ijar v2n3p77 fa
DESCRIPTION
بررسی رابطه ی بین عدم تقارن اطلاعاتی و ساختار سرمایه درشرکتهای پذیرفتهشده در بورس اوراق بهادار تهرانTRANSCRIPT
-
1391 7
()
*
.
.
25 223
) ( - 9913 3913
.
.
:
-
1391 7 87
.
.
. :
. .
.
.
.
.
.
.
.( )
-
97
...
.
) 6993(3
-26 9913 (
).22
) 6993(5
) 6993(.
.
.
). 355-993 6993(
).1(
) 9993( 2 -6
.
).935-66 9993(
-
1391 7 18
) 6993 () 6993(
.
4 (
).1651-3351 9225
.
) 2993(9.
).355-993 6993 (
) 9993( -
) 5225(9
) 2225 . () 1225(
-59 2225 (
).962
) 1225(9
).935-96 1225 (
-
08
...
) 2325 ( 23
2225 1225
.
).966-3162325(
9993 36 ) 3325 ( 33
. 3225
.
.
(
).345-2153325
) 9225(53
(
).9225
-
1391 7 28
) 2325(13
.
).99-44 2325 (
) 5325 ( 63
.
).5325(
) 9913(
19 .
2913 9913
).29-19 9913(
) 9913 (
).215-935 9913(
) 9913 (
.
.
).523-99 9913 (
-
38
...
) 9913 (
.
.
).913-253 9913 (
) 2913 (
.
2913 (
).69-92
) 2913 (
.
.
).21-55 2913 (
) 3913 (
.
).25-6 3913 (
-
1391 7 48
:
. :
. :
. :
. :
:
)3 ( -
iDFED + = iFED + iYSA * i + i
)5 ( -
4b+ ioitar Q 3b + iytilibignaT 2b + iYSA 1b + iu + a = iegareveL
i + ieziS 6b + iytilibatiforP 5b + iselasgoL
-
58
...
)1 ( -
4b + ioitarQ 3b + iytilibignaT 2b + iYSA 1b + iu + a = iegareveL
i + 1iegareveL 7b + ieziS 6b + iytilibatiforP 5b + iselasgoL
)6 ( -
5 + ieziS 4 + iytilibignaT 3 + ioitar Q 2 + iFED 1 + = iD
i + iytilibatiforP
t i tiD
EGAREVEL YSA FED 1-t
YTILIBIGNAT EGAREVEL
YTILIBATIFORP SELASGOL OITARQ
. EZIS
-
1391 7 68
.
.
) . FDA ( -
.
.
.
) . 9 (9913-3913
:
. .3
.5
.
-
78
...
3913 .1
.
.6
.
. .2
25 223
.
. SSPS 93 sweivE 9
.
.
-.
. 3 ) FDA(
-
1391 7 88
)?(I RU VCM FDA T C )0(I )-( -5/449 2/22 -21/123 - +
)0(I )-( -5/449 2/22 -15/962 - +
)0(I )-( -5/449 2/22 -93/662 - +
)0(I )-( -5/449 2/22 -95/996 - + )0(I )-( -5/449 2/22 -95/319 - +
)0(I )-( -5/449 2/22 -95/939 - + )0(I )-( -5/449 2/22 -95/299 - +
)0(I )-( -5/449 2/22 -21/621 - + )0(I )-( -5/449 2/22 -95/419 - +
)0(I )-( -5/449 2/22 -95/653 - + )0(I )-( -5/449 2/22 -95/995 - +
)0(I )-( -5/449 2/22 -95/636 - + )0(I )-( -5/449 2/22 -95/961 - +
)0(I )-( -5/449 2/22 -23/969 - + )0(I )-( -5/449 2/22 -45/232 - +
)0(I )-( -5/449 2/22 -93/152 - + )0(I )-( -5/449 2/22 -65/251 - +
. )1(
) FDA(
) VCM (
.
-
98
...
( )
.
:
. : H0
. : H1
eulavp
:
) 23(
.
:
: . H0
: .H1
eulavp
:
-
1391 7 19
(
) 23
.
. :
2/392 5
. 9/3
= -2/942 (
. ) . = eulav-p 2/922
t
2/252 5/245 2/442
2/922 -5/229 -2/942
= 2/492 = 2/922
)= ( 2/392 F = 5/419
= 3/439 F= 2/122
): 1( . )2(
-
09
...
. :
2/21 1
. 21
) = eulav-p 2/692) ( = -2/322 (
. 2 .
. 23
t
2/692 -3/999 -2/322
2/532 5/332 2/422
2/662 5/632 2/532
2/962 -3/699 -2/252
2/395 -3/922 -2/952
2/913 -3/496 -2/912
= 2/222 = 2/922
)= ( 2/21 F = 6/514
= 3/959 F = 2/222
): 2( ):3(
. :
2/312 6
. 1/3
) = 2/622(
. 2 ) . = eulav-p 2/692(
. 23
-
1391 7 29
t 2/692 3/959 2/622
2/155 3/935 2/922
2/522 2/594 2/122
2/222 -33/531 -2/992
2/222 13/656 2/492
2/632 -2/624 -2/622
2/922 -5/624 -2/121
= 2/325
)= ( 2/312 F= 6/514
= 5/422 F = 2/222
):3( ):4(
. :
2/922 2
. 2/9
) = eulav-p 2/662 = 2/122 (
. .
t 2/662 5/352 2/122
2/262 5/422 2/322
2/222 9/392 2/422
2/299 -2/923 -2/322
2/223 3/266 2/122
= 2/692 = 2/412
)= ( 2/922 F = 3/346
= 5/23 F = 2/222
): 4( ):5(
-
39
...
.
.
:
: .
.
.
.
.
.
:
.3
.
.5
.
-
1391 7 49
.3
.
.5
.
.
.
. .1
.
.6
.
.
-
59
...
.
.
:
.3
.
.5
.
:
. .3
.5
.
.1
.
-
1391 7 69
.6
.
.2
.
sreyM 1 fuljaM 2 dibI 3 mayhS 4 rednuS 5 htarahB 6 folrekA 7 hcnerF & amaF 8 layoG & knarF 9 esyrgeD 01 olegnAeD 11 ilA neB 21 enooB & nasaW 31 ayrahcattahB 41
). 9913 .( .3
9 .
.523-99
-
79
...
). 2913 .( .5
53 .
.69-92 21
). 2913 .( .1
.
.21-55 23
). 9913 .( .6
.
.29-19 25
. ). 9913 .( .2
.22-26 993
). 3913 .( .4
.
.25-6 63
). 9913 .( .9
.
.215-935 3
). 9913 .( .9
9 .
.913-253
-
98 7 1931
9. Ben Ali, Chiraz,(2009). Disclosure Quality and Corporate Governance
in a Context of Minority Expropriation. Available at:
. 10. Bharath, Sreedhar T., Pasquariello, Paolo and Wu, Guojun.(2009).
Does Asymmetric Information Drive Capital Structure Decisions?
The Review of Financial Studies. 22(8): 3211-3243.
11. Bhattacharya, N., H. Desai and K. Venkataraman,(2012). Does
earnings quality affect information asymmetry? Evidence from trading
costs, forthcoming, Contemporary Accounting Research. Available at:
.
12. DeAngelo, H. and DeAngelo, L. and Toni, M.(2011). Capital structure
Dynamics and Transitory debt. Journal of Financial Economics. 99(2):
235-261.
13. Degryse, H. and Goeij, P. D. and Kappert, P.(2010). The Impact of
Firm and Industry Characteristics on Small firms Capital Structure.
Small Business Economics. Available at: .
14. Fama, E., and K. French.(2002). Testing Trade-Off and Pecking Order
Predictions About Dividends and Debt. Review of Financial Studies.
15: 1-33.
15. Fama, E., and K. French.(2005). Financing Decisions: Who Issues
Stock? Journal of Financial Economics. 76: 82549.
16. Frank, M., and V. Goyal.(2003). Testing the Pecking Order Theory of
Capital Structure. Journal of Financial Economics. 67: 48217.
17. Myers, S., and N. Majluf.(1984). Corporate Financing and Investment
Decisions When Firms Have Information That Investors Do Not Have.
Journal of Financial Economics. 13: 187221.
18. Shyam-Sunder, L., and S. Myers.(1999). Testing Static Tradeoff
Against Pecking Order Models of Capital Structure. Journal of
Financial Economics. 51: 44219.
-
99
...
19. Wasan, S. and Boone, P.(2010). Do Accruals Exacerbate
Information Asymmetry in the Market? Advances in Accounting.
26(1): 66-78.