The Impact of Voluntary Disclosure Level on the Stock Liquidity of Listed Companies in the Stock Exchange
Authors
Nasim Dastranj
Department of Accounting, Roudsar and Amlash Branch, Islamic Azad University, Roudsar, Iran.
Abstract
This study examines the impact of voluntary disclosure levels on the stock liquidity of companies listed on the stock exchange. Data from 167 companies were collected from 2018 to 2022 and analyzed using a panel data model and the Ordinary Least Squares (OLS) method. The findings indicate that higher levels of voluntary disclosure significantly improve stock liquidity, as increased transparency reduces information asymmetry and enhances market efficiency. The results also reveal that company size, leverage, profitability, and market capitalization significantly influence stock liquidity. These findings underscore the importance of focusing on voluntary disclosure levels and other financial factors to improve stock liquidity. Practical recommendations for enhancing stock liquidity based on the study's results are provided.
