The Impact of Conservatism in Risk Disclosure on Investment Efficiency considering Information Asymmetry

نویسندگان

Badavar Nahandi, Yuones Departmentof Accounting , Islamic Azad University, Tabriz Branch, Tabriz, Iran

Mehradi, Ramin Departmentof Accounting , Islamic Azad University, Tabriz Branch, Tabriz, Iran

چکیده مقاله:

In firms with conservative risk disclosure more validity is needed to disclose good risk news and a lower standard of validity is needed to disclose bad risk news. Conservatism in risk disclosure(CRD) as a regulatory mechanism can be effective in reducing the investment inefficiency. The aim of this research is to investigate the effect of CRD on investment efficiency. The research period from 2009 to 2018 and the sample number included 167 firms listed in Tehran Stock Exchange. The research hypotheses were tested by panel data approach and multiple linear regression. The findings show that CRD prevents overinvestment and leads to improved investment efficiency, and this impact is stronger in the presence of information asymmetry. The research found no evidence of a CRD effect on underinvestment.

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