M.A in Accounting, Iran
Firm executives disclose information to inform investors about future perspectives, goals and strategies of firm. Providing voluntary financial and non-financial information about firm increases firm's value, increases liquidity of stock and, as a result, improves firm's financial position. Accordingly, the purpose of this study is to investigate relationship between disclosure of information with stock returns and firm value. For this purpose, 129 firms have been selected using systematic elimination of firms listed in Tehran Stock Exchange during years 2009–2009. In present study, Levin, Lynn and Chu tests were used to determine the reliability of research variables and Inflationary variance test was used for lack of linearity between variables, and the independent, dependent and control variables were reliable and can be tested during research period. Testing of hypotheses was performed through components of Fermi, Hausman and multivariate regression tests. The results of hypothesis test show that amount of information disclosure on abnormal accumulated returns and value of firm (Q Tobin) is positive and significant.
disclosure of information, stock returns, abnormal accumulated returns, firm value
