Dividend policies under liquidity uncertainty conditions with real options

The purpose of this paper is to examine the policy of dividing under the conditions of liquidity uncertainty with the use of natural options. Dividend policy is one of the most important issues of financial management, which is in fact the basis for valuing companies. The value of all companies is equal to the total present value of their future cash flows. Investors will receive two types of returns in return for accepting investment risk in the company, including cash benefits and capital gains (due to changes in stock value). Stock profits are the most important source of cash payments to shareholders and therefore of great importance. In this paper, after introducing the method of real discretion and its variants, the introduction of the randomization optimization problem has been discussed. In this study, Monte Carlo simulation method was used to solve numerical problems. The results indicate that earnings and growth opportunities have a positive effect on the value of the company. Finally, the results indicate that the mutual effects of equity and debt income form a U-shaped relationship in the company's value. Based on the results, it was found that the relationship between accumulated profits and external financing costs is negative.