The Relationship between Ownership and Dividend Policy: Evidence from Tehran Stock Exchange Using the Propensity Score Matching Estimator

Mahdi Filsaraei and Alireza Zarei
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Mahdi Filsaraei: Islamic Azad University, Khorasgan (Isfahan) Branch, Isfahan, Iran,
Alireza Zarei: Islamic Azad University, Khorasgan (Isfahan) Branch, Isfahan, Iran

International Journal of Economics and Financial Issues, 2017, vol. 7, issue 2, 664-671

Abstract: In this study, a new aspect of the relationship of ownership (the endogenous relationship) and dividend policy has been investigated. For this purpose, data of 2080 firm-year were used in the period of 2002-2016. In this study, the effect of ownership on dividend policy was estimated as exogenous once and endogenous once again. The results were analyzed through software R by using ordinary data and matched data by propensity score matching (PSM). In the both methods, the simple logistic regression and logistic panel model was fitted and Akaike's criterion was used for comparing the methods. It was observed that the P value of institutional and corporate investors is

Keywords: Dividend Policy; The Endogeneity of Ownership; Concentrated Ownership; Propensity Score Matching (search for similar items in EconPapers)
JEL-codes: G32 G34 G35 (search for similar items in EconPapers)
Date: 2017
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