Investigation of Effect of the Non-institution Shareholders on Dividend Policy

Existence non-institution shareholders، created agency conflict between management and ownership. This agency conflict may lead to information asymmetry and put to impact corporate dividend policy. The main objective of this study is investigation of effect of the non-institution shareholders on dividend policy in companies listed in Tehran Stock Exchange. Indeed، this study seeks to answer this question whether non-institutional shareholders can to play efficiency role in corporate dividend policy، and if so، how this effect can be interpreted? To answer this question used of three the dividend main theories namely agency theory، signaling theory، pecking order theory. Our sample included 144 companies listed in Tehran Stock Exchange during the period are 1389-1380. We used Tobit Model based on cumulative data to test the research hypothesis. Our findings this study indicate that exists significant and negative relationship between ownership Percent non-institution shareholders and dividend policy. Indeed، with increasing ownership Percent non-institution shareholders، decreases corporate dividend.