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Information Journal Paper

Title

A STUDY OF METHODS FOR INCREASING INFORMATION TRANSPARENCY IN IRAN STOCK EXCHANGE AND SELECTING AN OPTIMAL METHOD BY USING AHP: CASE: TEHRAN STOCK EXCHANGE

Pages

  1-27

Keywords

ANALYTIC HIERARCHY PROCESS (AHP)Q3

Abstract

 Introduction: Today individuals, organizations and markets information can control the speed of world changes. Management always faces many challenges in decision making that draw more attention to the accuracy and relevancy of this information. Thus organizations and markets should pay attention to the information and make transparent information flow. Information transparency plays an important role in organizations, markets and is a main element in decision making and controlling the information flow. Among these markets, CAPITAL MARKET strongly needs information transparency to get the beneficial results. This market directs people savings and has an important role in economic development. Thus CAPITAL MARKET transparency can increase investment and brings up a competitive market. Efficient information transparency of CAPITAL MARKET transfers information that is available for special man or organizations to individual investments and causes higher transparency. Also better disclosure reduces the information asymmetry between firm's management and financial stockeholders. The purpose of this study is to prioritize the methods of increasing CAPITAL MARKET transparency - informative, regulation and privatization approaches- by regarding LIQUIDITY, PRICE DISCOVERY and TRANSACTION COSTs criteria. This goal is reached by using Analytic Hierarchy Process (AHP). Research Hypotheses: To assess the purpose of this study, three research hypotheses that is tested by LIQUIDITY, PRICE DISCOVERY and TRANSACTION COSTs are chosen. These hypotheses are as follows: 1- A method that increases information of individuals from the mechanism of stock exchange can be used as an optimum approach. 2- A method that its emphasis is on market transparency regulations can be an optimum approach. 3- A method that uses privatization as a main element for increasing market transparency can be an optimum approach.Research Method: On the basis of purpose and method this study is practical and descriptive research. Population is chosen from investors, brokers and experts of Tehran stock exchange (TSE). Brokers and experts work with information continually and are the transferor and publisher of information. Experts are the analyzer of financial information and play an important role in assigning of market disclosure. Investors are the main user of information and decide on the basis of these publishing information and analysis. So this statistical population has major effect on LIQUIDITY, PRICE DISCOVERY and TRANSACTION COST. After doing analysis the minimum quantity of investors, brokers and experts as samples of this study were 153, 22 and 49 respectively. Also a questionnaire was used in order to collect data that was analyzed by AHP.Results: According to the results informative approach has the greatest weight in three groups of investors, brokers and experts. Enactment and doing regulations and privatization approaches are the next priorities respectively. Thus informative approach is recognized as the best approach for increasing market transparency. So the first hypothesis has been confirmed. Attention to the AHP results enactment and doing regulations approach has a special effect on PRICE DISCOVERY criterion. In other words, regulations play an important role in price assigning and close ask and bid prices together. But the assessment of criteria priority shows PRICE DISCOVERY criterion is the third priority of the three groups. So final weight of enactment and doing regulations approach is in second priority altogether and is not recognized as a best approach for CAPITAL MARKET transparency. Also privatization is in the third priority with respect to existing criteria in all three groups and the weight is less than the other two approaches. Ultimately results show final weight of privatization approach is in third priority. Therefore this approach is not the best either. Consequently the second and third hypotheses have not been confirmed.Discussion: Attention to the analysis, investors, brokers and experts of TSE consider increasing the awareness of individuals as a preferable approach for growing LIQUIDITY and decreasing costs. Also they select enactment and doing regulations as a preferable approach on price assigning and increasing PRICE DISCOVERY. TRANSACTION COSTs are the most important factor according to investors and LIQUIDITY according to the brokers and experts. In other words market investors prefer accessing enough and in time information with respect to LIQUIDITY and PRICE DISCOVERY criteria. Thus decreasing TRANSACTION COSTs open the way for investing people in CAPITAL MARKET, so market LIQUIDITY increases and ask-bid prices assign soon, close to each other and form fixing price act.Conclusions: Briefly informative approach is the best approach from the view point of investors, brokers and experts among existing approaches and regulations and privatization is the next priority in this respect. Finally Stock Exchange can use the result of this study for increasing market efficiency and establishing practical information transparency model. Management, brokers and investor-especially individual investors– can make the correct decision by using accurate, in time and perfect information.

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    APA: Copy

    EBRAHIMINEZHAD, MAHDI, ABBASI, ABAS, & KHALIFEH, M.. (2009). A STUDY OF METHODS FOR INCREASING INFORMATION TRANSPARENCY IN IRAN STOCK EXCHANGE AND SELECTING AN OPTIMAL METHOD BY USING AHP: CASE: TEHRAN STOCK EXCHANGE. JOURNAL OF ACCOUNTING ADVANCES (JAA) (JOURNAL OF SOCIAL SCIENCES AND HUMANITIES), 1(1 (57/3)), 1-27. SID. https://sid.ir/paper/160426/en

    Vancouver: Copy

    EBRAHIMINEZHAD MAHDI, ABBASI ABAS, KHALIFEH M.. A STUDY OF METHODS FOR INCREASING INFORMATION TRANSPARENCY IN IRAN STOCK EXCHANGE AND SELECTING AN OPTIMAL METHOD BY USING AHP: CASE: TEHRAN STOCK EXCHANGE. JOURNAL OF ACCOUNTING ADVANCES (JAA) (JOURNAL OF SOCIAL SCIENCES AND HUMANITIES)[Internet]. 2009;1(1 (57/3)):1-27. Available from: https://sid.ir/paper/160426/en

    IEEE: Copy

    MAHDI EBRAHIMINEZHAD, ABAS ABBASI, and M. KHALIFEH, “A STUDY OF METHODS FOR INCREASING INFORMATION TRANSPARENCY IN IRAN STOCK EXCHANGE AND SELECTING AN OPTIMAL METHOD BY USING AHP: CASE: TEHRAN STOCK EXCHANGE,” JOURNAL OF ACCOUNTING ADVANCES (JAA) (JOURNAL OF SOCIAL SCIENCES AND HUMANITIES), vol. 1, no. 1 (57/3), pp. 1–27, 2009, [Online]. Available: https://sid.ir/paper/160426/en

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