"Information Asymmetry, Leverage Deviation and Leverage Adjustment Speed "

IF 0.8 Q4 BUSINESS, FINANCE

Asian Journal of Business and Accounting Pub Date : 2020-06-26 DOI:10.22452/ajba.vol13no1.1

A. Aflatooni, Mahdi Khazaei

{"title":"\"Information Asymmetry, Leverage Deviation and Leverage Adjustment Speed \"","authors":"A. Aflatooni, Mahdi Khazaei","doi":"10.22452/ajba.vol13no1.1","DOIUrl":null,"url":null,"abstract":"Manuscript type: Research paper \nResearch aims: This paper examines whether the firms’ leverage deviation (i.e., actual leverage minus target leverage) and leverage adjustment speed are influenced by information asymmetry. \nDesign/Methodology/Approach: To achieve research goals, this paper uses archival data from firms listed in the Tehran Stock Exchange for the period of 2004-2017 and applies the static and dynamic panel data approach. \nResearch Findings: The research results show that an increase in information asymmetry increases the firms’ leverage deviation. Furthermore, results indicate that firms with a higher (lower) level of information asymmetry tend to adjust their actual leverage toward the target, slower (faster) than that of other firms. These results are robust to different sample periods, an alternative set of leverage determinants, and various estimation methods. \nTheoretical contributions/Originality: This is the first study that investigates the effect of information asymmetry on leverage deviation and leverage adjustment speed. The outcome of this study is useful for policy implication in the context of financing decisions. \nKeywords Information Asymmetry, Leverage Adjustment Speed, Leverage Deviation","PeriodicalId":54083,"journal":{"name":"Asian Journal of Business and Accounting","volume":" ","pages":""},"PeriodicalIF":0.8000,"publicationDate":"2020-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"6","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asian Journal of Business and Accounting","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.22452/ajba.vol13no1.1","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 6

Abstract

Manuscript type: Research paper Research aims: This paper examines whether the firms’ leverage deviation (i.e., actual leverage minus target leverage) and leverage adjustment speed are influenced by information asymmetry. Design/Methodology/Approach: To achieve research goals, this paper uses archival data from firms listed in the Tehran Stock Exchange for the period of 2004-2017 and applies the static and dynamic panel data approach. Research Findings: The research results show that an increase in information asymmetry increases the firms’ leverage deviation. Furthermore, results indicate that firms with a higher (lower) level of information asymmetry tend to adjust their actual leverage toward the target, slower (faster) than that of other firms. These results are robust to different sample periods, an alternative set of leverage determinants, and various estimation methods. Theoretical contributions/Originality: This is the first study that investigates the effect of information asymmetry on leverage deviation and leverage adjustment speed. The outcome of this study is useful for policy implication in the context of financing decisions. Keywords Information Asymmetry, Leverage Adjustment Speed, Leverage Deviation

查看原文本刊更多论文

“信息不对称、杠杆偏差与杠杆调整速度”

研究目的:考察企业杠杆偏差(即实际杠杆减去目标杠杆)和杠杆调整速度是否受到信息不对称的影响。设计/方法/方法:为了实现研究目标，本文使用2004-2017年在德黑兰证券交易所上市的公司的档案数据，并采用静态和动态面板数据方法。研究发现:研究结果表明，信息不对称的增加会增加企业的杠杆偏差。此外，研究结果表明，信息不对称程度较高(较低)的企业倾向于将实际杠杆向目标调整，比其他企业慢(较快)。这些结果对不同的样本周期、杠杆决定因素和各种估计方法具有鲁棒性。理论贡献/独创性:首次探讨了信息不对称对杠杆偏差和杠杆调整速度的影响。本研究的结果对融资决策的政策含义有参考价值。关键词信息不对称，杠杆调整速度，杠杆偏差

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Asian Journal of Business and Accounting BUSINESS, FINANCE-

CiteScore

2.00

自引率

11.10%

发文量

期刊介绍： An academic journal that aims to advance knowledge in the business and accounting disciplines, to narrow the gap between theory and practice, and to set direction for policy initiatives in Asia. Welcome to the Asian Journal of Business and Accounting (AJBA). AJBA is an international refereed journal, published biannually (30th June and 30th December) by the Faculty of Business and Accountancy, University of Malaya, Malaysia. AJBA aims to publish scholarly business researches that are relevant to Malaysia and the Asian region. It intends to highlight the practical implications in promoting better business decision making process and the formulation of public policy in Asia. This journal publishes theoretical, conceptual, and empirical papers within the broad areas of business and accounting in Asia. The AJBA covers a broad spectrum of the business and accounting disciplines. A suggestive (though not necessarily comprehensive) list of areas that would be included in this journal are: general management, strategic management, human resource management, organizational behaviour, labour and industrial relations, international business management, business communication, entrepreneurship, leadership, management science, operations management, production management, supply chain management, marketing management, brand management, consumer behaviour, information management, e-marketing, e-commerce, quality management, retailing, service marketing, hospitality management, hotel and tourism management, asset pricing, capital and money markets, corporate finance, derivatives markets, finance and banking, financial economics, etc.