درخت حوزه‌های تخصصی

The purpose of a financial manager in dividend policy is to maximize the wealth of its owners while providing adequate funds for the company. In this research, the aim is to determine the relationship between information asymmetry, dividend policies and ownership structure. After designing information asymmetry evaluation indicators, the transaction information has been collected from the Stock Exchange in the five year period of 2011-2015. A statistical sample of 155 companies was selected using a systematic elimination method, which was a total of 775 years-firm. In this research, linear regression and correlation were used to analyze the hypotheses of the research. What can be said in the summing-up and conclusion of the general test of research hypotheses is that the company with a higher information asymmetry is less likely to pay dividends, as well as government-affiliated companies with higher information asymmetry pay more dividends compared to non-governmental corporations. Finally, the results indicated that structural reform in order to increase the transparency of information leads to a positive moderating effect on the relationship between information asymmetry and dividend policies

It has been argued and stated that the 21st century is America's Pacific Century, the century or millennium of Asia, and century or era of China, the inevitable superpower. This paper explains the essence of the new changes when the Pivot Policy was announced by President Obama in 2011. The main question discussed is therefore the following: ‘Why (and how) did President Obama adopt (and implement) the Pivot to Asia policy in 2011?’ One probable answer to this question is that President Obama intended to prevent China’s hegemony in East Asia through the Pivot Policy; however, China’s hegemony was carried out by economic and military levers. The theory applied is Joseph Nye’s “Liberal Realism,” because the Pivot as a question of foreign policy is considered to be part of Realism and Liberalism simultaneously, and can be used for analysis at both global and domestic levels. The methodology used in this research is a mix methodology of Qualitative Content Analysis and Case study. The “Pivot” or “Rebalance” to Asia is a policy based on significant changes such as the rise of China and the US relative decline, at global and domestic levels, respectively. The Pivot is a regional coherent strategy from the Indian ocean to the Americas, a strategy of cooperation and competition toward China, implemented through smart leadership, rather than hegemony by economic and military tools like modern alliances, partnerships and institutions in order to prevent “China’s hegemony” and lead it to a responsible emerging power when in the half of the millennium, 2050, it reaches its peak of progress. The U.S. tries to maintain its worldwide leadership status up to the 22th century through the implementation of the Pivot Policy in 2011.