Abstract:

Financial communication plays a significant role in creating a true and fair image of the company. It is an important source for investors who are always looking for reliable information for possible decision-making. A company's performance undoubtedly depends on its attractiveness to investors, especially in the current circumstances marked by increased competition. This article focuses on the impact of financial information disclosure on investor behavior and the performance of listed Tunisian firms. In this contribution, we presented an empirical study that addresses the effect of information disclosure, measured by the disclosure index, on the performance of listed Tunisian companies, measured by the ROA ratio, and on investor behavior, measured by the key investment behavior indicator "investment value I." Our sample was drawn from 30 Tunisian companies listed on the Tunis Stock Exchange over the period 2015-2019. The results of our study show the presence of a negative effect of disclosure on the performance of Tunisian companies. On the other hand, information disclosure positively affects investor behavior.

Keywords:

Information disclosure, performance, investment behavior, financial information.

How to Cite:

Amira El Feidi, Mohamed Aymen Ben Moussa and Naziha Kasraoui. The Impact of Information Disclosure on the Performance of Listed Tunisian Companies and Investor Behavior. [ref]: vol.23.2025. available at: https://refpress.org/ref-vol23-a26