The study of Information asymmetry adjusted effect on finance hierarchical theory of listed companies of Tehran Stock Exchange

The goal of this research is to study the Information asymmetry adjusted effect on finance hierarchical theory of listed companies of Tehran Stock Exchange. The study includes the time period during 1386 to 1395. The statistical sample of this research includes 159 firms (1590 firms-years) which were in listed companies of Tehran Stock Exchange. The hypotheses of this research have been tested by seemingly unrelated regression (SUR) using. According to the results of the tested hypotheses got cleared that finance hierarchical is not utilized during mentioned period, generally and in most cases companies’ various investment decisions of financing have been made according to outsources with more tendency. The results were obtained without information asymmetry considering. Afterwards, when information asymmetry is getting considered to model of this research as the moderator variable added, the results indicate that companies have more tendencies to outsource financing in their situations in contrast with other financing method