EVALUATING THE IMPACT OF CORPORATE GOVERNANCE DIMENSIONS (CONTROL AND FINANCIAL INFORMATION TRANSPARENCY) ON CORPORATE DIVIDEND POLICY

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HASSAS YEGANEH YAHYA; PAKMARAM ASGHAR

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Journal: The Financial Accounting and Auditing Researches Year:2012 | Volume:4 | Issue:15 Page(s): 85-115

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Title

EVALUATING THE IMPACT OF CORPORATE GOVERNANCE DIMENSIONS (CONTROL AND FINANCIAL INFORMATION TRANSPARENCY) ON CORPORATE DIVIDEND POLICY

Author(s)

HASSAS YEGANEH YAHYA | PAKMARAM ASGHAR | Issue Writer Certificate

Keywords

CORPORATE GOVERNANCEQ2

DIVIDEND POLICYQ2

AGENCY COSTQ2

SUBSTITUTION HYPOTHESISQ3

OUTCOME HYPOTHESISQ3

Abstract

Motivated by agency theory, we investigate how CORPORATE GOVERNANCE affects firm’s DIVIDEND POLICY. It is argued that dividend payouts reduce agency conflicts by the reduction of free cash flow’s amount. Therefore, the investigation of CORPORATE GOVERNANCE impact on DIVIDEND POLICY can viewed as an instrument for solving AGENCY COSTs problems. This study confirmed this issue, also.Eighty-one Tehran stock exchange listed companies between 2006 and 2010 have been selected as the sample of the research. Furthermore, Control, and financial information transparency dimensions of CORPORATE GOVERNANCE calculated according to its measurable indexes such as Audit reference (Audit Quality), the firm under examination is parent or subsidiary, Legal inspector of the firm and Financial Information Transparency. The Findings indicated that Audit Quality as a control dimension and Financial Information Transparency have a significant and direct (positive) effect on corporate DIVIDEND POLICY. In addition, significant effect of control variables as cash dividends of the previous year, stock dividend, investment opportunity (MTB), free cash flow, profitability, leverage and firm size on corporate DIVIDEND POLICY was confirmed.

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APA: Copy

HASSAS YEGANEH, YAHYA, & PAKMARAM, ASGHAR. (2012). EVALUATING THE IMPACT OF CORPORATE GOVERNANCE DIMENSIONS (CONTROL AND FINANCIAL INFORMATION TRANSPARENCY) ON CORPORATE DIVIDEND POLICY. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, 4(15), 85-115. SID. https://sid.ir/paper/198193/en

Vancouver: Copy

HASSAS YEGANEH YAHYA, PAKMARAM ASGHAR. EVALUATING THE IMPACT OF CORPORATE GOVERNANCE DIMENSIONS (CONTROL AND FINANCIAL INFORMATION TRANSPARENCY) ON CORPORATE DIVIDEND POLICY. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES[Internet]. 2012;4(15):85-115. Available from: https://sid.ir/paper/198193/en

IEEE: Copy

YAHYA HASSAS YEGANEH, and ASGHAR PAKMARAM, “EVALUATING THE IMPACT OF CORPORATE GOVERNANCE DIMENSIONS (CONTROL AND FINANCIAL INFORMATION TRANSPARENCY) ON CORPORATE DIVIDEND POLICY,” THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, vol. 4, no. 15, pp. 85–115, 2012, [Online]. Available: https://sid.ir/paper/198193/en

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