Voluntary Disclosure and Informational Content of Share Price: Evidence from Tehran Stock Exchange

Document Type: Research Paper

Authors

Faculty of Economic and Management, Urmia University, Urmia, Iran

Abstract

The aim of this research was to determine the impact of voluntary information disclosure on informational content of share price. In this regard, future earnings response coefficient was used to determine the informational content of the share price about the future income information. Furthermore, share price synchronicity was used to evaluate the informational content of the share price about firm-specific information. To this end, it was attempted to select 98 firms listed in Tehran Stock Exchange (from 2005 to 2016). The analyses indicated that the voluntary information disclosure improved the informational content of share prices in terms of the future earnings. However, it was indicated that the voluntary information disclosure did not affect the informational content of share price in terms of firm-specific information. So, voluntary information disclosure increases the capability of the investors to predict the future income and, consequently, future income information will be reflected in the share price.

Keywords

Main Subjects


Article Title [Persian]

افشای اختیاری و محتوای اطلاعاتی قیمت سهام: شواهدی از بورس اوراق بهادار تهران

Authors [Persian]

  • حمزه دیدار
  • سهراب عبدی
  • وحید مصطفی زاده
دانشکده اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، ایران
Abstract [Persian]

هدف پژوهش حاضر تعیین تأثیر افشای اختیاری اطلاعات بر محتوای اطلاعاتی قیمت سهام است. دراین راستا، ضریب واکنش سودهای آتی، برای بررسی محتوای اطلاعاتی قیمت سهام از اطلاعات سودهای آتی و همزمانی قیمت سهام، برای ارزیابی محتوای اطلاعاتی قیمت سهام از اطلاعات خاص شرکت، استفاده می شود. به‌منظور دستیابی به هدف پژوهش تعداد 98 شرکت از بین شرکت های پذیرفته‌شده در بازار اوراق بهادار تهران طی سال های 1383 الی 1394 در جامعۀ غربال‌شده قرار گرفت. مطابق یافته ها، افشای اختیاری اطلاعات به بهبود محتوای اطلاعاتی قیمت سهام از سودهای آتی منجر می شود. ولی بر محتوای اطلاعاتی قیمت سهام از اطلاعات خاص شرکت، تأثیر معناداری ندارد. بنابراین، افشای اختیاری اطلاعات، توانایی پیش-بینی سودهای آتی توسط سرمایه گذاران را بهبود می دهد که نتیجه آن انعکاس اطلاعات سودهای آتی در قیمت سهام است.

Keywords [Persian]

  • افشای اختیاری
  • محتوای اطلاعاتی قیمت سهام
  • ضریب واکنش سودهای آتی
  • همزمانی قیمت سهام

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