بررسي تاثير توانايي مديران بر سياست تقسيم سود شركت هاي پذيرفته شده در بورس اوراق بهادار تهران

Investigating the Effect of Management Ability on Dividend Policy Companies listed in Tehran Stock

سياست تقسيم سود يك از مهمترين مباحث مطرح در ادبيات مالي است؛ زيرا سود تقسيمي بيانگر پرداخت هاي نقدي عمده شركت ها و يكي از مهمترين گزينه ها و تصميمات فراروي مديران به شمار مي رود. اين پژوهش به بررسي تأثير توانايي مديران بر سياست تقسيم سود شركت هاي پذيرفته شده در بورس اوراق بهادار تهران مي پردازد. اين تحقيق از نوع تحقيقات شبه تجربي در حوزه تحقيقات اثباتي حسابداري است. اين پژوهش براي توانايي مديران از مدل دميرجيان و همكاران( 2012) و سياست تقسيم سود از نسبت تقسيم سود نقدي به سود هر سهم استفاده مي كند. با اعمال شرايط انتخاب نمونه، تعداد 82 شركت براي دوره زماني 1386 - 1394 انتخاب شد. نتايج تحقيق بيانگر آن است كه توانايي مديران داراي رابطه مثبت و معناداري باسياست تقسيم سود شركت ها است. مديران تواناتر سود تقسيمي بيشتري پرداخت مي كنند.

Dividend policy is one of the most important topics in finance literature; because dividend is one of the greatest cash payouts and the most important decision facing managers. Managers have to decide that what amount of earnings must be divided and what amount of earning must be reinvested in the terms of retained earnings. Dividend payouts affect institution’s ability to retain earnings for utilization in growth opportunities. It is obvious that managers have to consider maximizing shareholder wealth. Managers not only must decide about the amount of earnings to be reinvested, but also, they must notice the contingent effects of their decisions on stock price. So, managers have an essential role in setting dividend policy. This research investigates the effects of manager’s ability on dividend policy of Tehran Stock Exchange listed companies. This quasi-experimental research is in the field of positive accounting. We have applied Demerjian model for measuring manager’s ability and cash dividend for earning per share ratio for dividend policy. The sample consists of 82 firms from 2007 to 2015. The results show that manager ability and talents has a meaningful and positive relationship with dividend policy. Talented managers pay more divid.