Relationship Between Corporate Governance And Dividend Payment Policy Of Companies Listed In Tehran Stock Exchange
Journal Title: International Research Journal of Applied and Basic Sciences - Year 2014, Vol 8, Issue 11
Abstract
The main objective of this study is to determine the relationship between corporate governance and payout policies. Our sample consists of 100 companies listed in the Tehran Stock Exchange during the years 2005 and 2011and the statistical methods applied, consist of logic regression analysis and the comparative average of various groups. The corporate governance index includes the ratio of non-duty members of the board, board size, the dual responsibility of the CEO, the amount of stock owned by institutional investors, size of the auditing company, audit report quality and auditor replacement. Results of this study suggest that dividend is the result of the quality of corporate governance, and in companies where the rights of shareholders are not observed; opportunistic directors employ free flowing funds to invest in projects and fields that enhance their own prestige, grandeur and reputation. Biphasic results showed a meaningful correlation between the profitability of operations, liquidity, asset structure, corporate size and financial leverage and the payout policy. A relatively weak relationship exists between asset structure dividend payout policy while no meaningful relationship exists between growth opportunities and the latter.
Authors and Affiliations
Nima Afsari| Department of Accounting, Islamic Azad University, North Tehran and Dubai Branch, Tehran, Iran, email: nima_nima198@yahoo.com
Keywords
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