Investigating the Effect of Dividened on the Return of Accepted Companies in Tehran Stock Market in Advancing and Declining Market

, M.Sc. Thesis Sharif University of Technology Imenpour, Amir (Author) ; Zamani, Shiva (Supervisor)

Abstract

In contrast to the Modigliani and Millers’s theory which states that dividends do not affect the return of the companies, many of findings illustrate the importance of dividends for the stockholders. This is the subject of the present research which is run by the statictic test and the Fama & French three factor model in two regular and modified versions based on the data which is driven from the Iran’s stock market. What is seen is that the return of the stock for the companies which make dividends is more than the companies which do not pay dividends for their stockholders. In addition, the results show that the return of the companies which offers dividend to their stockholders is more...

Operation of Internal Capital Market through Dividend Payout: Evidence from Iranian Business Groups

, M.Sc. Thesis Sharif University of Technology Mardan, Mostafa (Author) ; Ebrahimnejad, Ali (Supervisor) ; Heidari, Mahdi (Supervisor)

Abstract

Studies of the ownership structure of companies in different countries demonstrates that pyramidal ownership structures and business groups are present and even dominant in many countries. This type of structure allows the ultimate owners to leverage their capital and control more capital in the economy. Studies related to this type of ownership structure, scrutinize various motivations that have caused the formation of this type of ownership structure. Some studies emphasize the destructive role of business groups, such as tunneling and creating monopolies through common ownership in competing companies, and as a result, consumers and small shareholders are expropriated. Others, relying on...

Ownership Structure and Dividend Policies: Evidence from Iran

, M.Sc. Thesis Sharif University of Technology Aboutalebi Hosseini, Reihaneh (Author) ; Ebrahimnejad, Ali (Supervisor)

Abstract

Ownership concentration and the separation of voting rights from cash flow rights are common in countries with weak legal protections for minority shareholders. These characteristics shift the agency problem from conflict of interests between managers and shareholders to conflict of interests between majority and minority shareholders. In such ownership structures, majority shareholders receive dividends based on their cash flow rights but exert control over the company according to their voting rights. Consequently, they have both the motivation and the ability to withhold profit distribution among minority shareholders and prioritize their own interests. Iran, as a country characterized by...