چکیده:
The aim of this study was to investigate the relationship between dividend policies on stock
prices in listed companies on the stock exchange. In this research, the population consisted
of listed companies in the Tehran stock exchange during the years 2009 to 2013. A total of
300 companies were eligible for the study population. The financial statements of the above
companies have been extracted from the Stock Exchange database. For inferential analysis
results of linear regression to determine the significance of hypotheses is used Eviews
software. The results showed that have a significant relationship between dividends paid
and retained earnings on stock prices. Results of this research are similar to some results of
external studies have been done. This issue suggests that perhaps in emerging markets, such
as the Iranian capital market paid attention to in the dividend. (Dividends paid and retained
earnings). The most important reason on the importance of dividend policy is the impact
that to leave on the views of investors about the company. Unpaid dividends by the company
are creating pessimism to the shareholders.
خلاصه ماشینی:
"This issue, not only is important from the perspective company of senior managers, who want to develop this policy, but have great importance in terms of investors to make decisions about buying shares as well as in terms of scholars of economics that are seeking to assess the performance of capital markets, therefore, this question arises that what is there a relationship between dividend policy and stock market prices?
2. Literature - Shakeri (2013) in his study concluded that in the level of listed companies in the Tehran Stock Exchange, the dividend policy criteria (dividend payout ratio) does not have a significant impact on the volatility of the stock price, as well as other research results show that in the automotive industry and construction parts, the dividend policy criteria (dividend payout ratio) have major and positive impact on the volatility of stock price.
4. Research Findings The first hypothesis is as follows: H0: There is not a significant relationship between dividend paid and stock prices of listed companies on the stock exchange.
03 The second hypothesis testing The second hypothesis is as follows: H0: There is not a significant relationship between retained earnings and stock prices of listed companies on the stock exchange.
The results of testing hypothesis of this study suggest that there is a relation between dividends paid and retained earnings on stock prices.
4. Shakeri (2013) investigates the effect of dividend policy on stock price fluctuations of listed companies in Tehran Stock Exchange (focused on industry), the first national conference of management and accounting."