Meta-analysis of voluntary and mandatory disclosure of financial and non-financial information on market reaction

The present research aims to conduct meta-analysis of the effect of information disclosure on market reaction. In order to integrate the results of different researches and identify the determinants of relations between information disclosure and market reaction, we used meta-analysis methodology as a quantitative statistical method. In order to implement the meta-analysis method, from the website of foreign journals (published articles related to research variables from 1990 to 2020 and the website of domestic scientific research journals (published articles related to research variables from 1370 to 1399) to They were identified and collected as a statistical population of the research and finally 86 studies have been analyzed by systematic elimination method; The results of studies conducted in the mentioned period and around this relationship, using I2 and Q tests indicate that most of these studies are heterogeneous. In order to identify the cause of this heterogeneity, by dividing the research based on different criteria for measuring information disclosure and market reaction and calculating statistics within the group, we found that these different measurement criteria used in research is one of the contradictory factors in research results. In the following study, observation of mandatory disclosure of financial and non-financial information as well as voluntary disclosure of financial information has a significant and positive relationship with market reaction. Information that voluntary disclosure of non-financial information has no effect on the capital market.