THE RELATIONSHIP BETWEEN BLOCK HOLDERS AND FIRM DIVIDEND POLICY
Journal Title: Asian Economic and Financial Review - Year 2014, Vol 4, Issue 5
Abstract
Block holders have significant impacts on the firm’s policies, especially strategies regarding the payout policy. The purpose of this study is to investigate the relationship between ownership structure and firm dividend policy considering the role of block investors in the companies listed on the Tehran Stock Exchange (TSE). We selected 37 public listed companies with state block holders and match them with almost similar companies with non-state block holders in 2012. Running a multiple regression, we found that there is a positive relationship between both types of block holders and firm’s dividend policy. These results support the tax-based hypothesis.
Authors and Affiliations
Gholamreza Zandi| Associate Professor, Graduate School of Business, SEGi University, Malaysia, Alireza Shahabi| Ph.D. Candidate, Accounting Department, Faculty of Management, University of Tehran UT, Alborz Campus, Alborz, Iran
Keywords
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