Social capital, Sticky Dividend and investment efficiency

Social capital as a socio-behavioral factor can keep the problem of excessive costs of the company at a desirable level. Therefore, when a company's social capital is at a high level, managers show less opportunistic behaviors and strive for more cooperation and interaction in the company. Therefore, reducing the opportunistic behaviors of managers through social capital can affect the adhesion of dividends and increase the investment efficiency of the company. Therefore, based on this argument, the present study examines the relationship between social capital, dividend stickiness and investment efficiency. For this purpose, Levy and Lee (2015) questionnaire was used to measure social capital. The hypotheses were tested using the structural equation modeling method based on the information of 83 companies listed on the Tehran Stock Exchange in 2019. The findings of the first hypothesis of the research indicate that social capital increases the investment efficiency of the company. Also, the high level of social capital in companies causes dividend stickiness.