بررسی تاثیر نوع بزرگترین سهامدار بر سیاست های تقسیم سود شرکت های پذیرفته شده در بورس اوراق بهادار تهران

The purpose of this research is to investigate the effects of largest shareholder type (including inside shareholder, financial companies, state shareholder and holding companies) on dividend payout policy of the companies listed in tehran stock exchange. the results show that dividend payout policy is affected by ownership structure in the companies which their largest shareholder is inside shareholder or state shareholder so that as the ownership of the largest shareholder increases, dividend payout ratio also increases. however, in the companies which their largest shareholder is a financial company or a holding company, the influence of ownership majority of the largest shareholder on dividend payout policy cannot be proved. we also show that between different types of the largest shareholder, the insider shareholders are in favor of a lower dividend payout ratio and prefer to retain earnings.