Voluntary Disclosure

Open Access Article

1 - The Trend Toward Voluntary Corporate Disclosures: Reporting Frame Works, XBRL, XARL and It’s Effects
H. R. Vakilifard A. Mohammadi M. Mohammadi

The contemporary phenomenon of market globalization, competition and technical developments haveresulted in companies becoming more international in their orientation and have also led to increasedcomplexity in the business environment. While capital markets now offer u More

The contemporary phenomenon of market globalization, competition and technical developments haveresulted in companies becoming more international in their orientation and have also led to increasedcomplexity in the business environment. While capital markets now offer unforeseen investmentopportunities, one important development associated with these trends is the tendency of investors to beconfronted with an abundance of information about myriad corporate activities. In addition to making therequired compulsory disclosures, more and more companies are disclosing information on a voluntarybusiness – presumably in the hopes that this extra data hasten the stock market to recognize hidden elements.In this article, we provide some insights into why the value gap is responsible for the enhanced demand forextra disclosures. We also outline some of the more important frameworks that have emerged in thecontemporary literature on disclosures, and we explore the potentially critical impact of XBRL (eXtensibleBusiness Reporting language) and XARL (eXtensible Assurance Reporting Language) on this topic. Finally,we present exist view about some of the likely implication of the trend toward additional voluntarydisclosures Manuscript profile

Open Access Article

2 - Investigating the relationship between the risk of financial turmoil and the wealth created for shareholders by voluntary disclosure
Roghayeh Abdi ملیحه علیفری دنیا احدیان پور پروین

The development of capital markets has increased the pressure on companies for better performance by increasing the awareness of shareholders. Shareholders, as the owners of the business unit, seek to increase their wealth, considering that the increase in wealth is the More

The development of capital markets has increased the pressure on companies for better performance by increasing the awareness of shareholders. Shareholders, as the owners of the business unit, seek to increase their wealth, considering that the increase in wealth is the result of the desired performance of the business unit. Stakeholders of organizations are always interested in being informed about the news and status of companies and are looking for ways to act more accurately and quickly in predicting the future situation, one of them is voluntary disclosure. The purpose of the research is to examine the relationship between the risk of financial turmoil and the wealth created for shareholders with voluntary disclosure. A sample of 91 companies from the Tehran Stock Exchange during the period 1395 to 1400 was used to conduct the research. The statistical method of research is multivariate regression. The results of the research showed that the wealth created for shareholders and the voluntary disclosure of information have a significant direct relationship. And financial turmoil risk and information disclosure index have an inverse relationship. Keywords: risk of financial turmoil, wealth created for shareholders, voluntary disclosure Thematic classification: G14, G35, M41 Manuscript profile

Open Access Article

3 - Examining the Effect of Ownership Dispersion on the Relation between Voluntary Disclosure and Cost of Equity Capital
فریدون Rahnama Roodposhti F. Gholami Hassankiadeh Aria Aminpoour

The effect of information disclosure procedures and policies on the cost of equity capital is one of the important issues which always is considered by regulators, entities and financial and accounting researchers. This relation is affected by various contextual charact More

The effect of information disclosure procedures and policies on the cost of equity capital is one of the important issues which always is considered by regulators, entities and financial and accounting researchers. This relation is affected by various contextual characteristics (e.g. ownership structures, legislating system, economy and so on). The aim of this research is to examine the effect of ownership dispersion on the relation between voluntary disclosure and cost of equity capital. In doing so, the number of 610 firms of TSE listed Company were selected via systematic screening method. Data for variables were collected from several databases, such as CODAL, Central Bank, TSE-Client 2 software, and Statistical Centre of Iran. These data were analysed by the regressions model. The evidence shows that voluntary disclosure, ownership dispersion, and their interaction have significantly negative relations with the cost of equity capital. These findings indicate that an increase in voluntary disclosure and ownership dispersion causes a decrease in cost of equity capital. In addition, ownership structure intensifies the negative effect of voluntary disclosure on the cost of equity capital. Manuscript profile

Open Access Article

4 - The Effect of Metacognition and Cognitive Failures on Investors Judgment and Decision Making: The Role of Voluntary Disclosure
Yaghoub Pourkarim S. Jabbarzadeh Kangarlouei Jamal Bahri Sales Hassan Galavandi

This research investigates the effect of Metacognition and cognitive failures on investors judgment and decision making, with the moderating role of voluntary disclosure. The present research was carried out using a test method based on a staged method of accounting and More

This research investigates the effect of Metacognition and cognitive failures on investors judgment and decision making, with the moderating role of voluntary disclosure. The present research was carried out using a test method based on a staged method of accounting and non-accounting information in the Google Forms software and 98 acceptable quiz of the investors were randomly selected and analyzed in 2017. In order to test the hypothesis, structural equation model was used in SMART-PLS software. The results showed: Metacognition have a significant effect on investors judgment, but cognitive failures don't have a significant effect on investors judgment. Metacognition and cognitive failures by mediating judgment have a significant effect on investors' decision making. With the moderating role of the voluntary disclosure, Metacognition and cognitive failures, there is a significant effect on investors judgment. With the moderating role of voluntary disclosure, Metacognition and cognitive failures through mediation of judgment, there is a significant effect on investors' decision making. Also, the comparison of the Coefficient of Determination (R2) obtained from the structural equation models, indicates the positive effect of the voluntary disclosure, on the decision making of investors. Manuscript profile

Open Access Article

5 - The relationship between voluntary disclosure, decision making cognitive styles, and information Asymmetries: A Brunswick Leans Model Approach
زهرا پورزمانی قدرت اله طالب نیا احمد یعقوب نژاد علی بیات

Voluntary disclosure reduces information asymmetry for firms have become increasinglyValue Relevance. In this study to evaluate the different decision making styles a cognitive andbehavioral model are used. The field of this research in terms of territory subject to the More

Voluntary disclosure reduces information asymmetry for firms have become increasinglyValue Relevance. In this study to evaluate the different decision making styles a cognitive andbehavioral model are used. The field of this research in terms of territory subject to the"theory of information overload" and Processing "Brunswik Leans Model" is placed inbehavioral accounting. This research has a quasi-experimental method. Research period are in2012. For purposes of this study, Experimental group (176 respondents) and control group(158 respondents), were classified in the four dominant styles: directive, analytical,conceptual, and behavioral. Also, investors in terms of the brain dominant style and cognitivecomplexity so as uncertainty about the tolerance level were classified. Evidence waspresented that shows left-brain dominant style used more items on average to processinformation. Also, Behavioral decision-making style than other styles used lowest items toprocess information. Indeed The results show all styles of Experimental group have lessinformation asymmetry than the control group. This findings support the voluntary disclosureof information by companies to reduce the level of information asymmetry the market offers. Manuscript profile

Open Access Article

6 - Effect of voluntary disclosure on value relevance of earnings per share
احمد خدامی پور رامین محرومی

AbstractThe purpose of this study is to investigate the effect of voluntary disclosure onvalue relevance of earnings per share. The statistical society includes companiesaccepted in Tehran Stock Exchange(TSE), and the time span of the study is from thebeginning of 2007 More

AbstractThe purpose of this study is to investigate the effect of voluntary disclosure onvalue relevance of earnings per share. The statistical society includes companiesaccepted in Tehran Stock Exchange(TSE), and the time span of the study is from thebeginning of 2007 up to the end of 2010. Based on the assumption that an increasedfocus on the informational needs of investors should increase the quality ofaccounting information, we expect that greater voluntary disclosure levels will beassociated with greater value relevance of earnings per share as one of the mostimportant accounting information. The results show that voluntary disclosure nosignificant influence on the value relevance of earnings per share. An importantreason for this conclusion can disability of investors and other users of thefinancial reports to use the accounting information to be disclosed. Manuscript profile

Open Access Article

7 - Examining the Impact of Voluntary Disclosure Level on Value Relevance of Accounting Information of Firms Listed in Tehran Stock Exchange (TSE)
هاشم ولی پور قدرت اله طالب نیا رضا احمدی

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 informationalne More

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. Manuscript profile

Open Access Article

8 - Decision Making Cognitive Styles, Information Processing Time, and Value Relevance of Voluntary Disclosure: A Brunswick Leans Model Approach
قدرت اله طالب نیا زهرا پورزمانی علی بیات

Voluntary disclosure result to increasing value relevance because of increasing decisionmakingaccuracy. In this study to evaluate the different decision making styles a cognitiveand behavioral model are used. The field of this research in terms of territory subject to t More

Voluntary disclosure result to increasing value relevance because of increasing decisionmakingaccuracy. In this study to evaluate the different decision making styles a cognitiveand behavioral model are used. The field of this research in terms of territory subject to the"theory of information overload" and Processing "Brunswick Leans Model" is placed inbehavioral accounting. This research has a quasi-experimental method. Research period are in2012. For purposes of this study, experimental group (176 respondents) and control group(158 respondents) were classified in the four dominant styles: directive, analytical,conceptual, and behavioral. Also, investors in terms of the brain dominant style and cognitivecomplexity so as uncertainty about the tolerance level were classified. Evidence waspresented that shows left-brain dominant style to spend more time on average to processinformation. Also, Analytical decision-making style than other styles as well as spend moretime to process information. Indeed High complexity styles have Accuracy after Voluntarydisclosure presented. But we didn’t find any relationship between Voluntary disclosure andother styles decision-making accuracy. So, we can result Voluntary disclosure don’t haverespected to increasing value relevance. Manuscript profile

Open Access Article

9 - The Relationship between Voluntary Disclosure and Financial Performance with Emphasis on Corporate Governance Mechanisms
fahime safikhani Mohammadreza safikhani fatemeh besharatpour

10.30495/jik.2024.23154

The purpose of this study is to investigate the relationship between voluntary disclosure and financial performance of companies and the effect of corporate governance mechanisms on financial performance and also the effect of corporate governance mechanisms on the rela More

The purpose of this study is to investigate the relationship between voluntary disclosure and financial performance of companies and the effect of corporate governance mechanisms on financial performance and also the effect of corporate governance mechanisms on the relationship between voluntary disclosure and financial performance of companies listed on the Tehran Stock Exchange. For this purpose, data related to 98 companies in the period from 2011 -2019 were collected. Multivariate regression was used to investigate the relationships between variables and the combined data method was used to test the hypotheses. Findings show that there is a positive and significant relationship between voluntary disclosure and financial performance of companies. In fact, increasing voluntary disclosure reduces agency problems by reducing information asymmetry between management and investors. As information asymmetry decreases, demand for transactions increases. As demand increases, stock prices rise and the company's financial performance improves. There is also a positive and significant relationship between corporate governance system (internal and external) and financial performance of companies. Companies with better governance mechanisms, narrower price gaps, higher stock quality, have the lowest price-volume impact. These factors lead to the optimal financial performance of the company. The corporate governance system also strengthens the link between voluntary disclosure and corporate financial performance. Good corporate governance promotes transparency and voluntary disclosure. Increasing disclosure reduces information asymmetry and thus improves the company's financial performance. Manuscript profile

Open Access Article

10 - corporate governance role in readability of board of directors' report of companies listed in Tehran Stock Exchange
Hosna ghahramani Saghir fatemeh sarraf Roya darabi

The readability and receiving a quick message from a financial report is one of the main features of a report on usefulness of decision-making by users. In this regard, board of directors' report is one of the company's (firm) optional disclosures that plays a significa More

The readability and receiving a quick message from a financial report is one of the main features of a report on usefulness of decision-making by users. In this regard, board of directors' report is one of the company's (firm) optional disclosures that plays a significant role in the decision making and reaction (response) of investors. This study has also examined readability of board of directors' report. The purpose of this study is to investigate the effect of strategic factors and corporate governance on the degree of comprehensibility and readability of manager's discretionary disclosures. This study has considered companies listed in Tehran Stock Exchange as the statistical population, sampling method is systematic removal and the sample size is 159 companies during 2013 and 2017. The research method is descriptive-correlational with causal-correlation variables. In order to process and test hypotheses, we have used the multivariate regression method and panel data as well as constant effects model. In the research model test, a significant relationship was found between corporate governance factors other than financial knowledge and readability of board of directors' report, and consequently, the company leadership system's factors were effective on readability of board of directors' report so that with strengthening corporate governance, disclosed information is more readable and the quality of optional disclosure is increased. Manuscript profile

Open Access Article

11 - The effect of voluntary disclosure of historical and forward-looking non-financial information on sustainability performance
Gholamhossein Pourgholami Dafchahi Mahmood Samadi Largani Razieh Alikhani Mohammadreza Pourali

The present study examines the effect of voluntary disclosure of historical and forward-looking non-financial information on sustainability performance and contributes to the existing literature by providing evidence of a definite relationship between the level of volun More

The present study examines the effect of voluntary disclosure of historical and forward-looking non-financial information on sustainability performance and contributes to the existing literature by providing evidence of a definite relationship between the level of voluntary disclosure and sustainability performance in Iran. For content analysis, a checklist tool consisting of 23 components and 186 indicators was used to describe the disclosure criteria. In order to achieve the purpose of the research, the required data of 910 year-company observations (7 years and 130 companies) resulting from the screening process by systematic elimination of companies listed on the Tehran Stock Exchange, have been used in a descriptive-correlational manner from sources such as corporate board reports, financial statements, resource management software and new results with the implementation of content analysis test and multivariate linear regression model. The results showed that there is a positive and significant relationship between voluntary disclosure of non-financial information, historical and forward-looking non-financial information and sustainability performance. These findings indicate that the motivation of companies to disclose voluntary information, especially about the Iranian economy, is very important, because companies must grow economically and therefore their need for capital is high. This study also showed that the level of corporate disclosure continues to increase during the study period. Manuscript profile

Open Access Article

12 - Voluntary Disclosure Dynamics under Risk and Ambiguity for Digital Corporates in Tehran Stock Exchange Market
Mohammad Feghhi Kashani Teimor Mohammadi Hadi Pirdaye

10.22034/amfa.2023.1979245.1855

This study aims at investigating the effects of the change in the information environment from risk to ambiguity, disclosure dynamics, and the ambiguity aversion behavior of investors on the disclosure of integrated information for selected corporates operating in digit More

This study aims at investigating the effects of the change in the information environment from risk to ambiguity, disclosure dynamics, and the ambiguity aversion behavior of investors on the disclosure of integrated information for selected corporates operating in digital industry listed on the Tehran Stock Exchange during 2012-2022. The corporate voluntary disclosure lag, stock return volatility, and the probability of favorable returns incidence represent respectively the disclosure dynamics, firm risk, and investors' ambiguity aversion, within dynamic panel models. To investigate robustness of the estimates we have also included capital market ambiguity, firm size and stock liquidity indices in the model. The findings are consistent with existing theories. Firm risk and the capital market ambiguity have an increasing impact on the integrated information voluntary disclosure. However, the ambiguity at firm's level has decreased its voluntary disclosure. Likewise, a rise in ambiguity aversion (in-dependent of the ambiguity level), which makes investors more pessimistic about the firm's cash flows, makes the manager to increase the level of voluntary disclosure. Further, inertia in voluntary disclosure has been detected among the studied digital corporates. Depending on the magnitudes of the risk, ambiguity, ambiguity aversion, and the source of investors' ambiguity, the corporate managers decide on their voluntary disclosure policy appropriately. Manuscript profile

Open Access Article

13 - Evaluating the Effects of the Audit Committee's Characteristics on Voluntarily Disclosure of Information in Tehran Agricultural Stock Exchange
Fatemeh Khodadad Hatkeposhti

Manuscript profile

Open Access Article

14 - Explaining Voluntary Disclosure Components With Social Responsibility Approach From the Viewpoint of Higher Education Specialists
Amir Shams Ali reza Mehrazeen Abolghassem Massihabadee Mohamad reza Shorvarzi

The purpose of this study was to explain the components of voluntary disclosure with a social responsibility approach from the point of view of higher education professionals. The present study presented and analyzed the components and indicators of voluntary disclosure More

The purpose of this study was to explain the components of voluntary disclosure with a social responsibility approach from the point of view of higher education professionals. The present study presented and analyzed the components and indicators of voluntary disclosure by examining the viewpoints of higher education graduates of Iranian universities in a comprehensive framework. To determine the components, voluntary disclosure of their weight was done by 108 faculty members. The statistical population included professors of Iranian universities in accounting, auditing and financial management in 2018. Targeted sampling was based on the field of research. Data were analyzed by exploratory factor analysis using SPSS software. The results of exploratory factor analysis revealed that three dimensions for voluntary disclosure of companies (general information and governance, performance, innovation and future growth) can be achieved. The results of this research can reflect the expectations of higher education professionals and users of financial reporting on voluntary disclosure. Manuscript profile

Open Access Article

15 - The effect of voluntary information disclosure on environmental costs
fatemeh golzadeh mohammad reza Abbasi Astemal

The present study effect of voluntary disclosure of information on environmental costs with emphasis on internal control structure. This research is practical in terms of purpose and in terms of methodology, the correlation is of the causal type (after event). The syste More

The present study effect of voluntary disclosure of information on environmental costs with emphasis on internal control structure. This research is practical in terms of purpose and in terms of methodology, the correlation is of the causal type (after event). The systematic elimination sampling, 129 companies were selected as sample and were investigated in the period of 8 years between 2014 and 2021. The method used to collect information is a library and data are collected for measuring variables from the codal website and corporate financial statements and in Excel, basic calculations have been made then, to test the hypotheses of the software stata was used. The results of the research show that voluntary disclosure of information has a direct impact on environmental costs. Also, internal control structure has a direct effect on the relationship between voluntary information disclosure and environmental costs.Keyword: voluntary disclosure of information, environmental costs, internal control structure Manuscript profile

Open Access Article

16 - Investigating the Effect of Expertise and Size of the Audit Committee on Voluntary Disclosure of Companies Listed on Tehran Stock Exchange
Fatemeh Khodadad Hatkeposhti

Manuscript profile

Open Access Article

17 - The Usefulness of Voluntary Disclosure to Investors' Judgment
mohsen hamidian zohreh hajiha nafise taghizade

The purpose of this study is to investigate the relationship between the usefulness of voluntary disclosure based on the macro components of the International Accounting Standards Board and the judgment of investors in the companies admitted to the Tehran Stock Exchange More

The purpose of this study is to investigate the relationship between the usefulness of voluntary disclosure based on the macro components of the International Accounting Standards Board and the judgment of investors in the companies admitted to the Tehran Stock Exchange during the period of 2011 and 2015. To this end, 127 companies were selected using systematic elimination sampling method and tested using the Mechelli, Cimini and Mazzocchetti model. A checklist to measure the voluntary disclosure of companies with five dimensions of business nature, goals, business strategies, resources, risks and communications, results of company operations and performance measurement criteria was used. The findings show that, in general, voluntary disclosure of the main components of the business model provides a higher value relation than the limited disclosure components. Based on these findings, it is suggested that corporate executives with more attention to these indicators provide more precise conditions for users of financial statements. Manuscript profile

Open Access Article

18 - Determining the factors influencing the voluntary disclosure of non-financial information from the perspective of institutional theory Qualitative method
Ali Khodabakhshi Mohsen Dastgir Saeid Aliahmadi

10.30495/jmemiau.2024.708401

Company reports are one of the most important sources of obtaining information, so that the theoretical foundations of accounting and reporting in most countries state that the general purpose of company reporting is to provide information. The purpose of this research More

Company reports are one of the most important sources of obtaining information, so that the theoretical foundations of accounting and reporting in most countries state that the general purpose of company reporting is to provide information. The purpose of this research is to determine the factors influencing the voluntary disclosure of non-financial information from the perspective of institutional theory. In this research, a qualitative research method has been used, which is a combination of resource review and Delphi method, at first it was used by using the resource review method and background studies, the factors affecting information disclosure were identified with the approach of voluntary disclosure of non-financial information, then to The categories of identified factors were discussed. In order to determine the factors affecting the voluntary disclosure of information, the Delphi method has been used.The statistical population of the present study were accounting specialists and experts who are experts in accounting and auditing, who were 20 people (10 academic and 10 executive) and were selected as a snowball. The findings of the resource review section showed that 33 indicators were identified and finally the known concepts were categorized into five groups. The desired indicators were included in the Delphi questionnaire through the literature review while presenting to the experts after the initial content validity and 17 out of 20 people They confirmed the indicators and the validity percentage was 85%, so the validity of the model was confirmed through the Delphi method.The results show that in three groups; 1) Involuntary factors and voluntary disclosure of non-financial information; 2) specific discretionary factors of the company and voluntary disclosure of non-financial information; 3) Normative factors and voluntary disclosure of non-financial information, 25 indicators were confirmed.  Manuscript profile

Open Access Article

19 - The Relationship Between Voluntary Disclosure and Corporate Governance Mechanisms
Mohammad Kashanipoor Majid Zanjirdar Seyed Mahdi Parchini Parchin Seyed Javad Babazadeh

Voluntary disclosure and corporate governance, as considerable issues in a world wide scale, requires moreattention in the scientific and research communities of our country. So this study tries to reviewand examine the relationship between them. In the model discussed, More

Voluntary disclosure and corporate governance, as considerable issues in a world wide scale, requires moreattention in the scientific and research communities of our country. So this study tries to reviewand examine the relationship between them. In the model discussed, the corporate governance mechanisms are including Ownership structure and board composition. Ownership structure specified by managerial ownership, major shareholder and governmental ownership. Composition of board measuredby ratio of outside directors. Voluntary disclosure index is summarized based on previous researches. According to research results, decreasing in the level of managerial ownership and increasing in the percentage of major shareholders ownership is associated with an increasing in the level of voluntary disclosure. While there is no significant relationship between governmental ownership with voluntary disclosure. Manuscript profile

Open Access Article

20 - The Relationship between Firm Value and Rate of Information Disclosure
Dariosh Foroghi Ahmad Adineh Jounaghani

The availability of apparent and comprehensive information is one of the fundamental elements of market capital. Comprehensive disclosure of firms causes to increase the efficiency of market capital is comprehensive disclosure of information. The present study investiga More

The availability of apparent and comprehensive information is one of the fundamental elements of market capital. Comprehensive disclosure of firms causes to increase the efficiency of market capital is comprehensive disclosure of information. The present study investigates the relationship between the amount disclosure firm value. To determine the amount of disclosure by firms a checklist, which is provided compatible with the regulation of Iran Stock Exchange and Iranian Accounting Standards, including comprehensive, mandatory and voluntary disclosure. The hypo theses of this study using compound inputs examined the 81 accepted firms in Tehran Stock Exchange (2008-20010). The results reveal that there is significant relationship between comprehensive, mandatory and voluntary disclosure with firm value. Manuscript profile

Open Access Article

21 - Investigating the effect of voluntary disclosure of information on the company's risk-taking, emphasizing the role of managerial ownership in companies listed on the Tehran Stock Exchange.
safieh mehrinejad

The main purpose of the current research is to investigate the effect of voluntary disclosure of information on the company's risk-taking, emphasizing the role of managerial ownership in companies listed on the Tehran Stock Exchange during the years 2011 to 2019. The st More

The main purpose of the current research is to investigate the effect of voluntary disclosure of information on the company's risk-taking, emphasizing the role of managerial ownership in companies listed on the Tehran Stock Exchange during the years 2011 to 2019. The statistical sample of the research is 159 companies. The research method is descriptive-correlation with applied approach. The method of collecting information in the theoretical foundations section was the library method, and in the hypothesis testing section, the document analysis method of financial statements was used. In general, the hypothesis testing method is correlation and multiple regression. The results of the research showed that the voluntary disclosure of information has a direct and significant effect on the company's risk-taking, and increasing the percentage of managerial ownership strengthens this effect. The results related to the control variables showed that the financial leverage and the ratio of accruals have an inverse and significant effect on the company's risk-taking, and the effect of the company's size and operating cash flow on the company's risk-taking; it is direct and meaningful Manuscript profile

Open Access Article

22 - Investigating The Relationship between XBRL Voluntary Disclosure and Stock Market Valuation and The Role of Corporate Governance of listed companies in Tehran Stock Exchange (TSE)
Javad Hesari Hadi Saeidi

10.30495/afi.2021.1921144.1008

The purpose of present study is to investigate the relationship between voluntary disclosure of extensible financial reporting language and stock market valuation and the role of corporate governance in companies listed on the Tehran Stock Exchange. For this purpose, 14 More

The purpose of present study is to investigate the relationship between voluntary disclosure of extensible financial reporting language and stock market valuation and the role of corporate governance in companies listed on the Tehran Stock Exchange. For this purpose, 140 companies during the period 2014-2019 were surveyed. In this research, the information related to the variables was extracted from Rahavard 3 software and was summarized, classified, calculated by Excel software and finally hypotheses tested by Eviews and stata software at a confidence level of 0.95 . The findings of the first hypothesis showed that there is a significant and positive relationship between voluntary disclosure of extensible financial reporting language and stock market valuation in companies. Also, the findings of the second hypothesis showed that there is a significant and positive relationship between corporate governance and stock market valuation in companies. In addition, the findings of the third hypothesis showed that corporate governance has a positive and significant effect on the relationship between voluntary disclosure of extensible financial reporting language and stock market valuation in companies. Manuscript profile

Open Access Article

23 - The role of economic policy uncertainty in the relationship between voluntary disclosure of information and information asymmetry
Ghasem Ghasemi Ahmad Khodamipour Kazem Shamsadini

10.30495/afi.2022.1950672.1103

Purpose: The purpose of this study is to investigate the role of economic policy uncertainty in the relationship between voluntary disclosure of information and information asymmetry in companies listed on the Tehran Stock Exchange.Methodology:This research is descripti More

Purpose: The purpose of this study is to investigate the role of economic policy uncertainty in the relationship between voluntary disclosure of information and information asymmetry in companies listed on the Tehran Stock Exchange.Methodology:This research is descriptive, correlational and post-event. In order to investigate this issue, research hypotheses based on a statistical sample consisting of 138 firms during the years 2009 to 2018 and were tested using multivariate regression models.Findings: The results show that the relationship between voluntary disclosure of information and information asymmetry is statistically negative and significant. The results also showed that economic policy uncertainty as a moderating variable weakens the relationship between voluntary disclosure of information and information asymmetry. This means that in a situation of economic policy uncertainty, with the reduction of inefficient fiscal and monetary policies and also the reduction of public distrust in economic decisions, voluntary disclosure of information decreases and as a result, information asymmetry increases. Economic uncertainty with disruption of the price system leads liquidity to unproductive activities and reduces the inflow of liquidity to production and thus reduces corporate investment.Originality / Value: The results of this study, in addition to developing the literature on economic policy uncertainty and information asymmetry, help capital market participants, decision makers, analysts and potential and actual investors of the Tehran Stock Exchange to analyze investment plans in financial assets and Securities should pay special attention to this important issue. The results also made financial and economic policy makers seek to create stability and create a safe investment environment, which is one of the basic conditions for the country's economic development, and by formulating long-term economic plans and taking into account the country's political and economic conditions, the necessary ground. Provide information to reduce asymmetry. Manuscript profile

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