Interactive Effect of Disclosure Quality on Information Environment Quality Pricing

Information flow is a key parameter in an economic activity and acts as a key factor in the emergence, stability and efficiency of capital markets. The purpose of this paper is to investigate the effect of disclosure quality on the pricing of information and changes in the quality of accounting information. For this purpose, the data of the companies listed in the Tehran Stock Exchange for the period of 1383 to 1395 were extracted and the combined data regression model was used to test the research hypotheses. The results of the research show that information quality pricing is a function of disclosure quality criteria and the cost of capital arising from information quality fluctuates and changes in different levels of disclosure. Also, the quality of information environment has a significant effect on the expected returns of investors, but when the level of disclosure quality changes, information quality also changes and affects the cost of capital so that by changing the interactive level of disclosure quality and the quality of the information environment, by changing the level of the interactive effect of the disclosure quality and the information environment, the cost of capital imposed on the company also fluctuates and changes.