جستجوی مقالات مرتبط با کلیدواژه « محیط اطلاعاتی » در نشریات گروه « حسابداری »

A significant part of capital market research is stock price synchronicity and its influencing factors. When considering these factors, financial report readability and CEO media exposure emerge as critical elements in fostering a conducive environment for conveying understandable information to the market. Therefore, this study examines how CEO media exposure influences the relationship between financial report readability and stock price synchronicity. In this context, we analyzed data from 99 firms spanning the years 2014 to 2021. Our findings are rooted in the components of the information environment, encompassing both information supply and demand. To address the endogeneity of financial report readability, we employed the 2SLS method. Findings showed that the financial report readability led to a decrease in stock price synchronicity. This relation was more pronounced in firms whose managers had greater media exposure. Additional tests revealed that, on the information supply side, low institutional ownership, and on the information demand side, companies characterized by higher information asymmetry imply greater growth opportunities and more significant agency problems. Furthermore, the effect of CEO media exposure on the relationship between financial report readability and stock price synchronicity was found to be strengthening. These findings underscore the valuable roles played by financial report readability and CEO media exposure in enhancing information quality and reducing the impact of unsystematic factors on stock price movements.IntroductionOne area that has exacerbated the financial crisis on the capital market is the heightened sensitivity of stock prices to market and industry news relative to firm-specific information. In this regard, the phenomenon of stock price synchronicity has become a challenging keyword in economic, financial and accounting literature, especially in emerging markets.Wang (2014) considered it to have informativeness in the pricing process and compared it to a type of noise affecting both financial and non-financial decisions. Loughran and McDonald (2014) believe that the information environment plays a decisive role in creating and shaping stock price synchronicity. Therefore, this research aims to study the impact of financial reporting readability and CEO media exposure as components of the information environment and information communication tools on stock price synchronicity.Research QuestionsDoes the CEO media exposure influence the relationship between financial reporting readability and stock price synchronicity?Do components of an information environment (including information supply and demand) change the effect of CEO media exposure and financial reporting readability on stock price synchronicity?Literature Review2.1. Financial Report Readability and Stock Price SynchronicityBai et al. (2018) argued that when the cost of collecting and processing information is high, inexperienced investors may gather incomplete firm-specific information from stock price volatility and movements. They tend to rely on market or industry information, resulting in information inefficiency and risk within the market. On the other hand, when the financial reporting readability is high, the cost of processing and gathering information for investors is reduced by facilitating access, and stock returns synchronicity decreases.2.1. CEO Media Exposure, Financial Report Readability, Stock Price SynchronicityLiu and McConnell (2013) have stated that managers are more likely to abandon devaluation-based efforts after media criticism. They have argued that this effect can be attributed to negative media coverage regarding the imputation of shareholder value. Additionally, Cahan et al. (2020) have shown that CEO media exposure leads to an improvement in the quality of financial reporting because it exposes managers to the risk of lawsuits.MethodologyThe necessary data and information were gathered from the annual financial reports of firms listed on the stock exchange between 2014 and 2021, as well as from the Codal and RDIS databases. Additionally, the data related to stock price synchronicity was extracted from the database of the Financial Information Processing Center (Fipiran.com) at Tehran Securities Exchange Technology Management Co. Finally, 99 firms and 792 observations (year-firm) were screened and analyzed.ResultsThe findings showed that financial report readability led to a decrease in stock price synchronicity. This relationship was more pronounced in firms whose managers had greater media exposure. Additional tests revealed that on the information supply side, low institutional ownership, and on the information demand side, companies with higher information asymmetry represent more growth opportunities and greater agency problems. Additionally, the effect of CEO media exposure on the relationship between financial reporting readability and stock price synchronicity was strengthened.DiscussionThe findings showed that the improvement of the readability index causes the weight of firm-specific information on the stock price to exceed that of market and industrial information, leading to a reduction in the phenomenon of stock price synchronicity. Additionally, CEO media exposure has strengthened the relationship between financial report readability and stock price synchronicity. In other words, the readability of financial reporting in firms with higher media coverage has intensified the stock price synchronicity. The interpretation of these results is that managers use media tools to mark the quality of financial reporting and take steps towards reliable and useful information due to the risks that the media may create for them. Therefore, the CEO media exposure can be considered as one of the new tools and mechanisms of information sources in the emerging market of Iran, which has informational content. Robust tests also demonstrated that, in terms of information supply, firms with a low percentage of institutional shareholders, and in terms of information demand, firms with higher growth opportunities and greater agency problems observed a more pronounced effect of CEO media exposure on the relationship between readability and stock price synchronicity. Based on these results, institutional shareholders can be considered as a tool for supplying and transmitting information to the market. Also, the growth opportunities and representation problems can also be counted among the factors that affect the demand for information.ConclusionThese findings reiterate the beneficial role of financial report readability and CEO media exposure as examples of information quality, reducing the influence of unsystematic factors on stock price movements.

In the present paper, the predictive error of management as one of the increasing non-systematic risk factors through the information asymmetry channel is discussed and explained. Also, the existence of a dynamic and appropriate information environment can reduce this relationship by reducing information asymmetry. The aim of this study was to investigate the relationship between management forecasts and the unsystematic risk with regard to the role of desirable information environment. In order to measure the unsystematic risk we used the capital asset pricing model. This research is based on the method of data collection in the field of descriptive accounting research. From the perspective of  the target, it is applied and in terms of the method is a correlation-regression analysis. The test research hypotheses, multivariate regression analysis and panel data approach with fixed effects is used. The statistical population of the study is the companies listed in Tehran Stock Exchange between 2011 and 2016 and the sample size is 528 observations (year - company). Findings indicate that there is a positive relationship between management forecasts and the unsystematic risk and desirable information environment have the reverse effect on this relation and reduce the strength of this relationship

Investors in the stock market decide on the risk factors, returns, and stock liquidity. Considering the impact of the company's disclosure quality on these factors, management's forecast errors can increase the risk of a company. On the other hand, by strengthening the company's information environment, perhaps the weaknesses of the management forecast error can be reduced. So this study investigates the effect of information environment on the relationship between management forecast error and idiosyncratic risk. Study population includes qualified companies in Tehran stock exchange. After using systematic elimination methods, data from 56 companies in 2010 -2017 period is used, but for extracting data the period is 2009 to 2017. To test study hypothesis, multi-variable regression methods using panel data is utilized. Information asymmetry is used to evaluate information environment; Management error in forecasting net income, operating income and sales is used for estimating management forecast errors; and fore measuring Idiosyncratic risk, Asynchronicity and Idiosyncratic Volatility is utilized. Results of this study show a significant direct relationship between management forecast error and idiosyncratic risk. In addition, in companies with stronger information environment, the direct relationship between management forecast error and non-systematic risk is lower.

The effect of firms' size and information environment are investigated in this research. In this regard, disclosure executive instruction for companies registered at SEO and market value of firms (as independent variables) and the dynamic relationship between trading volume and stock returns (as dependent variable) are considered. Therefore, data of firms listed on Tehran Stock Exchange (TSE) and Farabourse Stock Exchange (IFB) are collected from 2001 to 2015 and from 2010 to 2015 respectively. Vector Auto Regressive (VAR) method is employed to analyze data and examine hypotheses. The results show that returns are Granger causality for trading volume; Moreover, size and information environment affec returns- trading volume relationship. In other words, the growth of firms' size and information transparency improvement strengthen the relationship between returns and trading volume.

While some of the modern performance measures used in accounting rely on cash flow, others try to take advantage of the information content of net income. However, whether the additional information content in the accrual components of earnings improves the internal performance measurement is an open empirical question. Conceptual framework of this paper based on agency costs and political costs. So that, firm size and information environment are tow important factors in value relevance of net income and operating cash flow. The main purpose of this study is to investigate interactive effect of firm size and information environment on value relevance of net income and operating cash flow. The sample of this study is selected from companies listed in Tehran Stock Exchange (TSE). The study period is between the years 2008 to 2013. The sample consists of 100 companies. To test the research hypotheses regression models using pooled data are incorporated. The results show that net income has more additional and incremental information content than operating cash flow to explain performance of stock market; but firm size and information environment have no effect on value relevance of net Income and operating cash flow. According to the results, we find that, there are not interactive effect of firm size and information environment on value relevance of net income and operating cash flow.