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:: Volume 5, Number 17 (quarterly journal of Fiscal and Economic Policies 2017) ::
3 2017, 5(17): 117-144 Back to browse issues page
Stock Market Reactions to the Continuation and Improvement of Auditor’s Opinion
Abstract:   (660 Views)
One way to predict the market reactions is the auditor's opinion. This study investigates the reactions of the stock market to the continuation and improvement of the independent auditor's opinion on the financial statements. We test the importance of this phenomenon by linear regression analysis with using a sample of 121 listed companies in the Tehran Stock Exchange during the periods 2007 to 2014. The dependent variable of this study is the reactions of the stock market capitalization, and the independent variable is the improvement in the auditor’s opinion and continuity in the qualified opinion. If the auditor’s opinion changes from a qualified to unqualified, the opinion has been improved and if the auditor in two consecutive periods gives an unqualified opinion, it is considered as a situation of continuity in the unqualified opinion. The study is quasi-experimental and correlational descriptive. The results of the study show that companies that have experienced an improvement in the auditor's opinion, had been facing a positive response of the market. Also, if a company experiences continuity in the unqualified opinions, will have a positive response in the stock market.
 
Keywords: Stockmarket reactions, The auditor's opinion, Improvement in the auditor's opinion, Continuity in unqualified opinion.
Full-Text [PDF 915 kb]   (530 Downloads)    
Type of Study: Research | Subject: Special
Received: 2017/08/2 | Accepted: 2017/08/2 | Published: 2017/08/2
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Stock Market Reactions to the Continuation and Improvement of Auditor’s Opinion . 3. 2017; 5 (17) :117-144
URL: http://qjfep.ir/article-1-693-en.html
Volume 5, Number 17 (quarterly journal of Fiscal and Economic Policies 2017) Back to browse issues page
فصلنامه سیاستهای مالی و اقتصادی Quarterly Journal of Fiscal and Economic Policies
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