Investigating the relationship between stock liquidity, dividend policy and cash flow volatility of companies listed on the Tehran Stock Exchange
علی نعمتی
1
(
دانشجوی دکتری حسابداری، واحد تهران جنوب، دانشگاه آزاداسلامی، تهران، ایران
)
Hasanabolghasemi abolghasemi
2
(
MA
)
mohammadjavad Dodangeghareaghaji
3
(
MA
)
Keywords: Stock liquidity, dividend policy, cash flow volatility, stock market,
Abstract :
The main purpose of this study is to investigate the relationship between stock liquidity and dividend policy and cash flow volatility of companies listed on the Tehran Stock Exchange. The method and nature of the research is descriptive-correlational. In the theoretical framework of this research, the theories of theorists such as Sabramaniam et al., Rozeff, Gal and Kelly, etc. have been used. The statistical population in this study is the companies listed on the Tehran Stock Exchange during the years ٢٠١٥ to ٢٠٢٠. The method of collecting information was either in the form of a library or from archival information on the stock exchange site (secondary data). Data analysis of this research and testing of its hypotheses will be performed by Excel and Eviews software. In this way, the information provided by the databases was first categorized and sorted in Excel software and then transferred to Eviews software. The method of data analysis was both descriptive and inferential. Three tests were used to determine the type of combined data: Lin and Levin test, F-Limer test and Hausman test. The results showed that there is a positive and significant relationship between stock liquidity and dividends of companies listed on the Tehran Stock Exchange. Some other results of this study suggest that more liquidity of stocks reduces the volatility of cash flow.