Khabazkar Foomani, M., Sarlak, A. (2018). Investigating the relationship among information asymmetry, dividend policy and ownership structure. Advances in Mathematical Finance and Applications, 3(2), 76-90.
Mohammadreza Khabazkar Foomani; Ahmad Sarlak. "Investigating the relationship among information asymmetry, dividend policy and ownership structure". Advances in Mathematical Finance and Applications, 3, 2, 2018, 76-90.
Khabazkar Foomani, M., Sarlak, A. (2018). 'Investigating the relationship among information asymmetry, dividend policy and ownership structure', Advances in Mathematical Finance and Applications, 3(2), pp. 76-90.
Khabazkar Foomani, M., Sarlak, A. Investigating the relationship among information asymmetry, dividend policy and ownership structure. Advances in Mathematical Finance and Applications, 2018; 3(2): 76-90.
Investigating the relationship among information asymmetry, dividend policy and ownership structure
The purpose of a financial manager in dividend policy is to maximize the wealth of its owners while providing adequate funds for the company. In this research, the aim is to determine the relationship between information asymmetry, dividend policies and ownership structure. After designing information asymmetry evaluation indicators, the transaction information has been collected from the Stock Exchange in the five year period of 2011-2015. A statistical sample of 155 companies was selected using a systematic elimination method, which was a total of 775 years-firm. In this research, linear regression and correlation were used to analyze the hypotheses of the research. What can be said in the summing-up and conclusion of the general test of research hypotheses is that the company with a higher information asymmetry is less likely to pay dividends, as well as government-affiliated companies with higher information asymmetry pay more dividends compared to non-governmental corporations. Finally, the results indicated that structural reform in order to increase the transparency of information leads to a positive moderating effect on the relationship between information asymmetry and dividend policies
[1] Anderson, R,Duru, C.A, Reeb, D.M, Founders, heirs, and corporate opacity in the United States, Journal of Financial Economics, 2009,2(2), 205-222. [2] Byun, H,Hwang, L, Lee, W, How does ownership concentration xacerbate informationasymmetry among equity investors? Pacific-Basin Finance Journal 2011,2(11), 511-534 [3] Chen, D, Jian, M, Xu, M, Dividends for tunneling in a regulated economy: The case of China, Pacific-Basin Finance Journal 17,2009,1(3), 209-223. [4] Damouri, D; Dehghani Firoozabadi, A , The Relationship Between Information Asymmetry and Dividend Policy Using Logit Model, Journal of Management Strategy,2014, 2(1), 21-38. [5] Hou, W, Lee, E, Split share structure reform, corporate governance, and the foreign share discount puzzle in China, European Journal of Finance,2012, 20(7-9),703-727. [6] Huang, J.J., Shen, Y. , Sun, Q. , Nonnegotiable shares, controlling shareholders, and dividend payments in China. J. Corp. Finance 17,2011, 122–133 . [7] Kamali Ardakani, M., Ebrahimi, M, The Relationship of Profit Earnings Error with Abnormal Stock Returns and Systematic Risk, International Conference on Management and Accounting, Tehran, Nikan Institute of Higher Education.2015. [8] Kordestani, Gh., Fadaei Kolourzai, A,Investigating the Relationship Between Information Asymmetry and Capital Structure in Companies Accepted in Tehran Stock Exchange, Journal of Accounting Research,2012, 2(2), 99-77. [9] Lee, B.S., Mauck, N. Dividend initiations, increases and idiosyncratic volatility. Journal of Corporate Fi-nance 40,2016,3(6) 47-60. [10] Lin Tsui-Jung, ChenYi-Pei., Tsai Han-Fang. The relationship among information asymmetry, dividend policy and ownership structure, Finance Research Letters,2016, 20(1), Pages 1-12. [11] Lin, C, Su, D, Industrial diversification, partial privatization and firm valuation: Evidence from publicly listed firms in China, Journal of Corporate Finance 14,2008,8(5), 49-76 [12] Lin, C. , Su, D. , Industrial diversification, partial privatization and firm valuation: evidence from publicly listed firms in China. J. Corp. Finance 14,2008,1(4), 49–76 . [13] Omidi, M., Azar, A., Serlak, A, Investigation of the relationship between information asymmetry and in-formation disclosure rating on decision making about capital structure in companies accepted in Tehran Stock Exchange, Master's dissertation, Azad University of Arak .2015. [14] Petacchi, Reining, Information Asymmetry and Capital Structure: Evidence from Regulation Journal of Accounting & Economics (JAE), Forthcoming. 2015. [15] Sadeghi, H, Rahimi, P , Investigating the Relationship Between Ownership Structure and Performance in Exchange, Financial Accounting Research, 2012,4(4), 102-89. [16] Sun, Q, Tong, W.H.S, China share issue privatization: the extent of its success, Journal of Financial Eco-nomics 70,2003, 183-222. [17] Theory, M, Parsian, M., Nasiri, S., The Relationship between Information Asymmetry and Dividend Profit Policies in Companies, Journal of Accounting and Management Auditing, First Year, Number Two.2013. [18] Venkatesh, P. C, R. Chiang, Information asymmetry and the dealer are bid-ask spread: a case study of earnings and dividend announcements, The Journal of Finance,1986, 41(5),1089-11020.
Top