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Paper Information

Journal:   JOURNAL OF FINANCIAL MANAGEMENT STRATEGY   SPRING 2016 , Volume 4 , Number 12; Page(s) 1 To 36.
 
Paper: 

THE INVESTIGATION OF THE EFFECT OF INVESTMENT OPPORTUNITIES AND CORPORATE FINANCE STRUCTURE ON THE DIVIDEND PAYOUT POLICIES OF COMPANIES LISTED IN TEHRAN STOCK EXCHANGE

 
 
Author(s):  RAHNAMA ROUD POSHTI FEREYDOUN*, ESLAMI MOFID ABADI HOSSEIN, AHMADZADEH MOOSA
 
* ACCOUNTING DEPARTMENT, SCIENCE AND RESEARCH BRANCH, ISLAMIC AZAD UNIVERSITY, TEHRAN, IRAN
 
Abstract: 

The main objective of this study was to investigate the effect of investment opportunities and corporate finance structure on the payment of the dividend policies of listed companies in Tehran Stock Exchange. The research sample was studied in the period between during of 2006 to 2014. In order to analyze the data, the Statistical tests such as Durbin-Watson (D-W) test, Kolmogorov-Smirnov, Dickey-Fuller (DF), Augmented Dickey-Fuller (ADF), Phillips-Perron (PP), and LM-ARCH were used. To determine the significance of the linear regression equation, the Fisher test (F-test) and for the significance of the coefficients, the T-student (T-test) were employed. Moreover, reviewing the related literature of the study shows that dividend payment policy determinants are classified into financial and economic factors. Financial factors consist of variables such as financial leverage, debt maturity, profitability, Return on Assets, Return on Equity, Return on capital employed, net profit margin, and size of company. Economic factors include variables such as exchange rates, inflation, the share capital of GDP, growth of liquidity, the ratio of Q-Tobin, as independent variables. The payment policy is considered as the dependent variable. In the end, the results of the study indicate that at the confidence level of 95%, the investment opportunities and corporate finance structure have significant effects on the payment of the dividend policies of listed companies in Tehran Stock Exchange.

 
Keyword(s): INVESTMENT OPPORTUNITIES, CORPORATE FINANCE STRUCTURE, DIVIDEND PAYMENT POLICY, TEHRAN STOCK EXCHANGE
 
References: 
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  Persian Abstract Yearly Visit 73
 
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