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Paper Information

Journal:   JOURNAL OF ASSET MANAGEMENT AND FINANCING   SPRING 2015 , Volume 3 , Number 1 (8) ; Page(s) 41 To 54.
 
Paper: 

THE RELATION STUDY OF VOLUNTARY DISCLOSURE LEVEL AND AGENCY COSTS OF LISTED COMPANIES OF TEHRAN STOCK EXCHANGE

 
 
Author(s):  KHAJAVI SHOKROLLAH*, ALIZADEH TALTAPEH VAHID
 
* 
 
Abstract: 

In this research, the relation of voluntary disclosure level and agency costs of listed companies of Tehran Stock Exchange is studied. In this regard, the effects of firm size, debt ratio, non-duty members of board and ownership concentration are considered either. In order to voluntary disclosure level measuring Botosan (1997) check list which has been adjusted by koshanipour and et al. (1388) and consists of 71 indices through six section of background information, the summery of important historical results, non-financial key statics, section data, anticipating information and managements’ analysis and discussion has been utilized. Moreover, operating expenses to sale ratio, the asset turnover ratio and Qtubin ratio are utilized as agency costs criteria. To main hypothesis testing multivariate regression with combined data has been used. Findings resulted from exploring 67 companies during period of 1382 to 1390 essay that although there are 1) a positive significant relation between operating expenses to sale ratio and voluntary disclosure level and 2) a negative significant relation between Qtubin ratio and voluntary disclosure level, there is no significant relation between assets turnover ratio and firms’ voluntary disclosure level.

 
Keyword(s): VOLUNTARY DISCLOSURE LEVEL, OPERATING EXPENSES TO SALE RATIO, ASSET TURNOVER RATIO AND QTUBIN RATIO
 
References: 
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