The Effect of Investment Efficiency on Voluntary Disclosure of Information and the Tone of Information Disclosure

Rahimi, Alireza; Soltaninejad, Ahmadsadegh; Soltaninejad, Vahide

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year 17, Issue 68 (2026)

fa 2026, 17(68): 107-120

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The Effect of Investment Efficiency on Voluntary Disclosure of Information and the Tone of Information Disclosure

Alireza Rahimi ^*¹

, Ahmadsadegh Soltaninejad¹

, Vahide Soltaninejad²

1- Department of Accounting, Faculty of Management and Economics, Shahid Bahonar University, Kerman, Iran.
2- Financial Management, Kerman Branch, Islamic Azad University, Kerman, Iran.

Abstract: (18 Views)

Investment efficiency is one of the drivers of voluntary disclosure of information and the use of a positive tone. The aim of this study is to investigate the relationship between investment efficiency and voluntary disclosure of information and the tone of disclosure. In this study, we seek to answer the question of whether efficient investment causes more voluntary disclosure of information and a change in the tone of disclosure. In order to test the research hypotheses, data from 1500 observations (year-company) between 2013 and 2023 were used. For this purpose, multiple regression was used. To measure the tone of disclosure, words extracted from the board of directors' report, the first profit forecast and the disclosure of important information were used. To examine information disclosure, we used the Pourheidari and Hosseinpour (2012) checklist, and to calculate investment efficiency, we used the absolute value of the residual of the model used in the study of Elberry and Hosseini (2020). Based on the findings, there is a positive and significant relationship between investment efficiency and voluntary information disclosure with a significance level of 0.004 and disclosure tone with a significance level of 0.000. In other words, increasing investment efficiency encourages voluntary information disclosure and the use of a positive tone in reports and information disclosure. Investment with positive returns motivates managers from both personal and corporate aspects to modify information disclosure policy. From a personal perspective, to gain reputation and demonstrate their ability to the job market, and from a corporate perspective, to convey good news and a positive signal to the market, they disclose more discretionary information and use a positive tone to disclose information.

Article number: 6

Keywords: Investment Efficiency, Information Disclosure, Disclosure Tone.

Full-Text [PDF 432 kb] (23 Downloads)

Type of Study: Research | Subject: Special

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Rahimi A, Soltaninejad A, Soltaninejad V. The Effect of Investment Efficiency on Voluntary Disclosure of Information and the Tone of Information Disclosure. fa 2026; 17 (68) : 6
URL: http://qfaj.mobarakeh.iau.ir/article-1-2749-en.html

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