Empirical Analysis the relationship between Dividend Payout Strategies

چکیده مقاله

This research analyzed the relationship between dividend payout strategies and manager’s over confidence. Over confident managers are those who invest more than the median rather than other firms in the same industry. Dividend payout ratio is used to measure the dividend payout strategy. These strategies classified in two categories such as contraction and expansion strategies which denote to decrease or increase in dividend payout decisions. The hypotheses tested using multivariate panel regression model and means equality test. The research sample includes 262 firms listed in Tehran Stock Exchange over the period 2010 - 2014. The results showed that there is a significant and negative relationship between dividend payout strategy and manager’s over confidence. It means that over confident manager desire to pay less dividend rather than others. Additional results suggested that there is not any significant difference in the level of manager’s over confidence between those observations that have low and high levels of dividend payout ratio; also, there is not any significant difference in the level of manager’s over confidence between those observations that have contraction and expansion dividend payout strategies

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