Investigating Managers' Motivations in Changing Forward-Looking Information Disclosure Using Static and Dynamic Models

Managers disclose prospective information with various motivations, such as showing the company's performance, reducing political costs, providing the auditor's opinion, and being influenced by the legal environment. The current research was carried out with the aim of investigating managers' motivations in changing the disclosure of forward-looking information. In order to test the hypotheses of the research, 131 companies were selected as a sample between 2013 and 2023 using the systematic elimination method and analyzed using the static and dynamic panel data regression method. To evaluate managers' motivations, the company's performance change criteria and company's characteristics have been used, and to measure the change of prospective information disclosure in annual reports, vocabulary frequency method has been used. The results of the research showed that there is a positive and significant relationship between the change in performance and the change in the disclosure of prospective information; In other words, companies with better performance can disclose more forward-looking information. Also, there is a negative and significant relationship between the size of the company and the litigation environment with the change in prospective information disclosure, and there is a positive and significant relationship between the competitive environment, managerial ownership and the type of audit with the change in information disclosure. Based on the results of the research, managers' motivations can affect the company's decisions and performance and cause changes in prospective information disclosure.