The Relationship Between Dividend Payments And Stock Price Cash Risk In The Companies Listed On The Tehran Stock Exchange

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Assadi Gholamhossein; KAZEMI KAZEM

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Paper Information

Journal: JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE Year:2018 | Volume:8 | Issue:2 (22) Page(s): 9-28

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Title

The Relationship Between Dividend Payments And Stock Price Cash Risk In The Companies Listed On The Tehran Stock Exchange

Author(s)

Assadi Gholamhossein | KAZEMI KAZEM | Issue Writer Certificate

Keywords

NCSKEWQ1

EXTRQ1

SIGMAQ1

DUVOLQ2

dividend paymentsQ1

free cash flowQ1

Abstract

The purpose of this research is to study the relationship between dividend payments and stock price crash risk for the companies listed on Tehran Stock Exchange (TSE). Also, this research is to study the role of information asymmetry and free cash flow on the relationship between dividend payments and stock price crash risk. Hence, this research utilizes NCSKEW, EXTR_SIGMA, and DUVOL as proxies for stock price crash risk. The research population composes of total companies listed in the TSE and statistical sample composes of 68 companies listed in the TSE which have been studied during the years 2003 to 2013. The multivariate linear regression is used for testing hypothesis of the research. The results suggest that there is a negative relationship between dividend payments and stock price crash risk proxies (i. e. NCSKEW and DUVOL) but, there is no relationship between dividend payments and stock price crash risk proxies by EXTR_SIGMA. Also, the results showed that information asymmetry has not a moderating role in the relationship between dividend payments and stock price crash risk. In addition, the results showed that free cash flow has a moderating role in the relationship between dividend payments and stock price crash risk proxies by NCSKEW.

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APA: Copy

Assadi, Gholamhossein, & KAZEMI, KAZEM. (2018). The Relationship Between Dividend Payments And Stock Price Cash Risk In The Companies Listed On The Tehran Stock Exchange. JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE, 8(2 (22) ), 9-28. SID. https://sid.ir/paper/387180/en

Vancouver: Copy

Assadi Gholamhossein, KAZEMI KAZEM. The Relationship Between Dividend Payments And Stock Price Cash Risk In The Companies Listed On The Tehran Stock Exchange. JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE[Internet]. 2018;8(2 (22) ):9-28. Available from: https://sid.ir/paper/387180/en

IEEE: Copy

Gholamhossein Assadi, and KAZEM KAZEMI, “The Relationship Between Dividend Payments And Stock Price Cash Risk In The Companies Listed On The Tehran Stock Exchange,” JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE, vol. 8, no. 2 (22) , pp. 9–28, 2018, [Online]. Available: https://sid.ir/paper/387180/en

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