Investigating the Effect of Ownership Structure and Cash Flows on the Dividend Policy in Accepted Companies of Stock Exchange of Tehran

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1 INERDISCIPLINARY JOURNAL OF CONEMPORARY RESEARCH IN BUSINESS OCOBER 213 Investigating the Effect of Ownership Structure and Cash Flows on the Dividend Policy in Accepted Companies of Stock Exchange of ehran Ali. Zabihi Faculty member of Accounting Department of Accounting Mazandaran Branch Islamic Azad Universy of Mazandaran-Iran Roya. Ghaleb 2 M.A.Student of Business Acoounting. Department of Accounting Mazandaran Branch Islamic Azad Universy of Mazandaran-Iran Abstract he issue of dividing has always been one of the most controversial topics in financial sciences over five decades. Dividing has always been considered as one effective factor in using investment opportunies for the companies. Increasing the amount of shared prof enhances the need to financial resources outside the company for investments. his factor can significantly affect stock prices in future. Also, many stockholders demand dividing cash. his study examines the effects of ownership structure variables (managerial ownership, individual ownership) cash flow (operational cash flow, cash flow sensivy) capal structure and profabily on the policy of division in different industries are analyzed for a 5-year period (26-211). For measuring the policies of division, two ratios including cash prof to earning per share and total payable prof to total assets are used. o find the answers to research questions, Pearson correlation and t-test were used. he results showed that there is a significant correlation between dividend policy and managerial ownership and dividend policy and profabily. here is also a significant correlation between total payable to total assets ratio, dividend policy and managerial ownership, dividend policy and operational cash flows, dividend policy and cash flow sensivy, dividend policy and capal structure, dividend policy and profabily. Key words: dividend policy, managerial ownership, individual ownership, cash flow, capal structure Introduction Corporate ownership includes legal, cultural, and organizational rules determining the ways of management and performance of the companies. Key factors of corporate ownership include stock owners and ownership structure, number and composion of CFO and other stakeholders which can affect company s performance (Solomon et al. 25). he opposion of stakeholders benef and management is an important issue, regarded by the researchers in previous decades. Ownership structure is one solution for solving this problem to yield strategies for better performance of the company (Babai, 28). In Moein Dictionary, ownership refers to the rights a person has towards things which can show authory towards, except for the laws. Ownership structure refers to identifying structure and composion of stockholders in a company who own main stocks there (Etemadi et al., 29). Growing presence of corporate investors among owners of public companies is effective in the way of ownership in the organizations and their performances. he goal of public companies and managers maximizes the value of stockholders rights and company value and their stocks (Namazi and Kermani, 28). Maximizing company value necessates using optimal financial resources and achievement return wh proper risk. he main foundation of corporate ownership is making sure about exercising correct ownership of stockholders in managing the organization and maximizing company value. hus, an important issue in this regard is awareness of ownership structure and capal structure by which necessary strategies can be exerted for reducing agency costs (Asadi and Mohammadi, 211). Cash flows of every business un provides some information about financial suation of the company for all stockholders to enable evaluating abily of the companies for creating cash in future and providing necessary condions in using those cash flows (Zafar and Alishah, 28). Prof division is important from two aspects; from one hand, affects future investments of the companies; from the other hand, many stockholders should balance their interests and opportunistic investments. hus, the decisions of prof division, taken by the managers are important and sensive (Mehrani et al., 1998). Also, the more the shared prof amount, the higher the need to financial provision for investments. his factor can highly impact stock prices in the future. From the other hand, many stockholders demand cash prof division. hus, managers should 2 Corresponding Author: roya ghaleb M.A.Student of Business Acoounting. Department of Accounting Mazandaran Branch Islamic Azad Universy of Mazandaran-Iran. COPY RIGH 213 Instute of Interdisciplinary Business Research 12

2 INERDISCIPLINARY JOURNAL OF CONEMPORARY RESEARCH IN BUSINESS OCOBER 213 balance among the interests of different investors to maintain investment opportunies (Yahyazadeh et al., 211).hus, this study evaluates the relationship between cash flows, prof division amounts of the companies, ownership structure, and dividend policy. he question is if companies owners include people such as government, financial instutes, banks, and other companies, how prof division will be? Lerature review Asadi (211) studied the relationship between capal structure and ownership structure in accepted companies of Stock Exchange of ehran. o test hypotheses, panel data method was used to offer 4 patterns based on defined variables. Statistical sample includes 9 companies from his study is descriptive-correlation to make credors and investors aware in decision-makings about investments and cred allocation. Experimental evidences show that there is a negative and significant relationship between capal structure and ownership structure. Based on the results, although a define result was not proved between capal structure and ownership structure, was concluded that investors and credors both regard these factors during their decision-makings. Rezai and orkzadeh (211) studied the effect of ownership structure on the policies of division of the companies in Stock Exchange of ehran. his study examines the effect of ownership structure (corporate ownership, main ownership, free floating stocks) and interactive effect of these variables on dividend policy in different industries. he results showed that corporate ownership and free floating stocks are significantly correlated wh prof division. Also, the interactive effect of ownership structure on division policies in different policies is different and significant. hus, the variable of industry type can have a mediating effect on this relationship. Yahyazadeh and Emadi (211) examined the relationship between free cash flows, profabily status, and the amounts of prof division in accepted companies of ehran Stock Exchange. he results showed a significant relationship between profabily and prof division amount. But, the correlation between cash flows and divided prof amount of the companies is not significant. Esta (21) studied the relationship between ownership structure and earning management. In this study, ownership structure is divided into 4 groups of corporate, organizational, managerial, and foreign ownerships. Statistical population of the study included all accepted companies of ehran Stock Exchange from he sample included 95 companies. Based on the results, there is a negative and significant relationship between corporate ownership and earnings management. Skandar (29) studied the relationship between corporate ownership and the policy of division concluding that there is a negative relationship between corporate investors and payable stock return. Used method of this study was normal least square for estimating research models. Based on the results, the presence of corporate stockholders decreases the usage of dividend policy for informing stockholders. here was also a posive and significant correlation between the corporate investors concentration and payable stock return. his result confirms agency theory. In other words, increasing corporate investors concentration leads the companies more to higher pressure for distributing prof. Naghian et al. (29) examined effective factors in the policy of prof division in accepted companies of ehran Stock Exchange. hey tested 5 following hypotheses: -Uncertainty towards cash flow affects prof payment (standard deviation of monthly return was used for measuring uncertainty towards cash flow) -Life stage of the company affects prof division (index of accumulated prof ratio to total capal) - Agency cost affects prof payment (index: main stockholders) - Investment opportunies of the company affect prof payment (index: percentage of changes in total assets, ratio of market value to book value) - Profabily of the company affects prof payment (index: ratio of earnings before tax and interest to total assets) -Index of measuring dependent variable is divided earning ratio. -o estimate model, least square method was used. In this study, all hypotheses were confirmed. Setayesh (29) examined the effect of ownership structure and composion of CFO on the policies of prof division in accepted companies of ehran Stock Exchange. In this respect, the effect of prof growth variables and policies of prof divisions in the year before control and linear multiple regression was used. Based on the findings of 24-28, corporate ownership and independence of CFO has a posive effect on prof division of the companies while corporate ownership has a negative effect on. However, no evidences were found for the relationship of managerial ownership and ownership concentration, and dividend policy. Afza and Mirza (21) studied ownership structure and cash flow for determining policies of prof division in Pakistan. Information of 1 companies in Stock Exchange of Kerachi using ordinary least square regression was examined from he results showed that personal and managerial ownership, cash flow sensivy, company size, and leverage have negative relationship and operational cash flow and profabily have posive relationship wh cash stock return. Managerial ownership, personal ownership, size, and operational cash flow are COPY RIGH 213 Instute of Interdisciplinary Business Research 13

3 INERDISCIPLINARY JOURNAL OF CONEMPORARY RESEARCH IN BUSINESS OCOBER 213 important determinants of stock return. While, cash flow sensivy and leverage don t have significant role in identifying stock return in under- study companies. Ahmad and Atieh (29) examined dynamism of policies of prof division determiners in growing economy of Pakistan in 32 companies from First, they examined model of Lintner, Fama, Faam, and Babik which was trivial extension of modified model using panel data regression model. hey found that Pakistani companies rely on future year prof and previous stock returns for paying stock return. Second, they analyzed determinants of stock return payments and found that companies wh sustainable posive net prof pay higher stock return. Moreover, ownership concentration and market liquidy have posive relationship wh stock payment ratio. But, growth opportunies don t have any effect on paying stock return. Company size has a negative and significant relationship wh payments. In a study on agency problems, clear competion, and dividend policy. in Japan, Hey (29) examined if market competion can force business un of Japan to pay higher stock return. he results yielded a posive answer to this question. vayt et al. (29) examined the effect of financial features of business uns on tendency to paying stock return. hey have used variables and indices of able 4-4 in their study. Using a sample of 658 companies wh observations from 23-27, researchers found the following results: 1. Business uns wh high profabily and cash flow and low financial leverage distribute higher prof. 2. Public companies tend to pay higher stock return. Kang & Chang (29) used 112, observations from 13 countries studying if cultural differences in the countries can explain different dividend policy? hey used 3 measures of risk avoidance, man-centrism, and longterm bias for measuring culture. Based on their findings, the following results were achieved: -he amount of prof division in the countries wh high risk depends on the legal support amount from stockholders rights. In other words, if this support amount is high, high prof division is expected. -here is a negative relationship between long-term bias and the amount of divided prof. In their study tled "uncertainty of cash flows and ratio of prof payment to stockholders ", ea and Svh (29) examined relative importance of cash flows compared wh 3 other factors (investment opportunies, agency costs, company s suation in life cycle of the activies) and their effects on the policy of paying cash to the stockholders. hey tested two following hypotheses: -uncertainty of cash flows towards 3 mentioned factors has great importance in the amount of payable cash to stockholders. -uncertainty of cash flows towards 3 mentioned factors has great importance in the likelihood of prof payment to stockholders. Primary example included 5 business uns from 7 countries of America, England, Australia, Japan, France, Germany, and Canada from Hypotheses Main 1. Ownership structure and division policy have significant correlation in Stock Exchange of ehran. Alternative hypotheses 1.1. Managerial ownership and division policy have significant correlation in Stock Exchange of ehran Individual ownership and division policy have significant correlation in Stock Exchange of ehran. COPY RIGH 213 Instute of Interdisciplinary Business Research 14

4 INERDISCIPLINARY JOURNAL OF CONEMPORARY RESEARCH IN BUSINESS OCOBER Cash flow and division policy have significant correlation in Stock Exchange of ehran. Alternative hypotheses 2.1. Operational cash flow and division policy have significant correlation in Stock Exchange of ehran Cash flow Sensivy and division policy have significant correlation in Stock Exchange of ehran Company size and division policy have significant correlation in Stock Exchange of ehran Capal structure and division policy have significant correlation in Stock Exchange of ehran Profabily and division policy have significant correlation in Stock Exchange of ehran. Study population and sample Study population of this study included all accepted companies of Stock Exchange of ehran. he companies wh the following condions could be included in the population: 1. hey were accepted in Stock Exchange of ehran one year before heir fiscal year ended in last month of winter. 3. Necessary information for measuring research variables was accessible. 4. heir financial period didn t have any change in study period. 5. Companies wh the stoppage in stock transaction 3 months in a financial year got out of the sample. 6. Investment, holding, banks, insurance, and etc are not included in the sample. Based on the above condions, 84 companies were selected as the sample; removing loss-yielding companies 69 companies remained. Methodology Descriptive and referential methods were both used to measure sample and study population based on the results. o test the correlation between research hypotheses, Pearson correlation, t-test, and multiple regression methods were used. Measuring research variables Division policy Prof division policy refers to the balance between accumulated prof from one hand and paying cash and distributing new stocks from the other hand. In this study, the ratio of divided prof of the companies is measured by Eq. 1 and 2 (Afza and Mirza, 21): Equation1. DPO= Where, DPO: ratio of divided prof DPS: divided prof per share EPS: earnings per share DIVIN= DIVIN: ratio of divided prof DP: total divided prof A: total assets COPY RIGH 213 Instute of Interdisciplinary Business Research 15

5 INERDISCIPLINARY JOURNAL OF CONEMPORARY RESEARCH IN BUSINESS OCOBER 213 Ownership structure Ownership variables are divided into managerial and individual ownershiptypes (Afza and Mirza, 21). Managerial ownership he mean of managerial ownership of common stocks in company i during sample period shows the percentage of kept stocks by the stockholders. Individual ownership he mean of personal ownership of common stocks in company i during sample period and every ownership which is not under management shadow are called real ownership. Company size Company size refers to the log of market value of stockholders equy. Company size= (Ln MVE) MVE = current share number final share price Capal structure Capal structure is a combination of debt and stockholders equy for long-term financial provision of assets. his structure can include long-term, premium, and common debts (Dastgir, 25). Belkooi introduces capal structure as a general claim about assets of the company. He contains common distributed bonds, private investment, bank debt, business debt, lease contracts, tax debts, pension debts, delayed bonus for the management and staff, deposs of good fulfillment of the job, goods warranty, and other probable debts in capal structure (Belkooi, 1999). Capal structure in this study is measured by Eq.3. Equation 3. LVRG= Where, LVRG: capal structure l: total debt A. otal assets Operational cash flow Operational activies are main income-generating activies of business un. Related activies guaranty goods production, sale, and service offer. hus, their costs and incomes are estimated in prof/loss statements (Standard No.2).they are calculated based on Eq.4 Equation 4. OCF= Where, OCF: operational cash flow A: total assets COPY RIGH 213 Instute of Interdisciplinary Business Research 16

6 INERDISCIPLINARY JOURNAL OF CONEMPORARY RESEARCH IN BUSINESS OCOBER 213 Cash flow sensivy Annual changes in cash remaining to total assets were used for estimations. Limed companies financially try to accumulate cash for investments in prof-yielding projects based on Eq.5 (Afza and Mirza, 21). Equation 5. CFS= CFS: cash flow sensivy hanges of cash flow remaining A: total assets able 1. Descriptive statistics of research variables Kurtosis skewness min max sd median mean no variable DPO DIVIN Managerial ownership Iindividual ownership Operational cash flow Cash flow sensivy Size Capal structure Profabily Hypothesis test 1. Main is divided into two alternative hypotheses First alternative H1.Manageraial ownership and division policy in accepted companies of ehran have significant correlation. H. Managerial ownership and division policy in accepted companies of ehran have insignificant correlation. wo used regression model for investigating first alternative are as follows: Model 1. DPO MNG IND B SZ B LVRG B PRF Model DIVIN MNG B IND B SZ B LVRG B PRF he results of testing first alternative (1-1) based on estimations (model1) are shown in able 2. COPY RIGH 213 Instute of Interdisciplinary Business Research 17

7 INERDISCIPLINARY JOURNAL OF CONEMPORARY RESEARCH IN BUSINESS OCOBER 213 able 2.he results of first alternative test (DPO) Model 1 non-standard standard sign in Independent Variable B SD Beta MNG Based on H1, If β1 is significant, H1 is accepted. As seen in able 2, p-value of t statistics is.5 for this variable which is below acceptable error level of.5. So, the significance of the correlation between division policy and managerial ownership is confirmed. he results of testing first alternative (1-1) based on estimations (model2) are shown in able 3. able 3. he results of testing first alternative (DIVIN) Model 2 non-standard standard IND Dependent variable:divin Based on the model of H1, If is significant, H1 is accepted. As seen in able 3, p value of t statistics is. which is less than acceptable error level of.5%. So, the significance of the correlation between division policy and managerial ownership is confirmed alternative second H1. individual ownership and division policy in accepted companies of ehran have significant correlation. H. individual ownership and division policy in accepted companies of ehran have insignificant correlation. wo used regression model for investigating second alternative are as follows: Model 3 DPO MNG IND B SZ B LVRG B PRF Model DIVIN MNG B IND B SZ B LVRG B PRF he results of testing first alternative (1-2) based on estimations (model3) are shown in able 4. able 4. he results of testing second alternative (DPO) Model 3 non-standard standard IND Based on the model of H1, If is significant, H1 is accepted. As seen in able 4, p value of t statistics is.799 which is more than acceptable error level of.5%. So, the significance of the correlation between division policy and individual ownership is Rejection. he results of testing first alternative (1-2) based on estimations (model4) are shown in able 5. COPY RIGH 213 Instute of Interdisciplinary Business Research 18

8 INERDISCIPLINARY JOURNAL OF CONEMPORARY RESEARCH IN BUSINESS OCOBER 213 able 5. he results of testing second alternative (DIVIN) Model 4 non-standard standard IND Dependent variable: DIVIN Based on the model of H1, If is significant, H1 is accepted. As seen in able 5, p value of t statistics is.7 which is more than acceptable error level of.5%. So, the significance of the correlation between division policy and real is Rejection. 2- Main is divided into two alternative hypotheses. 2.1.First alternative H1.manageraial ownership and division policy in accepted companies of ehran have significant correlation. H. Managerial ownership and division policy in accepted companies of ehran have insignificant correlation. wo used regression model for investigating first alternative are as follows: Model 5. DPO OCF CFS SZ LVRG PRF Model 6. DIVIN OCF CFS SZ LVRG PRF he results of testing first alternative (1-1) based on estimations (model5) are shown in able 6. able 6.he results of first alternative test (DPO) Model 5 non-standard standard sign in Independent Variable B SD Beta OCF Based on H1, If β1 is significant, H1 is accepted. As seen in able 6, p-value of t statistics is.97 for this variable which is below acceptable error more of.5. So, the significance of the correlation between division policy (DPO) and Operating cash flow is Rejection. he results of testing first alternative (1-1) based on estimations (model6) are shown in able 7. able 7. he results of testing first alternative (DIVIN) Model 6 non-standard standard OCF Dependent variable:divin COPY RIGH 213 Instute of Interdisciplinary Business Research 19

9 INERDISCIPLINARY JOURNAL OF CONEMPORARY RESEARCH IN BUSINESS OCOBER 213 Based on the model of H1, If is significant, H1 is accepted. As seen in able 7, p value of t statistics is. which is less than acceptable error level of.5%. So, the significance of the correlation between division policy and is Operating cash flow confirmed alternative second H1. Flow sensivy and division policy in accepted companies of ehran have significant correlation. H. Flow sensivy and division policy in accepted companies of ehran have insignificant correlation. wo used regression model for investigating second alternative are as follows: Model7 DPO OCF CFS SZ LVRG PRF Model8 DIVIN OCF CFS SZ LVRG PRF he results of testing second alternative (2-2) based on estimations (model7) are shown in able 8. able 8. he results of testing second alternative (DPO) Model 7 non-standard standard CFS Based on the model of H1, If is significant, H1 is accepted. As seen in able 8, p value of t statistics is.631 which is more than acceptable error level of.5%. So, the significance of the correlation between division policy and flow sensivy is Rejection. he results of testing first alternative (2-2) based on estimations (model8) are shown in able 9. able 9. he results of testing second alternative (DIVIN) Model 8 non-standard standard Independent Variable B Sd Beta CFS Dependent variable: DIVIN Based on the model of H1, If is significant, H1 is accepted. As seen in able 5, p value of t statistics is. which is less than acceptable error level of.5%. So, the significance of the correlation between division policy and flow sensivy is Confirmed. 3. main Fourth H1. Company Size and division policy in accepted companies of ehran have significant correlation. H. Company Size and division policy in accepted companies of ehran have insignificant correlation. Model9 DPO MNG IND OCF CFS SZ LVRG PRF Model DIVIN 1 MNG 2 IND 3 OCF 4 CFS 5 SZ 6 LVRG 7 PRF COPY RIGH 213 Instute of Interdisciplinary Business Research 11

10 INERDISCIPLINARY JOURNAL OF CONEMPORARY RESEARCH IN BUSINESS OCOBER 213 he results of testing main three (3) based on estimations (model9) are shown in able 1. able 1. he results of testing three (DPO) Model 9 non-standard standard SZ Based on the model of H1, If is significant, H1 is accepted. As seen in able 1, p value of t statistics is.871 which is more than acceptable error level of.5%. So, the significance of the correlation between division policy and company size is Rejection. he results of testing three (3) based on estimations (model9) are shown in able 1. able 11. he results of testing three (DIVIN) Model 1 non-standard standard SZ Dependent variable: DIVIN Based on the model of H1, If is significant, H1 is accepted. As seen in able 5, p value of t statistics is.881 which is more than acceptable error level of.5%. So, the significance of the correlation between division policy and size company is Rejection. 4. main fourth H1. Capal Structure and division policy in accepted companies of ehran have significant correlation. H. Capal Structure and division policy in accepted companies of ehran have insignificant correlation. Model11 DPO MNG IND OCF CFS SZ LVRG PRF Model DIVIN 1 MNG 2 IND 3 OCF 4 CFS 5 SZ 6 LVRG 7 PRF he results of testing main fourth (4) based on estimations (model11) are shown in able 12. able 12. he results of testing three (DPO) Model 11 non-standard standard Independent Variable B Sd Beta LVRG Based on the model of H1, If is significant, H1 is accepted. As seen in able 1, p value of t statistics is.664 which is more than acceptable error level of.5%. So, the significance of the correlation between division policy and Capal Structure is Rejection. he results of testing fourth (4) based on estimations (model12) are shown in able 13. COPY RIGH 213 Instute of Interdisciplinary Business Research 111

11 INERDISCIPLINARY JOURNAL OF CONEMPORARY RESEARCH IN BUSINESS OCOBER 213 able 13. he results of testing fourth (DIVIN) Model 12 non-standard standard Independent Variable B Sd Beta LVRG Dependent variable: DIVIN Based on the model of H1, If is significant, H1 is accepted. As seen in able 5, p value of t statistics is. which is less than acceptable error level of.5%. So, the significance of the correlation between division policy and Capal Structure is Confirmed. 5. Main fifth H1. Profabily and division policy in accepted companies of ehran have significant correlation. H. Profabily and division policy in accepted companies of ehran have insignificant correlation. Model13 DPO MNG IND OCF CFS SZ LVRG PRF Model DIVIN 1 MNG 2 IND 3 OCF 4 CFS 5 SZ 6 LVRG 7 PRF he results of testing main fifth (5) based on estimations (model13) are shown in able 15. able 15. he results of testing fifth (DPO) Model 13 non-standard standard Independent Variable B Sd Beta PRF Based on the model of H1, If is significant, H1 is accepted. As seen in able 1, p value of t statistics is.42 which is less than acceptable error level of.5%. So, the significance of the correlation between division policy and Profabily is confirmed. he results of testing fifth (5) based on estimations (model14) are shown in able 16. able 16. he results of testing fifth (DIVIN) Model 14 non-standard standard Independent Variable B Sd Beta PRF Dependent variable: DIVIN Based on the model of H1, If is significant, H1 is accepted. As seen in able 5, p value of t statistics is. which is less than acceptable error level of.5%. So, the significance of the correlation between division policy and Profabily is Confirmed. COPY RIGH 213 Instute of Interdisciplinary Business Research 112

12 INERDISCIPLINARY JOURNAL OF CONEMPORARY RESEARCH IN BUSINESS OCOBER 213 Conclusion he results of testing hypotheses show that the relationship between division policy and managerial ownership is significant. But, the correlation between division policy and individual ownershipis rejected. he correlation between division policy (DPO) and operational cash flow is rejected. But, the correlation between division policy (DIVIN) and operational cash flow is confirmed. he correlation between division policy (DPO) and cash flow sensivy is rejected. he correlation between division policy (DIVIN) and cash flow sensivy is confirmed. he correlation between division policy (DPO) and size is rejected. he correlation between division policy (DIVIN) and size is rejected. he correlation between division policy (DPO) and capal structure is rejected. he correlation between division policy (DIVIN) and capal structure is confirmed. he correlation between division policy (DPO) and profabily is confirmed. he correlation between division policy (DIVIN) and profabily is confirmed. Yahyazadeh and Emadi showed that there is a significant correlation between the amount of divided and profabily. Also, the correlation between free cash flow and the amount of divided prof of the companies is insignificant. his result disagrees wh the result of this study in case of DPO and agrees wh the result of this study in case of DIVIN. he results of testing H1 proved a significant correlation between managerial ownership and division. his result disagrees wh the findings of Abdolsaalam et al. (28) and Koomar (23). Suggestions for future studies 1. In this study, two features of ownership structure (managerial and real ownership) were examined. It is suggested that other ownership structures such as corporate ownership, foreign ownership, and organizational ownership also should be regarded. 2. It is suggested that the present topic should be individually examined from industry to industry for a 1- year period. 3. he effects of responsible CFOs and irresponsible CFOs on the policy of prof division should be examined. 4. he effects of inflation and other micro economic variables on the policy of prof division should be examined. 5. Based on the results of the study, users of financial statements are suggested to consider earning management besides cash flow. 6. Researchers of further studies are suggested to increase time period of their studies and number of sample companies to generalize the results wh more ease. COPY RIGH 213 Instute of Interdisciplinary Business Research 113

13 INERDISCIPLINARY JOURNAL OF CONEMPORARY RESEARCH IN BUSINESS OCOBER 213 References 1.Afza, alat and H. Mirza. (21). Ownership Structure and Cash Flows as Determinates of Corporate Dividend policy in Pakistan, International Business Research.vol.3.NO.3.Pp Ahmed H. and J. Attiya.(29).Dynamics and Determinants of Dividend policy in Pakistan(Evidence from Karachi Stock Exhang Non Financial Firms) International Journal of Finance and Economics Issue Asadi, Gh., and Mohammadi, Sh.(211). he relationship between capal structure and ownership, No. 4, Etemadi, H., Resaian, A., Kordtabar, H. (21). he relationship between some organizational authory and stock cashabily, No. 5, Esta, S.(211), studying the relationship between ownership structure and earning management, Financial Accounting Research Journal, No. 8, Solomon j &Solomon. A (25) Corporate Governance and Accountabily John Wiley & Sons LD England PP Setayesh, M., Kazemneghad, M. (21). he effects of ownership structure, and combination of CFOs on the policy of prof division in Stock Exchange of ehran, Accounting Knowledge Journal, No. 1, Karami, Gh., Skand, H.(29). CFO composion and policy of prof division, Accountant Journal, No. 27, Forooghi, D., Saidi, A., and Aghdar, M. (29). he effects of corporate stockholders on the policies of prof division in accepted companies in, Accounting Researches. 1.Hejazi, R., Gheasi, R., and Moosavi, S. (212). Examining the correlation between cash flow management and debt cost, No. 1, Mahdavi, A., Meidari, A. (27). Ownership structure and efficiency of active companies in Stock Exchange of ehran, Economic Research Journal, No. 71, Rezai, F., Eidantorkzadeh,Kh., Nasiri, N.(21). Examining the effects of ownership structure on the policy of prof division of companies in Stock Exchange of ehran, Quarterly of Stock Exchange of ehran, No. 16, Wie, Gang, W. Zhang and J. Z. Xiao. (29). Dividend policy and Ownership Structure in China, SRNN Working Paper Series No , [online], ( 14.Yahyazadeh, M., Emadi, M.(211). he correlation between free cash flow, profabily, and the amount of divided prof of accepted companies of Stock Exchange of ehran, No. 14, COPY RIGH 213 Instute of Interdisciplinary Business Research 114