چکیده:
This research examines the relationship between financial flexibility and the financial policies of companies listed on the Tehran Stock Exchange. Financial flexibility was measured through five variables: growth opportunities, profitability ratio, effective tax rate, price gap, and asset liquidity intensity; and financial policies were measured through cash dividend payout, financial leverage, and cash holdings. The results of the tests using information from companies listed on the Tehran Stock Exchange during the years 1383 to 1392 indicate that there is a significant negative relationship between the variables of financial flexibility (except for the effective tax rate) and cash dividend payout. There is a significant negative relationship between the variables of financial flexibility (profitability ratio and asset liquidity intensity) and financial leverage; additionally, the results show that there is a significant positive relationship between the variables of financial flexibility (profitability ratio, price gap, and asset liquidity intensity) and cash holdings.
خلاصه ماشینی:
Financial flexibility was measured through five variables: growth opportunities, profitability ratio, effective tax rate, price gap, and asset liquidity intensity; and financial policies were measured through cash dividend distribution, financial leverage, and cash holdings.
The results of the tests, using information from companies listed on the Tehran Stock Exchange during the years 1383 to 1392, indicate that there is a significant negative relationship between financial flexibility variables (except for the effective tax rate) and cash dividend distribution.
Therefore, it is hypothesized that companies possessing higher financial flexibility (including growth opportunities, profitability ratio, effective tax rate, price gap, and asset liquidity intensity) will pay lower cash dividends.
Since growth opportunities, profitability ratio, effective tax rate, price gap, and asset liquidity intensity variables have been used to measure flexibility, it is expected that they will establish a significant negative relationship with financial leverage.
Consequently, it is expected that there will be a significant positive relationship between the five variables of growth opportunities, profitability ratio, effective tax rate, price gap, and asset liquidity intensity with cash holdings.
Model ]14[ shows that, besides the company's growth opportunities and profitability, the effective tax rate, price gap, and also asset liquidity intensity determine the amount of financial flexibility, which in turn have been independent of the companies' financial policies.
The results obtained by using information from listed companies in the Tehran Stock Exchange during 2004 to 2013 show that there is a negative relationship among the variables of financial flexibility (except for the effective tax rate) and the distribution of dividends.
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