Forward-looking information Measurement and its relationship of the level and tone with the futures liquidity of the firms

Document Type : Original Article

Authors
Neda Aghaei Motaleghi 1
Razieh Alikhani 2
mehdi maranjory 2
Mahmood Samadi Largani 3
1 Ph.D Student, Department of Accounting, Tonekabon Branch, Islamic Azad University, Tonekabon, Iran
2 Assistant Professor, Department of Accounting, Chalous Branch, Islamic Azad University, Chalous, Iran
3 Assistant Professor, Department of Accounting, Tonekabon Branch, Islamic Azad University, Tonekabon, Iran
10.30495/jik.2025.23667
Abstract
The purpose of the present study is Forward-looking information measurement and its relationship of the level and tone of forward-looking information disclosure with the futures liquidity of the firms. The present study is an applied study in terms of goal and in terms of method, it is a descriptive - correlation study and based on panel data analysis. Content analysis has been used to measure the disclosure of the firms’ forward-looking information. content analysis unit is the number of sentences. For this purpose, the report of the board of directors to the assembly of 130 companies listed on the Tehran Stock Exchange during 2014-2019 was reviewed. Findings showed that there is a positive and significant relationship between the level of forward-looking information disclosure with the futures liquidity, Also there is a positive and significant relationship between the tone of forward-looking information disclosure with the firms’ futures liquidity. Finally, considering the financial and non-financial dimensions of the level of forward-looking information disclosure and separating the tone of forward-looking information disclosure into positive and negative tone, the results showed that there is no significant relationship between the financial dimension of forward-looking information disclosure level and the negative tone of forward-looking information disclosure with futures liquidity. But there is positive and significant relationship between the non-financial dimension of forward-looking information disclosure level and the positive tone of forward-looking information disclosure with the futures liquidity. Forward-looking information is the category of information concerning future forecasts that enable users to assess a company future performance.
Keywords
Level of forward-looking information disclosure
tone of forward-looking information disclosure
forward-looking liquidity
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