Impact of Information Risk on the Liquidity Risk of the Firms Listed on the Tehran Stock Exchange

Mahmoud Moeinadin (), Forough Heirany () and Ehsan Khoshnood ()
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Mahmoud Moeinadin: Islamic Azad University
Forough Heirany: Islamic Azad University
Ehsan Khoshnood: Islamic Azad University

International Journal of Academic Research in Accounting, Finance and Management Sciences, 2013, vol. 3, issue 4, 300-307

Abstract: Liquidity risk is one of the new topics in the financial management widely considered by the capital market scholars. Most investors, stakeholders and managers are seeking to achieve the satisfactory return and that is why they are confronted with risk and should establish a balance between risk and return. Therefore, it seems essential to investigate the risk and the related factors. The present paper aims to examine the impact of information risk on the liquidity risk. To test the hypotheses, the data of 52 listed firms on the Tehran Stock Exchange during 2006 to 2010 have been collected and analyzed by the multivariate regression. The findings confirm that there is a significant positive relationship between the index of information risk (income smoothing) and liquidity risk.

Keywords: Information Risk; Income Smoothing; Earnings Quality; Liquidity Risk; Three-Factor Model of Fama and French (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:hur:ijaraf:v:3:y:2013:i:4:p:300-307

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