OWNERSHIP STRUCTURE, INFORMATION ASYMMETRY AND THE USEFULNESS OF ACCOUNTING PERFORMANCE MEASURES IN TEHRAN STOCK EXCHANGE

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NOURAVESH I.; EBRAHIMI KORDLAR A.

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Journal: THE IRANIAN ACCOUNTING AND AUDITING REVIEW Year:2006 | Volume:12 | Issue:42 Page(s): 97-124

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Title

OWNERSHIP STRUCTURE, INFORMATION ASYMMETRY AND THE USEFULNESS OF ACCOUNTING PERFORMANCE MEASURES IN TEHRAN STOCK EXCHANGE

Author(s)

NOURAVESH I. | EBRAHIMI KORDLAR A. | Issue Writer Certificate

Keywords

INFORMATION ASYMMETRYQ2

INSTITUTIONAL INVESTORSQ2

FUTURE EARNINGSQ4

Abstract

Some researchers have classified INSTITUTIONAL INVESTORS into two groups. According to them, the first group is investors that focus on short-term earnings and the second group include professional investors, whose relative advantage is in gathering and analysis of more data regarding FUTURE EARNINGS which is not reflected in reported income. Thus, as the number of this type of investors increases in the capital market, the share prices will reflect more information regarding future returns and therefore INFORMATION ASYMMETRY logically should decrease. The purpose of this study is to provide evidence on the role of the second type of INSTITUTIONAL INVESTORS in decreasing INFORMATION ASYMMETRY in Tehran stock exchange. To conduct the empirical tests we obtained two distinct samples of invested companies. One with low and the other with high degree of institutional ownership. The result of our study showed that the latter companies reported more information related to FUTURE EARNINGS than the former ones. Therefore, more INFORMATION ASYMMETRY is observed in the invested companies with low degree of first group of INSTITUTIONAL INVESTORS. The intervening variables such as size, book to market value ratio and financial leverage were under control in our study.

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APA: Copy

NOURAVESH, I., & EBRAHIMI KORDLAR, A.. (2006). OWNERSHIP STRUCTURE, INFORMATION ASYMMETRY AND THE USEFULNESS OF ACCOUNTING PERFORMANCE MEASURES IN TEHRAN STOCK EXCHANGE. THE IRANIAN ACCOUNTING AND AUDITING REVIEW, 12(42), 97-124. SID. https://sid.ir/paper/8075/en

Vancouver: Copy

NOURAVESH I., EBRAHIMI KORDLAR A.. OWNERSHIP STRUCTURE, INFORMATION ASYMMETRY AND THE USEFULNESS OF ACCOUNTING PERFORMANCE MEASURES IN TEHRAN STOCK EXCHANGE. THE IRANIAN ACCOUNTING AND AUDITING REVIEW[Internet]. 2006;12(42):97-124. Available from: https://sid.ir/paper/8075/en

IEEE: Copy

I. NOURAVESH, and A. EBRAHIMI KORDLAR, “OWNERSHIP STRUCTURE, INFORMATION ASYMMETRY AND THE USEFULNESS OF ACCOUNTING PERFORMANCE MEASURES IN TEHRAN STOCK EXCHANGE,” THE IRANIAN ACCOUNTING AND AUDITING REVIEW, vol. 12, no. 42, pp. 97–124, 2006, [Online]. Available: https://sid.ir/paper/8075/en

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