نوع مقاله : علمی-پژوهشی
نویسندگان
1 استادیار گروه اقتصاد، دانشکده اقتصاد، مدیریت و حسابداری دانشگاه یزد، یزد، ایران
2 دانشیار دانشکدة اقتصاد، مدیریت و حسابداری دانشگاه یزد
3 کارشناس ارشد مدیریت مالی، دانشگاه یزد
چکیده
کلیدواژه‌ها
عنوان مقاله [English]
نویسندگان [English]
The present study aims to investigate the impact of quality of financial information on stock mispricing. For this purpose, a Vector Auto Regression (VAR) model was used to calculate stock mispricing. Then, a panel data regression model was applied to test the relationship between financial information quality and stock mispricing. The statistical population of the research consists of all companies listed in Tehran Stock Exchange, among which 114 companies that were active during 2008-2019 were selected as sample. Based on the results, the quality of financial information has a significant negative effect on stock mispricing. In addition, the share of floating stocks and the ratio of book value to company market value have negative and significant effects on stock mispricing, while institutional ownership have a positive and significant effect on that. The results also indicate that the financial leverage, liquidity, price-to-earnings ratio and company size have no significant effect on stock mispricing. Thus, providing high quality information by companies can influence the decisions and behavior of investors in the market and reduce the possibility of mispricing. Furthermore, by reducing management benefits and increasing information transparency, the possibility of occurring price bubble in stock market can be reduced.
کلیدواژه‌ها [English]
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