The Role of CEO Tenure in the Relationship Between Dividend Policy, Liquidity Risk and Cost of Equity
Subject Areas : Role of accounting in capital market efficiency and Informativeness
Mahdi Filsaraei
1
*
,
Mahmood Parsaei
2
,
Mojtaba Rahimian
3
1 -
2 - Department of Accounting, Imam Reza International University, Mashhad, Iran
3 - Department of Accounting, Islamic Azad University, Neyshabur, Iran
Keywords: Dividend policy, Liquidity risk, Cost of equity capital, CEO tenure,
Abstract :
The main objective of this study is to investigate the relationship between dividend policy, liquidity risk and cost of equity with regard to the moderating role of CEO tenure among companies listed on the Tehran Stock Exchange. The statistical sample of this study includes 190 companies listed on the Tehran Stock Exchange, which were studied in the period from 2014 to 2023. The present study is of a post-event (semi-experimental) type, that is, it is based on the analysis of past and historical information (financial statements of companies). Also, this study is of a library and analytical-causal type of study. The present study is considered to be applied in terms of its purpose and descriptive-correlation in terms of its method. The data in this study have been collected from two library and field sources. In this study, a multivariate linear regression model was used to test the hypotheses. The statistical method used in this study is two methods: panel data and ordinary least squares, according to the results of diagnostic tests of the data type in the models. The results showed that there is a positive and significant relationship between dividend and liquidity risk. There is an inverse and significant relationship between dividend and cost of equity capital. CEO tenure does not moderate the relationship between dividend and liquidity risk. CEO tenure does not moderate the relationship between dividend and cost of equity capital.
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