اطلاعات محرمانه مشاهده شد نشان می‌دهد افشای اطلاعات شرکت‌ها، مدیران را به کاهش قیمت¬گذاری احتمال استفاده از اطلاعات محرمانه ترغیب می‌کند. اصالت / ارزش‌افزوده علمی: نتایج حاصل از این پژوهش می¬تواند بینش جدیدی نسبت به ابعاد افشای اطلاعات بر قیمت¬گذاری احتمال استفاده از اطلاعات محرمانه ارائه كند تا از این طریق بتواند سیاستگذاری را در صنعت مالی تعیین كند.
Aflatooni, A. and Sohrabi, R. (2014). The effect of calendar irregularity of religious days on the use of confidential information in stock transactions. Financial Accounting Research, 2 (14): 1-16. [In Persian]
Aflatooni, Abbas. (2015). The use of confidential information in stock transactions and its impact on the cost of common stock capital. Scientific Research Journal of Accounting Knowledge, 3(2) 148-131. [In Persian]
Ahad, k; Shadbad, AF and Kamaninejad, M. (2013). Examining the relationship between the level of voluntary disclosure and the synchronicity of stock prices with an emphasis on the role of corporate governance in companies listed on the Tehran Stock Exchange. The third international conference on management economics and accounting, East Azerbaijan. [In Persian]
Akins, B. K., J. Ng., and R. S. Verdi. (2012). “Investor Competition over Information and the Pricing of Information Asymmetry”. The Accounting Review, 87 (1): 35-58
Armstrong, C., J. Core, D. Taylor, and R. Verrecchia. (2012). “When does information asymmetry affect the cost of capital?”. Journal of Accounting Research, 49 (1): 1–40.
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., & Hazem D, (2002). The world price of insider trading, Journal of Finance, 57(1), 75-108.
Borys, M M. (2008). Testing Multi-Factor Asset Pricing Models In The Visegrad Countries”. www.4share.com.
Brennan, M., Huh, S., & Subrahmanyam, A, (2013). An analysis of the Amihud illiquidity premium, Review of Asset Pricing Studies, 3(1), 133-176.
Bushee, B. J., & Noe, C. F, (2022), “Corporate Disclosure Practices, Institutional Investors, and Stock Return Volatility”, Journal of accounting research, PP. 171- 202.
Chen, W.P, Chung, H, Lee, C, and Liao, W-L.(2007). Corporate Governance and Equity Liquidity: analysis of S&P Transparency and Disclosure ranking. Available at SSRN, pp. 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., K. Lajili, and D. Zéghal. )2011(. Attributes of corporate risk disclosure: and international investigation in the manufacturing sector. Journal of International Accounting Research, 10 (2): 1- 22.
Easley, D., & O’Hara, M, (2004), Information and the cost of capital, Journal of Finance, 59(4), 1553–1584.
Elshandidy, T., I. Fraser, and K. Hussainey. (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.N.and Trombetta, M. (2007). Disclosure interactions and the cost of equity capity: evidence from the Spanish continuous market, Journal of Business Finance & Accounting, V0l. 34, pp. 1371-1392.
Falahzadeh Abarqaui, A; Taftian, A and Hirani, F. (2017). Examining the mutual relationship between the voluntary disclosure of information and the risk of falling stock prices. Financial Accounting Quarterly, 9(63); 53-75. [In Persian]
Forbes, S. J., Lederman, M., & Wither, M. J. (2018). Quality Disclosure when Firms Set their Own Quality Targets. International Journal of Industrial Organization, 61(3), 1-36.
Foroughi, D; Amiri, H and Mirzaei, M. (2011). The effect of the lack of transparency of financial information on the risk of the future fall of stock prices in companies admitted to the Tehran Securities Boros. Emali Accounting Research, 3(4), 15-40. [In Persian]
Francis, J, R., Khurana, I, K. and Pereira, R.(2019) Disclosure Incentives and Effects on Cost of Capitol Around the World. The Accounting Review.
Ghorbani, B; Hosseini Ghoncheh, S J and Mohammadiler, Z. (2016). In an article titled the impact of disclosure of strategic, non-financial and financial information on profit management. Financial accounting and auditing researches, 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., C. Hauptmann, and G. Serafeim. (2018). Stock price synchronicity and material sustainability information. Available At URL: Http://(www.ssrn.com).
Hasni, M and Bashir Hosseini, S M. (2008). Investigating the relationship between accounting information disclosure level and stock price fluctuations in companies admitted to the Tehran Stock Exchange. Research journal of business economics, 2, 75-84. [In Persian]
Hassanzadeh brothers, R and Mahrumi, R. (2016). The effect of risk disclosure on the prediction of stock prices by profit and value of companies. Financial Management Strategy, 5(19) 189-209. [In Persian]
Hughes, J. S., Liu, J., & Liu, J, (2007), Information asymmetry, diversification, and cost of capital, Accounting Review, 82(3), 702-729.
Kang, H.G. (2004). Disvlosure-risk premium: asset. Pricing under asymmetric information, manipulation and ambiguity, availabhe at SSRN:
Khajovi, Sh and Mumtazian, A. (2014). Investigating the impact of financial information disclosure quality on current and future stock returns. Scientific-Research Journal of Financial Accounting Knowledge, 1(1); 9-27. [In Persian]
Khodadadi, v; Nick Carr, J and Vesey, S. (2015). The effect of corporate governance criteria on the timeliness of financial reporting disclosure. Financial Accounting Quarterly, 13(52); 53-74. [In Persian]
Kristandl, G. and Bontis, N. (2007). The impact of voluntary disclosure on cost of equity capital estimates in a temporal setting. Journal of Intellectual Capital, Vol. 8 Iss: 4, pp. 577 – 594.
Kurdestani, Gh and Mousayan Khalil-Abad, S Ha. (2012). Competition between knowledgeable investors to obtain confidential information and information asymmetry pricing. Scientific-Research Quarterly of Asset Management and Financing, 1; 2(2); 127-144. [In Persian]
La Porta, R., Silanes, F.L., & Shleifer, A. (2006). What works insecurities laws? Journal of Finance, 61(1), 1-32.
Lambert, R.A., Leuz, C., & Verrecchia, R.E, (2014), Information asymmetry, information precision, and the cost of capital, Review of Finance, 16(1), 1-29.
Linsley, P. & Shrives, P. (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. (2000). The harm from insider trading and informed speculation, Quarterly Journal of Economics, 104(4), 823-845.
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, pp.177–204.
Mousavi Shiri, M; Soleimani, H; Momeni, Y and Soleimani, H. (2014). The relationship between the quality of accounting information disclosure and the volatility of stock returns. Experimental Accounting Research, 5(18); 131-144. [In Persian]
MousavianKhalilabad, SH. (2012). Competition between knowledgeable investors to obtain confidential information and information asymmetry pricing. Dissertation for Master's Degree in Accounting, Imam Khomeini International University (RA), Faculty of Social Sciences. [In Persian]
Nazimi, A; Mumtazian, Al and Behbour, S. (2015). Examining the mutual relationship between disclosure of financial information and stock returns of companies listed on the Tehran Stock Exchange using the system of simultaneous equations. Journal of Accounting Advances, 7(2); 244-219. [In Persian]
Patel, S, A. and Dallas, G, S.,(2020). Transparency and Disclosure: Overview of Methodology and Study Results - United States.
Rahmani, A and Bashiri Manesh, N. (2013). A review of information disclosure literature in Iran. Accounting Research, 4(3)1-34. [In Persian]
Riahi,Y. Mouniraو B and ARAB, (2014), "Disclosure Frequency and Earnings Management an Analysis in the Tunisian Context", Journal of Accounting and Taxation, Vol.3(3), PP.47-59.
Song, L. (2018). Accounting disclosure, stock price synchronicity and stock crash risk: An emerging-market perspective. International Journal of Accounting & Information Management, 23(4): 349- 36.
Vakilifard, H, Talbnia, GhE, and Naderipour, M. (1390). The effect of increasing information disclosure due to the implementation of revised auditing standards on information asymmetry. Financial Accounting and Audit Research Financial Accounting and Audit Research, 3(12), 55-25. [In Persian]
Vayanos, D., & Wang, J. (2012). Liquidity and asset returns under asymmetric information and imperfect competition, Review of Financial Studies, 25(5): 1339-1365.
YahyazadehFar, M; Shams, Shand Mohammadi, N. (2010). The effect of information disclosure on the range of the price gap offered for buying and selling shares using the system of simultaneity equations. Journal of Business Management Studies, 4(1); 53-73. [In Persian].
Zhang, B.Z., and 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 (MSMI 2015).
