رابطه همبستگی درون صنعتی، تنوع سبد سهامداران عمده و عدم تقارن اطلاعاتی با تاکید بر نقش رقابت در بازار و استقلال هیئت مدیره

هدف: هدف این پژوهش بررسی رابطه همبستگی درون صنعتی و تنوع سبد سهامداران عمده با عدم تقارن اطلاعاتی و همچنین بررسی نقش تعدیل‌گری رقابت و استقلال هیئت مدیره بر این روابط است. روش:نمونه این پژوهش شامل 150 شرکت پذیرفته شده در بورس اوراق بهادار تهران است که به روش حذف سیستماتیک انتخاب شده‌اند. دوره زمانی پژوهش نیز شامل سال‌های 1392 تا 1399 است. برای آزمون فرضیه‌های پژوهش از الگوهای رگرسیون چندمتغیره استفاده شده است. یافته‌ها: نتایج نشان‌دهنده روابط مثبت بین تنوع سبد سهامداران عمده شرکت و همبستگی درون صنعتی با عدم تقارن اطلاعاتی است. اثر تعدیل‌گری رقابت بر رابطه بین تنوع سبد سهامداران عمده شرکت و عدم تقارن اطلاعاتی مثبت و معنادار و اثر آن بر رابطه همبستگی درون صنعتی و عدم تقارن اطلاعاتی منفی و معنادار بود؛ اثر تعدیل‌گری استقلال هیئت مدیره بر رابطه بین تنوع سبد سهامداران عمده شرکت و عدم تقارن اطلاعاتی نیز منفی و معنادار بود، اما اثر آن بر رابطه همبستگی درون صنعتی و عدم تقارن اطلاعاتی تایید نگردید. نتیجه‌گیری: نتایج بدست آمده از این لحاظ می‌تواند در ارزیابی ریسک و ارزش‌گذاری سهام تاثیرگذار باشد، می‌تواند برای سرمایه‌گذاران، سیاستگذاران و حسابرسان با اهمیت باشد.

large shareholder portfolio diversification, intra-industry connectedness, and information asymmetry and moderation effect of competition and board independence

objective: information probably is the most crucial step in the decision-making process. financial statements provide reliable and comparable information for investors and other decision-makers to help them make efficient decisions. however, when there is not an equal amount of information accessible to all decision-makers, there would be different decision outcomes regarding a particular subject, leading to inefficient decisions and dissatisfied participants. hence, information distribution quality and information symmetry are as crucial as information quality and have been subject to many studies. psychological and economic theories suggest that peoples have learning constraints, such that resources devoted to one task reduce the resources available for other tasks (kahneman, 1973; peng, 2005; peng and xiong, 2006). various studies provide empirical evidence that even professional market participants are subject to capacity constraints arising from limited time and attention (chakrabarty and moulton, 2012; corwin and coughenour, 2008; harford et al., 2019; schmidt, 2019). when shareholders spread their portfolio wealth among more firms, the weight of firms in the portfolio decrease, the benefit from gathering private information about a particular firm decreases, and shareholders considering resource constraints would have a great motivation to instead of gathering private information acquisition through close interactions with management, use public disclosure as a cost-effective alternative information channel to reduce uncertainty about portfolio firms (peng 2005). hence, shareholders probably demand greater public information, and there would be more pressure on the managers to increase the amount and quality of public financial disclosure, which can lead to decreased information asymmetry. on the other hand, large shareholders with diversified portfolios probably have the power to access more industry-level information through ownership networks and political connections, which can lead to more information asymmetry. considering the intra-industry information transfer phenomenon, intra-industry connectedness can greatly impact public information disclosure demand and manager behavior regarding financial information reporting (sajjadi and pourheidari, 2018). the intra-industry connectedness can incentivize managers to manage earnings, leading to poor financial reporting and information asymmetry. however, the positive aspect is that in highly connected industries, the information provided by the peer firms can be used for decision-making regarding the main firms and this extra information can decrease information asymmetry. this study evaluates the relationship between large shareholder portfolio diversification, intra-industry connectedness, information asymmetry, moderation effect of market competition, and board independence.method: the present sample of the present study includes 150 companies listed on the tehran stock exchange from 2016 to 2020. in order to test the research hypotheses, multiple regression analyses have been used. based on theoretical foundations, these hypotheses were developed and tested:h1: there is an association between intra-industry connectedness and information asymmetry.h2: there is an association between large shareholder portfolio diversification and information asymmetry.h3: board independence moderates the relationship between intra-industry connectedness and information asymmetry.h4: competition in the market moderates the relationship between intra-industry connectedness and information asymmetry.h5: board independence moderates the relationship between large shareholder portfolio diversification and information asymmetry.h6: competition in the market moderates the relationship between large shareholder portfolio diversification and information asymmetry.