Developing a Model Based on Income Management, Information Asymmetry, and Marginal Value in Stock Market Using Panel Data the companies accepted in the Tehran Stock Exchange

Document Type : Research Paper

Authors

1 Director Financiero, Universidad Libre de Mobarakeh

2 Department of Financial Management , Science and Research Branch, Islamic Azad University, Tehran, Iran

3 Ph.D. Student of Accounting at Azad University of Mobarakeh

Abstract

Companies generally set their cash management policies based on two objectives: Supplying cash to make their payments and minimizing funds having remained stagnant in the companies. Information asymmetry strongly affects the value of cash flow. Companies with high levels of information asymmetry incur more costs and have to focus on their internal resources and collect more cash assets, resulting in marginal devaluation of their cash. The present study aimed to provide a model based on income management, information asymmetry, and marginal value in the stock market using panel data. The statistical population of the study consisted of the companies accepted in the Tehran Stock Exchange. Considering the systematic elimination method, 55 companies were selected as the study sample to be addressed from 2012 to 2016. Library and field study methods were used to collect data. Data analysis was performed using the multivariate regression model with Eviews software Version 9. The research hypotheses tests revealed that income management and information asymmetry have a significant effect on the marginal value of the cash.

Keywords

Financial Management Strategy

Articles in Press, Accepted Manuscript
Available Online from 25 February 2023

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History

  • Receive Date: 07 January 2019
  • Revise Date: 17 July 2019
  • Accept Date: 28 July 2019

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