Investigating the effect of financial leverage and information asymmetry on the investment behavior of companies listed on the Tehran Stock Exchange.
Subject Areas : Financial Economics
علی نعمتی
1
(دانشجوی دکتری حسابداری،گروه حسابداری، واحد تهران جنوب، دانشگاه آزاد اسلامی، تهران، ایران.)
sara hasani
2
(Master of Accounting)
mohammadjavad dodange
3
(Master of Accounting)
Keywords: Information Asymmetry, Investment, Financial Leverage,
Abstract :
Investment is one of the most important factors that plays a significant role in the company's performance. Companies try to make the best investment decisions, but the deviation from investment efficiency towards over- or under-investment leads to a decrease in the return on investment and ultimately to a decrease in the company's performance. Therefore, the purpose of this study is to investigate the effect of financial leverage and information asymmetry on the investment behavior of companies listed in the Tehran Stock Exchange during the period of 2013-2020. In order to achieve the objectives of the research, information related to 105 companies were analyzed using panel regression and using Eviews software. The findings of this research show that there is a negative and significant relationship between information asymmetry and the level of company's investments, while there is a positive and significant relationship between financial leverage and the level of Shukart's investments.