The relationship between the asymmetry of information, the Division of policy and the structure of OwnershipThe Company accepted in Tehran stock exchange

kambakhsh farahmand habibi¹ mehdi meshki² zahra maboodi³

1) Assistant professor, economics, Payame Noor university, Rasht, Iran
2) Associate Professor, Finance, Payame Noor University, Rasht, Iran
3) M.S in management, payame noor university, Rasht, Iran

Publication : اولین کنفرانس ملی نقش حسابداری، اقتصاد و مدیریت در توسعه پایدار با تاکید بر اقتصاد مقاومتی (aem2017.ir)
Abstract :
The main objective of this study was to investigate the relationship between information asymmetry and dividend policy also the impact of ownership structure on the relationship between them. Therefore the relationship between information asymmetry and the ratio of dividends paid, as well as the impact of ownership structure indicators including state ownership and ownership concentration on their relationship based on multivariate linear regression model, was investigated. The importance of this research is to show investors, auditors and other decision makers how information asymmetry affects corporate dividend policy. Also, investors and other stakeholders can, in addition to identifying factors affecting dividend payments, can see the role of ownership structure and stakeholder combinations in dividend policy. The sample consisted of 145 companies listed in Tehran Stock Exchange for a period of five years from 2011 to 2015. The results show that there is a negative and significant relationship between information asymmetry and dividend policy. Results of panel data analysis showed that state-controlled firms and Concentrated ownership companies with higher information asymmetry would pay higher dividends compared to other firms.
Keywords : information asymmetry dividend policy ownership structure