The Relationship between Investment Opportunity, Dividend Policy and Firm Value in Companies Listed in TSE: Evidence from IRAN

The purpose of this study is to examine of relationship between investment opportunity and dividend policy and firm value. The studied group included companies listed in TSE during 2009-2013. Using systematic elimination method, 88 firms (or 440 firm-years) were selected as samples. The methodology of this study is practical descriptive correlation. The required data are collected by library method; Excel software is used to calculate data from companies. To test the hypotheses, Eviews software and panel data method are used. Findings indicate a positive significant relationship between investment opportunities and dividend policy as well as investment opportunities and firm value