نوع مقاله : مقاله علمی پژوهشی
نویسندگان
1 دانشیار گروه حسابداری، دانشگاه شهید باهنر کرمان، ایران
2 کارشناس ارشد رشتۀ حسابداری، دانشگاه شهید باهنر کرمان، ایران
چکیده
کلیدواژهها
عنوان مقاله [English]
نویسندگان [English]
The main objective of this study is to investigate the relationship between stock price changes and voluntary disclosure of managers. Specifically, it aims to investigate whether stock price declines prompt managers to voluntarily disclosure the previously withheld information (management forecasts). The population of the study includes the firms listed in Tehran Stock Exchange (TSE) between 2002 and 2011. The results indicate that following larger stock price declines, managers are more likely to release forecasts (good or bad news) but that there is no association between the likelihood of releasing forecasts and the magnitude of stock price increases. More generally, this study provides evidence that managers disclose good news and withhold bad news in order to maximize their firm’s stock price. However, a stock price decline as a result of a public event such as income statement can encourage managers to disclose previously withheld bad news which in managers’ viewpoint, might not be unfavorable anymore after larger stock price decline, and might now be considered as good news.
کلیدواژهها [English]
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