Investigating the Effect of Firm Opacity on Stock Returns: The Moderating Role of Board Gender Diversity
Subject Areas :Parniyan Jamshidi 1 , saeid aliahamdi 2 *
1 - Master student of accounting department, Isfahan branch (Khorasgan), Islamic Azad University, Isfahan, Iran.
2 - Associate Professor of Accounting Department, Isfahan Branch (Khorasgan), Islamic Azad University, Isfahan, Iran. (Responsible author)
Keywords: Stock Returns, Firm Opacity, Board Gender Diversity,
Abstract :
Objective: The purpose of this study is to investigate the moderating role of board gender diversity on the relationship between corporate transparency and stock returns of companies listed on the Tehran Stock Exchange.
Research Methodology: To test the hypotheses, a sample of 130 listed companies from 2017 to 2022 was selected, and multiple regression based on panel data was utilized.
Findings: The results show that corporate transparency has a positive and significant effect on stock returns, but board gender diversity has no significant effect. Furthermore, board gender diversity does not moderate the relationship between transparency and stock returns.
Originality/Scientific Value Added: This research indicates that in the Iranian capital market, contrary to some international findings, the mere presence of women on the board is not a determining factor in improving returns or strengthening the impact of transparency, emphasizing the importance of focusing on transparency mechanisms.
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