Investigating Effective Factors on Disclosure Scores of Listed Companies in Tehran Stock Exchange

In this research، we have studied the established relationship between some of corporate characteristics and information disclosure levels in 32 published papers which investigated in more than 20 countries. Some of these characteristics that are known to affect disclosure level in the literature are chosen and their impact on disclosure scores of listed companies in Tehran stock exchange was examined. The data for 510 company/years are selected from companies that are listed in Tehran stock exchange during 2008-2012. Panel data multiple regressions with is used to test relationship between company characteristics including company size، debt to equity ratio، profitability، company’s age and liquidity with disclosure scores. The results indicate that، inconsistent with literature، there is no significant relationship between size، age and debt ratio on one side and disclosure level on another side. However، the results show there is a significant positive relationship between profitability and liquidity with disclosure scores of the companies listed in Tehran Stock Exchange. These results indicate that favorable position in terms of liquidity and profitability encourages managers to increase disclosure and transparency level to inform investors and other external users about good condition of the company.