THE STUDY OF THE RELATION BETWEEN INFORMATION TRANSPARENCY AND STOCK LIQUIDITY UNCERTAINTY IN TSE'S LISTED COMPANIES

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KAZEMI H.; RAHIMIAN N.; HAVAEI B.

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Journal: JOURNAL OF MANAGEMENT AND ACCOUNTIN SCHOOL Year:2013 | Volume:10 | Issue:36 Page(s): 123-148

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Information Journal Paper

Title

THE STUDY OF THE RELATION BETWEEN INFORMATION TRANSPARENCY AND STOCK LIQUIDITY UNCERTAINTY IN TSE'S LISTED COMPANIES

Author(s)

KAZEMI H. | RAHIMIAN N. | HAVAEI B. | Issue Writer Certificate

Keywords

INFORMATION TRANSPARENCYQ2

NON-SMOOTHING PROFITQ2

LIQUIDITY UNCERTAINTYQ2

STOCK LIQUIDITYQ2

MARKET LIQUIDITYQ2

CO-VARIABILITYQ2

Abstract

The purpose of this study is to gather evidence about the effect of INFORMATION TRANSPARENCY on stock LIQUIDITY UNCERTAINTY and also the effect of stock LIQUIDITY UNCERTAINTY on the firm value. In order to measure the INFORMATION TRANSPARENCY, two measure of auditing quality and NON-SMOOTHING PROFITs have been used. For assessing the stock LIQUIDITY UNCERTAINTY, four measures have been used, including liquidity variation, liquidity distribution skewness (as a measure for assessing extreme illiquidity), CO-VARIABILITY of STOCK LIQUIDITY with the MARKET LIQUIDITY and CO-VARIABILITY of STOCK LIQUIDITY with the market returns.The results reveal that the variable of auditing quality has a meaningful negative relation with four measures of LIQUIDITY UNCERTAINTY, and the variable of non- smoothing profits has only a meaningful negative relation with the liquidity distribution skewness, and has a meaningful positive relation with other measures. Also, the Tobin's Q variable as a measure (criterion) of the firm value has shown a meaningful negative relation with the criteria of liquidity variation and liquidity CO-VARIABILITY of stock with the MARKET LIQUIDITY. It has a positive meaningful relation with the measure of relation with the measure of liquidity distribution skewness and CO-VARIABILITY of STOCK LIQUIDITY with the market returns.

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APA: Copy

KAZEMI, H., RAHIMIAN, N., & HAVAEI, B.. (2013). THE STUDY OF THE RELATION BETWEEN INFORMATION TRANSPARENCY AND STOCK LIQUIDITY UNCERTAINTY IN TSE'S LISTED COMPANIES. JOURNAL OF MANAGEMENT AND ACCOUNTIN SCHOOL, 10(36), 123-148. SID. https://sid.ir/paper/242256/en

Vancouver: Copy

KAZEMI H., RAHIMIAN N., HAVAEI B.. THE STUDY OF THE RELATION BETWEEN INFORMATION TRANSPARENCY AND STOCK LIQUIDITY UNCERTAINTY IN TSE'S LISTED COMPANIES. JOURNAL OF MANAGEMENT AND ACCOUNTIN SCHOOL[Internet]. 2013;10(36):123-148. Available from: https://sid.ir/paper/242256/en

IEEE: Copy

H. KAZEMI, N. RAHIMIAN, and B. HAVAEI, “THE STUDY OF THE RELATION BETWEEN INFORMATION TRANSPARENCY AND STOCK LIQUIDITY UNCERTAINTY IN TSE'S LISTED COMPANIES,” JOURNAL OF MANAGEMENT AND ACCOUNTIN SCHOOL, vol. 10, no. 36, pp. 123–148, 2013, [Online]. Available: https://sid.ir/paper/242256/en

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