1
Assistant Professor, Faculty of Economic and Administrative Science at Mazandaran University, Department of Accounting
2
Master of Science Student, Payam Noor University of Behshahr
10.22034/iaar.2012.104682
Abstract
In this paper the role of information asymmetry in the capital structure decisions through augmenting the Rajan and Zingales Model and using a sample data of 60 corporations listed in Tehran stock exchange (TSE) during 1382-1386 has been examined. To measure capital structure (debt ratios) as dependent variables ,We used the ratios of: total debt to total equity, total debt to total assets, short-term debt to total assets and long-term debt to total assets, we also used the relative bid-ask Spread as a proxy for information asymmetry. To test the hypothesis, we used the multivariate linear regression models based on Panel data technique. We also used the T-static and F-static tests to test the statistical significance of coefficients and models respectively. Our findings indicate that there is a positive and significant relationship between information asymmetry and 3 measures of capital structure namely, the ratios of total debt to total equity, total debt to total assets and short-term debt to total assets. However according to obtained results there is no significant relationship between information asymmetry and the ratio of long-term debt to total assets.
Kashanipoor, M., & Momeni Yanesari, A. (2012). The Study of the Role of Information Asymmetry in Capital Structure Decisions for Corporations Listed in Tehran Stock Exchange (TSE). Accounting and Auditing Research, 4(14), 4-19. doi: 10.22034/iaar.2012.104682
MLA
Mohammad Kashanipoor; Abolfazl Momeni Yanesari. "The Study of the Role of Information Asymmetry in Capital Structure Decisions for Corporations Listed in Tehran Stock Exchange (TSE)". Accounting and Auditing Research, 4, 14, 2012, 4-19. doi: 10.22034/iaar.2012.104682
HARVARD
Kashanipoor, M., Momeni Yanesari, A. (2012). 'The Study of the Role of Information Asymmetry in Capital Structure Decisions for Corporations Listed in Tehran Stock Exchange (TSE)', Accounting and Auditing Research, 4(14), pp. 4-19. doi: 10.22034/iaar.2012.104682
VANCOUVER
Kashanipoor, M., Momeni Yanesari, A. The Study of the Role of Information Asymmetry in Capital Structure Decisions for Corporations Listed in Tehran Stock Exchange (TSE). Accounting and Auditing Research, 2012; 4(14): 4-19. doi: 10.22034/iaar.2012.104682