Ownership Structure and Cash Divided (Evidences from Tehran Stock Exchanges)

Subject Areas : Financial Knowledge of Securities Analysis

علی  سعیدی ¹ (مسئول مکاتبات)
سید مجتبی  حسینی قیداری ² (ندارد)

Received: 2012-04-16 Accepted : 2012-07-10 Published : 2013-03-10

Keywords: Payout Ratio, Ownership Structure, Free float, Legal Entities Stockholders, Natural Persons Stockholders,

Abstract :

Stockholders made decision on the amount of dividend which will be paid. Commonsense about the relationship between percentage of legal stockholders ownership isnegative correlation, it means that the higher the percentage of legal stockholders, thelower the amount of dividend payout. Also, Common sense is that the higher thepercentage of natural person stockholders, the higher the amount of dividend payout,because they need more cash for their consumptions. Anyway, this common sense iscompatible with some theories such as birds in hand.Now the question is whether this common sense is acceptable for Tehran StockExchanges (TSE) Listed Companies or not.In this research we applied panel data regression analysis; cash Divided to identify therelationship between ownership structure and Payout Ratio among 171 TSE ListedCompanies for 5 years beginning from 200۶ to 2010. On the basis of our findings, thereis significant and direct relationship between payout ratio and nature stockholdersownership and significant and negative relationship between payout ratio and Casesperson stockholders ownership and also significant and negative relationship betweenpayout ratio and free float.