The Impact of Stock Liquidity and Dividend Policy on Firm Value: Evidence from Companies Listed on the Tehran Stock Exchange

This research investigates the impact of stock liquidity, dividend policy, firm size, leverage, and profitability on firm value for companies listed on the Tehran Stock Exchange between ۲۰۱۶ and ۲۰۲۲. Using panel data from ۱۰۱ companies and employing the ordinary least squares (OLS) method through Eviews software, the study tests hypotheses to explore these relationships. Descriptive statistics suggest that stock liquidity, dividend policy, firm size, and profitability are positively correlated with firm value, while leverage has a negative correlation. The results confirm that stock liquidity, dividend policy, firm size, and profitability significantly increase firm value, whereas leverage negatively impacts firm value. The regression model explains ۷۰% of the variance in firm value, indicating a strong relationship between the independent variables and the dependent variable. Practical suggestions include enhancing stock liquidity, maintaining stable dividend policies, focusing on firm growth, and controlling leverage to improve firm value. This study contributes to the literature on corporate finance and provides actionable insights for companies in emerging markets.This research investigates the impact of stock liquidity, dividend policy, firm size, leverage, and profitability on firm value for companies listed on the Tehran Stock Exchange between ۲۰۱۶ and ۲۰۲۲. Using panel data from ۱۰۱ companies and employing the ordinary least squares (OLS) method through Eviews software, the study tests hypotheses to explore these relationships. Descriptive statistics suggest that stock liquidity, dividend policy, firm size, and profitability are positively correlated with firm value, while leverage has a negative correlation. The results confirm that stock liquidity, dividend policy, firm size, and profitability significantly increase firm value, whereas leverage negatively impacts firm value. The regression model explains ۷۰% of the variance in firm value, indicating a strong relationship between the independent variables and the dependent variable. Practical suggestions include enhancing stock liquidity, maintaining stable dividend policies, focusing on firm growth, and controlling leverage to improve firm value. This study contributes to the literature on corporate finance and provides actionable insights for companies in emerging markets.

کلیدواژه ها:

Stock Liquidity ، Dividend Policy ، Firm Value ، Corporate Finance