Purpose

The purpose of this study is to investigate the information asymmetry pricing (relation between information asymmetry and expected return) based on environmental uncertainty and accounting conservatism.

Design/methodology/approach

The current study applies panel regression method estimator to investigate the relationship between accounting conservatism, environmental uncertainty and information asymmetry pricing of 1,309 firm-year observations in Iran for the period 2008–2018.

Findings

The result indicated the negative relation between accounting conservation and information asymmetry pricing and documented a positive association between environmental uncertainty and information asymmetry pricing.

Practical implications

In the present study, the weaknesses caused by the ambiguity of capital market efficiency in market performance-based statistical models are compensated and partially covered by quantifying the relationships and implementing models in each quintile. Results obtained from this study will aid policymakers to evaluate disclosure rules and firms to manage their information. The study is based on the corporate accounting and financial literature and examines behavioral changes in information and its effect on information asymmetry pricing that can be applied to investors, managers, standardization committees and legislators.

Originality/value

The risk of accounting information in the context of the capital market environment can be divided into two parts: a part that is ambiguous about the accuracy of this information and another part that is a distribution of information. Unlike other research, information asymmetry pricing has also been addressed with regard to the origin and distribution of information. This study also considers the effect of information asymmetry and market constraints by considering the ability of financial reports to transmit firm information.

中文翻译：

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基于环境不确定性和会计稳健性的信息不对称定价

目的

本研究的目的是研究基于环境不确定性和会计稳健性的信息不对称定价（信息不对称与预期收益之间的关系）。

设计/方法/途径

本研究应用面板回归法估计器调查 2008 年至 2018 年期间伊朗 1,309 个公司年观测值的会计稳健性、环境不确定性和信息不对称定价之间的关系。

发现

结果表明会计守恒与信息不对称定价之间存在负相关关系，并证明了环境不确定性和信息不对称定价之间存在正相关关系。

实际影响

在本研究中，基于市场绩效的统计模型中资本市场效率的模糊性导致的弱点通过量化每个五分位数中的关系和实施模型得到补偿和部分覆盖。从这项研究中获得的结果将有助于政策制定者评估披露规则和公司管理他们的信息。该研究基于公司会计和财务文献，考察了信息行为变化及其对信息不对称定价的影响，适用于投资者、经理、标准化委员会和立法者。

原创性/价值

资本市场环境下的会计信息风险可以分为两部分：一部分是对信息准确性的模糊，另一部分是信息的分布。与其他研究不同，信息不对称定价还涉及信息的来源和分布。本研究还通过考虑财务报告传递公司信息的能力来考虑信息不对称和市场约束的影响。