چکیده:
The Purpose of This Study is to Investigate the Impact of Characteristics of Corporate Governance on Financing and Dividends Policies. In Firms Listed in Tehran Stock Exchange. to Measure the
Characteristics of Corporate Governance, There Components of the Ratio of Non executive Directors,Shareholder Ownership Concentration, and Board of Directors` Size Have Been used, Also in This Study , the Index of Quantifying the Policies of Financial and Dividends Ratio, Respectively to Test Nine Hypotheses of the Study .Data on 115 Firms Listed in Tehran Stock Exchange Have Been Analyzed as a Sample By pooled Data Analysis for time period 1386_1389. In Order Estimate Appropriate Models of hypothesis Testing in Pooled (Panel) Data, Chaw and Houseman tests Were Used. RESUTS of the Study ,on the Whole Indicate That Hypotheses One ,two ,and Six are Confirmed at%99 Confidence Level, and Also , hypotheses There, Seven, and Nine are Rejected. In Other Words, Non Executive Directors Ratio, Shareholder Ownership Concentration, and Board of Directors Size Had a Significant Relationship With Dividend Policy. The Ratio of Non Executive Directors and Shareholder Ownership Concentration Also Had a Significant Relationship With Financing Policy.
خلاصه ماشینی:
"Results of the First Hypothesis Testing Results of the Study`s First Regression Model Estimation Shows That the Independent Variable Coefficient Related to the First hypothesis, that is Non Executive Directors Ratio, at %1 Error Level is Significant and Has a negative and Inverse Relationship With Leverage Ratio as the Financing Policy Index .
6. 6Results of Second Hypothesis Testing Results of the Study`s Second Regression Model Regression Shows That The Independent Variable Coefficient Related to Second Hypothesis , That is Non Executive Directors Ratio at %1 Error Level is Significant and Has a Positive and Direct Relationship With Dividend Pay Ratio as Dividend Policy index.
Results of Fifth Hypothesis Testing Results of the Study`s Second regression Model Showed that the Independent Variable Coefficient Related to Fifth Hypothesis, that is the Ownership Concentration at %5 Error Level Was Significant and it is Directly Associated With Dividend Pay Ratio.
Results of Sixth Hypothesis Testing Results of the Study`s Second Regression Model Estimation Showed That the Variable Coefficient of the Ownership Concentration at %1 Error Level is Significant, and it Has a Positive and Direct Relationship With Free Operating Cash Flow.
Results of Eighth Hypothesis Testing Results of the Study`s Regression Model Estimation Showed That the Coefficient of BOD Size Variable at %5 Error Level Was Significant, and it Was Directly Associated With Dividend Pay ratio."