فهرست مطالب مهدیه کامران

The value of the company is the result of various management actions and decisions. At the same time, it is an indicator of how the market perceives the company that is derived from the extent and manner of disclosing information. This study seeks to provide a non-linear model of the relationship between voluntary disclosure and firm value in the presence of factors that are expected to have a similar capability to reduce information asymmetry or to influence the value relevance of voluntary disclosure. Accounting conservatism, product market competition, cash holding levels, corporate governance and macroeconomic instability were considered according to the theoretical and empirical literatures and using the panel smooth transition regression model (PSTR), the existence of a nonlinear relationship in the presence of each of these variables was investigated. The results of analysis of 124 companies listed in Tehran Stock Exchange during 2013 to 2016 showed that accounting conservatism, cash holding level and macroeconomic instability variables are able to establish a nonlinear relationship between voluntary disclosure and firm value but the presence of cash holding level variable has more power in explaining the optimal relationship. Also, the effect of voluntary disclosure of information at low cash levels is negative, but for values greater than 0.152, this effect is reversed and has a positive effect on firm value.

Nowadays, there is a demand from investors and managers for additional disclosure of high quality information to reduce the problem of information asymmetry and uncertainty about the company's future performance and to facilitate the stock trading process, thereby firm value will be affected. Also, the quality of this information will be of particular importance in the efficiency of markets. Previous research has tried to measure it, and in some cases the quantity of disclosure has been considered a representative of the quality of disclosure. In this research, the application of different measures has been discussed according to the characteristics of research and environment and Iran's information needs. Accordingly, the voluntary disclosure checklist was selected as an appropriate approach that has a high degree of flexibility in proportion to the various research topics and the concept of quality. In the following, based on the literature related to this field and some adjustments, a model containing 211 information indicators was designed in 10 dimensions and provided to experts to determine the importance of each information item. In order to confirm the model and determine the effective indicators, confirmatory factor analysis and t-test were used. Finally, a model containing 180 items with relevant weights for measuring the quality of voluntary disclosure of companies listed on the Tehran Stock Exchange is presented.

The value of the company is the result of various management actions and decisions. At the same time, it is an indicator of how the market perceives the company that is derived from the extent and manner of disclosing information. This study seeks to provide a non-linear model of the relationship between voluntary disclosure and firm value in the presence of factors that are expected to have a similar capability to reduce information asymmetry or to influence the value relevance of voluntary disclosure.

Accounting conservatism, product market competition, cash holding levels, corporate governance and macroeconomic instability were considered according to the theoretical and empirical literature and using the panel smooth transition regression model (PSTR), the existence of a nonlinear relationship in the presence of each of these variables was investigated.

The results of analysis of 124 companies listed in the Tehran Stock Exchange during 2013 to 2016 showed that accounting conservatism, cash holding level and macroeconomic instability variables are able to establish a nonlinear relationship between voluntary disclosure and firm value but the presence of cash holding level variable has more power in explaining the optimal relationship. Also, the effect of voluntary disclosure of information at low cash levels is negative, but for values greater than 0.152, this effect is reversed and has a positive effect on firm value.

According to the theory of free cash flow and the agency theory, it is argued that the goal of the manager is not to increase the wealth of shareholders, and by holding free cash, he may take steps for personal gain. Hence, high liquidity is associated with high agency costs. But when the quality of disclosure is high, free cash flows have a stronger impact on firm value. In other words, improving the quality of disclosure improves the use of cash and investment in projects with a positive net present value, reduces the misuse of cash, and increases the firm value. Also, one of the ways to increase the firm value by voluntary disclosure is to reduce the cost of transactions by reducing the cost of financing. Given that most sample companies were in the second regime, the importance of voluntary disclosure in promoting the value of the company would be more important.

Today, experts consider corporate governance as the best mechanism to improve relations between shareholders and management. Hence, its improvement can affect the situation of liquidity and the performance of companies that is related to the shareholders and management performance. On the other hand, improve liquidity and corporate performance can be considered an incentive to increase the absorption and the attention of shareholders and management and accelerates the process of improving liquidity and performance through stimulating corporate governance again. Hence, these variables should be studied in the same cycle. The aim of this study is to investigate the Interrelationships between corporate governance, liquidity and performance of companies listed on the Tehran Stock Exchange. Therefore, corporate governance is measured based on Brown and Kaylor's (2006) rating procedure adjusted according to the draft corporate governance Tehran Stock Exchange (1386), with 7 mechanisms including CEO duality, board independence, board size directors, institutional ownership, size of auditing firm, auditor tenure and the tenure of the Director; Liquidity is measured using Stock turnover rate and performance has been measured with an emphasis on growth opportunities (Q Tobin). Sample is selected from the Tehran Stock Exchange using knockout sampling procedure in the time domain 1388 to 1392. Models in a system of simultaneous equations is discussed according to the theoretical foundations of corporate governance, liquidity and performance. The results of regression models in the form of simultaneous equations show that the impact of some mechanisms of corporate governance on corporate performance is negative and significant regardless of liquidity mediator. There is a two-way relationship between performance and liquidity regardless of Corporate Governance mediator and with regard to it, the effect of liquidity on performance is only significant. Finally, there is no significant relationship between corporate governance and liquidity.