Disclosure of forward-looking information on stock price response using the Savara method: including the emphasis on Management discussion and analysis (MD&A) reports

Management discussion and analysis (MD&A) include statements that are referred to as forward-looking information. Disclosure of the Management discussion and analysis (MD&A) Report provided information that you invest your rationale in making your investment decision concerning the added value created by your use. The primary purpose of this study is to investigate the effect of forward-looking information disclosure on stock price response. For this purpose, the data of 140 manufacturing companies listed on the Tehran Stock Exchange and OTC from 1394 to 1398 have been studied and analyzed through combined data. In order to investigate the effect of forward-looking information disclosure on stock prices, Olson (1995) model and then, through the Zong Wong test, the significance of Olson (1995) model coefficients and the first hypothesis model were required. Initially, To measure the disclosure of forward-looking information stimulated the impact of future words and was surveyed by financial analysts following research (Hassanin and Hosseini, 2015). Then, using the Savara method, which is one of the methods to solve the multi-criteria problem, the words influencing the decision of investors to pass the eleventh weight were placed. The results of the first hypothesis study showed that the disclosure of forward-looking information was examined in a sample of cases, whether the information was not high and whether a stock price response was required. Also, the results of the second hypothesis show that the lack of environmental need has a positive and significant effect on the relationship between forward-looking information disclosure and stock price reaction.