بررسي ارتباط بين اطلاعات نامتقارن و سياست هاي تقسيم سود

Study of the relation between Asymmetric information and Dividend Policies

This research shows the relation between Asymmetric Information and Dividend Policies in the accepted companies in the Tehran Stock Exchange of securities. Asymmetric information means the asymmetry of information between investors and financial statement producers .To measure the Asymmetric Information, the earning per share and dividend per share are used during a 6 years period from 2002 to 2007. Dividend policies of the companies are separated into four policies: Paying a fixed percent of net profit, regular dividend policy, multiple increase policy, and extras dividend The companies have one of these dividend policies based on definition of each policies and dividend, which is paid to the stockholders per year. Analysis of gathered information and test of hypotheses during 2002-2007 show that there is a significant relation between Asymmetric Information and dividend policy.