Exploring the Connection Between Corporate Life Cycle, Free Cash Flow, and Dividend Strategies in Companies Listed on the Tehran Stock Exchange

This study investigates the relationship between corporate life cycle stages, free cash flow, and dividend strategies among companies listed on the Tehran Stock Exchange from ۲۰۱۹ to ۲۰۲۴. The population consists of all companies listed on the Tehran Stock Exchange, with the sample selected through purposive sampling. The research adopts a correlational approach with a practical orientation. Data were analyzed using descriptive statistics (e.g., mean and standard deviation) and inferential techniques, including hypothesis testing and panel regression models. The regression analysis indicates that the independent variables account for approximately ۴۲.۹% of the variability in dividend strategies. Specifically, free cash flow, company size, and financial leverage exhibit a statistically significant relationship with dividend policies at a ۹۵% confidence level. Additionally, return on assets and growth opportunities show a significant association with dividend strategies at the same confidence level. However, the corporate life cycle and asset growth rate demonstrate no significant relationship with per-share dividend payouts. Notably, growth opportunities and financial leverage are inversely related to per-share dividends, while other variables display a positive correlation with dividend payouts. This study investigates the relationship between corporate life cycle stages, free cash flow, and dividend strategies among companies listed on the Tehran Stock Exchange from ۲۰۱۹ to ۲۰۲۴. The population consists of all companies listed on the Tehran Stock Exchange, with the sample selected through purposive sampling. The research adopts a correlational approach with a practical orientation. Data were analyzed using descriptive statistics (e.g., mean and standard deviation) and inferential techniques, including hypothesis testing and panel regression models. The regression analysis indicates that the independent variables account for approximately ۴۲.۹% of the variability in dividend strategies. Specifically, free cash flow, company size, and financial leverage exhibit a statistically significant relationship with dividend policies at a ۹۵% confidence level. Additionally, return on assets and growth opportunities show a significant association with dividend strategies at the same confidence level. However, the corporate life cycle and asset growth rate demonstrate no significant relationship with per-share dividend payouts. Notably, growth opportunities and financial leverage are inversely related to per-share dividends, while other variables display a positive correlation with dividend payouts.

Keywords:

corporate life cycle , free cash flow , dividend strategy , Tehran Stock Exchange , listed companies