Development of a Capital Market Behavior Model Based on Types of Information and Market Symmetry
Keywords:
Capital market, financial information, information symmetry, transparency, investor behaviorAbstract
The study aims to explain the behavior of the Iranian capital market based on different types of disclosed information and to examine the moderating role of information symmetry in this relationship. This study employed a mixed-methods (qualitative–quantitative) approach; in the qualitative phase, semi-structured interviews with capital market experts and grounded theory were used to extract key constructs and develop a conceptual model, while in the quantitative phase, data from firms listed on the Tehran Stock Exchange during 2016–2023 were analyzed using structural equation modeling and partial least squares techniques. The results indicated that financial, managerial, operational, market, and regulatory information have positive and statistically significant effects on capital market behavior, with financial information exerting the strongest influence; moreover, information symmetry plays a significant moderating role, such that higher levels of symmetry intensify the impact of information on market behavior and reduce emotional volatility, and all structural paths were found to be significant. The behavior of the capital market is driven by the interaction between information quality and its distribution, and achieving sustainable market efficiency requires simultaneous improvement in transparency and information symmetry.
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Copyright (c) 2025 Mir Mohammad Ebrahimzadeh, Seyed Yousef Ahadi Serkani, Mohammad Mahmoudi (Author)
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