نوع مقاله : مقاله علمی پژوهشی
نویسندگان
1 استادیار حسابداری ، دانشکده علوم اداری و اقتصاد، دانشگاه اصفهان، اصفهان، ایران.
2 استادیار حسابداری، دانشکده علوم اداری و اقتصاد، دانشگاه اصفهان، اصفهان، ایران.
3 کارشناس ارشد حسابداری، دانشکده علوم اداری و اقتصاد، دانشگاه اصفهان، اصفهان، ایران.
چکیده
کلیدواژه‌ها
موضوعات
عنوان مقاله [English]
نویسندگان [English]
Objective: The reaction of investors to market news is often reflected in changes in trading volume or stock prices. It is anticipated that earnings announcements will lead to abnormal trading volumes. Market uncertainty is another factor that can influence changes in trading volumes during the earnings announcement window. Because in conditions of uncertainty, investors may doubt the continuity of cash flows and the profitability of the company. This research aims to investigate the impact of high market uncertainty on abnormal trading volumes during the earnings announcement window, considering the moderating roles of market-level information and firm size.
Method: To address the research objectives, three hypotheses have been formulated. These hypotheses are designed to explore the impact of high market uncertainty on abnormal trading volumes during the earnings announcement window, considering the moderating roles of market-level information and firm size. Panel data and regression analysis were employed using Eviews12 software for data analysis and hypothesis testing. The statistical sample comprises 127 companies listed on the Tehran Stock Exchange from 2013 to 2022.
Findings: The results of the first hypothesis test indicate that market uncertainty has a positive and significant effect on the abnormal trading volumes during the earnings announcement window. Specifically, under conditions of high market uncertainty, the release of earnings announcements increases the abnormal trading volumes. The second hypothesis test results reveal that high market uncertainty does not significantly affect the abnormal trading volumes in small and large companies during the earnings announcement window. Contrary to expectations, the third hypothesis test results show that, under high market uncertainty, the abnormal trading volumes during the earnings announcement window is not greater in companies with higher market-level information compared to those with lower market-level information.
Conclusion: The results indicate that under high market uncertainty, earnings announcements lead to updated investor evaluations of future cash flows, resulting in increased abnormal transaction volumes. Additionally, firm size does not influence the effect of high market uncertainty on abnormal transaction volumes. This result can be due to Market uncertainty might influence transaction volume in a uniform way across firms. For example, during periods of high market uncertainty, both small and large firms could experience similar levels of abnormal trading due to overall market reactions, not due to firm-specific factors. Also, this phenomenon may be attributed to behavioral biases or other limiting factors. In companies with low market-level information, high market uncertainty significantly increases abnormal transaction volumes. However, in companies with high market-level information, no significant effect is observed. This may be because companies with high market-level information have multiple information sources that reach the market before earnings announcements, rendering the announcements less impactful. Conversely, in companies with low market-level information, earnings announcements under high market uncertainty provide new information that updates expectations and alters trading volumes during the earnings announcement window.
کلیدواژه‌ها [English]
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