فراتحلیل اثر افشای اطلاعات بر واکنش بازار

محورهای موضوعی : بازارها و نهادهای مالی

شیوا زمانی ¹ (گروه مالی، واحد اراک، دانشگاه آزاد اسلامی، اراک، ایران.)
مجید زنجیردار ² (گروه مدیریت مالی، واحد اراک، دانشگاه آزاد اسلامی، اراک، ایران.)
علی لعل بار ³ (گروه حسابداری، واحد اراک، دانشگاه آزاد اسلامی، اراک، ایران.)

تاریخ دریافت : 1401/04/22 تاریخ پذیرش : 1401/08/12 تاریخ انتشار : 1401/10/01

کلید واژه: حاکمیت شرکتی, اندازه اثر, فراتحلیل (متاآنالیز), افشای اختیاری واجباری, مولفه های حسابرسی,

چکیده مقاله :

هدف: به‌منظور یکی نمودن نتیجه تحقیقات مختلف و پیداکردن عواملی که باعث تعدیل رابطه بین افشای اطلاعات و واکنش بازار می‌شوند، در این تحقیق از روششناسی فراتحلیل (متاآنالیز) که جزء روش‌های کمی هستند استفاده گردید.روش‌شناسی پژوهش: برای انجام روش فراتحلیل، با استفاده از نرم‌افزار CMA و سایت‌های مجله‌های خارجی (مقاله‌های منتشرشده در ارتباط با متغیرهای پژوهش از سال 1990 تا سال 2020) و سایت‌های اینترنتی نشریه‌های علمی‌پژوهشی داخلی (مقاله‌های منتشرشده در ارتباط با متغیرهای پژوهش از سال 1370 تا سال 1399) به‌عنوان جامعة آماری پژوهش شناسایی و جمع‌آوری شدند و با روش حذف سیستماتیک در نهایت 86 مطالعه مورد تجزیه‌وتحلیل واقع شده است.یافته‌ها: نتایج بررسی مطالعات انجام شده در بازه زمانی مذکور و پیرامون این رابطه، با به‌کارگیری آزمون‌های I2 و Q بیانگر آن است که اکثر این مطالعات نامتجانس (ناهمگن) میباشند. برای شناسایی عوامل عدم تجانس، تحقیقات بر اساس روش‌های مختلف سنجش و اندازه‌گیری افشای اطلاعات و واکنش بازار و محاسبه آماره درون‌گروهی دریافتیم که این معیارهای متفاوت اندازه‌گیری بکار رفته در تحقیقات، یکی از عوامل تناقض در نتایج تحقیقات است. در ادامه بررسی مشاهده شد رابطه معناداری بین مؤلفه‌های حسابرسی با واکنش بازار وجود ندارد درحالی‌که در مقابل، بین انواع افشای اختیاری و اجباری، و مؤلفه‌های حاکمیت شرکتی با واکنش بازار، رابطه معنادار مشاهده گردید.اصالت / ارزش افزوده علمی: به استناد یافته‌های پژوهش حاضر، فعالان و سرمایه‌گذاران بازارهای مالی باید در تجزیه‌وتحلیل‌های خود، نحوه افشای اطلاعات و ابزارهای الزام‌آور افشا و ترکیب اعضای سهام‌داران را موردتوجه جدی‌تر قرار دهند اما مؤلفه‌های حسابرسی رهنمون خاصی برای انتخاب بهترین گزینه سرمایه‌گذاری به فعالان بازارهای مالی ارائه نمی‌دهد.

چکیده انگلیسی:

Purpose: The present research aims to conduct meta-analysis of the effect of information disclosure on market reaction. In order to integrate the results of different researches and identify the determinants of relations between information disclosure and market reaction, we used meta-analysis methodology as a quantitative statistical method.Methodology: In order to implement the meta-analysis method, using software CMA from the website of foreign journals (published articles related to research variables from 1990 to 2020) and the website of domestic scientific research journals (published articles related to research variables from 1990 to 2020) to They were identified and collected as a statistical population of the research and finally 86 studies have been analyzed by systematic elimination method.Findings: The results of studies conducted in the mentioned period and around this relationship, using I2 and Q tests indicate that most of these studies are heterogeneous. In order to identify the cause of this heterogeneity, by dividing the research based on different criteria for measuring information disclosure and market reaction and calculating statistics within the group, we found that these different measurement criteria used in research is one of the contradictory factors in research results. In the following study, it was observed that there is no significant relationship between audit components and market reaction, while in contrast, between the types of voluntary and mandatory disclosure, and corporate governance components with market reaction, a significant relationship was observed.Originality / Value: Based on the findings of the present research, financial market activists and investors should pay more serious attention to the way of information disclosure and mandatory disclosure tools and composition of shareholders in their analysis, but audit components are a special guide for choosing the best capital option. It does not offer financial market participants.

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