The effect of information disclosure on market reaction with meta-analysis approach

Document Type : Research Paper


1 Department of Financial Management, Faculty of Management, Islamic Azad University, Arak, Iran

2 Department of Accounting, Arak Branch, Islamic Azad University Arak, Iran



The present research aims to conduct meta-analysis of the effect of information disclosure on market reaction. In order to integrate the results of different researches and identify the determinants of relations between information disclosure and market reaction, we used meta-analysis methodology as a quantitative statistical method. To perform the meta-analysis method, the scientific magazines all over the world (the published papers relating the research variables from 1990 to 2020) were identified and gathered as statistical population and. As a result, 86 studies were analyzed using systematic removal. The results of the relating studies published during this period indicate that most of these studies are heterogeneous. By classifying these studies based on different measurement criteria of information disclosure and market reaction and also by calculating the intragroup statistics along with identifying the factor of this heterogeneity, we found that these diverse measurement criteria used in the mentioned studies are considered as contradiction factors in research results. We also found that there is no meaningful relation between Non-financial information component, company cycle, type of industry and company size with market reaction whereas there is a meaningful relation between financial information and market reaction.


  • Receive Date: 09 August 2021
  • Revise Date: 18 September 2021
  • Accept Date: 10 October 2021
  • First Publish Date: 18 November 2021