文章基本信息

标题：The Relationship between Voluntary Disclosure and Stock Liquidity of Listed Companies on the Tehran Stock Exchange
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作者：Behzad Ghorbani ; Mahdi Salehi ; Vahab Rostami 等
期刊名称：Mediterranean Journal of Social Sciences
电子版ISSN：2039-2117
出版年度：2015
卷号：6
期号：2
页码：84-94
DOI：10.5901/mjss.2015.v6n2p84
出版社：Mediterranean Center of Social and Educational Research (MCSER)
摘要：In the present study, the relationship between the amplitude of voluntary disclosure as an external control mechanism, and stock liquidity analyzed in the listed companies on the Tehran Stock Exchange during 2009-2013.Using eliminatory systematic sampling, 80 companies were studied as the research sample. Voluntary disclosure was determined by 71 indicators have also been used in previous studies (Kashanipoor et al., 2009) based on the indicators proposed by Botosan (1997). In order to measure stock liquidity as research by Setayesh et al. (2011), measures of monetary volume of daily stock trading in IRR, average daily turnover of shares, and number of daily transactions of stocks. Research hypotheses have been analyzed using econometric techniques and multiple linear regressions.The results indicate that there is no significant relationship between amplitude of voluntary disclosure and stock liquidity. However, there is a positive and significant relationship between liquidity criteria and firm size and profitability opportunities. In other words, in such companies, stock liquidity is higher than other companies. Research findings are consistent with Hariss (1994) and Branch and Freed (1997), and are inconsistent with the results of Matolscy et al., (2007) and Espinosa et al., (2007) that confirmed the existence of a direct relationship between disclosure and liquidity.
关键词：voluntary disclosure;stock liquidity;external control mechanisms;Botosan proposed indicators.