Investigating the Mediating Role of Dividend Policy on the Relationship Between Corporate Governance and Free Cash Flow

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BEKHRADINASAB VAHID

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Journal Paper

Paper Information

Journal: ADVANCES IS FINANCE AND INVESTMENT Year:2021 | Volume:1 | Issue:1 Page(s): 55-80

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Information Journal Paper

Title

Investigating the Mediating Role of Dividend Policy on the Relationship Between Corporate Governance and Free Cash Flow

Author(s)

BEKHRADINASAB VAHID | Issue Writer Certificate

Keywords

dividend policy

corporate strategy

free cash flow

mediator variable

sobel test

Abstract

Any problem that arises in the market is not only an economic issue but also a social issue in which the public interest of society will be jeopardized. To solve these problems, one of the most important concepts in the last two decades is the concept of corporate governance. Because the company needs a mechanism to best distribute part of the free cash flow among stakeholders and accumulate part or invest in the best possible way. Therefore, dividend policy is one of the most important financial decisions of companies and the means of optimal allocation of resources is the securities markets. According to the theoretical literature based on normal theory, profit sharing policy as a mediator is a mediator between corporate governance and free cash flow. This requires empirical testing for users to confirm the mediating role of dividend policy. Accordingly, the purpose of the present study is to test the sobel test to examine the mediating role of dividend policy on the relationship between corporate governance and free cash flow. The statistical population of this study includes all companies listed in Tehran Stock Exchange. The timeframe for doing the research is from 2011 to 2018. The sample size is 94 companies based on the systematic elimination method. The research method is based on hybrid data and multivariate least squares regression model using sobel test. Evidence suggests that the mediating role of dividend policy has a significant effect on the relationship between corporate governance and free cash flow, meaning that because of the importance of dividend policy and corporate governance mechanisms with free cash flow, intermediary role The total dividend policy has a minor effect on free cash flow because not all interpretations are absorbed by corporate governance mechanisms.

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APA: Copy

BEKHRADINASAB, VAHID. (2021). Investigating the Mediating Role of Dividend Policy on the Relationship Between Corporate Governance and Free Cash Flow. ADVANCES IS FINANCE AND INVESTMENT, 1(1 ), 55-80. SID. https://sid.ir/paper/400778/en

Vancouver: Copy

BEKHRADINASAB VAHID. Investigating the Mediating Role of Dividend Policy on the Relationship Between Corporate Governance and Free Cash Flow. ADVANCES IS FINANCE AND INVESTMENT[Internet]. 2021;1(1 ):55-80. Available from: https://sid.ir/paper/400778/en

IEEE: Copy

VAHID BEKHRADINASAB, “Investigating the Mediating Role of Dividend Policy on the Relationship Between Corporate Governance and Free Cash Flow,” ADVANCES IS FINANCE AND INVESTMENT, vol. 1, no. 1 , pp. 55–80, 2021, [Online]. Available: https://sid.ir/paper/400778/en

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