Impact of Internal and External Information Shocks on the Value Relevance of Dividend Policy
Publish Year: 1400
نوع سند: مقاله ژورنالی
زبان: English
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شناسه ملی سند علمی:
JR_IJFMA-6-23_002
تاریخ نمایه سازی: 10 آذر 1400
Abstract:
In this paper, the effect of internal and external information shocks on the value relevance of dividend policy is examined by considering the information asymmetry, which is one of the indicators of the information environment. It is argued that managers act on the information they have so that they maximize their profits at the expense of uninformed groups. In this way, managers adopt dividend policies by creating information shocks caused by asymmetry. To achieve the research goal, the data of ۹۰ sample companies were collected for the period of ۲۰۱۲-۲۰۱۸ and analyzed by a descriptive-correlation approach using multiple regression and Wong tests. The findings showed that, among the internal information shock (fundamental changes in the institutional ownership and fundamental changes of the board of directors) and external shock, the internal information shock of fundamental changes in institutional ownership had more value relevance with the dividend policy, compared with two other information variables.
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Authors
sirvan azizi
Ph.D. Student in Accounting, Accounting Group, Qazvin Branch, Islamic Azad University, Qazvin, Iran.
Mohammad Reza Vatanparast
Assistant Prof Accounting Group, Faculty of Management and Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran.
mehrdad sadr ara
Assistant Prof Economics and Accounting Group, Faculty of Literature and Humanities, University of Guilan, Rasht, Iran.
Farzin Rezaei
Associate Prof Accounting Group, Faculty of Management and Accounting, Qazvin Branch, Islamic Azad University, Qazvin,Iran.