عنوان مقاله [English]
Increasing competition in the business as an effective mechanism can play a role in management decisions to pay dividends. In particular, the relationship between outcome and the substitution model has been proposed. This study examined a sample of 112 years from 1383 to 1390 at the industry level (about 126 firms) to examine the relationship between competitive structure of the market and policy dividends. In this research the relationship between indicators of competitiveness (industry concentration, product substitutability, market size, market entry barriers and the number of firms) and dividends per share have been tested after considering control variables(such as firm size, profitability, growth opportunities, ratio of retained earnings to total capital, liability ratio) using the combined data. Then using a competition score which is a combination score for measuring competition, the original hypothesis has been tested. The findings suggest that the product substitutability and market size have a positive significant relationship with paying dividend. And there was no significant association between other aspects of the competition and paying dividend.
The main research hypothesis was tested using the competition score and positive but non-significant association was found. Profitability which is belonged to control variables showed a significant correlation with the dividend policy.