The effect of unregistered assets and information transparency on the firm's performance and stock liquidity in the listed firms in Tehran Stock Exchange

Abstract

Liquidity is one of the important variables in investors' decisions to evaluate risk and return on securities. High liquidity in a stock exchange is the success of that market in clarifying and approaching the price of securities to their intrinsic value. Stock with high liquidity naturally carries less risk. Because it has a high speed of changing to liquidity. Therefore, investors try to select a stock with high liquidity to escape risk. The objective of this research is to investigate the effect of unregistered assets and information transparency on a irm's performance and stock liquidity in the listed irms in the Tehran Stock Exchange. This research was conducted in the period 2011-2018. The objective of this research is applied and the methodology is content correlation based on its type. The research was conducted within the framework of deductive-inductive reasoning. In addition, panel analysis was used to analyze hypotheses. The results of testing hypotheses showed that the unregistered assets Research and Development (R&D) costs index, irm's development, and capital costs index) had a positive and signi icant effect on the stock liquidity. However, they did not have a signi icant effect on the irm's performance. Moreover, the results showed that information transparency did not have a signi icant effect on the irm's performance but has a positive and signi icant effect on the stock liquidity.