Investigation of effect of the business groups on dividend policy companies listed in Tehran Stock Exchange

Subject Areas : Management Accounting

امید  پورحیدری ¹ (ندارد)
مصطفی  دلدار ² (ندارد)

Received: 2012-09-10 Accepted : 2012-10-22 Published : 2012-12-15

Keywords:

Abstract :

The main objective of this study is investigation the of effect of business groups ondividend policy companies listed in Tehran Stock Exchange respect to the dividendmain theories namely signaling theory, agency theory, pecking order theory and lifecycle theory . Our sample included 145 companies listed in Tehran Stock Exchangeduring the period is 1389-1380. We used tobit model to test the research hypotheses.Unlike predictions, our findings this study indicate that pay dividends levels in groupaffiliatedfirms is lesser compared with independent firms. Also, our findings indicatethat pay dividends levels in firms affiliated with large and diversified business groups ishigher than other groups-affiliated firms. Other findings indicate that exists significantnegative relationship between information asymmetry and external financialdependence with dividend policy. Also, dividend policy groups-affiliated firmscompared with non group-affiliated firms are less sensitive to information asymmetryand external finance dependency. As well as, policy dividend firms affiliated with largeand diversified business groups compared with other groups affiliated firms are lesssensitive to information asymmetry and external finance dependency. Findings thisstudy indicate that does not exist relationship between corporate life cycle and dividendpolicy.