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 ۲۰۱۱-۲۰۱۵. A statistical sample of ۱۵۵ companies was selected using a systematic elimination method, which was a total of ۷۷۵ 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

Keywords:

Information Asymmetry , distribution of cash dividends , transparency of information