Liquidity and Dividend Payments in the TSE Listed Companies

The present study aimed at evaluating the effect of liquidity and dividend payments in listed companies in Tehran Stock Exchange. This study is done in quasi experimental method and it is an Ex-Post Facto research in terms of its implementation. It is conducted in the field of positive accounting researches and is based on the real information, which data are collected in temporal and time series during seven years 2009-2015. Panel model is used in this research. All listed companies are the statistical population of the present study and 78 companies were selected systematically as the samples. According to the results of the research, liquidity has a significant effect on the dividend payments in the listed companies in Tehran Stock Exchange. The number of auditors as an indicator of information asymmetry in the liquidity relationship does not have a significant effect on the dividend payment in listed companies in Tehran Stock Exchange. The level of voting rights of the institutional owners as an indicator of information asymmetry in the liquidity relationship does not have a significant effect on the dividend payment in listed companies in Tehran Stock Exchange. The level of ownership as an indicator of information asymmetry in the liquidity relationship has a significant effect on the dividend payment in listed companies in the Tehran Stock Exchange.