Abstract
Abstract
The aim of this study is to examine the Stock market behavioral reaction Based based on long-term and short-run incremental trends of corporate performance Criteria (including earnings per share, operating profit per share, operating cash flow of each share and Net growth of adjusted assets per share in term of inflation) in the time of dividend reduction. For this purpose, four hypotheses are developed and data on 301 companies listed in Tehran Stock Exchange for the period between the years 1991 to 2015 were analyzed. The regression models using Panel data method with fixed effects approach reviewed and tested. The results of this study showed that for performance measures of earnings per share, operating profit per share and operational flow of each share, market behavioral response to simultaneous reduction of performance and dividend is higher for long-term models than short-term patterns. On the other hand, the results indicate that for the change in the net adjusted assets of each share, the behavioral reaction of the market to simultaneously reduce the performance Criteria and dividend is imsignificant for long-term and short-term patterns. Therefore, all the assumptions of the research, except for the fourth hypothesis, are confirmed at 95% confidence level.
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