To Study of Relation between Investment Opportunities, Capital Structure and Dividend Policies in Accepted Companies in Tehran Stock Exchange
Subject Areas : Financial Knowledge of Securities Analysis
Keywords: investment opportunities, dividend policies, dividend, Capital Structure, share closing price,
Abstract :
The companies for continuing commercial life have to expand theiractivities. They need financial resources for new investment opportunitiesand dividend policies. Therefore companies should make balance forinvestment opportunities and dividend level and provide optimal capitalstructure. In this thesis has been tried to investigate the relation betweeninvestment opportunities, dividend policies and capital structure.In order to investigate relation between three variables mentioned threehypotheses were presented:1- There is relation between investment opportunities and dividend policies.2- There is relation between investment opportunities and capital structure.3- There is relation between dividend policies and capital structure.For testing the hypotheses we have studied a sample consisting of 44companies accepted in Tehran Security Exchange. The period of research is6 years from 1380 to 1385. First with using of Kolmogorov-Smirnovtesting, the normality of observations was determined .Then with using ofspearman's correlation coefficient relation between variables with respect tothree approaches (separation of years, average of the years and total years)were investigated.These results after using statistical approaches are:1- The first hypothesis with respect to separation of years approach confirmfor years 80, 81, 82 but doesn’t confirm for years 83, 84, 85 and confirmfor average approach and total years approach . 2- The second hypothesis with respect to separation of years approachconfirms for years 83, 84 but doesn’t confirm for years 80, 81, 82. Thishypothesis doesn't confirm with respect to average approach but confirmwith respect to total years approach.3- The third hypothesis doesn’t confirm with respect to total of approaches