In this research, we perform an empirical investigation to clarify the relationship between voluntary disclosure on the intellectual capital and firm valuation. We primarily proposed a more refined conceptualization of intellectual capital through a thematic content analysis conducted via Nvivo. Then, we developed a measurement scale to quantify the voluntary disclosure of the intellectual capital by using factor analysis. Finally, by using the structural equations, our results show that the investors have exploited the information that reflects the capacity of knowledge and experience of the management team to generate future profits.
Information asymmetry arises when one of the parties to the contract or transaction, possesses more information than the other, provided that the former uses such information effectively when communicating with the latter. The main objective of this study was to examine the effects of information asymmetry on the value of companies. Two techniques i.e. standard deviations of returns (STDRET) and turnover (TURNOVER) were used to determine information asymmetry while the Tobin’s Q was employed to determine companies’ value. The population under study was all the listed companies in Tehran Stock Exchange, of which a total of 72 companies were chosen as the research sample and were studied over the period 2004-2009. Panel analysis technique was used in this study to analyze the collected data. The results of the study indicate information asymmetry affect the value of the companies.
Dividend plays an important role on changing profitability in any business units including banking industry. In this paper, we present an empirical survey to study the effect of asymmetric information and growth opportunities on dividend policies among some private banks in Iran. The proposed study of this paper gathers the necessary information from all private banks whose shares are listed in Tehran Stock Exchange over the period 2005-2011. The study uses regression analysis to study the effects of various factors where dividend distribution policy is considered as a function of four independent variables namely spread, bank size, growth opportunity and cash flow. The results of the survey indicate that there are some positive and meaningful relationships between growth opportunity and dividend pay (0.003308), between bank size and dividend pay (0.019497) and between bank size and dividend pay (0.168821).