Effect of voluntary disclosure on stock prices of listed firms in Tehran Stock Exchange

The present study sought to provide evidence of voluntary disclosure impact of financial information on stock prices of firms in Tehran Stock Exchange. Sample of this research is listed firms in Tehran Stock Exchange and the sample consists of 55 firms in the period of 1384 to 1390 sampling method is selected from target population. The dependent variable is stock price and independent variable is financial information disclosure and control variables include: rate of return on assets, earnings per share, firm size, gold price and exchange rates. For testing hypothesis, we used multivariate regression models. Hypothesis test results indicate a positive association between voluntary disclosure and the stock price.