عنوان مقاله [English]
نویسندگان [English]چکیده [English]
Dividend policy and factors affecting it are among the important topics widely used in modern financial literature. In most studies in this regard, researchers have pointed out some firms characteristics. The results of recent studies show that Managerial Ability is one of the determinants of dividend policy. In accounting literature, managerial ability is one of the dimensions of human capital, which is classified as an intangible asset. Some researchers define managerial ability as management efficiency for changing the company`s resources into revenue, as compared to the competitors,. This article is aimed to study the effect of managerial ability on dividend policy. The sample consists of 118 firms listed in Tehran Stock Exchange (TSE) from 2007 to 2014. Managerial ability is a part of firm`s performance, which is not affected by the firm's intrinsic factors. In order to calculate and analyse the managerial ability data, the model proposed by Demerjian et al. (2012, 2013) is employed. Hypothesis testing is performed using multivariate linear regression statistical methods and Data Envelopment Analysis model (DEA). The results show that managerial ability has a positive significant effect on dividend policy. In other words, more able managers pay more dividends. Also, according to the findings, cash flow is effective on a firm dividend level, that means dividend is sensitive to cash flows
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