جستجوی مقالات مرتبط با کلیدواژه « information asymmetry » در نشریات گروه « علوم انسانی »

A strong board can play a key role in increasing firm performance and value and lead to value creation. as a result, properly performing duties and responsibilities can be effective on attracting investment opportunities. on the other hand, under the ethical risk model, managers who are not adequately monitored over their performance may benefit from the information advantage that may be more or more efficient than the optimum level; therefore information asymmetry could affect the effectiveness of firms' investment. the purpose of this study is to investigate the relationship between board characteristics and investment efficiency in tehran stock exchange and also the effect of information asymmetry on this relationship. This study investigated the financial information of 132 firms accepted in tehran stock exchange during the years 1392-1400. to test the research hypotheses, regression model was used with panel data method and fixed effects. Analysis of the findings indicates that the characteristics of the board have a direct and significant relationship with investment efficiency and asymmetry of information asymmetry moderates the relationship between board characteristics and investment efficiency. The results indicate that the board affects the company's investment efficiency through monitoring and maintaining relationships with shareholders, and the board with improved information environment can help reduce the information asymmetry between the management and the shareholders that lead to optimal investment in the company.

Comparability is one of the qualitative characteristics of financial information that enables users to examine the similarities and differences between financial statement items and make a more rational assessment of various investment or lending opportunities. On the other hand, based on the firm life cycle theory, Firms evolve through distinct life cycle stages and resource and competitive environments create different organizational structures, systems, and agency problems. This research examines how the comparability of firms financial statements in the maturity stage of their life cycle differs from that in other life cycle stages. hence, it is argued that mature firms tend to prepare financial statements that are comparable among their industry peers. be The statistical population of the research was the companies accepted in the Tehran Stock Exchange during the years 1395 to 1400 and included 738 firm-companies. The research results show that the maturity stage of the company's life cycle has a positive relationship with the comparability of financial statements. Also, the current research deals with the relationship between the life cycle and the comparability of financial statements according to the moderating role of information asymmetry and free cash flow, the results show that the positive relationship between mature companies and the comparability of financial statements is moderated by the existence of information asymmetry, but free cash flow has no effect on the life cycle (maturity stage) and the comparability of financial statements.

The purpose of this research is to investigate the impact of real earnings smoothing on labour investment efficiency company's. In order to test the research hypothesis, from financial information 96 firms from listed on Tehran stock Exchange in 2015 – 2022 have been used. The results that real earnings smoothing on abnormal net hiring has a negative and significant effect, which shows that real earnings smoothing lowers deviations of real net hiring away from the expected level. The results obtained from the hypothesis test are in accordance with the signaling theory regarding private information, real earnings smoothing conveys managers' private information about future earnings to stakeholders and by doing so, it reduces the information asymmetry between firms and external capital suppliers and inefficient labour Eventually, real earnings smoothing can help companies achieve high productivity and labour investment efficiency.

Quick information by companies is very important for investors and shareholders to make timely decisions, but there are many observations and evidences that show that companies release internal company news and information sooner or later in order to protect their interests. which causes information asymmetry among users of financial statements, this phenomenon causes capital to be transferred unfairly to investors who are aware and aware of companies' secret information. This research aims to investigate the information asymmetry before the release of negative and positive unexpected profits in 124 companies selected using the systematic elimination sampling method, and the hypotheses were tested using the methods of comparing the average of two populations and the generalized least squares regression method. It has been taken and paid. The results of this hypothesis show that in the Iranian Stock Exchange, the companies admitted to it have negative news under their control and external users are unaware of the existence of such information. Also, before the publication of negative unexpected profits, the information asymmetry is greater than the information asymmetry in the case when the company publishes positive unexpected profits.

The lack of sufficient research literature on voluntary disclosure has motivated this study. First, to date, no comprehensive disclosure measurement study has been conducted that could guide future researchers when creating their own disclosure scales or accepting existing ones. Second, issues related to measurement in the social sciences and the evaluation of disclosure scales are rarely addressed in the accounting research literature. The present study presents and analyzes the components and indicators of voluntary disclosure in a comprehensive framework by examining the views of experts. Also, after determining the components and weighting them with the approach of reducing information asymmetry, the gap between the current and expected situation was examined by 108 experts. The statistical population of the study includes university professors, experts and managers working in the profession of accounting, auditing and financial management of Iran and Tehran Stock Exchange companies in 1399. Research data were analyzed using heuristic factor analysis test, structural equation model and t-test using SPSS software. The results of heuristic factor analysis showed that three dimensions can be extracted for voluntary disclosure of companies (general information and leadership, performance and innovation and future growth) and also the results of t-test showed that between the current situation (current performance) and expected by experts There is a significant difference. The results of this study may reflect the expectations of experts and users of financial statements regarding voluntary disclosure.

The main purpose of this research is to investigate the moderating role of ownership concentration on the relationship between corporate social responsibility performance and information asymmetry in 105 companies admitted to the Tehran Stock Exchange between 1395 and 1400. Data extraction was used from the databases of Kodal and the Stock Exchange Organization; And finally, the collected data was analyzed using Eviews 10th edition econometric software, and the results obtained from the first hypothesis of the research showed that there is a significant relationship between the performance of corporate social responsibility and information asymmetry, and the results obtained from the second hypothesis showed that Ownership structure weakens the negative relationship between corporate social responsibility performance and information asymmetry.

The information-based model is one of the prevalent frameworks in the market microstructure literature, examining trader behavior in the presence of information asymmetry and its subsequent impact on price formation. Information asymmetry significantly contributes to market inefficiency, manifesting in traders' transactions and orders. Informed traders, possessing knowledge of an asset's intrinsic value through access to comprehensive market information, engage in high-volume transactions and orders to maximize their informational advantages. These value-relevant orders influence the actions of other market participants and consequently affect market prices. Given the critical role of information asymmetry and its effects on traders' order behavior, the study of orders—rather than mere transactions—has gained prominence. Analyzing traders' behavioral patterns through their order prices, volumes, and types provides a clearer understanding of the price effects resulting from market participants' decisions. Considering the price impact of orders and the significance of the secondary market for Islamic treasury bills as a pivotal tool in the central bank's monetary policy and government financing, this study aims to investigate the price effects of order flow on the price fluctuations of Islamic treasury bills in the market.
 
In this article, according to the price effect of orders in the market, the order flow imbalance variable that shows the changes in supply and demand volume in the first line of the order book has been used. Therefore, the vector autoregressive model has been used to investigate the effect of order flow imbalance on treasury bill price changes. Therefore, to check the price effect of orders, 17 symbols of treasury bills in the over-the-counter market from 2021 to September 2023, which had the most trading days compared to other treasury bills, were used. Therefore, in this research by using the vector autoregressive model and analyzing it through the impulse response function, the effect of order flow imbalance on price changes is investigated in three categories of treasury bills with different maturities to investigate the impact of information asymmetry on orders.
 
According to the findings obtained in this research, the order flow imbalance variable in long-term maturity treasury bills had a greater effect on price changes. Moreover, based on the analyses conducted using the impulse response function, in the event of a shock, the effect of order flow imbalance in long-term maturity treasury bills will remain for extended periods and affect price changes. However, the magnitude of the shock's effect on price changes is much greater than that of the order flow imbalance variable.
 
Therefore, it can be concluded that in long-term maturity treasury bills, the effect of information asymmetry in the order flow is greater than the other bills and can lead to price volatility. Hence, traders should pay more attention to the supply and demand volume of orders and other factors to prevent potential losses.

The main purpose of investigating the effect of classification shifting on investment efficiency with respect to the role of information asymmetry. In order to investigate this research, two hypothesis have been developed and to test the hypotheses, linear regression patterns based on panel data method have been used. To this end, financial information issued in financial statements of 191 companies registered in tehran stock market for the years of 2016-2021 are used. The present research is applied in terms of the purpose and in terms of purpose and in terms of the method and nature are of the type of correlation. Considering that the data in question are real and historical data, The research is classified as post-event. Excel and EViews 10 software were used to analyze the observations. Findings obtained from the study and testing of research hypotheses showed that classification shifting has a significant and inverse effect on investment efficiency. Also, information asymmetry has a significant and inverse effect on the relationship between classification shifting and investment efficiency.

One of the Most Important Factors in Making a Correct Decision is Appropriate Information Related to the Decision Issue, Which if Not Properly Provided and Processed Will have Negative Effects on the Decision Maker. On the Other Hand, the Type and Manner of Obtaining Information is Also Important. The Effect of Institutional Investors on Management Decisions Regarding Financial Decisions has Been Proven in Previous Researches. The Purpose of this Research is to Investigate the Relationship Between the Level of Ownership Concentration and Information Asymmetry with the Influence of Company Size on the Tehran Stock Exchange. The Time Period Under study is Between 1398 and 1402.Using the Latest Software, the Data has Been Collected and Calculated With the Help of EXCEL Software. SPSS Software was Used to Test the Hypotheses and Perform other Analyzes by Using Statistical Methods Such as Descriptive Statistics, Correlation (Correlation Coefficient, Coefficient of Determination), Regression Analyzer and Its Coefficients Test, Correlation Analysis and its Coefficients Test, and the Significance Equality Test of Several Correlation Coefficients. A Total of 109 Active Stock Companies Were Considered as a Selected Sample. In the First Research Hypothesis, it is Predicted that there is a Significant Relationship Between Ownership Concentration and Information Asymmetry. The Research Results Show a Direct and Significant Relationship Between this Variable and the Level of Information Asymmetry

The problem of agency appears as a result of the difference in goals between the agent and the owner. Concentrated ownership is a situation where a few large shareholders own a significant portion of the company's stock. By having a large share, the largest shareholder can monitor the company more accurately and easily and limit the management from doing ineffective work and also reduce information transparency and information asymmetry in the company. Therefore, the purpose of this research is to study the effect of ownership concentration on the relationship between tax evasion and information asymmetry. The statistical research population of companies admitted to the Tehran Stock Exchange and the studied sample includes 140 admitted companies during the years 2017 to 2018. The research method is descriptive and in terms of the relationship between the variables, it is causal-correlation, and in terms of the objective, it is applied, and in terms of the event, it is post-event. The regression method and panel data as well as the fixed effects model were used to process and test the hypotheses. The results obtained from the hypothesis analysis showed that ownership concentration has a negative and significant effect on the relationship between tax evasion and information asymmetry.

The level of information asymmetry in financial markets significantly influences market structure, stock prices, and investment risk. In addition, optimal policy design, particularly the implementation of trading constraints by regulators and the determination of trading strategies by traders, requires an awareness of the extent of information asymmetry. In this paper, we estimate the level of information asymmetry using 3750 stocks/quarters data (125 companies across 14 industries, constituting about 70% of Iran's stock market value, during 1395-Q1 to 1402-Q2) by employing the adjusted probability of informed trading (AdjPIN) model. The results indicate that, first; the Iranian stock market has faced an average information asymmetry of 20.6%. Second, commodity-based industries (petroleum Products, metal ores, and basic metals) have experienced the lowest informed trading, and on the other hand, domestic industries (insurance, pharmaceuticals, and banks) have recorded the highest information asymmetry. Third, the 10 companies with the lowest information asymmetry are among the largest firms listed in stock exchange market that are classified in commodity-based industries, while the 10 companies with the highest probability of informed trading operate in the financial intermediary service and pharmaceutical sectors. Fourth, the highest level of information asymmetry occurred both at in market level and most of industries and firms in the first two quarters of 1399. Overall, the findings shed light on the presence and extent of information asymmetry in the Iranian stock market, providing valuable insights for traders and regulators alike.

Several empirical studies have tested the relationship between information asymmetry and the cost of equity capital and have reported conflicting results. Some studies evaluate this relationship as positive, some as negative, and some as insignificant. The discovery of divergence factors has an effective role in managing information asymmetry, the cost of equity capital, and shareholder wealth. In this study, this issue is followed by the meta-analysis approach. This meta-analysis was carried out in seven stages. For this meta-analysis, 36 studies published between 1986 and 2022 from journals with an H index at least equal to 1 of SCOPUS were used. The number of samples is 260 tests which were extracted from the mentioned studies. Using CME2 software, divergence test, and one-sample t-test with random effects approach in addition to testing 12 hypotheses, the robustness check of the results was tested based on 18 categories of analysis, of which 15 categories confirmed the robustness. The results showed that information asymmetry affects the cost of equity capital. All dimensions of information asymmetry affect the cost of equity capital, except analysts’ quality and income volatility. In addition, information asymmetry has a positive effect on all dimensions of the cost of equity capital.

Information asymmetry has always been an important issue among academics. In information asymmetry, one side of the exchange has more information than the other. One of the ways to make a successful exchange is for the buyer to try to raise his information about the other side, the seller, and the level of quality of his services as much as possible. But this is not always practical and not very economical. Therefore, according to the above, this research seeks to investigate whether information asymmetry and profit sharing policies have an effect on the role of the quality of corporate governance. The statistical population of the research is 120 companies admitted to the Tehran Stock Exchange. Also, the time domain includes 11 consecutive years from 1391 to 1401, according to the results of the hypothesis test, the information asymmetry variable has a significant effect on profit sharing policies, and other research findings showed that the quality of corporate governance has a relationship between information asymmetry and profit sharing policy. adjusts

The present study investigates whether companies with high organizational capital are more likely to use high-quality audits or not.

In line with the research's purpose, panel data of Tehran Stock Exchange companies from 2012 to 2021 was utilized. Logistic regression, considering the effects of year and industry, was employed to test the hypotheses.

Organizational capital has a positive and significant impact on auditor selection based on size and expertise. Given that high-quality auditing can effectively mitigate information asymmetry, organizations with greater organizational capital will likely have a higher demand for top-notch auditing services. Organizational capital, being an intangible asset, can contribute to information asymmetry, which in turn raises the company's capital costs. Consequently, companies with substantial organizational capital are inclined to conduct superior quality audits to diminish information asymmetry and enhance investor trust by delivering reliable information.

Given the significance of corporate capital reporting and its audit, it is recommended that accounting and financial reporting regulators focus on corporate capital requirements and enhance and standardize the rules and regulations concerning corporate capital reporting. Furthermore, investors, professors, researchers, and other stakeholders should recognize organizational capital as a crucial factor influencing the quality of financial reports utilized by managers.

Social responsibility increases social trust, improves business conditions, promotes brand, preserves the environment, and manages future crises. In this regard, considering these positive consequences and the mandatory reporting of social responsibility for listed companies in Iran, the purpose of this study is to investigate the effect of financial restatements on the quality and disclosure of voluntary activities of social responsibility reporting in the form of legitimacy and signaling theory. The current research is applied in terms of purpose and descriptive-correlation type. The statistical population of the research is all the companies admitted to the Tehran Stock Exchange, and using the targeted screening method, a sample including information about 100 companies were collected, and analyzed during the years 2018-2022. In order to test the hypotheses of the research, the logistic model, and also the linear regression model have been used. The research results show that companies that have no financial restatements have more motivation for voluntary social responsibility reporting activities, which is consistent with the signaling theory and shows that business units with problems of low representation and information asymmetry are more inclined to carry out voluntary measures of social responsibility reporting. Therefore, it is better for companies to engage in voluntary social responsibility reporting activities in order not only to use the competitive advantage and its marking, but also to benefit from the advantage of increasing future performance.

This research examines the usefulness of the management comentary for the first time in Iran from the view of users, preparers, and regulaters. In order to collect the research data, first, based on the related literature and theoretical foundations, hypotheses related to the usefulness of the management comentary were developed. Then, the data related to the views of the three groups in 2021 were collected and the research hypotheses were analyzed using the one-sample Wilcoxon signed rank test. The main findings show that the primary users of financial reports do not consider the current management comentary useful when making decisions. Also, the preparers of the management comentary do not consider this report useful in terms of not increasing the direct and indirect costs of the company and better fulfilling the responsibility of the company to the stock exchange; but they do not consider this report useful in terms of reducing the cost of financing and increasing the legitimacy of the company. In addition, regulaters do not consider this report useful in terms of increasing information efficiency, liquidity of the stock market and increasing the number of investors and analysts. The findings can inform companies and regulaters (Securities & Exchange Organization and Audit Organization) in relation to the usefulness of the current management comentary and the necessity of any revision and updating of guidelines or standards related to its preparation.

The purpose of this article was to develop a framework for the institutionalization of credit rating agencies in Iran, considering the institutional components and the socio-economic conditions of the country.

The research method was qualitative-analytical based on interpretative paradigm and Grounded Theory strategy. A combination of desk research and interviews was used to collect data; besides, judgmental and snowball methods were applied to select the statistical sample. Using open, axial, and selective coding, data were summarized in the categories of causal, contextual, intervening, interactive, strategic, and outcomes, all of which formed the main model of the research.

Based on the research data, the most important components of institutionalization depend, firstly on institution-oriented culture which includes independence and objectivity, professionalism, and close supervision, and secondly, on gaining legitimacy which includes trust-building, expertise, stability, and continuity. Conflict of interests is one of the most noticeable challenges for institutionalization, the solution of which should be sought in close supervision and self-monitoring approach of rating agencies.

Originality: 

By integrating institutional and organizational theories, a model has been presented for the institutionalization of credit rating agencies, which can affect the efficiency and effectiveness of these agencies as well as capital markets

Implications:

 It is suggested that the supervisory bodies not only set high-level standards in the field of professional conduct and the instances of conflict of interests, but also encourage the culture of self-monitoring in credit rating agencies.