تأثير اطلاعات محرمانه بر خط و مشي سرمايه‌گذاري و سياست تقسيم سود

The Effect of Private Information on Investment and Dividend Policy

اطلاعات محرمانه، سرمایه‌گذاری و خط‌مشی تقسیم سود شركت را تحت تأثیر قرار می‌دهد؛ سرمایه‌گذاران به خرید اوراق بهادار شركت‌هایی كه اطلاعات محرمانه در آن‌ها زیاد است، تمایل نشان نمی‌دهند، همچنین تقاضا برای توزیع سود افزایش می‌یابد. این پژوهش درصدد است شواهدی فراهم سازد كه نشان دهد سرمایه‌گذاری و پرداخت سود چگونه تحت تأثیر اطلاعات محرمانه قرار می‌گیرد، برای این منظور اطلاعات 692 سال-شركت مورد تجزیه‌وتحلیل قرارگرفته است. یافته‌ها نشان می‌دهد كه بین اطلاعات محرمانه و سرمایه‌گذاری شركت رابطه مثبت وجود دارد كه برخلاف انتظار است. اگرچه این شواهد از طریق فرصت‌های رشد توجیه می‌شود. همچنین بین اطلاعات محرمانه و سیاست تقسیم سود شركت رابطه مستقیمی مشاهده نشده است.

The Effect of Private Information on Investment and Dividend Policy Abstract Private Information, affect Investment and Dividend Policy, investor don’t desire to purchase firm’s security with more private Information, also increase demand for payout. This article tries to provid evidence that shows how Investment and distribution are affected by Private Information. For this purpose Information of 692 firm-year are analysed. The results shows that there is a positive relation between private information and firm’s investment that despite with were expected, although this observations justify with growth opportunities. Also there is no direct relationship between private information and dividend policy. Keywords: Private Information, Investment, Dividend Policy The Effect of Private Information on Investment and Dividend Policy Abstract Private Information, affect Investment and Dividend Policy, investor don’t desire to purchase firm’s security with more private Information, also increase demand for payout. This article tries to provid evidence that shows how Investment and distribution are affected by Private Information. For this purpose Information of 692 firm-year are analysed. The results shows that there is a positive relation between private information and firm’s investment that despite with were expected, although this observations justify with growth opportunities. Also there is no direct relationship between private information and dividend policy. Keywords: Private Information, Investment, Dividend Policy