The impact of capital structure decisions expected (target) on information asymmetry in companies listed in Tehran Stock Exchange

Fatemeh Heydari goodarzi¹ Mahmoud Hemmatfar²

1) 1 Department of Accounting, Borujerd Branch, Islamic Azad University, Borujerd, Iran(Author)
2) 1 Department of Accounting, Borujerd Branch, Islamic Azad University, Borujerd, Iran

IOI Code : XYCH-AEBGF
Publication : 3rd International conference on Management , Economics and Humanities(icmeh.org)
Abstract :
    In this study, the effect of capital structure decisions expected (target) on information asymmetry explains.The population is all companies listed on Tehran Stock Exchange using systematic elimination as the sample size of 109 companies during 5 consecutive years (from 1388 to 1392) has been selected.To test the hypotheses of multiple regression using SPSS 22 software was used.Information asymmetry company s stock liquidity is measured by criteria such as being active with trading, transaction costs, impact on the price used to measure the flow of orders. By modeling the financial leverage (capital structure) and liquidity (information asymmetry), and by taking control variables growth opportunities and firm size, the data show that the information asymmetry affect the capital structure as well as variables and growth opportunities the size of the company s capital structure and use of the information asymmetry effect.

Keywords : capital structure information asymmetry growth opportunities company size