Syntetyczny miernik poziomu asymetrii informacji (SMAI)
Synthetic measure of the degree of information asymmetry

Summary/Abstract: Information asymmetry is one of the most important determinants of capital structure decisions. Information asymmetry cannot be measured directly. As a result is, none of variables described in literature represents a clean measure of asymmetric information between inside and outside investors. The main aim of this article is to create a Synthetic Measure of the Degree of Information Symmetry, using the analysis of complex phenomena. We presented the results of applying the measure to rank 677 enterprises from 22 industries analyzed in the years 1995 – 2008 according to the criterion of information asymmetry increase. The research shows that the lowest degree of asymmetry information concerns the companies belonging to industries with a high degree of regulation.

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