Examining the Effect of Information Disclosure on Information Asymmetry in Joint-Stock Companies Listed on the Tehran Stock Exchange

The primary objective of this study is to examine the effect of information disclosure on mitigating information asymmetry among joint-stock companies listed on the Tehran Stock Exchange (TSE). Employing a quantitative approach and panel data analysis covering the period from 2021 to 2025 (Iranian calendar years 1400–1404), this research tests the proposed hypotheses. The statistical population comprises all companies listed on the TSE, from which a sample of 185 firms was selected through systematic screening criteria. Data pertaining to information disclosure were extracted using quantitative and qualitative indicators derived from financial statements, board of directors' meeting minutes, independent audit reports, and periodic disclosures published via the Codal system. Information asymmetry was measured using models based on analyst forecast dispersion, abnormal trading volume, and liquidity indicators. Statistical analyses were conducted using EViews software (Version 12) and advanced econometric techniques, including stationarity tests, multicollinearity diagnostics, fixed and random effects models, and dynamic panel data estimation. The findings reveal that information disclosure exerts a statistically significant negative effect on information asymmetry. Furthermore, corporate governance quality and firm size, as control variables, were found to moderate this relationship. The results indicate that informational transparency substantially contributes to reducing the knowledge gap between managers and investors, optimizing resource allocation, and enhancing stock liquidity. By providing up-to-date empirical evidence from the Iranian capital market, this study underscores the necessity of strengthening regulatory disclosure frameworks and integrating non-financial reporting standards.