Investigating the Relationship between Voluntary Disclosure and Information Asymmetry with Stock Liquidity in Companies Listed on the Tehran Stock Exchange

The purpose of this research is to investigate the relationship between voluntary disclosure and information asymmetry with the liquidity of shares in companies listed on the Tehran Bahadurar Stock Exchange. For this purpose, a sample consisting of 168 companies was selected during the years 2013-2014. In the current study, the panel data regression method was used to test the research model, and finally, the model was fitted according to the classical regression assumptions, and the results of the research hypothesis test were interpreted. The empirical evidence obtained from the hypothesis test indicates that there is a direct and significant relationship between the liquidity of shares and voluntary disclosure, so with the increase in the amount of voluntary disclosure in companies, the amount of liquidity of shares in companies is added. Also, the obtained results show that there is an inverse and significant relationship between stock liquidity and information asymmetry, so increasing the level of information asymmetry decreases the liquidity of companies' shares. Moreover, the findings confirm that information asymmetry has a negative and reducing effect on the relationship between voluntary disclosure and the liquidity of companies' shares, so with the increase in the level of information asymmetry, the intensity of the relationship between voluntary disclosure and the liquidity of companies' shares decreases will be