Ownership structure and dividend policies in listed companies in Tehran Stock Exchange

This paper aims to investigate and compare different ownership structure, dividend policy of Shareholders and concentration of ownership separate in listed companies in Tehran stock exchange.This study is Descriptive-applied which using cross-sectional data about 82 companies listed inTehran Stock Exchange during the period 2004-2010 have been analyzed. Research hypothesis testing using analysis of variance (ANOVA) and significance test for comparison was done by Duncan test. Given the lack of meaningful research hypotheses based on the dividend pay-out ratio(DPR) in the ownership structure of Shareholders of both time and concentration of ownership. Research findings indicate significant differences compared to dividends pay-out ratio (DPR) The different Shareholders of institutional ownership, managerial, corporate and individual ownershipand no significant difference in terms of ownership was concentrated or dispersed. The results indicate that companies generally do not follow the dividend policy of the specificprocess and specific and more based on random walk model act. However, Evidence indicates that firms with institutional shareholders, compared with corporate ownership, managerial and individual shareholders divided into more profits between its shareholders. Also be concentrated or dispersed ownership is not a significant difference in the ratio of dividends

Keywords:

ownership structure , dividend policy , Shareholders , ownership concentration