بررسي عوامل موثر بر سياست تقسيمي سود شركت هاي شيميايي و دارويي پذيرفته شده در بورس اوراق بهادار تهران

Effective Factors Influencing profit Distribution Policy for Chemical and Pharmaceutical Companies Accepted in TSE

Dividend profit is part of profit that is paid to the shareholders in cash. Dividend distribution is the oldest and the most common method to transfer the pay off to the stockholders. Company management should always decide on maintaining and distribution of some or all the dividend profit So it is important for the financial management to determine the most proper policy toward dividend and factors influencing this policy. Many factors may influence determining dividend policy such as: company size, investment opportunities, company leverage, agency expense, signaling effect, profitability stability, foreign financial support limitation, stockholdersʹ structure and tax. This study was conducted to determine the effect of company size, investment opportunities and dividend policy of previous year on dividend policy of accepted chemical and medicinal companies in Tehran Security Exchange and to show the influencing level of each of these factors. Therefore, the hypothesis testing was conducted in Tehran Security Exchange among 39 companies out of accepted set of chemical and medicinal companies. In order to study the hypothesis testing, the researcher used the multi-variable regression and student t-test to analyze the obtained data under the SPSS software. The result out of the analysis of the data represents dividend profit policy is influenced by last yearʹs dividend profit The result is in accordance white Linter model, but it is not affected by the size and investment opportunities of the company.