The Mediation of Information Asymmetry on the Relationship between Audit Quality and Financing Policies

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HEIDARI MEHDI; GHADERI BAHMAN; Hamekhani Saeid

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

Journal Paper

Paper Information

Journal: JOURNAL OF FINANCIAL MANAGEMENT STRATEGY Year:2018 | Volume:5 | Issue:4 (19) Page(s): 93-126

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Title

The Mediation of Information Asymmetry on the Relationship between Audit Quality and Financing Policies

Author(s)

HEIDARI MEHDI | GHADERI BAHMAN | Hamekhani Saeid | Issue Writer Certificate

Keywords

Structural Equation Modeling ApproachQ2

Capital StructureQ2

Financing PoliciesQ1

Information AsymmetryQ2

audit qualityQ2

Abstract

In this research, the mediation of Information Asymmetry on the relationship between audit quality and Financing Policies by using Structural Equation Modeling Approach has been examined. Among the accepted companies, 99 ones in Tehran Stock Exchange were selected for statistical samples from 2006 to 2013 in order to attain the research purposes. To measure the Information Asymmetry as mediator variable, it has used the observable variables such as stock price volatility, earning forecast error, firm size and growth opportunities. Also, it used variables like percentage of institutional investors, the type of audit opinion, audit office size and the audit tenure to measure audit quality as independent variable and total debts to total assets ratio is considered as dependent variable. In addition, profitability & market structure are entered to the model as control variables. The result showed that companies with high audit quality are more likely to issue equity. The results also show that audit quality does not have significant effect on Information Asymmetry. Other results indicate no significant relationship between Information Asymmetry and Financing Policies. Therefore, the mediator role of Information Asymmetry between audit quality and Financing Policies is rejected.

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APA: Copy

HEIDARI, MEHDI, GHADERI, BAHMAN, & Hamekhani, Saeid. (2018). The Mediation of Information Asymmetry on the Relationship between Audit Quality and Financing Policies. JOURNAL OF FINANCIAL MANAGEMENT STRATEGY, 5(4 (19) ), 93-126. SID. https://sid.ir/paper/261639/en

Vancouver: Copy

HEIDARI MEHDI, GHADERI BAHMAN, Hamekhani Saeid. The Mediation of Information Asymmetry on the Relationship between Audit Quality and Financing Policies. JOURNAL OF FINANCIAL MANAGEMENT STRATEGY[Internet]. 2018;5(4 (19) ):93-126. Available from: https://sid.ir/paper/261639/en

IEEE: Copy

MEHDI HEIDARI, BAHMAN GHADERI, and Saeid Hamekhani, “The Mediation of Information Asymmetry on the Relationship between Audit Quality and Financing Policies,” JOURNAL OF FINANCIAL MANAGEMENT STRATEGY, vol. 5, no. 4 (19) , pp. 93–126, 2018, [Online]. Available: https://sid.ir/paper/261639/en

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