Investigate The Factors Affecting Dividend Policy in Listed Firms on Tehran Stock Exchange

Abstract

One of the most controversial topics in the field of financial literature is dividend policy. So, the dividend is one of the issues that has been attracted the attention of financial analysts and investors. In this study, we tried to examine the factors affecting dividend policy based on panel data method of listed firmson Tehran Stock Exchange. For this reason,firmslisted on Tehran Stock Exchange during the years 2009 to 2014, with systematic deletion method and by considering inherent limitations in this field have been screened, and the number of remaining firms to test research hypotheses were 106 firms in terms of 630 observation. The results showed that, the current ratio and financial leverage have a significant and reverse effect on dividend policy in listed firms on Tehran Stock Exchange. Profitability variable has a positive and significant impact on dividend policy in listed firms on Tehran Stock Exchange, and firm size variable doesn't have a negative and significant impact on dividend policy on listed firms on Tehran Stock Exchange.