The investigation of the relationship between dividend policies, cash-flow uncertainty, contributed capital mix and investment opportunities: the case of emerging markets (Tehran Stock Exchange)
Saeid Jabbarzadeh Kangarlouei, Morteza Motavassel, Asghar azizi, Mahdi Sarbandi Farahani

Abstract
Financial performance measurement of companies is among the most important subjects considered by investors, creditors, governments and managers. Mangers use performance measurement in order to evaluate the performance of parts under their coverage. Investors (shareholders) evaluate the performance in order to assess the success rate of management in applying their capital and decisions making for maintain, increase or selling investment and creditors use it to make decision about rate of credit granting. The most important aspect that investors consider in evaluating performance is that whether any value has created for them or not. In recent years many efforts have been done to introduce indices that could better fulfill the goals of shareholders. In this study, the relationship between dividend policy, cash-flow uncertainty, contributed capital mix and investment opportunities is investigated in Tehran Stock Exchange (TSE) during the period of 2006-2010. First, the variables of research were identified and then data were obtained from RahavardNowin Software. These data were analyzed to test hypotheses by using SPSS software through descriptive and inferential statistics such as correlation analysis. The following research results have been obtained: there is a negative and significant relationship between dividend policy, cash flow uncertainty and investment opportunities and positive and significant relationship between dividend policy and contributed capital mix.

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