For almost a decade the transparency of financial information has beenan important influence on investors, investment strategies. An increasingamount of research shows that the availability and quality of companies,financial information are tow major factors influencing More
For almost a decade the transparency of financial information has beenan important influence on investors, investment strategies. An increasingamount of research shows that the availability and quality of companies,financial information are tow major factors influencing investorinvestment decisions (Young, 2003). Young has found that after financialscandals of Enron Oil Company in U.S.A poor corporate governanceresulting in a lack of financial information transparency has shakenpublic confidence in stock market (Young, 2003).This study analyzed the effects of financial information transparency,which is the fifth principle of the six principle of corporate governance,on investor behavior and it present a framework for evaluating of investorbehavior by concepts of ownership structure, financial transparency andboard structure.In this study, the researcher tried to present an appropriate literature inthe field of corporate governance and to determine the effects ofconducting of the fifth principle (principle of disclosure andtransparency) on investor's behavior in Tehran Stock Market by carryingout researches such as those which were conducted in developedcountries.Data of this study was collected by a survey instrumentcontaining 19 closed-ended questions which answered by investors whohave experience buying corporation share from the Tehran StockExchange, and by statistical analyzing of these answer the researcherinspects the effects of Financial Information Transparency on investorbehavior.The different statistical models which used for examining ofhypothesis are descriptive statistics, correlation analysis and conductingstatistical examinations showed that Financial Information Transparencyhas a positive correlation with investor behavior and improving FinancialInformation Transparency lead to increasing of shareholders, confidencein Tehran stock market and increasing of their investment in stockmarket.
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According to the theory of value creation, the company goal is to increase the shareholder's wealth and pay attention to the individual interests. One of the elements that creates value is the consideration of philanthropic actions. So that doing these actions will give More
According to the theory of value creation, the company goal is to increase the shareholder's wealth and pay attention to the individual interests. One of the elements that creates value is the consideration of philanthropic actions. So that doing these actions will give the company a good image and may affect the performance and investment. Therefore, the purpose of this study is to investigate the relationship between corporate philanthropy and investment efficiency with an emphasis on the ownership of institutional investors at companies listed in Tehran Stock Exchange. Thus, 90 companies were selected for the period of 2010-2017. In order to measure the corporate philanthropy, donations and to measure of investment efficiency, the proposed model based on Iran investment environment was used. A multivariate regression model was used to analyze the data and test hypotheses. The results showed that there is a positive and significant relationship between corporate philanthropy and investment efficiency. That is, humanitarian activities will reduce information asymmetry and increase investment efficiency. Also due to the role of institutional investors, the relationship between company philanthropy and investment efficiency in an environment with institutional investors was investigated. The results showed that institutional investors have a positive impact on corporate philanthropy and investment efficiency. Indeed, in a high regulatory environment, humanitarian action leads to optimal investment.
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In the last decade, the use of sustainability reporting as a tool for communicating and reporting on the performance of sustainability objectives by companies has led to a growing awareness of its value and development in the corporate world. Therefore, exploring this p More
In the last decade, the use of sustainability reporting as a tool for communicating and reporting on the performance of sustainability objectives by companies has led to a growing awareness of its value and development in the corporate world. Therefore, exploring this phenomenon for a better understanding and identifying its characteristic elements is important. This study aims to systematically review the literature to establish the distinctive elements of sustainability reporting and provide a complete theoretical framework that allows the classification of the drivers that are crucial for adopting sustainability reporting. Through the analysis, we describe the characteristic elements of sustainability reporting in a homogeneous and concise summary. The drivers that result, may prove useful not only in the context of non-financial reporting but also in encouraging adequate economic-business reflections that may inspire new research trajectories for scholars field.Keywords: Legitimacy theory, Stakeholder theory, Institutional theory, non-financial information, Sustainability reporting, Institutional drivers.
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Provision and presentation of quality information is a prerequisite for decision making by stakeholders of business units. One of the features of this information is having the ability to compare with other peer companies, as one of the quality features of this informat More
Provision and presentation of quality information is a prerequisite for decision making by stakeholders of business units. One of the features of this information is having the ability to compare with other peer companies, as one of the quality features of this information. Social responsibility can affect the qualitative characteristics of financial reporting. Therefore, the purpose of this study is to investigate the relationship between corporate social responsibility and the ability to compare financial statements as one of the most important features of financial reporting. To achieve the purpose of the study, the composite data of 114 companies listed on the Tehran Stock Exchange in the period 2010-2020 were analyzed using multivariate linear regression. Findings showed that there is a positive and significant relationship between corporate social responsibility and the ability to compare financial statements. Based on these findings, it can be said that social responsibility obliges company managers to adhere to their ethical commitments and provide accurate and quality information to their stakeholders. To do this, they use quality and similar standards and procedures that help reduce information asymmetries at the company level, employees, stakeholders, peer companies and even the capital market.
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