چکیده:
The stock exchange, as part of the capital market, in case of necessary conditions, can equip national capital and direct it towards economic growth. A secure environment for investment and information asymmetry are considered to be the features of a good business, in which managers are working towards stockholders. This research seeks to investigate whether information asymmetry of financial market and macroeconomic growth can affect investors’ confidence ratio? Our model is estimated using MGARCH for seasonal data of the stock market in Iran and the real GDP during the period from 1991-2016. The findings of the research have shown a significant effect of macroeconomic growth and information asymmetry of financial market on the growth of investors’ confidence ratio. There is also a two-way gradient relationship between the information asymmetry and the confidence of investors in the short run. There is an cointegration relationship between these three variables.
خلاصه ماشینی:
Analysis of the Impact of Economic Growth and Asymmetric Information of Capital Market on Investors' Confidence Seyed Abdollah Moosavi* Homayoun Ranjbar† Majid Sameti‡ Hosein Sharifi Ranany§ Received: 27 Dec 2018 Approved: 13 Oct 2019 The stock exchange, as a part of the capital market, in case of necessary conditions, can mobilize national capital and direct it towards economic growth.
The findings of the research have shown a significant effect of macroeconomic growth and information asymmetry of the financial market on the investors’ confidence.
Hence, in this study, with the help of regression analysis we seek to answer to the question that what effect information symmetry in Iran’s capital market (specifically, in Iran’s Stock Exchange) has on gain investors’ confidence and in return, economic growth?
-There is a long term equilibrium relationship between the three variables of information symmetry in the financial market, economic growth, and investor’s confidence index.
By using multivariate GARCH estimator, this study demonstrates the relationship between investors’ confidence index, economic growth, and the level of information asymmetry in Iranian stock market.
2 Stationarity Test on Data Before estimating the effect of investor confidence on economic growth and the level of financial market information symmetry, it is necessary to test the stationarity of all variables examined in the estimation.
Given that the coefficient of the variable of logarithm of standard deviation for total stock price index is negative and significant, which its larger values indicate more dispersion of information and less symmetry, therefore, it can be said that the reduction of asymmetric information has a positive effect on the growth of investor confidence index in Iran.