قیمت گذاری افشای اختیاری در بازار سرمایۀ ایران

نوع مقاله: مقاله علمی پژوهشی

نویسندگان

1 دانشجوی دکتری حسابداری، دانشکدۀ علوم اقتصادی و اجتماعی، دانشگاه الزهرا (س)، تهران، ایران

2 دانشیار گروه حسابداری، دانشکدۀ علوم اقتصادی و اجتماعی دانشگاه الزهرا (س)، تهران، ایران

3 استادیار گروه حسابداری، دانشکدۀ علوم اقتصادی و اجتماعی دانشگاه الزهرا (س)، تهران، ایران

4 استادیار گروه اقتصاد، دانشکدۀ علوم اقتصادی و اجتماعی دانشگاه الزهرا (س)، تهران، ایران

چکیده

افشای اختیاری اطلاعات شرکت‎ها از ابزار مهم مدیران به‎منظور انتقال اطلاعات عملکرد مالی به سرمایه‎گذاران، اعتباردهندگان و سایر افراد ذی‎نفع است. یکی از دلایل مهم تقاضا برای افشای اطلاعات، مسانل نمایندگی و عدم تقارن اطلاعات است. هدف این پژوهش بررسی قیمت‎گذاری افشای اختیاری با بهره‎مندی از مدل‎های اولسون (1995)، استون و هریس (1996) و مدل ارزش شرکت با توجه به اثر درون‎زای متغیر افشا است. در این راستا، شاخص افشای اختیاری 146 شرکت پذیرفته‎شده در بورس اوراق بهادار تهران طی سال‎های 1388 تا 1392 به‎کمک روش تحلیل محتوا و رویکرد وزن‎دهی یکسان، محاسبه و آزمون شد. یافته‎های پژوهش نشان می‎دهد افشای اختیاری شرکت‎ها در تصمیم‎گیری و ارزش‎گذاری شرکت‎ها به‎کار می‎رود. همچنین بررسی مدل غیرخطی ارزش شرکت نشان می‎دهد در ارزش‎گذاری شرکت‎ها سطح مطلوبی از افشای اختیاری به‎کاربرده می‎شود.

کلیدواژه‌ها


عنوان مقاله [English]

Value relevance of voluntary disclosure in capital market of Iran

نویسندگان [English]

  • Nazanin Bashirimanesh 1
  • Ali Rahmani 2
  • Seyyed Ali Hosseini 3
  • Mirhossein Mosavi 4
1 PhD Student in Accounting, Faculty of Social Sciences and Economy, University of Alzahra, Tehran, Iran
2 Associate Professor, Faculty of Social Sciences and Economy, University of Alzahra, Tehran, Iran
3 Assistant Professor, Faculty of Social Sciences and Economy, University of Alzahra, Tehran, Iran
4 Assistant Professor, Faculty of Social Sciences and Economy, University of Alzahra, Tehran, Iran
چکیده [English]

Companies’ voluntary disclosure is one of the most important management tools to convey information about the financial performance to investors, creditors and other stakeholders. One of the important reasons of the request for disclosure of information is agency problem and asymmetry of information. This study aims to examine value relevance of voluntary disclosure using models of Olson (1995), Easton and Harris (1991) and the value of firms with regard to the effect of endogeneity of voluntary disclosure variable. For this purpose, the voluntary disclosure index was calculated and tested for 146 companies listed in Tehran Stock Exchange during the period 1388-1392 using content analysis method and the same weighting approach. The results of this research reveal that companies’ voluntary disclosure is used in their decision-making and valuation of companies. The results from the study of non-linearity in the relation between voluntary disclosure and firm value confirm the positive significant effect of enhanced voluntary disclosure levels on the value of firms.

کلیدواژه‌ها [English]

  • Firm Value
  • Stock Price
  • Stock Return
  • Voluntary disclosure
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