Determinants of dividend policy in firms listed on Tehran Stock Exchange

The aim of this research is to identify factors that influence dividend policy in firms listed on the Tehran Stock Exchange (TSE) over the priod 1380-1384. Based on conceptual literature the study investigates four factors that including the stability of cash flow, degree of financial leverage, the availability of profitable investment opportunities, and stability of profitability. The findings show that the most important of determinant a firm's dividend policy is the stability of cash flow. This finding is in agreement with Lintner's study [9] on dividend policy. Also, our finding indicated that degree of financial leverage and stability of profitability no influencing dividend policy in firms listed on TSE.