جستجوی مقالات مرتبط با کلیدواژه "dividend" در نشریات گروه "حسابداری"

The purpose of this article is to explain the impact of the company's regulatory performance on sustainability performance and dividends. Lawmakers and institutional authorities in countries around the world have come to the conclusion that corporate governance and corporate disclosure transparency are two inseparable tools for protecting investors and the effective and efficient functioning of the capital market. Although corporate governance and sustainability reporting are recognized research areas, relatively limited attention has been paid to examining possible empirical links between these two areas. Considering that corporate sustainability disclosure is likely to be heavily influenced by ethics, the ethics and values ​​of people who are mainly involved in formulating and making strategic and financial decisions in the company are formed, so the corporate governance mechanism plays an important role. The literature on corporate governance and sustainability reporting indicates that sustainability disclosure choices are positively related to internal and external corporate governance mechanisms, including board independence, audit committee, ownership structure, and institutional ownership. Research has shown that social responsibility measures have a positive effect on a company's financial performance, especially in emerging markets. However, the firm's sustainability performance may have an adverse effect on financial decisions, and firms may tend to reduce dividends because liquidity must be secured for sustainability activities that meet shareholder expectations. That is, there is a tendency in emerging markets for controlling shareholders to direct resources towards sustainable activities, which leads to a negative impact on dividend policy. Therefore, companies can apply corporate governance issues in the affairs of the company while presenting a favorable image of the company in order to benefit from its benefits, including better and cheaper access to financial resources. Also, the organization of Tehran Stock Exchange can formulate the necessary requirements and regulations in the field of disclosure of social information for the companies admitted to the Tehran Stock Exchange and rank the companies in terms of applying and implementing issues related to sustainable performance and for information and Publish the decision of the shareholders.

Dividend policy is one of the most important topics in financial literature. CEOs with a high level of authority are motivated to use dividends payout as a strategy to build a reputation in capital markets, aiming to obtain external financing on favorable terms. However, the expected net value of such a reputation depends on the likelihood of external financing, which is associated with low profitability and high volatility of cash flows. Therefore, this study aims to investigate the effect of CEO authority on the dividends payout probability in the conditions of low profitability and high volatility of cash flow. In doing so, 128 companies listed on the Tehran Stock Exchange were examined from 2014 to 2021. The results show that the CEO authority has a negative and significant effect on the payment and increase of dividends. Furthermore, low profitability and high volatility of cash flow increase the negative effect of the CEO's authority on the increase of dividends. However, this factor does not have a significant moderating effect on the relationship between CEO authority and dividends payout. Additionally, financial limitations do not have a significant moderating effect on the relationship between CEO authority and payment and increase of dividends.

One of the previously neglected characteristics of managerial personality، that is، "social capital"، can have implications for dividend smoothing. "Social capital" can be broadly defined as the value of informal commitments and social contracts. The present research has been carried out with the aim of evaluating the impact of the company's social capital on smoothing the distribution of profits in companies listed on the Tehran Stock Exchange. The statistical population of this research is the companies accepted in the Tehran Stock Exchange، that selected by systematic elimination method. The performance data in this research related to a 9-year period in the range of fiscal years 2012 to 2020، based on the limitation of data access. The type of data used in this research was tabular and the method of data analysis was panel data analysis. The results showed that social capital has a positive effect on the behavior of profit sharing smoothing based on the traditional model، smoothing based on the principles of the target payment rate model and the model based on the relative volatility model.

This study investigates the effect of business strategy on the relation between social responsibility with the amount and stability of dividends. To measure the strategy, the modified Yuan et al. (2018) model is used with five dimensions. Corporate social responsibility (CSR) is determined by modified indicators of Yuan et al. (2018), and Bahar-Moghaddam et al. (2013). The variables of the amount and stability of dividends are calculated based on Benlemlih (2018). Samples are selected through regular screening on companies listed on Tehran Stock Exchange from 2013 to 2017 and multivariate regression models with fixed effects is used to test the hypotheses. Findings show that (1) despite the strong positive linear relation between CSR and (the amount and stability of) dividends, no nonlinear relation is found between them, so this approves corporate social responsibility thoughts. (2) The business strategy has a strong negative linear relation with the (amount and stability of) dividends, i.e., firms with aggressive (defensive) business strategy distribute lower (higher) dividends. (3) Interactive effect (strategy and CSR) has a strong negative linear relation with (the amount and stability of) dividends, but there is no significant nonlinear relation between them, therefor, the business strategy has a stronger effect on the amount and stability of firms’ dividends than CSR.

Several studies, conducted on the impact of non-monetary values, including culture, norms, or religion on corporate payment policies, show the effect of these factors on the decisions adopted by a company. Hence, the present study aims to introduce social capital as a non-monetary factor, to investigate its effect on decisions related to cash dividend payments, as well as to examine the impact of weak corporate governance on this relationship.

The study is a descriptive, correlational and post-event research that examined 97 companies listed in Tehran Stock Exchange during 2009 to 2018 (10 years) using multivariate regression model.

according to the research findings, social capital has a positive and significant relationship with dividends; however, corporate governance does not affect the relationship between social capital and dividends.

considering the positive and significant relationship between social capital and dividends, it can be concluded that this external variable affects the company's internal decisions, which can be considered as a factor contributing to reduce supervision and hence, can reduce agency costs.

Contributions:

 The results obtained from this study can help investors looking for cash dividends to choose a company to invest in and select companies operating in places with higher social capital; It also helps corporate shareholders to emphasize the social capital of the place of business, rather than focusing solely on the financial costs, created by agency disputes, and to select those companies with lower agency costs to invest in.

Privatization is an executive, financial, and legal process that governments in many countries carry out to reform the economy and the administrative system of the country. According to the privatization literature, the objective of privatization in three areas of financial, economic and social politics include increasing the efficiency of enterprises, proper distribution of income, small-scale government, private sector empowerment, the expansion of capital markets, increased competition, the protection of consumer interests through the transfer of ownership and Management of state-owned enterprises to the non-state sector. In this research, we tried to examine the effect of dividend privatization and financial performance of companies in Iran. After trading information in the seven-year period of 2011-2017 was collected from the Stock Exchange. In this research, systematic elimination method has been used. The statistical sample consists of 62 companies, 31 companies, more than 50% of their shares were privatized, and 31 companies, less than 50% of their shares were privatized, also for Data analysis was done using SPSS software and paired t-test. What is summarized in the overall conclusion of the research hypothesis test is that there is a significant difference between the average financial performance and dividend income of companies before privatization with the average financial performance and dividend profits of companies after privatization.

This Study examines the impact of accounting conservatism on mitigate creditor-shareholder conflict over dividend policy in 266 listed firms of Tehran Stock Exchange (TSE) over a 10-year period from 2001 to 2011. Using correlation method and multiple linear regression technique, the results of this study show that accounting conservatism cannot mitigate as an effective contraction mechanism in creditor-shareholder interest conflict over dividend policy. Research evidence show that there is a negative significant relation between interest paid to creditors and dividend paid to shareholders. Also, that there is a significant relation between dividend payout in last year, firm size and operating cash flow with dividends paid.