Identification and prioritization of effective factors on willingness of private investors to receive dividends

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Abstract. Purpose of this study is to determine the fact that what the belief of private investors about dividend policy is. In other words, this study by assuming that the factors affecting the willingness of investors to receive dividends in terms of importance are different, was examined. Also the effect of education, income, age of individual investors tend to get dividends on them were investigated. The present study is a Practical Research. The population studied in this research were all real investors who had invested in the Tehran Stock Exchange and of these, 300 were selected by simple random sampling, the findings were analyzed by SPSS software. In general, it was concluded that the level of education, income and age tend to effect on dividends received by individual investors. One-sample t-test results showed that according to the rating of Friedman: Factor of income, tax theory, the theory of choice between profit share or sale of securities of publishing company, agency costs and transaction costs, the greatest impact on the willingness of investors to receive their dividend.


Stock Exchange, the theory of behavioral finance, investment, dividends, shareholder

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