The Relationship between Information Asymmetry and Mechanisms of Corporate Governance of Companies in Tehran Stock Exchange

This study aims to investigate some of the most important corporate governance mechanisms and information asymmetry in Tehran's stock exchange. The percentage of institutional investment, ownership concentration, type of auditors, and the independence of board members have been used as the corporate governance mechanisms, and also changes in the liquidity of the stock market have been used as an indicator for information asymmetry. The statistical population of this study is companies accepted in Tehran's Stock Exchange and research sample has been selected by using the systematic sampling Cup method and applying the conditions of research variables to 145 companies from 22 industries during 2008-2013. The research findings show that there is a negative and significant relationship between the percentage of institutional investments and the independence of board members, and bid-ask spread, and there is a positive and significant relationship between ownership concentration and the bid-ask spread. Also, the obtained results show that there is no relationship between the variables of the type of auditor and bid-ask spread.