بررسی تأثیر عدم تقارن اطلاعات و اثر مقیاس بر ساختار بازار در بورس اوراق بهادار تهران
الموضوعات :
منیرالسادات میرجمالی مهرآبادی
1
,
عباس نجفی زاده
2
,
مجید زنجیردار
3
,
پیمان غفاری آشتیانی
4
1 - گروه اقتصاد، واحد اراک، دانشگاه آزاد اسلامی اراک، ایران
2 - گروه اقتصاد، واحد اراک، دانشگاه آزاد اسلامی اراک، ایران
3 - گروه مدیریت مالی، واحد اراک، دانشگاه آزاد اسلامی، اراک، ایران
4 - گروه مدیریت بازرگانی، واحد اراک، دانشگاه آزاد اسلامی، اراک، ایران
الکلمات المفتاحية: عدم تقارن اطلاعات, ساختار بازار, اثر مقیاس, بورس اوراق بهادار تهران و پانل GLS,
ملخص المقالة :
نقش اطلاعات در اقتصاد، از زیر سؤال بردن یکی از فرض‌های نظریه رقابت کامل در بازار شروع شده است. در بازار سهام، اطلاعات نقش مهمی در تعیین میزان رقابت‌پذیری دارد. در این پژوهش سعی شده با استفاده از معادلات درآمدی و در حضور عدم تقارن اطلاعات میزان رقابت‌پذیری شرکت‌ها در بورس اوراق بهادار تهران سنجیده شود. در این راستا ابتدا با استفاده از معادلات درآمدی و روش GLS، به بررسی تأثیر متغیرهای مختلف بر عایدی سهام در شرکت‌های منتخب پرداخته شده است. نتایج بیانگر این است که معادلات بدون اثر مقیاس تصریح بهتری از شرایط شرکت‌های مذکور ارائه می‌کنند. همچنین با وجود عدم تقارن اطلاعات زیاد و تأثیرپذیری عایدی سهام از آن، میزان این تأثیرپذیری اندک است. شاخص رقابت‌پذیری (H)، نشان می‌دهد در معادلات عایدی حاصل از تغییر قیمت سهام، رقابت انحصاری و در معادلات عایدی حاصل از سود تقسیمی و انباشته، رفتار انحصاری بهترین توصیف از شرایط بازار است.
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48- Yildirim, H.S. and Philippatos, G.C., 2007, Restructuring, Consolidation and Competition in Latin American Banking Markets, Journal of Banking and Finance, 31(3).
49- Zajac, E.J., 1990, CEO Selection, Succession, Compensation and Firm Performance: a Theoretical Integration and Empirical Analysis, Strategic Management Journal, 11(3).
