Examining the Impact of Voluntary Disclosure Level on Value Relevance of Accounting Information of Firms Listed in Tehran Stock Exchange (TSE)

Subject Areas : Management Accounting

هاشم ولی پور ¹ , قدرت اله طالب نیا ² , رضا احمدی ³

1 - ندارد
2 - ندارد
3 - مسئول مکاتبات

Received: 2013-11-11 Accepted : 2014-02-09 Published : 2014-06-15

Keywords: Voluntary disclosure Level, Value Relevance, Ohlson model, Easton and Harris&#x0D, &#x0D, model,

Abstract :

AbstractThis paper investigates Impact of Voluntary Disclosure Level on Value Relevance ofAccounting Information, specifically, earnings and book values of Firms Listed in TehranStock Exchange (TSE). Based on the assumption that an increased focus on the informationalneeds of investors should increase the value relevance of the information contained infinancial statements, As a consequence, we expect that greater voluntary disclosure levelsamong companies listed on the TSE will be associated with greater value relevance inearnings and book value information for investors. Statistical sample includes 71 companiesduring 2007 to 2011. Statistical technique used to test the hypotheses is the MultivariateRegression.The results for the price and returns models provide evidence that earnings and bookvalues are significant factors in the valuation of firms Listed in TSE.Other results show that increasing the voluntary disclosure level, the information contentof the book value increased; on the other hand the information content of earnings is the sameinformation at all voluntary disclosure levels.