تأثير سهامداران نهادي بر سياست هاي تقسيم سود در شركت هاي پذيرفته شده در بورس اوراق بهادار تهران

The Effects of Institutional Ownerships on Dividend Policies of Companies listed in Tehran Stock Exchange

This study examines the association of dividend policies with institutional and managerial ownership. In other words, it investigates that how institutional and managerial ownership affect dividend policies. In this research, we use a sample of 106 firm-years for listed Iranian firms during 2001 to 2007. This research uses four linear multivariable regression models, full adjustment model, partial adjustment model, waud model and earning trend model, to examine the relationship of research variables on dividend policies. The results show that the relationship of dividend policies and managerial ownership is positive and significant. But there is no significant relationship between dividend policies and institutional ownership.