بررسی نقش خصوصیات شرکت (در قالب عوامل مدل های نمایندگی و عدم تقارن …
(نمودارهای ۴-۱۰رابطه ی گردش سهام با متغیرهای میزان هموارسازی سود تقسیمی براساس مدل های ۱و۲ تحقیق)
(نمودارهای ۴-۱۱ رابطه ی اندازه شرکت با متغیرهای میزان هموارسازی سود تقسیمی براساس مدل های ۱و۲ تحقیق)
This study aims to investigate the role of the company’s specifications (in the form of representation model factors and information asymmetry) and the effect of industry on smoothing the dividends of the companies listed in Tehran Stock Exchange (TSE). In general, using a sample of companies listen in TSE during the period 2004-2013 suggests to the conclusion that among particular variables of the company, market-to-book value has a negatively significant impact on dividend smoothing. The effect of the company’s cash holdings amount and free cash flows on dividend smoothing is different in various models of investigation so that the variables in question have positively significant effect on the dividend smoothing in Lintner’s model. It is whilst the impact of cash holdings and free cash flows on dividend smoothing has been found as negative in the second model which is based on the evaluation of dividend smoothing according to earnings/goal model. This suggests to a considerable difference between two models of the research. The results of the investigation show that tangible fixed assets ratio is positively and significantly effective in dividend smoothing. Other results suggest that the impact of short-term investors on dividend smoothing has not led to the same result. The findings obtained about the effect of industry-specific variables on dividend smoothing indicate that the degree of competition in the market of industry’s products has a positively significant effect on dividend smoothing based on Lintner’s model while the results achieved about the impact of this variable on dividend smoothing according to earnings/goal model has been found as negative and cannot be interpreted so much. All other results obtained about the industry’s variables show that vitality of industry’s stock returns is positively effective in dividend smoothing.
Keywords: Dividend Smoothing, Representation Model, Information Asymmetry.
Islamic Azad University,
Department of Accounting
Thesis for the degree of Master of Accounting (M.SC)
Investigate the Role of Firm’s Characteristics (By Agency and Asymmetry Information Model) And Industry Effects in Dividend Smoothing
Dr Alireza Shahriyari
- Lintner Partial-Adjustment Model ↑
- Speed-Of-Adjustment ↑
- Target Payout Ratio ↑
- Median ↑
- – dividend theories ↑
- – Full Information Models–T