نوعية القوائم المالية مدخلاً لتشخيص العلاقة بين اللاتماثل المعلوماتي وكفاءة القرار الاستثماري

Abstract EN

The study aims to identify the size of the relationship and the degree of influence between each of the quality of the financial statements and informational asymmetry as explanatory variables and the efficiency of the investment decision on a sample of industrial companies in the Iraqi market for securities, and in order to measure the quality of the financial statements, two scales were relied on, namely, the modified Jones model and the scale of the quality of receivables.

Each scale has a special entrance to express the quality of the financial statements, where the modified Jones model estimates the optional receivables that are subject to the assessment and judgment of the administration.

As for the receivable’s quality scale, it expresses the quality of the financial statements through the quality of the receivables for the research sample companies, As for the information asymmetry, it was measured through the price difference, which represents the difference between the price offered by sellers and the asking price by buyers for a particular share.

In sales, it was found through the study that the increase in voluntary receivables negatively affects the efficiency of investment decisions Where it is considered one of the areas that gives the company’s management great flexibility to use its personal judgment in estimating some items in the financial statements, as well as with regard to the quality of receivables that were low in the research sample companies and through the regression model, it was associated with an inverse relationship with the efficiency of investment decisions, as the high decline in the quality of receivables leads As for the impact of informational asymmetry on the efficiency of investment decisions, it was a positive effect, as the increase in the phenomenon of informational asymmetry in the financial market leads to improving the efficiency of investment decisions