قدرت مدیرعامل و تقسیم سود با نقش تعدیلی نوسانات جریان نقدی

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. 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 2022-2018. 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 eviews software. this research is descriptive research with an emphasis on correlational relationships, which can be tested with the help of regression and panel. the researched society included all the companies admitted to the tehran stock exchange and the researched sample included 176 companies considering the limitations. 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. it means that as cash flow fluctuations increase, it strengthens the negative relationship between two variables.