The effect of information asymmetry on the relationship between price and liquidity of the stock Syndicate

Given the role of liquidity in asset price discovery, financial risk distribution and transaction cost reduction, it is important to identify the factors affecting it. The purpose of this study is to investigate the effect of information asymmetry on the relationship between price synchronization and stock liquidity. For this purpose, two hypotheses are formulated in which the information asymmetry of the moderator variable, the price of the independent variable and the liquidity of the shares of the dependent variable are in the order of these hypotheses. The statistical population of the research of companies listed on the Tehran Stock Exchange and the sampling method of systematic removal and the studied sample, includes 133 companies listed during the years 1394 to 1398. The research method is descriptive-survey and in terms of the relationship between the variables is causal-correlation and in terms of purpose is applied and in terms of event, it is post-event. Regression method, panel data and fixed effects model have been used to process and test the hypotheses. The results obtained from the hypotheses show that the concurrence of price with the liquidity of the company has a positive and significant relationship. Information asymmetry has a negative and significant effect on liquidity. Information asymmetry has a negative and significant effect on price synchrony and finally for the fourth hypothesis, it indicates a negative and significant effect of information asymmetry on the relationship between price synchronization and stock liquidity at the error level of 5% and the control variable of company size is related to stock liquidity It has a negative and significant and the variable of financial leverage has a negative and significant relationship with financial performance.