The Relation between Financial and Accounting Determinants with Dividend Payout Ratio, in Different Life Cycle Stages

The purpose of this paper is examining the relation between some of the financial and accounting determinants with dividend payout ratio of the listed companies on Tehran Stock Exchange in different life cycle stages. Hence, firstly we examined the relation between leverage, liquidity, profitability, size and intangible assets with dividend payout ratio. Then, the effects of life cycle stages on those relations were investigated.
We investigate 144 listed companies on Tehran Stock Exchange (TSE) for 1382 to 1394 period. The results show that there is a negative and strong relation between leverage and intangible assets with dividend. Also there is positive and strong relation between profitability, liquidity and size with dividend. In addition, there is a more negative relation between leverage with dividend for companies which are in introduction or growth stages. Also, there is a more positive relation between profitability and size with dividend for companies which are in mature or decline stages. In addition, life cycle stages have no strong effect on the relation between liquidity and intangible assets with dividend.