Studying the effect of Political Relations on Capital Structure and Profit Sharing Policy of Companies Listed in Tehran Stock Exchange

Abstract

: The purpose of this study is to investigate the effect of political relations on the capital structure and profit distribution policy of companies listed on the Tehran Stock Exchange during the years 2014 to 2020. Since the results of this research can be used by auditing organizations, auditing firms, researchers, students and companies, in terms of categorization of research in terms of purpose, it is of the type of applied research and in terms of classification of research in terms of method is causal after occurrence. The data collection tools in this research are scientific articles and Rahavard Novin software using information companies. Data analysis was performed using Ives software. The statistical population in this study is all companies listed on the stock exchange, of which 94 companies were selected as a sample through screening. The results showed that there is a significant relationship between the political relations of the parliament and the political relations of the government with financial leverage. Because the probability value of each of these variables is less than the standard value of 0.05%. The results also showed that there is a significant relationship between the political relations of the parliament and the political relations of the government and the policy of profit sharing. Because the probability value of each of these variables is less than the standard value of 0.05%. a study examined the relationship between political communication and corporate value. The results showed that the value of companies whose managers have political affiliation has decreased significantly following the announcement of the new law and the subsequent resignation of managers. Sáez Lacave, M. Gutiérrez Urtiaga, M (2014), in a study entitled dividend policy with shareholder control, examined the determinants of dividend policy in companies with a centralized ownership structure. The research findings showed that in companies with shareholder control, the dividend payment ratio is lower. The results also show that there is an unresolved agency conflict between controlling shareholders and foreign shareholders. The controlling shareholders use the dividend policy to dispossess the ownership of the minority shareholders. Su. X, Y Becker and D Rosenfeld. (2013) examined the predictive power of asset growth to assess future stock returns. Examples include data from 23 countries on three continents: the United States, Europe, and Asia. The results show that there is high predictive power in the measures of asset growth for stock returns. This predictive power continued for 4 years after the date of initial measurement. In addition, they stated that, these results can be generalized to different examples, including large corporations, small corporations, and corporations in a geographic area.