Study of the relation between Asymmetric information and Dividend Policies

Subject Areas : Management Accounting

Hamidreza Vakilifard ¹ ( ندارد )
Ghodratollah Talebniya ² ( ندارد )
Mehdi Ali Hoseyni ³ ( ندارد )

Received: 2014-11-16 Accepted : 2014-11-16 Published : 2008-12-21

Keywords: asymmetric information, dividend policies, Earning Per Share, Dividend&#x0D, &#x0D, per share,

Abstract :

This research shows the relation between Asymmetric Information andDividend Policies in the accepted companies in the Tehran Stock Exchange ofsecurities. Asymmetric information means the asymmetry of informationbetween investors and financial statement producers .To measure theAsymmetric Information, the earning per share and dividend per share are usedduring a 6 years period from 2002 to 2007.Dividend policies of the companies are separated into four policies: Paying afixed percent of net profit, regular dividend policy, multiple increase policy,and extras dividend .The companies have one of these dividend policies basedon definition of each policies and dividend, which is paid to the stockholdersper year.Analysis of gathered information and test of hypotheses during 2002-2007show that there is a significant relation between Asymmetric Information anddividend policy.