THE EFFECTIVE FACTORS ON DIVIDEND POLICY IN COMPANIES LISTED ON TSE

The main purpose of this study is to investigate the impact of effective factors on Dividend policy of the companies listed on Tehran Stock Exchange. This study identifies the effective factors on dividend policy, as important factors are liquidity and liquidity variables include liquidity ratio, stock trading volume, stock trade value, Stock Turnover and investment opportunities, ownership concentration and firm size attempte d t o take the best policy to create investment opportunities of companies and growth of stock market and economic growth of country. The study population is 132 companies during the period 2008 to 2013. To investigate the effect of these factors on Dividend policy, simple linear regression model has been used. The results also indicate that investment opportunities and ownership concentration have a significant effect on dividend policy. Liquidity, stock turnover, firm size, trading volume, trading value and liquidity ratio have not significant effect on dividend policy.

Dividend policy, Investment Opportunities, Ownership Concentration, Liquidity, Liquidity ratio