عنوان مقاله
سیاست سود سهام از رویکرد پیام رسانی و اثراتش بر عدم تقارن اطلاعاتی در میان مدیریت و سرمایه گذاران
فهرست مطالب
چکیده
مقدمه
پیشینه پژوهش
فرضیه پردازی
تحلیل نتایج
نتیجه گیری
بخشی از مقاله
فرضیه پردازی
نظریه پیام رسانی اظهار می دارد که سهامداران و سرمایه گذاران می دانند که مدیران اطلاعات بیشتری در مورد نگرشها و ایده های آتی شرکت (عدم تقارن اطلاعاتی) و استفاده از سیاست سود سهام و سیاستی دارند که از لحاظ مالی مورد حمایت قرار گرفته و بدین طریق به سهامداران و سرمایه گذاران با اطلاعات کم پیام رسانی می کنند.
کلمات کلیدی:
Dividend Policy from the Signaling Perspective and its Effects on Information Asymmetry among Management and Investors R. Zare, H. Kiafar, M.A. Kanani and F. Farzanfar Accounting Department, Marvdasht Branch, Islamic Azad University, Marvdasht, Iran Abstract: This study attempts to examine the relevance of dividend policy from the signaling perspective and its effects on information asymmetry among management and investors and Compare the relative information content of them. Based on sampling, 88 firms from Tehran Stock Exchange (TSE) were selected and examined during 2003 to 2010. The findings show that the dividend policy (Divisible profit proportion) has positive and significant relation with market information asymmetry namely when the dividend policy increases the information asymmetry increases, too. On the other side, the test findings indicate the investors are sensitive to the EPS changes and when the EPS changes are positive their dividend increases, but when the divivend of the company decreases the information boggles their mind and information asymmetry increases. By virtue of the findings it may conclude when EPS and DPS changes are not in the same direction the internal and external information asymmetry of the company increases by changing profit division policy. Keywords: Dividend policy, information asymmetry, profitability, signaling theory INTRODUCTION Stock exchanges as a formed market provides the facilities necessary for the shares buyers and sellers in a manner that they may convert their money to stock exchange and vice versa. Considering stock exchange is an organization to equip the deposits and direct them to active investment and useful to the community and state economics it is very important to study it. The profit gained by successful companies may be invested in operational assets, in gaining stock exchange, to repay the debts or distributed between the shareholders. Dividend policy is one of the subject interesting in financial literature in recent years and until now different studies have been done concerning to justify the reasons and the way distributing the profit between the shareholders and their attention to dividend profit and the subject is proposed as the 'Dividend Profit Enigma' in financial literature (Amidu and Abor, 2006). Cash shares profit has a special position for the company owners because of objectivity and tangibility and the company investors have a special interest in the subject in order to know the capacity creating liquidity and distributing it between the shareholders because the data not only present a clear figure of actual company situation, but also create the possibility to assess next situation. Also the subject is important to the companies managers because it provides important data about the company direction process and market assessment of their operation. Hence, the companies managers pay attention to it as 'Dividend Policy', but it is more important to find why the companies have a selected the 'Dividend Policy' than the 'Policy' itself; this may solve the problems concerning to take important economical decisions for different beneficent groups specially the investors because the defining reasons and factors from finding the root not only help to justify the companies behavior, but also provides some device to foresee the next movement and direction in the field. The 'Dividend Policy' subject may be discussable in viewpoint of information asymmetry and signaling theory; in this regard information asymmetry is due to a potential contradiction between managers’ and shareholders’ profits; hence, when the managers who are owner sell some of their shares to the investors without any role in the management the information asymmetry increases (Rozeff, 1992). Financial accounting and reporting may be considered as the strategies by which it is possible to solve the problems concerning representativeness and information asymmetry and convert the inter organizational data to the outer ones by contemplated ways (Scott, 2003).
