Volume 14, Issue 1 (Winter 2019)
J. Mon. Ec. 2019, 14(1): 41-62 |
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Moosavi S A, Ranjbar H, Sameti M, Sharifi-Renani H. Analysis of the Impact of Economic Growth and Asymmetric Information of Capital Market on Investors' Confidence. J. Mon. Ec. 2019; 14 (1) :41-62
URL: http://jme.mbri.ac.ir/article-1-360-en.html
URL: http://jme.mbri.ac.ir/article-1-360-en.html
1- Isfahan (Khorasgan) Branch, Islamic Azad University
2- Isfahan University
2- Isfahan University
Abstract: (2002 Views)
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. A secure environment where managers are working towards stockholders for investment and information asymmetry is considered to be the features of a good business. This research seeks to investigate whether information asymmetry of the financial market and macroeconomic growth can affect investors’ confidence ration. 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 the financial market on the investors’ confidence. There is also a two-way gradient relationship between the information asymmetry and the confidence of investors in the short run. There is a cointegration relationship between these three variables.
Keywords: Information Asymmetry, Investors’ Confidence, Total Stock Price Index, Economic Growth, Multivariate GARCH
Type of Study: Original Research - Theoric |
Subject:
Economics
Received: 27 Dec 2018 | Accepted: 13 Oct 2019 | Published: 12 Nov 2019
Received: 27 Dec 2018 | Accepted: 13 Oct 2019 | Published: 12 Nov 2019
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