Review the relationship between information asymmetry and capital structure with stock liquidity in Tehran Stock Exchange

One of the most important indicators in examining the market situation is the ability of Liquidity in its securities. A high level of liquidity in trading may indicate the success of the market in clarifying information and closeness to the price of securities to their intrinsic value. On the other hand, decisions related to the capital structure have the utmost importance and is one of the most effective solutions to maximize shareholder wealth. Since the cost of the capital subsidiary is considered the capital structure, selection of the optimal capital structure reduce the cost of capital and increase its market value. Information asymmetry also can effect on the amount of transactions and liquidity shares of a company. Therefore, in this study, some of the factors affecting on stock liquidity in Tehran Stock Exchange will be discussed. In the other words, the current study is intended to check the relationship between information asymmetry and capital structure and stock liquidity accepted companies in Tehran Stock Exchange. The results of this study show that there is a positive and significant relationship between the lack of information asymmetry (suggested price gap Sell & Buy shares) and stock liquidity based on transaction volume variable. While based on the obtained results from the regression model of the research, there is no significant relationship between Capital structure (financial leverage) and stock liquidity according to the trading volume in listed companies in Tehran Stock Exchange.

کلیدواژه ها:

information asymmetry ، Stock liquidity ، capital Structure ، turnover