The relationship between managements’ cultural dimensions and agency base model of firms’ dividend policy
Subject Areas : Journal of Cultural Management
فرزین رضایی
1
(مسئول مکاتبات)
کاظم گلباغی
2
(ندارد)
Keywords: cultural dimensions, Dividend policy, Agency theory,
Abstract :
Introdution and aim: The agency model of dividends maintains that dividend payout help address the agency problems between managers and shareholders by distributing cash at the discretion of managers and forcing firms to interact more frequently with capital market. but the main problem is the detecting of effective components for adopting a dividend policy that one of them is the managements’ culture. this research aimed to clarify the relationship between managements’ cultural dimensions and agency base model of firms’ dividend policy. Methodology: The research type is experimental and nature of research is descriptive-survey. The information related to managements’ cultural dimensions is collected by questionnaire of hofstede. In order to measuring dividend policy, we gathered Data from rahavard novin data. Variables are 3 index including D/S، D/CF and D/NI and agency cost is studied by leverage. Hypothesis was tested by 73 samples during 2002-2012. Finding & Conclusion: Findings indicate that in the all of dividened policy variables used, Uncertainty avoidance index and power distance index have a weak negative relation and masculinity index has a weak positive relation to dividened policy. while, there is no relationship between Individualism and dividened policy. meanwhile agency cost, has adjusted the relationship between uncertainty avoidance and power distance with dividend policy when D/S and D/CF were used. finally, Agency cost has no effect on the adjustment of the relationship between Individualism and Masculinity with dividened policy.
