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The Relationship between Ownership Concentration and Information Asymmetry Considering level of Voluntary Disclosure of Firms Listed in Tehran Stock Exchange

Author Affiliations

  • 1Department of Accounting, Tabriz Branch, Islamic Azad University, Tabriz, IRAN
  • 2Economics and Management Faculty, Tabriz University, Tabriz, IRAN
  • 3Department of Economics, Tabriz Branch, Islamic Azad University, Tabriz, IRAN

Res. J. Recent Sci., Volume 3, Issue (4), Pages 40-46, April,2 (2014)

Abstract

The present study determined a measure to explain influence of ownership structure on information asymmetry considering voluntary disclosure. Samples included 104 firms listed in Tehran Stock Exchange. Results showed that ownership concentration positively and significantly influenced on information asymmetry of all firms; moreover, firm size negatively and significantly influenced on information asymmetry. For all the firms, managerial ownership and institutional ownership had negatively and positively significant influence on information asymmetry, respectively. In firms with low voluntary disclosure, ownership concentration positively but insignificantly influenced on information asymmetry; in firms with high voluntary disclosure, while, ownership concentration positively and significantly influenced on information asymmetry. In firms with low voluntary disclosure, managerial ownership negatively but insignificantly influenced on information asymmetry; in firms with high voluntary disclosure, while, managerial ownership positively but insignificantly influenced on information asymmetry. Results also showed that institutional ownership positively but insignificantly influenced on institutional ownership in firms with both low and high voluntary disclosure.

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