The Effect of Ownership, Control and CEO of the Family on Dividend Policy

Family companies, with different characteristics in global businesses play important role. On the other hand, increase the superiority of the family businesses in the global economy, research and study in family ownership, has attracted more attention of researcher and different characteristics of family ownership and organizational policies of family companies has been studied. The present study has focused on family ownership, family control and CEO of the family among different characteristics of family companies and has studied the effect of these factors on dividend policy. 44 companies among the companies registered on the Tehran Stock Exchange that is controlled by members of a family during the period from 2000-2017 were chosen. Findings show that whatever the ownership of one or two family members in the company increase, dividend of company decrease. Also, the control of one or two family members on the company increase, and these people have owned at least 50% stock in the company, the amount of dividend decrease.