A study of relationship between cash flow and firm value in information asymmetry of listed companies on the Tehran Stock Exchange

The study shows the impact of cash flow on firm value in information asymmetry situation in firms listed in Tehran Stock Exchange during a ۶-years period. In this research  Venkatesh &Chiang (۱۹۸۶) model has been used to calculate information asymmetry. Model whit panel data based on pattern provided by pinkowits et al., (۲۰۰۶) has been used to determine relationships between variables. For data analysis the linear regression with use of panel data has been employed. The result show that between cash flow and firm value in information asymmetry situation statistically significant relationship does not exist in the sample firms. Results of the research also indicate the impact of earnings before interest, net assets, the firm's market value (market value of equity + book value of debt) and cash on a firm's value.

کلیدواژه ها:

information asymmetry ، cash flow ، firm value. ، عدم تقارن اطلاعاتی ، جریان نقد ، ارزش شرکت