The Impact of Financial Reporting Quality on Interaction between Agency Costs and Speed of Adjustment of Stock Price
Author(s):
Article Type:
Research/Original Article (دارای رتبه معتبر)
Abstract:
Introduction
Methods
The samples of this study are the companies listed on the TSE. The approached data for this study were the years 2009 to 2017. The method of research is correlation and causal. The test method hypotheses are correlation test and regression.
Results
The results of this study showed that the agency costs have a negative and significant effect on the speed of adjustment of stock price, and there is no evidence of the moderating role of financial reporting quality in the interaction between the agency costs and the speed of adjustment of stock price.
Conclusion
It can be deduced that companies that have the phenomenon of information asymmetry and hence higher agency costs have less speed of adjustment of stock price. The results of the research indicate that the financial reporting quality of companies do not weaken the relationship between the agency costs and the speed of adjustment of stock price. Therefore, theoretical foundations are not consistent with the results of this hypothesis. According to the results of this hypothesis, in the Iranian capital market, financial reporting quality does not modify the relationship between agency costs and the speed of adjustment of stock price.Language:
Persian
Published:
Journal of Accounting Advances, Volume:10 Issue: 2, 2019
Pages:
31 to 60
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