A Long-term Casual Nexus between Stock Price and Dividends: Empirical Evidence from the Accepted Firms in Tehran Stock Exchange

Advances in Mathematical Finance and Applications

مقاله 5، دوره 1، شماره 1، مهر 2016، صفحه 43-55   

نوع مقاله: Research Paper

شناسه دیجیتال (DOI): 10.22034/amfa.2016.526243

نویسنده

Mahboobe Motakiaee^*

Department of Management, Arak Branch, Islamic Azad University, Arak, Iran

چکیده

this world; though all the discussions are focused on the causal relationships in all
the scientific arguments. One of the methods to study the designed causal relationships
objectively is Granger causality test. This paper aims to investigate the longterm
causal relationship between the stock price and dividends. The statistical
population includes 180 active companies in Stock Exchange of Tehran during
2010-2014. In order to analyze the achieved data statistically, the used specified
model has been the regression model using the econometric data panel techniques
and to test the research hypotheses and find the specific relationships among the
variables, the descriptive-inferential statistics and Eviews software were used.
Results indicated that the stock price is not due to the dividends; however, the
dividends are the Granger causality of stock price. Also, the type of industry, firm
growth index, and systematic risk index are of impact on the relationships between
the stock price and dividends.

کلیدواژه‌ها

stock price؛ Dividends؛ Systematic Risk؛ Firm growth؛ Granger causality test

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