M.A. Thesis:

Transparency profit , growth opportunities and dividend policy

The issue of dividend policy has long been an interesting and questionable topic in financial management, so far no specific answer has been given to it, to which Fisher Block explains as a puzzle of dividends. The decision to split profit is one of the company's most important decisions. Private investors invest in returns. Receiving dividends is one way to generate returns. On the other hand, transparency of profits and company growth opportunities for investors is very important for investment. Therefore, these factors can create secure conditions and promote investors' confidence. Transparency has a positive impact on the performance of companies and can protect the interests of shareholders. In this regard, the overall objective of the study is to investigate the relationship between profit transparency, growth opportunities and profit-sharing policies. In this study, 113 companies active in the Tehran Stock Exchange were used during the period 1387-1394, which was used to analyze the data The regression model of the data panel has been used with fixed effects method. In this research, the dividend policy is considered as an associated variable, so that the effects of independent variables such as profit transparency, growth opportunities and control variables (financial leverage, size of company, return on assets) are measured on it, which results The results of analyzing research models show a negative relationship between profit transparency and dividend policy. In this regard, the effect of controlling variables was also examined. The results indicate that there is a positive correlation between the size of the company as a control variable and the dividend policy, which means that the increase in the size of the company increases the corporate dividend policy It turns out. The results of the financial leverage and asset return control variable show that there is no relationship between variables and dividend policy, and these findings indicate that there is a significant relationship between growth opportunities and dividend policy, and the results indicate That is, there is no significant relationship between firm size, financial leverage, and return on assets as a control variable with dividend policy.

Keywords: transparency of profit, growth opportunities, dividend policy