Thesis:

Dividend Policy as a Moderating Variable on the Effect of Size, Debt Policy, Profitability and Stock Returns

Stock returns have significant importance in the financial and accounting literature. One of the important parameters that is always used as an important indicator in analyzing companies is stock returns. The purpose of this study is to investigate the moderating role of a company's dividend policy on the relationship between company size, debt policy, profitability, and stock returns in the Tehran Stock Exchange. Stock price changes and dividend distribution rates were used to measure the stock return variable. For this purpose, information related to 119 active companies was analyzed using the panel data method. The data set was collected during the period from 2018 to 2022. The results of this study show that there is a positive and significant relationship between company size, debt policy, profitability, and stock returns. The second hypothesis also showed conclusive evidence for the moderating (reinforcing) effect of dividend policy on the relationship between company size, debt policy, profitability, and stock returns; therefore, it is suggested that more attention be paid to the issue of dividend policy as a variable and influencer to increase stock returns.

Keywords: Keywords: Firm Size, Debt Policy, Profitability, Dividend Policy, Stock Returns.