THE MODERATOR ROLE OF STOCK MISVALUATION ON THE RELATIONSHIP BETWEEN INFORMATION ASYMMETRY AND CAPITAL STRUCTURE

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BADAVAR NAHANDI YOUNES; KHOJASTE HIVA; SHAREFZADE GHAFOUR

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Journal: The Financial Accounting and Auditing Researches Year:2018 | Volume:10 | Issue:37 Page(s): 53-83

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Title

THE MODERATOR ROLE OF STOCK MISVALUATION ON THE RELATIONSHIP BETWEEN INFORMATION ASYMMETRY AND CAPITAL STRUCTURE

Author(s)

BADAVAR NAHANDI YOUNES | KHOJASTE HIVA | SHAREFZADE GHAFOUR | Issue Writer Certificate

Keywords

ASYMMETRY OF INFORMATIONQ2

CAPITAL STRUCTUREQ2

STOCK MISVALUATIONQ1

UNDER VALUATIONQ1

HIGH VALUATIONQ1

Abstract

Methods of financing are effective for the life companies, continuation and growth of the company highly. There are various methods for financing and CAPITAL STRUCTURE to form. Managers’ management combined firm's CAPITAL STRUCTURE in a way that increases the value of the company and maximizes shareholder wealth. This study investigates the moderator role of incorrect stock valuation and CAPITAL STRUCTURE focuses on the relationship between information asymmetry. The sample consisted of 142 companies listed in the Tehran Stock Exchange for the time period 2010-2016. To calculate the variable valuation of incorrect stock of the difference between the market price and the intrinsic value of the stock, to calculate the information asymmetry of the difference between bid and ask price and to calculate the CAPITAL STRUCTURE as well as the ratio of total debt is used, the impact of size, visibility, profitability and growth companies have been controlled. Multivariate linear regression to test the research hypotheses based on panel data has been used. Research results indicate a significant correlation between ASYMMETRY OF INFORMATION and CAPITAL STRUCTURE. The results of the role of moderator STOCK MISVALUATION also shows that the STOCK MISVALUATION makes adjustments relationsheb between information asymmetry and CAPITAL STRUCTURE result, to groups of HIGH VALUATION and UNDER VALUATION to separate the issue of research in this category with are compared. Compare the regression results in the category indicated; in terms of information asymmetry companies’ appraiser UNDER VALUATION compared to more companies use more debt.

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APA: Copy

BADAVAR NAHANDI, YOUNES, KHOJASTE, HIVA, & SHAREFZADE, GHAFOUR. (2018). THE MODERATOR ROLE OF STOCK MISVALUATION ON THE RELATIONSHIP BETWEEN INFORMATION ASYMMETRY AND CAPITAL STRUCTURE. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, 10(37 ), 53-83. SID. https://sid.ir/paper/198020/en

Vancouver: Copy

BADAVAR NAHANDI YOUNES, KHOJASTE HIVA, SHAREFZADE GHAFOUR. THE MODERATOR ROLE OF STOCK MISVALUATION ON THE RELATIONSHIP BETWEEN INFORMATION ASYMMETRY AND CAPITAL STRUCTURE. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES[Internet]. 2018;10(37 ):53-83. Available from: https://sid.ir/paper/198020/en

IEEE: Copy

YOUNES BADAVAR NAHANDI, HIVA KHOJASTE, and GHAFOUR SHAREFZADE, “THE MODERATOR ROLE OF STOCK MISVALUATION ON THE RELATIONSHIP BETWEEN INFORMATION ASYMMETRY AND CAPITAL STRUCTURE,” THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, vol. 10, no. 37 , pp. 53–83, 2018, [Online]. Available: https://sid.ir/paper/198020/en

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