نوع مقاله : مقاله پژوهشی
نویسندگان
1 استادیار، گروه اقتصاد، دانشگاه علامه طباطبائی، تهران، ایران.
2 استاد، گروه اقتصاد، دانشگاه علامه طباطبائی، تهران، ایران.
3 دانشجوی دکتری، اقتصاد مالی، دانشگاه علامه طباطبائی، تهران، ایران.
چکیده
بنگاهها با توجه به نوساناتی که در جریانات نقدی تجربه مینمایند، افشای داوطلبانه اطلاعات خود را تنظیم میکنند. هدف از این مطالعه، بررسی آثار مربوط به اخبار ریسک، سطح ابهام و همچنین اخبار مربوط به ابهامگریزی سرمایهگذاران بر سیاست اتخاذی بنگاهها به این نوسانات در افشای (محافظهکارانه یا غیرمحافظهکارانه) داوطلبانه اطلاعات نرم و سخت در صنعت دیجیتال بورس اوراق بهادار تهران در بازه زمانی 1391-1400 میباشد. همچنین از متغیر توضیحی وقفه افشای داوطلبانه بنگاهها، برای نمایش پویاییهای زمانی افشا در کنار متغیرهای کنترلی هزینه سرمایه، اهرم مالی و نقدشوندگی سهام بنگاه در قالب الگوهای پانل پویا برای توضیح رفتار افشای داوطلبانه اطلاعات نرم و سخت بنگاهها استفاده شد. نتایج گویای این است که مدیران بنگاههای فعال در صنعت دیجیتال بسته به نوع اطلاعات در دسترسشان برای افشای داوطلبانه بهطور محافظهکارانه یا غیرمحافظهکارانه نسبت به اخبار مربوط به ریسک، ابهام و ابهامگریزی سرمایهگذاران واکنشهای متفاوتی از خود نشان میدهند. دلیل این امر میتواند به ماهیت اطلاعات افشاشده (اعتبار اطلاعات از سوی سرمایهگذاران) برگردد. همچنین، یافتهها مؤید اثرات فزاینده افشای داوطلبانه ادوار قبل بر افشای ادوار بعدی است که تأییدکننده وجود چسبندگی در سیاستهای افشای داوطلبانه در صنعت مورد مطالعه میباشد.
کلیدواژهها
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