Board of Directors Composition and other Selected Factors on Dividend Policy of Companies in TSE Studying the Impact

Dividend issue has long been regarded by financial and accounting researchers. There are many reasons for paying or not-paying dividend. Accurate detection and identification of factors affecting the dividend policy can be useful for corporate managers and shareholders. Thus، the purpose of present study is to determine the relationship between selected variables and dividend policy in companies listed on Tehran stock Exchange. This study seeks to provide a new view on the importance، quality and quantity of dividend policy. It also reviews the effect of board of directors، return on assets، free cash flows per share، asset structure، business risk، firm size، growth opportunities and debt level on the dividend ratio and probability of dividend payout. The study’s sample consisted of 101 firms listed on Tehran Stock Exchange (TSE) from 2004 to 2009. The statistical method of analysis incorporates tobit regression model and logit regression model for panel data. The findings revealed that between regarded factors، firm size، growth opportunities and debt level have significant effects on the dividend ratio and probability of dividend payout and other regarded variables do not have significant effect on dividend ratio and probability of dividend pay out.