INVESTIGATING THE RELATIONSHIP BETWEEN MANAGERIAL OWNERSHIP, FINANCIAL LEVERAGE AND DIVIDEND POLICY OF THE PHARMACEUTICAL COMPANIES LISTED ON THE TEHRAN STOCK EXCHANGE VIA SIMULTANEOUS EQUATIONS

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TAGHIZADEH KHANQAH VAHID; BADAVAR NAHANDI YOUNES

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Journal: JOURNAL OF HEALTH ACCOUNTING Year:2015 | Volume:4 | Issue:2 (12) Page(s): 60-86

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Title

INVESTIGATING THE RELATIONSHIP BETWEEN MANAGERIAL OWNERSHIP, FINANCIAL LEVERAGE AND DIVIDEND POLICY OF THE PHARMACEUTICAL COMPANIES LISTED ON THE TEHRAN STOCK EXCHANGE VIA SIMULTANEOUS EQUATIONS

Author(s)

TAGHIZADEH KHANQAH VAHID | BADAVAR NAHANDI YOUNES | Issue Writer Certificate

Keywords

AGENCY THEORYQ2

DIVIDEND POLICYQ2

FINANCIAL LEVERAGEQ2

MANAGERIAL OWNERSHIPQ1

SIGNALING THEORYQ1

Abstract

Introduction: According to the AGENCY THEORY, an increase in MANAGERIAL OWNERSHIP helps to the association of management decision-makings with the shareholders' interests, and limits the opportunistic behaviors of managers. But, the behaviors of managers may also be dependent on the amount of dividends and FINANCIAL LEVERAGE. Therefore, this research aims to investigate the relationship between MANAGERIAL OWNERSHIP, FINANCIAL LEVERAGE, and DIVIDEND POLICY of the pharmaceutical companies listed on the Tehran Stock Exchange through simultaneous equations method.Method: The present research is applied with an ex-post facto approach, and it is designed by a quasi-experimental method. In order to reach the purposes of the research, 20 pharmaceutical companies were selected within the duration of 2004-2012 through quasi-experimental method. In this study, in order to test the hypotheses of the research, three-stage least squares of simultaneous equations method, panel data, and Eviews Software Version 7 have been used.Results: Between FINANCIAL LEVERAGE and MANAGERIAL OWNERSHIP and as well, between DIVIDEND POLICY and MANAGERIAL OWNERSHIP, and also, between DIVIDEND POLICY and FINANCIAL LEVERAGE, a negative mutual relationship exist.Conclusion: The results of the research reveal that there is a mutual negative and significant relationship among MANAGERIAL OWNERSHIP, FINANCIAL LEVERAGE, and DIVIDEND POLICY of the companies. Therefore, any increase or decrease in each of them would result in an increase or decrease in the other two variables. In addition, MANAGERIAL OWNERSHIP and DIVIDEND POLICY of the companies are considered as the alternative methods for reducing the costs of free cash flows. Furthermore, the results of the current research are consistent with the AGENCY THEORY.

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APA: Copy

TAGHIZADEH KHANQAH, VAHID, & BADAVAR NAHANDI, YOUNES. (2015). INVESTIGATING THE RELATIONSHIP BETWEEN MANAGERIAL OWNERSHIP, FINANCIAL LEVERAGE AND DIVIDEND POLICY OF THE PHARMACEUTICAL COMPANIES LISTED ON THE TEHRAN STOCK EXCHANGE VIA SIMULTANEOUS EQUATIONS. JOURNAL OF HEALTH ACCOUNTING, 4(2 (12)), 60-86. SID. https://sid.ir/paper/236444/en

Vancouver: Copy

TAGHIZADEH KHANQAH VAHID, BADAVAR NAHANDI YOUNES. INVESTIGATING THE RELATIONSHIP BETWEEN MANAGERIAL OWNERSHIP, FINANCIAL LEVERAGE AND DIVIDEND POLICY OF THE PHARMACEUTICAL COMPANIES LISTED ON THE TEHRAN STOCK EXCHANGE VIA SIMULTANEOUS EQUATIONS. JOURNAL OF HEALTH ACCOUNTING[Internet]. 2015;4(2 (12)):60-86. Available from: https://sid.ir/paper/236444/en

IEEE: Copy

VAHID TAGHIZADEH KHANQAH, and YOUNES BADAVAR NAHANDI, “INVESTIGATING THE RELATIONSHIP BETWEEN MANAGERIAL OWNERSHIP, FINANCIAL LEVERAGE AND DIVIDEND POLICY OF THE PHARMACEUTICAL COMPANIES LISTED ON THE TEHRAN STOCK EXCHANGE VIA SIMULTANEOUS EQUATIONS,” JOURNAL OF HEALTH ACCOUNTING, vol. 4, no. 2 (12), pp. 60–86, 2015, [Online]. Available: https://sid.ir/paper/236444/en

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