An Approach of Information Dissymmetry Role in Capital Structure Decisions of Accepted Company in Tehran Stock Market

In this paper, the information dissymmetry Role in capital structure decisions of companies by Rajan and Zigals and exploitation of samples data consists of 60 accepted companies in Tehran stocks market at 2003 to 2007 has been approached. For determination of capital structure (debt relation) as dependent parameter of this paper, four relation such as total debt to total salary of share owner, total debt to total finance, short time debt to total finance and long-time debt to total finance and then for determination of information dissymmetry from suggested relative transaction scope price of stocks has been used. For test of research hypothesis, the linear regression multi parameters model based on combinational statistics technique (board data) has been used too. Beside that, meaningful tests of coefficients and research models have been performed by F and t statistical method respectively. The results of research hypothesis tests stated that there is positive and meaningful relation between information dissymmetry and relation of total debt to total salary of share owners; beside that there is meaningful relation between information dissymmetry and relation of long time debt to total finance.

Information Dissymmetry, Suggested Transaction Scope Price of Stocks, Capital Structure, Debt Relation