The relationship between corporate governance and dividend policies

The goal of this paper is to determine the relationship between corporate governance and dividend policies in listed firms of Tehran Stock Exchange(TSE). Among corporate governance mechanisims:  “CEO duality( existence/ not existence ceo in the composition of board of directors) ” ,“ outside directors ratio” ,“ share ownership by board of directors” ,“ownership concentration among first shareholders” and “ second shareholder(top of 1%)”, “ share ownership by government”, “ float share”, “ financial leverage”, “ growth” and “ size of firm” for review the effect on diviend policies have been used.
In the First place, dividend policy by the “ Lagged model( structure)” for the profitable firms of TSE during 1374- 1388( 15 years) have been choosen and examined by using of OLS regression and the optimal model of dividend policy led to 64 firms to determine the relationship between corporate that is data regression panel data between 1385-1388.
The findings demonstrate dividend policy have positive significant relationship with “ownership concentration first shareholders” and “ second shareholder( top of 1%)” and have a negative significant with the “size of firm”. And dividend policy have no significant relationship with “CEO duality( existence/ not existence ceo in the composition of board of directors ” ,“ outside directors ratio” ,“ share ownership by board of directors” ,“ share ownership by government”, “ float share”, “ financial leverage”, “ growth”.