Dividend Smoothing Based on Dependent Structure of Investment of Firms
Subject Areas : Journal of Investment KnowledgeMona Ghodrati 1 , zahra pourzamani 2 , Hashem Nikoumaram 3 , bahman banimahd 4
1 - Ph.D. student of Accounting, Science and Research Branch, Islamic Azad University,Tehran,Iran
2 - Associate Professor of Accounting, Central Tehran Branch, Islamic Azad University, Tehran, Iran.
3 - Professor of Accounting, Science and Research Branch, Islamic Azad University,Tehran,Iran
4 - Associate Professor of Accounting, Karaj Branch, Islamic Azad University, Karaj, Iran.
Keywords: dividend, Dependent Structure, Dividend smoothing, Concentration of ownership,
Abstract :
This paper examines dividend smoothing based on dependent structure of investment in listed companies on Tehran Stock Exchange (TSE). Dividend smoothing calculated using partial adjustment model of Lintner. This research is an applied research method To do so, we used a sample of 107 firms, from 1386 to 1396, to test five research hypotheses. To test hypotheses were used statistical analysis with panel data method Using software tools, Eviews and linear regression model. In this research, descriptive statistics including tables and charts, central tendencies, dispersion, distributions for describing the sample, and combined regression method were used to analyze the data related to the research aspects. The Chow test was used to determine if the combined data is more efficient to estimate the desired function, and Fisher's statistic was used to examine the significance of the regression model. The findings represent that dividend smoothing decisions in firms is influenced by factors such as dependent structure, concentration of ownership, compensation of management , debt ratio and size.
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