voluntary disclosure of non-financial information on stock price concurrency
Subject Areas :faramarz lotfi 1 , ali akbar ramezani 2 , سید حسین نسل موسوی 3
1 - Department Of Accounting, Qaemshahr Branch, Islamic Azad University, Qaemshahr, Iran
2 - Islamic Azad University, Qaemshahr, Iran
3 - عضو هیات علمی گروه حسابداری، واحد قائم شهر، دانشگاه آزاد اسلامی، قائم شهر، ایران.
Keywords: Stock Price Synchronicity, Voluntary Disclosures, retrospective non-financial information, prospective non-financial information,
Abstract :
degree of co-movement of stock price depends on the relative amount of firm-level and the wide market information. if firms have creditable disclosure policies, the cost for external investors to collect firm-specific information and incorporate it into stock prices by informed arbitrage is significantly reduced.Therefore, the more firm-specific information was disclosed in the stock market, the more useful information could be used by investors, the more real company value was contained in the stock price, that with the voluntary disclosure of non-financial information complete information, transparency and adequacy of market information.We predict that voluntary disclosure of non-financial information will lead to improved stock price Synchronicity. Therefore, to achieve the research goal, 90 sample companies were collected over a 9-year period from 2011 to 2019 and by descriptive analysis - correlation with the test Multiple regressions were analyzed. To measure the voluntary disclosure of non-financial information was measured using the content analysis method. The results showed that there is a significant inverse relationship between stock price Synchronicity and voluntary disclosure of non-financial information with the retrospective approach, but there is no significant relationship with voluntary disclosure of non-financial information with the prospective approach.
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