M.A. Thesis:

taxes and dividends with the moderating role of agency conflicts

Dividend policy is one of the most important issues in financial literature, since dividend represents the major cash payments of companies and one of the most important options and decisions of managers. The river on the other hand, taxes are also regarded as a social cost to another major cash payment of companies. This study refers to the relationship between taxation and dividends with the moderating role of representational problems, in which the tax rate at that effective tax rate and the criteria for representation problems, including free cash flow, financial leverage and management ownership, are considered, as well as the size The company is a controlling variable. This research was conducted for a five-year period between 91 to 95 years in listed companies and the software application used in this research is 10 copies. The results showed that there is a negative and significant relationship between tax and dividend, which suggests that by increasing the effective tax rate, the dividend of corporate profits decreases and companies tend to dividend policy Take down the decline. On the other hand, there is a positive and significant relationship between the variables of representation problems and dividends between free cash flow and dividend flow, but there is a more negative and significant relationship between the other two variables: financial leverage and management ownership with dividends. The results also show the moderating effect of representation problems on the relationship between tax and dividends in the companies admitted to the Tehran Stock Exchange

Keywords: SDS, effective tax rate, free flow, financial leverage, management ownership