M.A. Thesis:

The Role of Ownership’s Concentration Moderating Dividend Policy Effects on Firm Value

Abstract The main purpose of this study is to determine the effect of the moderating role of the effect of ownership concentration on the relationship between dividend policy and the value of the company in the Tehran Stock Exchange. One of the important criteria that different groups use to estimate the company's profitability, predict future profits and related risks, as well as evaluate management performance, is the current and past profits of the company. The reported profit of companies is considered as one of the most important decision-making criteria and one of the most important criteria for evaluating the performance and determining the value of an enterprise, which is always used by a wide range of users. This study was conducted for a period of 5 years between 2013 and 2017. In this research, financial leverage and company size have also been used as a control variable. Sample data of the studied companies were analyzed and their data were analyzed using Excel classification software and analyzed by Ives software. The research results showed; There is a negative relationship between dividend policy and company value and this relationship is also significant. According to the theoretical foundations and theories, both profit sharing based on the behavioral perspective of profit can create value and can increase the percentage of profit sharing that reduces new investment opportunities and this issue has a negative impact on the value of companies, which on The results of this study were approved in the second part. Ownership focus also moderates the relationship between the company's profit-sharing policy and value, and the relationship is positive and meaningful. Keywords; Ownership focus, dividend policy, company value

Keywords: Keywords; Ownership focus, dividend policy, company value