Dividend Smoothing Based on Financial Flexibility and Capital Structure Adjustment

Objective: This paper aims to examine dividend smoothing based on financial flexibility and capital structure adjustment. Method: In this study, the data of 120 companies listed in the Tehran Stock Exchange in the period 2009 to 2016 were collected, and the pooled regression model was used to test t...

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Autor principal:	Mohsen Rashidi (Ph.D)
Formato:	article
Lenguaje:	FA
Publicado:	Shahid Bahonar University of Kerman 2020
Materias:	capital structure adjustment dividend smoothing financial flexibility Accounting. Bookkeeping HF5601-5689
Acceso en línea:	https://doaj.org/article/1289d49e8cb943d28003c47324f35167
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spelling	oai:doaj.org-article:1289d49e8cb943d28003c47324f351672021-11-04T19:55:28ZDividend Smoothing Based on Financial Flexibility and Capital Structure Adjustment2008-89142476-292X10.22103/jak.2020.12769.2913https://doaj.org/article/1289d49e8cb943d28003c47324f351672020-04-01T00:00:00Zhttps://jak.uk.ac.ir/article_2510_35e4d016d604808e24f24a719a014b59.pdfhttps://doaj.org/toc/2008-8914https://doaj.org/toc/2476-292XObjective: This paper aims to examine dividend smoothing based on financial flexibility and capital structure adjustment. Method: In this study, the data of 120 companies listed in the Tehran Stock Exchange in the period 2009 to 2016 were collected, and the pooled regression model was used to test the research hypotheses. Results: Findings verified the first and second hypotheses of the research. In other words, the results of the first hypothesis indicated that financial flexibility leads to dividends smoothing. The results of the second hypothesis showed significant relationship between capital structure adjustment and dividend smoothing. Finally, the results of the third hypothesis indicated that capital structure adjustment does not have significant effect on the interaction between financial flexibility and dividend smoothing. Conclusion: According to the research findings, there is a tendency to change the method of dividend payments as a result of lack of transparency in the financial status and unfavorable capital structure, so that managers limit changes in dividends to limit the risk of non-transparency.Mohsen Rashidi (Ph.D)Shahid Bahonar University of Kermanarticlecapital structure adjustmentdividend smoothingfinancial flexibilityAccounting. BookkeepingHF5601-5689FAمجله دانش حسابداری, Vol 11, Iss 1, Pp 85-112 (2020)
institution	DOAJ
collection	DOAJ
language	FA
topic	capital structure adjustment dividend smoothing financial flexibility Accounting. Bookkeeping HF5601-5689
spellingShingle	capital structure adjustment dividend smoothing financial flexibility Accounting. Bookkeeping HF5601-5689 Mohsen Rashidi (Ph.D) Dividend Smoothing Based on Financial Flexibility and Capital Structure Adjustment
description	Objective: This paper aims to examine dividend smoothing based on financial flexibility and capital structure adjustment. Method: In this study, the data of 120 companies listed in the Tehran Stock Exchange in the period 2009 to 2016 were collected, and the pooled regression model was used to test the research hypotheses. Results: Findings verified the first and second hypotheses of the research. In other words, the results of the first hypothesis indicated that financial flexibility leads to dividends smoothing. The results of the second hypothesis showed significant relationship between capital structure adjustment and dividend smoothing. Finally, the results of the third hypothesis indicated that capital structure adjustment does not have significant effect on the interaction between financial flexibility and dividend smoothing. Conclusion: According to the research findings, there is a tendency to change the method of dividend payments as a result of lack of transparency in the financial status and unfavorable capital structure, so that managers limit changes in dividends to limit the risk of non-transparency.
format	article
author	Mohsen Rashidi (Ph.D)
author_facet	Mohsen Rashidi (Ph.D)
author_sort	Mohsen Rashidi (Ph.D)
title	Dividend Smoothing Based on Financial Flexibility and Capital Structure Adjustment
title_short	Dividend Smoothing Based on Financial Flexibility and Capital Structure Adjustment
title_full	Dividend Smoothing Based on Financial Flexibility and Capital Structure Adjustment
title_fullStr	Dividend Smoothing Based on Financial Flexibility and Capital Structure Adjustment
title_full_unstemmed	Dividend Smoothing Based on Financial Flexibility and Capital Structure Adjustment
title_sort	dividend smoothing based on financial flexibility and capital structure adjustment
publisher	Shahid Bahonar University of Kerman
publishDate	2020
url	https://doaj.org/article/1289d49e8cb943d28003c47324f35167
work_keys_str_mv	AT mohsenrashidiphd dividendsmoothingbasedonfinancialflexibilityandcapitalstructureadjustment
_version_	1718444573956505600

Dividend Smoothing Based on Financial Flexibility and Capital Structure Adjustment

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