چکیده (انگلیسی):

The managers to gain to benefits of information symmetry reduction choose various policies. In line with
the disclosure quality and features of the board, this research investigates the disclosure quality and features of board
relationship and information asymmetry between managers and creditors. In order to evaluate information
asymmetry the cost of debt factor was used and variables related to board features have been extracted from
financial statements and annual reports of board to the convention. Also, the quality of disclosure variable was
measured using ratings of corporative disclosure released by the Tehran stock exchange. Results of survey 71
company in the period 2003 till 2011 indicated that there is a significant negative relationship between disclosure
quality and the cost of debt. Also, there is a significant relationship among the effective features of the board, the cost
of debt and the quality of the disclosure, respectively, and indicates that the board composition influence on reducing
of information asymmetry and the quality of disclosure increase.