ارزيابي رابطه بين ساختار مالكيت شركت و سياست هاي سود سهام در ايران

Investigating the Relationship between Ownership Structure and Company Dividend Policy in Iran

In this study the impact of corporate ownership structure, dividend policy has been investigated. In other words, influence of institutional shareholders and individual shareholders on dividends policies has been investigated. The dividends policies including profit payment methods, such as cash dividend or stock dividend per share, was considered. The Ordinary Least Square error regression model and logistic model error level at 5% significant level is used to test. In this study a sample of 45 companies was selected from all Iranian firms listed in Tehran Stock Exchange, with the exception of investing and financial firms. We use the data of 45 companies over the period 1382-1384. Results of testing the first hypothesis indicate that there is positive and significant relation between ownership structure and dividend policy. The logistic model test shows that the ownership structure has significant impact of dividend policy.