Thesis:

CEO Power and Dividend Payout Moderating Role Cash Flow Volatility

The main purpose of this research is to determine the effect of CEO power and profit sharing with the moderating role of cash flow fluctuations in Tehran Stock Exchange. Power is considered the management's ability to influence the behavior, goals, attitudes, beliefs, feelings, or values of subordinates. Dividend is an influencing factor on future investments of companies. The more profits are distributed, the less the company's internal resources will be for the implementation of investment projects, and the need for external financing from the company will increase. This factor can affect the future price of shares. On the other hand, shareholders want cash dividends. Therefore, with the aim of maximizing shareholders' wealth, managers must balance the interests of shareholders so that they do not miss profitable opportunities and pay cash dividends. This research was conducted for a period of five years from 2018-2022. The sample data of the studied companies, after checking the availability of their data, were collected and classified with the help of Excel software and analyzed with the help of Eviuse software. The research results showed; There is a negative relationship between the CEO's power and profit distribution, and this relationship is also significant. Three factors of tenure, duality and management ownership have been used for the power of the CEO, which can have an impact on the company's macro decisions due to the high power of the management, and in this case, according to the managers, they will use their power. They divide the profit and the minimum profit among the shareholders and they will seek to expand the company's activities and earn more and more stable profits in the long term. Also, cash flow fluctuations moderate the relationship between CEO power and profit distribution, and the relationship is positive and significant.

Keywords: Power of the CEO - Profit sharing - Cash flow fluctuations