Firm-Specific Characteristics and the Disclosure Level: Evidence from the Tehran Stock Exchange

Ali Saeedi, Reza Daghani, Najmeh Hajian

    Research output: Contribution to journalArticlepeer-review


    This paper studies the relationship between the disclosure level and firm-specific characteristics of firms listed on the Tehran Stock Exchange (TSE). Our study contributes to the firm financial disclosure literature by documenting the empirical evidence on the relationship between CEO tenure and firm disclosure. We use firms’ disclosurescores released by the Iranian Securities and Exchange Organization (SEO) that measure the disclosure level of listed companies. The research data consists of 2,719firm-year observations from 404 Iranian listed firms on the TSE for 2003-2014. Using regression analyses, we find that longer CEO tenure improves the level of disclosure. Also, we document that firm profitability, liquidity, and asset-in-place have a positive effect on the disclosure level. Moreover, we report that leverage, age, and market share have an inverse effect on the disclosure level.
    Original languageEnglish (US)
    Pages (from-to)129-152
    Number of pages24
    JournalJournal of Applied Business Research
    Issue number4
    StatePublished - Jul 2020


    • Firm disclosure
    • Firm-Specific characteristics
    • CEO tenure
    • Tehran Stock Exchange


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