The Effect of Group Affiliation on Decisions to Pay Dividends in the Tehran Security Exchange

This study investigates the effect of group affiliation on decisions to pay dividends in the Tehran Security Exchange. Therefore, the relationship between policy dividends and factors such as information asymmetry, dependence on external financing (sources outside the institution) is checked.The research data is collected from 50 firms in the Tehran Security Exchange (TSE) during 2005-2013.The statistical technique is used to examine the assumption of multiple regressions. In order to examine the hypotheses, data is collected from the annual reports of the companies using official bulletins of the Tehran stock exchange, mainly, through Novin software, Tadbir Pardaz software, and stock sites such as www.rdis.ir. The results indicate that between the payment of dividends and the amount of capital and thus the dependence on external financing has a positive and significant relationship with information asymmetry. Keywords: Payment of dividends, Dependence on external financing, information asymmetry, The Tehran Security Exchang