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Open Access Article
1 - Evaluation of factors affecting price earnings ratio of listed companies in Tehran Stock
سیدعلیقلی روشن ابوالفضل آرین سید حسن حسینی کامبیز نوابی زند علی دریکندهPrice to earnings ratio is widely used by investors and for investors has a majorrole in investment decisions. Hence having a scientific understanding of the price toearnings ratio and ability to identify factors affecting has great importance. Based onprevious empirica MorePrice to earnings ratio is widely used by investors and for investors has a majorrole in investment decisions. Hence having a scientific understanding of the price toearnings ratio and ability to identify factors affecting has great importance. Based onprevious empirical studies and findings about factors affecting price earnings ratio andalso according to the Gordon basic model, the major factors is selected. Independentvariable of research includes the growth rate of dividends, the coefficient of dividendspayments and systematic risk (beta). The sample includes 41 companies from thecompanies listed in Tehran Stock Exchange between 84 to 88 years. This study usespanel data and multiple regression analysis and Tested the hypothesis by E-viewssoftware. The results showed that the growth rate of dividends and the coefficient ofdividends payments have a positive impact on P/E ratio and beta with negative impacton the P/E ratio. Manuscript profile -
Open Access Article
2 - The Dynamic Relationship among Dividend, Earning and Investment: Empirical Analysis of Karachi Stock Exchange
H. Hanif -
Open Access Article
3 - An Investigation into Effects of Dividend Policy on Financial Growth of Advertising Firms in Kenya
B. Walter Okibo G. Chateya Alinyo -
Open Access Article
4 - Factors affecting Dividend Payout Ratio and Comparing Forecast Accuracy of Dividend Payout Ratio using Regression Model and Neural Network in Iran Over-The-Counter (OTC) Market
Hamid Reza Chegini Mohsen Hamidian Negar Khosravi PourThis article aims to study the factors affecting the dividend payout ratio and compare the forecast accuracy of neural network and regression models using the data for the companies listed on Iran OTC market. This article also studies the relationship of last year divid MoreThis article aims to study the factors affecting the dividend payout ratio and compare the forecast accuracy of neural network and regression models using the data for the companies listed on Iran OTC market. This article also studies the relationship of last year dividend payout ratio, fixed assets to total assets ratio, current ratio, assets-to-debt ratio, revenue growth, accounting earnings quality ratio, and cash return on assets as independent variables with dividend payout ratio as dependent variable. For hypothesis testing, second-order multiple egression model was employed with a sample size of 50 companies in OTC market during a 5-year period of which their end of fiscal year was from March 20th, 2011 to September 22nd, 2015. The results showed that last year dividend payout ratio, fixed assets to total assets ratio, current ratio, assets-to-debt ratio, and accounting earnings quality ratio have no significant relationship with the dependent variable. Revenue growth and cash return on assets, however, have a positive, significant relationship with dividend payout ratio. Findings also indicate that forecast error of neural network is smaller than that of regression model. Therefore, neural network gives better forecast Manuscript profile -
Open Access Article
5 - Implications of Lintner’s Model in Examine of dividends Adjustment Speed with the Rolling Regressions in Crisis Situations
S. Morteza Nabavian S. Ali Nabavi Chashmi Iman Dadashi Bahram Mohseni MalekiInternal financial flexibility Management directly relies on how to use cash, unused debt capacity and its interaction in crisis situations and external shocks and also on corporate dividend policies. Investigating unused debt capacity as a component of corporate intern MoreInternal financial flexibility Management directly relies on how to use cash, unused debt capacity and its interaction in crisis situations and external shocks and also on corporate dividend policies. Investigating unused debt capacity as a component of corporate internal financial flexibility is important because it addresses the dynamics and sustainability of internal financial flexibility and improves corporate performance in dealing with shock and unexpected financial crises as well as the use of Optimized for investment opportunities and profitability. In this regard, the present paper examines the relationship between unused debt capacity and the dividends adjustment speed, considering the role of Liquidity shock moderation. In order to measure the dividends adjustment speed, which is a benchmark for dividend smoothing, the rolling window regressions based on the Lintner model (1956) was used Dijang et al (2012) and Faulkender and Wang (2006) method is applied for measuring the unused debt capacity, which is an indicator for measuring financial flexibility. According to the research constraints, 105 companies listed in Tehran Stock Exchange during the period of 2008-2018 using the STATA software have been investigated. The results of the research show that the unused debt capacity does not have a significant effect on the dividends adjustment speed. Also, the Liquidity shock has no effect on the relationship between the unused debt capacity and the dividends adjustment speed. Manuscript profile -
Open Access Article
6 - Design of dividends receivable backed securities
Amir Hossein Erza Mohammad Hashem BotshekanThe main of this research was to design and feasibility issue of securities is based on the dividend receivable. In Iran one of the important issues is growthing of liquidity and lack of proper guidance to the productive sector which creates many problems.Given the high MoreThe main of this research was to design and feasibility issue of securities is based on the dividend receivable. In Iran one of the important issues is growthing of liquidity and lack of proper guidance to the productive sector which creates many problems.Given the high percentage of earnings per share divided by the capital market in the form of cash And time of receipt of benefits receivable in cash and investment companies, which leads to reduced liquidity in the companies is based on the asset portfolio designed to provide working capital for these companies is very important. The methodology of This study was Delphi. The final member of the Delphi group were 87 experts employed in the financial area, including financial institutions, regulatory and universities. This model, with a majority vote of the members of Delphi's financial markets was appropriate and was approved. Based on the comments provided, dividends receivable backed securities are positive effect on capital markets, financial institutions - investment and the country's macro economy.The valuation formula of these securities is provided in the of paper. Manuscript profile -
Open Access Article
7 - The Impact of Financial Decisions on Valuation of Firms with Excess Cash flow and Firms with Low Investment Opportunities in TSE
Ebrahim Abbasi Hossein Akhzari Elaheh PouralikhaniThe purpose of this paper is to investigate the effect of financial decisions on the market value of firms with excess cashflow and firms with low investment opportunities. Financial decisions can be seen from three aspects, which are investment decisions, dividend poli MoreThe purpose of this paper is to investigate the effect of financial decisions on the market value of firms with excess cashflow and firms with low investment opportunities. Financial decisions can be seen from three aspects, which are investment decisions, dividend policy, and debt policy. The data of 123 publicly traded companies in Tehran Stock Exchange were collected from the years 1383 to 1387. The hypotheses were analyzed, using panel data method and multiple regression models. The results indicated that in the firms with low investment opportunities, investments are understated, while debts are overstated. Moreover, in this kind of firms, shareholders were interested in more cash dividends. Analysis showed the same results for the firms with excess cashflow. Manuscript profile -
Open Access Article
8 - Identifing and Prioritizing Factors Influencing Idevidual Investors' Intention to Receive Cash Devidend
Abbas Kamarei Meisam Safizadeh Sadegh Sepandarand Hajar HakimiIn the present study a batch of questionnaires was handed out to a group of stock market investors in Tehran addressing the question: “Why individual investors yearn for dividends?” The data was gathered later on and the results revealed that this inclinatio MoreIn the present study a batch of questionnaires was handed out to a group of stock market investors in Tehran addressing the question: “Why individual investors yearn for dividends?” The data was gathered later on and the results revealed that this inclination on getting the dividends is, to a certain extent that the cost of cashing dividends turns out to be a lot lower than that of selling shares. The results are, on one hand, strongly confirming and corroborating the “Signaling Model” of Bhattacharya (Imperfect information, dividend policy and the bird in the hand) and of Miller and Rock (Dividend policy, growth and the valuation of shares), and yet on the other hand, opposing the “Agency Theory” of Jensen. Furthermore, it is drawn from the results that the “Behavioral Finance Theory” of Shefrin and Statman for cash dividends is not confirmed. In conclusion, the findings of the study are indicative of the fact that individual investors have no tendency on spending a large part of their dividends. Manuscript profile -
Open Access Article
9 - Investigating the relationship among information asymmetry, dividend policy and ownership structure
Mohammadreza Khabazkar Foomani Ahmad Sarlak -
Open Access Article
10 - A Long-term Casual Nexus between Stock Price and Dividends: Empirical Evidence from the Accepted Firms in Tehran Stock Exchange
Mahboobe Motakiaee -
Open Access Article
11 - Investment as an opportunity cost of dividend messaging
Amir mohammadzadeh alireza yousefnejad mahmood nasiriAbstract: Objective: This article examines the relationship between investment opportunities and the message of future stock profitability. Method: In order to investigate the subject and test the research hypotheses, linear regression models and 1500 data of company- MoreAbstract: Objective: This article examines the relationship between investment opportunities and the message of future stock profitability. Method: In order to investigate the subject and test the research hypotheses, linear regression models and 1500 data of company-year observations in the time return of 2007 to 1399 companies listed on the Tehran Stock Exchange have been used. Findings: The results show that managers of companies with poor investment opportunities, instead of holding cash, distribute profits among investors. They invest positive value and distribute more dividends to shareholders next year to avoid the unintended consequences of reducing dividends. Also, changes in dividends in companies with strong and weak investment opportunities make it possible to predict changes in companies' future profits in the coming years, but the previous power is not significant. Conclusion: The findings of this study show that changes in dividends contain information about the amount of investment opportunities facing the company. Manuscript profile -
Open Access Article
12 - The Impact of Information Asymmetry, Concentration of Ownership and Dividends on Floating Stock Turnover
gholamreza farsadamanollahi Amirreza KeyghobadiThe main objective of this research is to investigate the effect of information asymmetry, concentration of ownership and dividends on floating stock turnover in the Tehran Stock Exchange. In other words, this paper attempts to answer the question of whether the floatin MoreThe main objective of this research is to investigate the effect of information asymmetry, concentration of ownership and dividends on floating stock turnover in the Tehran Stock Exchange. In other words, this paper attempts to answer the question of whether the floating stock turnover is influenced by the increase and decrease of these three variables. To answer this question, a sample of each of the 143 listed companies in the Tehran Stock Exchange was reviewed during the period from 2011 to 2017. In the present study, the Venkatesh and Chiang model designed to measure the price range of stock buying and selling has been used to measure the information asymmetry among investors. For floating stock turnover, the model used by Rahmani et al. (2010) has also been employed. According to Claessens & Associates in 2002, the largest shareholder is accepted as the focus of ownership. Research hypotheses were investigated through multiple regression models. Research findings show that with the increase of information asymmetry and dividends, the turnover of floating shares also increases, but the concentration of ownership does not affect this dependent variable. Manuscript profile -
Open Access Article
13 - Structural equations relationship between asset growth, profit continuity, profit management and investment opportunities with profit sharing and company value
Abdolrasoul Rahmanian Koushkaki Hossein TaheriAbstract The main purpose of this research is to examine the relationship between assets growth, profit continuity, profit management and investment opportunities with profit sharing and company value among companies listed on the Tehran Stock Exchange. The statistical MoreAbstract The main purpose of this research is to examine the relationship between assets growth, profit continuity, profit management and investment opportunities with profit sharing and company value among companies listed on the Tehran Stock Exchange. The statistical sample of the research includes 113 active companies in the Tehran Stock Exchange during the period from 2015 to 2019. Structural equation modeling (SEM) based on partial least squares (PLS) was used for statistical analysis. The findings of this study showed that assets growth, profit continuity, investment opportunities and profit management have an effect on dividends. There is also a significant relationship between earnings management and dividends. Finally, the distributed profit, assets growth, and the continuity of profit affect the company's performance. Finally, the distributed profit, the growth of assets, and the continuity of profit affect the company's performance. Finally, the distributed profit, profit growth, and the continuity of profit affect the company's performance. When investors determine the value of the company in terms of accounting data, it is necessary to consider the growth rate of assets. When the company does not have a shortage of available cash, the manager does not face a serious problem in allocating resources between investment opportunities and profit distribution. The growth of assets creates value for a company. Managers mostly proceed with profit continuation; Because the amount of profit and its fluctuation is important from the point of view of the company's shareholders and it affects the value of the company. Using investment opportunities and adopting favorable debt and profit sharing policies, which are among the tools of financial decisions, can improve the position of the company. Manuscript profile -
Open Access Article
14 - Liquidity Shock, Financial Flexibility and Dividends adjustment speed in Tehran Stock Exchange
Esfandiar Malekian Maryam Ghorbani Seyyed Morteza NabavianAbstract The present study examines the relationship between marginal value of cash and unused debt capacity on the dividend’s adjustment speed, considering the role of Liquidity shock moderation. In order to measure the dividends adjustment speed, which is a ben MoreAbstract The present study examines the relationship between marginal value of cash and unused debt capacity on the dividend’s adjustment speed, considering the role of Liquidity shock moderation. In order to measure the dividends adjustment speed, which is a benchmark for dividend smoothing, the rolling window regressions based on the Lintner model was used Dijang et al and Faulkender and Wang method is applied for measuring the marginal value of cash and unused debt capacity, which is an indicator for measuring financial flexibility. According to the research constraints, 105 companies listed in Tehran Stock Exchange during the period of 2011-2020 have been investigated. The Research's findings show that the marginal value of cash and unused debt capacity does not have a significant effect on the dividend’s adjustment speed. Also, the Liquidity shock has no effect on the relationship between the marginal value of cash and unused debt capacity on the dividend’s adjustment speed. According to the results, in justifying the positive relationship between the Marginal Value of Cash and the Dividends adjustment speed, it can be said that any Firm with a higher Financial Flexibility would face a lower overall risk and improve managers' performance when using Growth and investment opportunities, and ultimately, their Dividend Smoothing is higher. Also, in justifying the negative relationship between Unused Debt Capacity and the Dividends adjustment speed, it can be said that any Firm with a higher Unused Debt Capacity has a lower Dividend Smoothing. Manuscript profile -
Open Access Article
15 - Investigating the effects of institutional ownership provinces on financial leverage and dividend policy in companies listed on the Tehran Stock Exchange
mehrdad rafizadeh hamidreza kordlouie Mohsen Hashemighohar Shadi ShahverdianiInstitutional ownership is one of the corporate governance mechanisms, not only because of its expertise and knowledge, they have a better supervisory role over managers, which can also be effective in aligning important company decisions with their own interests. The m MoreInstitutional ownership is one of the corporate governance mechanisms, not only because of its expertise and knowledge, they have a better supervisory role over managers, which can also be effective in aligning important company decisions with their own interests. The main question of the research is how institutional shareholders in terms of ownership thresholds influence managers' decisions regarding financial leverage and dividends paid. In the present study, 143 companies have been selected in the period 2013-2019. The research findings show that the impact of the institutional shareholder on the financial leverage is the result of two values of institutional ownership thresholds and as a result three different behavioral regimes for the financial leverage. In the first and second behavioral regimes, institutional ownership has a negative and significant effect on financial leverage, which intensifies with increasing ownership; However, in the amount of institutional ownership above the second threshold, In relation to the effect of institutional ownership on dividends paid, a threshold value has been identified that in both regimes, the effect of institutional ownership on dividends paid is positive and significant, but in high values of the threshold amount, the impact factor shows a significant increase. Manuscript profile -
Open Access Article
16 - Investigating the Effect of Managerial Ownership Thresholds on Capital Structure and Dividend Policy in Companies on The Tehran Stock Exchange
mehrdad rafizadeh hamidreza kordlouie Mohsen Hashemighohar Shadi ShahverdianiRepresentation theory refers to managers' equity, financial leverage, and dividends as tools used to reduce the agency dilemma. Ownership of managers, although it causes their interests to align with shareholders, but on the other hand also leads to the fortification of MoreRepresentation theory refers to managers' equity, financial leverage, and dividends as tools used to reduce the agency dilemma. Ownership of managers, although it causes their interests to align with shareholders, but on the other hand also leads to the fortification of managers or their conservative behavior. In fact, managers with different levels of ownership act differently in other financial decisions such as the use of financial leverage and dividends. The aim of the present study is to find out the effect of managers' shareholding thresholds, in which their behavior in dividend and financial leverage decisions differs before and after. In this study,143 companies have been selected in the period 1392-1392. The research findings show that the effect of managers' ownership on financial leverage is based on two values of ownership thresholds and consequently three different behavioral regimes for financial leverage.In the first and second behavioral regimes, managerial ownership has positive and significant effects on financial leverage. Regarding the effect of managerial ownership on dividends paid, a threshold value has been identified that in both regimes, the effect of managerial ownership on dividends paid is positive and significant, but in high values of thresholds, the effect coefficient shows a significant increase. Manuscript profile -
Open Access Article
17 - Investigating the Effectiveness of Future Earnings Prospects Stickiness of Conservatism and Managerial Max Ability Using Multivariate Linear Regression Model
Marjan Shahali Mohammadreza AbdoliThe prospects for future earnings, its stickiness, and the cash returns of a company's shares, due to their objectivity and tangibility, are of particular importance to stockholders and capital market players in corporate analysis. Since the behavior and attitudes of e MoreThe prospects for future earnings, its stickiness, and the cash returns of a company's shares, due to their objectivity and tangibility, are of particular importance to stockholders and capital market players in corporate analysis. Since the behavior and attitudes of executive managers are effective on the prospects of future earnings and its stickiness, in this research, the relationship between future income prospects stickiness and the two behavioral financial features include: conservatism and managerial max ability are investigated. The statistical population of this study includes 206 companies accepted in Tehran Stock Exchange during the period of 2009-2017 which have been tested using multivariate linear regression using Eviews software. The results of the research indicate that there is a meaningful positive relationship between the two criteria and the stickiness of the future earning perspective. Manuscript profile -
Open Access Article
18 - The effect of number of shareholders on the behavior and value of companies based on the two models, Yang, and Ustaruk and Austenberg
annahita zandi Fraydoon Rahnamay RoodposhtiOfficials and executives from various businesses generally believe that the breadth of the stockholders' base has significant market interest. Although researchers have also agreed on the basis that shareholders are one of the key determinants of company decisions, few MoreOfficials and executives from various businesses generally believe that the breadth of the stockholders' base has significant market interest. Although researchers have also agreed on the basis that shareholders are one of the key determinants of company decisions, few studies have been conducted on this variable. In this study, it was found that the increase of the stockholders base, unlike the developed countries, in Iran, is not in the interest of the companies. The results suggest that raising the shareholder base will increase the risk of conflict between investors and controlling shareholders. In addition, the findings show that this increase has a negative and significant relationship with the risk behavior and value of the company, and has positive and significant benefits with the dividend. In addition, the results of this study indicate that With increasing agency conflicts, the possibility of expropriating individuals outside of the organization will increase by the internal members of the company. Manuscript profile -
Open Access Article
19 - The effect of dividend policy on the financial stability of Iranian banks
Seyyed Yahya Asadollahi Somayeh Matin Marzieh YosofinejadPurpose: The present study examines the effect of dividend policy on the financial stability of banks. For this purpose, the relationship between the dividend policy and the stability of the dividend policy with the financial stability of banks in the long and short ter MorePurpose: The present study examines the effect of dividend policy on the financial stability of banks. For this purpose, the relationship between the dividend policy and the stability of the dividend policy with the financial stability of banks in the long and short term was tested. Methodology: In this research, 23 banks admitted to the Tehran stock exchange and over-the-counter stock exchange in the period between 2011 and 2019 were examined. The data of the research was collected with the approach of mixed data and using the estimation method of the vector autoregression model by the method of co-accumulation of Johansson-Josilius and the vector error correction model and it was statistically analyzed with the help of Eviews software.Findings: The results of the research show that the ratio of dividends paid has a positive and significant effect on the financial stability of banks in the long term, and the ratio of accumulated profits also has a negative and significant effect on the financial stability of banks in the long term, and the findings showed that stability in the distribution policy Dividends have a positive and significant effect on the financial stability of banks in the long term.Originality/scientific added value: The importance of the financial stability of banks in the monetary system has made it necessary to study the effect of profit sharing policies on the financial stability of banks. Dividends can have a great impact on the cost of capital, financial risks and the future price of banks' stocks. Manuscript profile
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