M.A. Thesis:

jaryane naghde azad siasate taghsime sood forsathaye sarmaye gozari raftare forsat talabane va arzeshe sherkat

This study seeks to test the relationship between free cash flow, dividend policy, investment opportunities and opportunistic behaviors with the value of companies admitted to the Tehran Stock Exchange. The statistical society is the companies listed on the Tehran Stock Exchange between 2004 and 2014. The sample consists of 107 companies. Calculating test variables through EXCEL software and finally analyzing the data and testing the hypotheses through multivariate regression tests through EVIEWS software. The results of this study show that with increasing cash flow, opportunistic behaviors increase. Also, with the increase of free cash flow and corporate investment opportunities, the share of dividend profits decreases. Increasing free cash flow increases investment opportunities. And the main result of the present research is that with the increase of managers' opportunistic behavior, the ratio of dividends and investment opportunities, the value of the company also increases.

Keywords: Free Cash Flow, Dividend Policy, Investment Opportunities, Opportunistic Behaviors, Company Value