Investigating the relationship between the risk of financial turmoil and the wealth created for shareholders by voluntary disclosure

The development of capital markets has increased the pressure on companies for better performance by increasing the awareness of shareholders. Shareholders, as the owners of the business unit, seek to increase their wealth, considering that the increase in wealth is the result of the desired performance of the business unit. Stakeholders of organizations are always interested in being informed about the news and status of companies and are looking for ways to act more accurately and quickly in predicting the future situation, one of them is voluntary disclosure.
The purpose of the research is to examine the relationship between the risk of financial turmoil and the wealth created for shareholders with voluntary disclosure. A sample of 91 companies from the Tehran Stock Exchange during the period 1395 to 1400 was used to conduct the research. The statistical method of research is multivariate regression. The results of the research showed that the wealth created for shareholders and the voluntary disclosure of information have a significant direct relationship. And financial turmoil risk and information disclosure index have an inverse relationship.
Keywords: risk of financial turmoil, wealth created for shareholders, voluntary disclosure
Thematic classification: G14, G35, M41