Investigating the Relationship between Disclosure Quality and Cost of Capital of ۵۰ Top Companies Listed on the Tehran Stock Exchange Enhancing

  • سال انتشار: 1397
  • محل انتشار: مجله بین المللی مطالعات پیشرفته در علوم انسانی و اجتماعی، دوره: 7، شماره: 3
  • کد COI اختصاصی: JR_UPAEI-7-3_003
  • زبان مقاله: انگلیسی
  • تعداد مشاهده: 137
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نویسندگان

Mahboubeh Khodapanah

Department of Accenting, Science and Research Branch, Islamic Azad University, Golestan, Iran

Mansour Garkaz

Department of Accounting and Management, Islamic Azad University, Aliabad Katool Branch, Aliabad Katool, Iran

چکیده

In this study, we examined the relationship between quality of disclosure and cost of capital. The present study has addressed the issue of whether reduction of disclosure quality increases the cost of capital? The survey included all the companies listed on the Stock Exchange of Tehran. A total of ۵۰ participants were selected and have been examined during the period of ۲۰۰۶ to ۲۰۱۱. Panel least squares regression analysis was used to test hypotheses and estimating the coefficients. Corporate disclosure quality in annual concessions for listed companies in Tehran Stock Exchange is used to measure the disclosure quality. The results indicate that there is the ۹۵% confidence level and a significant negative relationship between disclosure quality and cost of capital. In fact, decline in the disclosure quality as a result of increased information asymmetry caused the investors try more to gain access to confidential information. With the increase in information asymmetries, transaction costs and increased liquidity of company’s stock shares decrease and this will be followed by the increase in the demand for the firm's cost of capital.

کلیدواژه ها

Disclosure Quality, Capital Costs, Information Asymmetry, Informed Investors, Confidential Information

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