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  3. Studying the relationship between dividend policies with different liquidity criteria and the illiquidity factor in companies listed on the Tehran Stock Exchange.

Studying the relationship between dividend policies with different liquidity criteria and the illiquidity factor in companies listed on the Tehran Stock Exchange.

Number of pages: 166 File Format: word File Code: 32211
Year: Not Specified University Degree: Master's degree Category: Librarianship
Tags/Keywords: Amihod ratio - amiost - Capital market - Company shares - dividend distribution - Dividend policies - dividends - Liquidity - Liquidity rating - stock - turnover rate
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  • Summary of Studying the relationship between dividend policies with different liquidity criteria and the illiquidity factor in companies listed on the Tehran Stock Exchange.

    Dissertation for obtaining a master's degree

    Direction: Accounting

    Abstract:

    Given the importance of the liquidity of companies' shares in the capital market, the present research seeks to investigate factors affecting liquidity. In this regard, the impact of dividend policies on the liquidity of companies' shares has been tested. In this research, multiple linear regression has been used for all information. All hypotheses have been carried out on 185 sample members.

    The research results show that there is a positive and significant relationship between the dividend policy and liquidity rating at the 95% confidence level. And there is no meaningful relationship between the dividend policy and liquidity with the turnover rate method, Amiost ratio and Amihud ratio.

    Key words: dividend policies, liquidity rating, liquidity according to the turnover rate method, Amiost ratio, Amihud ratio

    Introduction:

    Liquidity is not easy to define and measure, but in general, liquidity is defined as the ability of the market to absorb a large volume of transactions without causing excessive fluctuations in price. In addition, the main feature of cash markets[1] (with high liquidity) is the small distance between the bid and offer prices. This means that transactions are executed in a cost-effective manner.

    Liquidity in secondary markets plays a decisive role in the success of public offerings and reduces the cost and risk of underwriters[2] and market makers. Also, the cost of investors through reducing the range of fluctuations and costs from the macro point of view, the existence of liquid capital markets is necessary for the efficient allocation of capital. From the micro point of view, the liquid capital market also provides access to various trading strategies. Most investors (with a short-term investment horizon) prefer highly liquid stocks. One of the most important factors related to the liquidity of the stock market is the difference in the price of the purchase and sale of the stock. The need to understand and measure the factors that determine the difference in the price offered by traders for buying and selling is very important in evaluating the competitive market structure. rtl;"> 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Chapter One

    General research

     

     

     

     

     

     

     

     

     

     

     

     

    1-1 Introduction

    The topic of dividend policy has been an interesting and questionable topic in financial management for a long time, and no specific answer has been provided to it, to the extent that Fisher Block refers to it as the dividend puzzle. The decision to divide dividends is one of the most important decisions of the company.The profit distribution decision is one of the most important decisions of the company, so it is not surprising that many equations have been published in this area. Basically, private investors invest to get returns. Receiving dividends is one of the ways to get returns. Dividend policy can be defined as creating a balance between the company's accumulated profits on the one hand and paying cash and issuing new shares on the other hand. (Khodadadi, 1388, 107) 1.

    On the other hand, in each financial market, according to the breadth and depth of the market, there are various investment tools. Investors invest according to the return and risk of assets. One of the factors influencing the risk of assets is their liquidity. The role of the liquidity factor in asset valuation is also important. Because investors pay attention to the issue that if they want to sell their assets, is there a suitable market for them or not? (Yahiyazadeh Far, 1387, 102) 2.

    In this study, the relationship between different criteria of liquidity and the factor of illiquidity with dividend policies in companies admitted to the Tehran Stock Exchange has been examined. In the first chapter, after stating the research problem, we examine the history of the research subject; Then we define the topic of the research and continue to express the importance and necessity of the research. We also express the research objectives in the form of general objectives. The theoretical framework of the research, which was the main basis of the research question and research topic, is presented in this chapter, and the research hypotheses and analytical model are also mentioned in the following. The research implementation method and research result are:

    Golsten and Harris [3]; Estimating the components of the price difference in the purchase and sale offer; Shares were selected from NYSE stocks. The price difference is broken down into temporary components, including inventory maintenance costs, registration costs or exclusive benefits, and incorrect selection costs; Ignoring the independence of the price, the cost of incorrect selection covers 20% of the price difference, while considering the price independently, it covers 35% of the price difference.

    Estelle [4]; Inferring the components of the price difference offered by buying and selling: experimental and theoretical tests; A sample of NASDAQ stocks was selected monthly (ranging from 765 to 821 stocks). Three basic components for the price difference were assumed: order processing costs, inventory holding costs and incorrect selection costs; The following estimates were obtained: incorrect information costs were 43%, maintenance costs (inventory risk) were 10%, and order costs were 47%. While the offered prices vary significantly in the shares, it seems that the components of the price difference are the invariable part of the price difference. Estimating the price difference between buying and selling and its components: a new approach; Samples of AMEX/NYSE and NASDAQ stocks with unspecified sizes were selected. The price difference was broken down into ordering process costs and incorrect selection costs. They assumed that due to positive autocorrelation in the returns based on the suggested purchase or sale prices, there are no inventory maintenance costs; According to estimates, the cost of incorrect selection was 8% to 13% of the price difference. The cost of the order process accounts for a large part of the price difference. No evidence was found for inventory costs.

    Boureaux [6]; components of the price difference of the purchase and sale offer before and after the predicted information announcements; Stocks were selected from AMEX and NYSE. The price difference before and after the announcements of profit and dividend was investigated. The price difference was divided into a fixed part of transaction costs and incorrect selection costs, which also included inventory maintenance costs. Price differences are significantly higher around earnings announcements. The cost of incorrect selection for the whole sample includes 48% of the price difference.

    Huang and Steel[7] The components of the difference in the purchase and sale price: a comprehensive approach; The stock was selected from among the largest and most traded NYSE stocks.

  • Contents & References of Studying the relationship between dividend policies with different liquidity criteria and the illiquidity factor in companies listed on the Tehran Stock Exchange.

    List:

    Abstract: 1

    Introduction: 2

    Chapter One: General Research

    1-1 Introduction. 4

    2-1 Study history. 5

    3-1 statement of the problem. 8

    4-1 The theoretical framework of the research. 9

    5-1 research hypotheses. 15

    6-1 Objectives and necessities of the research. 16

    7-1 Study limits. 16

    1-7-1 Subject area. 16

    2-7-1 Spatial territory. 16

    3-7-1 Time domain. 16

    8-1 Definition of words and terms. 17

    Chapter Two: Review of Research Literature

    1-2 Introduction. 20

    2-2 First part: market liquidity 20

    1-2-2 factors affecting liquidity in emerging markets 22

    2-2-2 factors affecting liquidity. 23

    1-2-2-2 ownership concentration. 24

    2-2-2-2 Amount of free floating shares. 26

    3-2-2-2 External mediators. 27

    4-2-2-2 Access to the market 28

    5-2-2-2 Internet transaction. 29

    6-2-2-2 Capital account release. 30

    7-2-2-2 transaction costs. 31

    8-2-2-2 trading infrastructure. 32

    9-2-2-2 Products. 34

    10-2-2-2 Mutual acceptance. 36

    11-2-2-2 Participating investors 36

    12-2-2-2 Reforms in pension funds and development of collective investment plans 37

    13-2-2-2 Stock market restructuring 38

    14-2-2-2 Corporate governance. 39

    15-2-2-2 Communication between markets 40

    16-2-2-2 The quality of companies admitted to the stock exchange. 41

    17-2-2-2 other cases. 41

    3-2 Part Two: Liquidity of shares and related factors. 43

    1-3-2 Stock liquidity factors. 43

    2-3-2 components of the price difference offered for buying and selling shares as one of the factors of stock liquidity. 44

    3-3-2 Costs of order execution: 44

    4-3-2 Inventory maintenance costs: 44

    5-3-2 Costs of incorrect selection: 45

    6-3-2 Studies conducted on the factors affecting the difference in the offer price of buying and selling shares as one of the factors of stock liquidity. 45

    7-3-2 The relationship between the difference in the bid price of buying and selling shares and the yield of companies' shares as one of the factors of stock liquidity. 46

    1-7-3-2 The relationship between the profit sharing policy and the difference in the bid price of buying and selling shares as one of the factors of stock liquidity. 46

    2-7-3-2 The relationship between capital structure and the difference in the bid price of buying and selling shares as one of the factors of stock liquidity. 47 4-7-3-2 The difference in the offer price of buying and selling shares as one of the factors of stock liquidity and the quality of profit 50

    6-7-3-2 The effect of the unknown identity of traders or orders on the difference in the suggested price of buying and selling shares as one of the factors of stock liquidity. 51

    7-7-3-2 The relationship between the difference in the bid price of buying and selling shares and the difference in the bid price of previous buying and selling shares as one of the factors of stock liquidity. 52

    8-7-3-2 Offered price difference of buying and selling shares and liquidity of assets 53

    9-7-3-2 The effect of legal and political laws on the offered price difference of buying and selling shares as one of the factors of stock liquidity. 53

    10-7-3-2 The effect of the audit fee on the difference in the offer price of buying and selling shares as one of the factors of stock liquidity 54

    11-7-3-2 The effect of information asymmetry on the difference of the offer price of buying and selling shares as one of the factors of stock liquidity 55

    4-2 Background of the research. 56

    1-4-2 foreign. 56

    2-4-2 interior. 57

    Chapter 3: Research Implementation Method

    1-3 Introduction. 59

    2-3 research design. 60

    3-3 method of conducting research. 60

    3-4 conceptual model of research. 61

    3-5 Society and study sample. 61

    6-3 methods and tools for collecting information. 64

    7-3 The variables studied in the research and the method of measuring variables 64

    1-7-3 The method of measuring profit sharing policies (independent variable): 64

    2-7-3 Methods of measuring liquidity: (dependent variables) 64

    8-3 Data analysis method 65

    3-9 Test process64

    7-3 The variables studied in the research and the method of measuring variables 64

    1-7-3 The method of measuring profit sharing policies (independent variable): 64

    2-7-3 Methods of measuring liquidity: (dependent variables) 64

    8-3 Data analysis method 65

    3-9 Test process Hypotheses 66

    10-3 method of testing hypotheses 67

    Chapter four: data analysis

    1-4 Introduction. 69

    4-2 Descriptive indicators of variables 69

    3-4 Analysis of research hypotheses. 70

    4-4 Checking the assumption of normality of the variables: 71

    4-5 The summary of analyzes separately for each hypothesis is described as follows. 72

    1-5-4 analysis and test of the first hypothesis: 72

    2-5-4 analysis and test of the second hypothesis: 74

    3-5-4 analysis and test of the third hypothesis: 76

    4-5-4 analysis and test of the fourth hypothesis: 78

    Chapter five: conclusions and suggestions

    1-5 Introduction. 82

    2-5 Evaluation and explanation of the results of the hypothesis test according to the conditions of the variables 83

    1-2-5 The results of the first hypothesis. 83

    2-2-5 Results of the second hypothesis. 83

    3-2-5 Results of the third hypothesis. 84

    3-2-5 Results of the fourth hypothesis. 84

    3-5 general conclusions of the research. 84

    4-5 suggestions 84

    1-4-5 suggestions based on the findings of research hypotheses. 85

    2-4-5 suggestions for future research. 85

    Appendixes

    Appendix A: Names of companies in 1384. 87

    Appendix B: Names of companies in 1385. 89

    Appendix C: Names of companies in 1386. 91

    Appendix D: Names of companies in 1387. 93

    Appendix E: The names of the companies in 2018. 95

    Sources and Sources

    Persian sources. 117

    Latin sources. 118

    Latin abstract. 119

     

    Source:

    Ahmadpour, A., 1386, "Reporting and Disclosure of Financial Information", Monthly Stock Exchange, No. 66, November 86.

    Azar, A. Mahmoud Momeni, 1385, "Statistics and its application in management", Semit Publications, volume 2, 9th edition, Tehran.

    Etmadami A. and Parichalaki, "The relationship between performance and cash flow in Tehran Stock Exchange", Accounting and Auditing Reviews, Volume 12, Number 39, from pages 31 to 47.

    Irannejad Parisi, M., 1385, "Research methods in science Social", Managers Publication, first edition. Jamshidi, K., 1381, "Statistics and its application in management", Tehran, Payam Noor University Press.

    Javaherizadeh, N., 1386, "Guide to preparing and compiling a research proposal", Aftab Printing House.

    Khaki, G., R., 1387, "Research method with an approach to thesis writing", Reakal Publications, 8th edition.

    Khodadadi, and Walilah Aghajari, "Evaluation of the relationship between company ownership structure and dividend policies in Iran", Financial Accounting Quarterly, Volume 1, Number 2, from pages 106 to 126.

    Delavar, A., 1374, "Theoretical and practical foundations of research in humanities and social sciences", Rushd Tehran Publications. Capital

    Rahmani A., Seyed Ali Hosseini and Narges Rezapour "The relationship between institutional ownership and stock liquidity in Iran" Accounting and Auditing Reviews, Volume 17, Number 61, from pages 39 to 54.

    Sarmad, Z. , 1381, "Research Methodology in Behavioral Sciences", Tehran, Aghaz Publishing.

    Report of the Committee on Emerging Markets of the International Organization of Securities Commissions, "Factors Affecting Liquidity in Emerging Markets", December 2007

    Momeni, M., 1387, "Statistical Analysis Using SPSS", Kitab Nu Publications.

    Yahizadeh Ferm, Shahabuddin Shams. and Seyed Jafar Larimi, "Investigation of the relationship between liquidity and stock returns in Tehran Stock Exchange", Financial Research, Volume 12, Number 29, from pages 111 to 138.

    Latin sources:

    Agarwal P(2008), “Institutional Ownership and Stock Liquidity”.

     Chung Kee, and Jang-Chul Kim(2008). European Financial Management Association.

    Cueto C(2009). "Structure with weak protection for minority shareholders": evidence from Brazil and Chile 2009; Working paper.

    Dennis PJ, J Weston.(2001) "Who's informed"? An analysis of stock ownership and informed trading; working paper

    Mendelson H, (2004) "TI Tunca. Strategic trading, liquidity, and information acquisition".

Studying the relationship between dividend policies with different liquidity criteria and the illiquidity factor in companies listed on the Tehran Stock Exchange.
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