أثر الإفصاح عن التقریر المتکامل على سیولة الأسهم بالتطبیق على الشرکات المدرجة فی سوق الأوراق المالیة السعودیة

Abstract

Study Objective: This study aims to investigate the impact of Integrated Report Disclosure on Stock liquidity of Companies Listed in Saudi stock market. Study methodology:The study sample consisted of (5) companies listed in the main index of the Saudi stock market, from 2017 to 2019. Thus the sample represents ( 15) observations (Firm-year). Data from integrated reports, annual financial statements were collected and analyzed using content analysis. The integrated report is measured using a measure that takes into account whether the company is following IIRC framework requirements and discloses all required information. The Stock liquidity was measured using four measures; illiquidity ratio, Bid-Ask Spread, Stock Turnover and Return to Turnover Ratio. To investigate the Impact of Integrated Report Disclosure on firm's Stock liquidity, ordinary least squares regression analysis was used. Findings: The results of the correlation analysis indicate that the IntegratedReport Disclosure is significantly and positively related to Stock liquidity of Companies Listed in Saudi stock market. The results of the regression analysis also showed that the Integrated Report Disclosure has a significant and positive impact on firm's Stock liquidity, which indicates that the Integrated Report Disclosure increases the firm's Stock liquidity. This finding is consistent with the notion that the accounting disclosure quality reduces information asymmetry, and thus enhances the firm's stock liquidity.Originality/Value: The study contributes to the Stock liquidity literature by providing empirical evidence on the impact of Integrated Report Disclosure on firm's Stock liquidity in emerging markets. This study also provides insights for bodies interested in improving disclosure practices in the financial markets.