Commercial Surveys

Commercial Surveys

Information Asymmetry Theory and Corporate Dividends Payout: The Role of Systematic Risk

Document Type : Original Article

Authors
1 Assistance professor, departmant of economics,,faculty of Administrative sciences and economics, arak university, arak,, iran
2 Assistant Professor of Accounting, boukan Branch, Islamic Azad University, boukan, Iran
Abstract
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Dividend policies are one of the most common ways for shareholders to benefit from a firm’s performance. On the other hand, paying dividends reduces internal resources available for investment. A firm must establish an appropriate dividend policy that supports sustainable growth. Accordingly, dividends are among the important decisions that firm managers must make. Information asymmetry is one of the factors that can affect managers’ willingness to distribute profits.
The purpose of the present study was to investigate the impact of information asymmetry on dividends payout, with an emphasis on the effect of systematic risk in firms listed on the Tehran Stock Exchange. Accordingly, this study aimed to achieve this goal by analyzing data from 80 sample firms over a 10-year period from 2013 to 2022. To analyze the data, Tobit regression and panel data methods were employed using EViews 10 and STATA 17 software. The analysis showed that information asymmetry has a significant negative effect on dividends payout. Additionally, systematic risk has a significant negative moderating effect on the relationship between information asymmetry and dividends payout.
Keywords

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Volume 23, Issue 130 - Serial Number 130
March and April 2025
Pages 61-76

  • Receive Date 09 October 2024
  • Revise Date 27 January 2025
  • Accept Date 16 February 2025