Investigating Relationship between Information Asymmetry with Financial Leverage and Firm value in Tehran Stock Exchange

Information asymmetry has been emerged as one the most important academic research subjectsin recent years. Information asymmetry in the capital market will lead to non-transparency in thetrend of transactions and will result in adverse consequences, including increased transactioncosts, low liquidity and market weakness. Factors such as information asymmetry, companyleverage, firm size, dividend ratio, free float, and company growth opportunities affects value ofcompanies listed in the stock exchange. In this research, the relationship between informationasymmetry and financial leverage and the companies value in the companies listed in TehranStock Exchange was studied. The present research is a part of applied research in terms of typeof purpose and is correlated in terms of content and content.In this paper, the aim is to determine the relationship between information asymmetry andfinancial leverage and the value of the company in the companies listed in the Tehran StockExchange. The statistical population of this paper is the companies accepted in the Tehran StockExchange during the period of 2010-2015, which are 145 companies. Dynamic panel methodwas used to estimate the model. The results of model estimation indicated that the coefficients ofinformation asymmetry variables, financial leverage, and firm size, apparent assets and annualsales growth were significant at 95% confidence level be.

کلیدواژه ها:

Information asymmetry ، financial leverage ، firm size ، firm value ، GMM PANEL