Accounting and non-accounting delay risk factors and stock pricing efficiency among small and large shareholders

This study aimed at investigating the impact of complexity of financial reporting on stock co-movement; accounting and non-accounting delay risk factors and stock pricing efficiency among small and large shareholders in companies listed in Tehran Stock Exchange. The locative domain of this research is the companies listed in the Tehran Stock Exchange and was during 2017. The current research is in applied researches, and if the classification of types of researches be considered based on the nature and method, the method of the present study is essentially descriptive in terms of the nature, and in terms of the method is considered in correlation researches category. In this study, library method was used to collect data. In the research data section, data was collected through collecting data of sample companies by referring to financial statements, explanatory notes and stock exchange monthly. Based on the systematic elimination method, 102 companies were selected as the statistical sample. In order to describe and summarize the data collected, the descriptive and inferential statistics are used. In order to analyze the data, variance heterogeneity pre-test, F Limer test, Hausman test and then multivariate regression test were used to confirm and reject the research hypotheses (EVIEWS software). The results showed that the amount of stock co-movement among companies with a high financial reporting complexity is more than that of companies with a low financial reporting complexity. And this result is in line with the theory of information selection and research by sahangi and et al (1393). In addition, the impact of financial reporting complexity on stock co-movement, accounting and non-accounting delay risk factors of stock price and the stock pricing efficiency among small shareholders is more than big shareholders. And these results are in line with information economy theory and the results of Ibrahimi's research (1391).