Accounting and Auditing Studies

Accounting and Auditing Studies

Dividend Policy in Family and Non-Family Companies: Empirical Evidence from Companies Listed on Tehran Stock Exchange

Document Type : Original Article

Authors
Mostafa Kazemian 1
Mohammad Hossein Setayesh 2
Mohammad Hadi Hosseini Sarani 3
Mohammad Tashakori Jahromi 3
1 Ph. D Student in Accounting, Shiraz University
2 Associated Professor in Accounting, Shiraz University
3 M. A in Accounting
Abstract
The purpose of this study is comparing dividend policy of family and non-family companies listed on Tehran Stock Exchange (TSE) during the period 1385 to 1393. In this regard, dividend policy of family and nonfamily firms were compared using the independent-t test. Moreover, the relationship between family ownership and family members in the board of directors with dividend policy was investigated using the linear regression model. The results of this study show that in general there is a significant difference between the dividend policy in family and non-family firms; So that the family firms divide fewer dividends between shareholders. Moreover, the relationship between ownership type and the presence of family members in the board of directors with the dividends (by controlling the effects of company size, return on assets, financial leverage and growth opportunities) indicate that there is a significant inverse relationship between these two variables.
Keywords
Dividend Payout
Family and Non-Family Firms
Tehran Stock Exchange
Accounting and Auditing Studies
Volume 6, Issue 22
Summer 2017
Pages 14-29