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Voluntary Financial Communication : An Analysis in Light of Market Efficiency, Signaling, and Agency Theories

Author

Listed:
  • Bendouzane Adil

    (USMS - Université Sultan Moulay Slimane)

  • El Moustafa Ftouh

    (USMS - Université Sultan Moulay Slimane)

  • Malainine Cheklekbire

    (UIT - Université Ibn Tofaïl)

Abstract

In a world where finance is increasingly globalized, stock exchanges offer increasingly significant advantages, but the risks associated with information asymmetry must be taken into account to improve transparency within financial markets. Our article aims to study the theories of market efficiency, agency, and signaling in the context of the financial market to explain how voluntary communication of financial information can help maintain investor confidence, reduce capital costs, assist shareholders in monitoring company performance and making informed decisions, as well as signal the quality of the company to investors. Keywords: voluntary communication, efficiency theory, agency theory, signaling theory

Suggested Citation

  • Bendouzane Adil & El Moustafa Ftouh & Malainine Cheklekbire, 2024. "Voluntary Financial Communication : An Analysis in Light of Market Efficiency, Signaling, and Agency Theories," Post-Print hal-05352337, HAL.
    • Handle: RePEc:hal:journl:hal-05352337
    DOI: 10.5281/zenodo.13623574
    Note: View the original document on HAL open archive server: https://hal.science/hal-05352337v1
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