Provide a model to explain the relationship between real profit management, financial leverage, dividends paid and company value

Document Type : Original Article

Authors
sajad hamedi 1
HAMIDREZA KORDLOUIE 2
faegh ahmadi 3
mohammadhamed Khanmohammadi 4
maziar ghasemi 5
1 PhD student, accounting department, Qeshm branch, Islamic Azad University, Qeshm, Iran
2 Associate Professor, Department of Financial Management, Islamshahr Branch, Islamic Azad University, Islamshahr, Iran
3 Assistant Professor, Department of Accounting, Qeshm Branch, Islamic Azad University, Qeshm, Iran
4 Assistant Professor, Department of Accounting, Adiban Institute of Higher Education, Garmsar, Iran
5 Associate Professor, Department of Accounting, Damavand Branch, Islamic Azad University, Damavand, Iran
10.30495/jik.2025.23648
Abstract
The purpose of this study is to investigate the simultaneous interactions between real profit management, financial leverage, dividends paid and company value among companies listed on the Tehran Stock Exchange. For this purpose, 143 companies have been selected whose information has been analyzed during the years 1392-1392 using Stata software and three-stage least squares (3SLS) and two-stage least squares (2SLS) methods. The research findings show that both 3SLS and 2SLS statistical methods show exactly the same results. The results indicate that all four main endogenous variables have a significant effect on each other in all equations of the four-equation research system and all but two have a negative effect. Only dividends payable and the value of the company have a significant and positive effect on each other.
Keywords
Financial leverage
company value
real profit management
payable dividends
synchronous equation system
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