The Effect of Investment in Banking Stocks on Disclosure Quality and Investment Efficiency in Listed Companies at Tehran Stock Exchange
Masoud Taherinia
1
(
Department of Accounting, Faculty of Management and Economics, Lorestan University, Khorramabad, Iran
)
Fatemeh Papi
2
(
MSc in Accounting, Department of Accounting, Faculty of Management and Economics, Lorestan University, Khorramabad, Iran
)
Keywords: Investment in Bank Stocks, Disclosure Quality, Investment Efficiency,
Abstract :
The companies that invest in bank stocks can have more financing and more efficient investment by preparing and presenting quality financial statements. Therefore, the purpose of this article is to study the effect of investing in banking stocks on the quality of disclosure and investment efficiency in companies listed at TSE. For this purpose, the data related to the companies listed at TSE for the period of 1385 to 1400 have been extracted and the Tobit regression model has been used to test the research hypotheses. The results of the research show that the companies that have used investment in bank shares in their investment structure have not significantly affected the quality of disclosure and the efficiency of their investment. Also, the results of the supplementary test that investing in bank stocks in the investment structure of non-governmental companies leads to the improvement of investment efficiency, due to the positive and significant effect with investment inefficiency and as a result of the relationship the inverse of investment efficiency has not been confirmed. Based on the results of the research, it can be stated that despite the fact that the companies investing in bank shares, due to the ownership right in banks, by providing financial statements with quality, the probability of access and financing is easier than the rest of the companies. have, but the increase in disclosure quality and investment efficiency was not observed. Therefore, investigating the causes of its non-fulfillment and identifying the effective factors require other researches.