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Resumen
At the end of each fiscal year, the percentage of profits reported by the companies is divided between shareholders, how much dividends can be divided and how they will be distributed is an issue that matters to institutional stakeholders. Therefore, the purpose of this study is to investigate the effect of moderating institutional ownership on the relationship between information asymmetry and dividend policy in Tehran Stock Exchange. In this research, the financial information of 120 companies listed in Tehran Stock Exchange during the period of 2011-2017 has been investigated. To do this research, multivariate regression method has been used using panel data. The present research has two hypotheses that the results of the analysis of the first hypothesis of the research indicate its confirmation, this indicates that there is a negative and significant relationship between information asymmetry and dividend policy. At the level of assurance, 95% of the second hypothesis can be considered as verified. This indicates that institutional ownership has a moderating effect on the relationship between information asymmetry and dividend policy.
Citas
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