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16 1394 &6 #$ &9" #" &.% 16 A$& $% 8C?! $> ;? B! &"i " I; &G; P(, %" 8V! I1,O, &ZC1!(1 f &I1,O G!, p! >1 f 8 8@. # #WC I" Aƒ*? "! T"U #" k ;C " *! > &=:C.1 ZC1 W I I$k!C( 8 1! ZC1!(1 &# 90( I1,O 8, I1,O " = % &!,. C. 8? 80C( I1 ZC1 I (1. #! 3 I1,O. )( Sn I =BV1 8? # %k K 1 %95 <) F$ GH - <4 :3 $.: >" CX 3.% 2 *! > 4, ( ;1 9 # [( :(8@"? : Q< : <4 (f)> 2$ -22/55-113/6-16/62-6/78-6/2-6/93-12 <% OP,M (f)> 2$ 388/3 504/6 315/07 154/09 2/5 367/31 397/13 :M N- (f)> 2$ 243/2 374/7 210/5 90/77 0/ /7 0/33 170/2 0/04 230/7 ;L (1 (1 (1 (1 (1 (1 (1 ;#< 0= J$%45K. I). )%5) 2&?@!dC( Gds$. d1! &E:F? H* A(!" 4 =BdV1 d. ( ( [C.J$X =BV1 8 " " &p!? 8 IO, % " d!#d #WCd (EGLS) $) 8C?! $> >1 = % 2", A(!" (.$( &((Fix) d K 1 ) AR(1) C1, &ZC1 G [C.J$X &IB$ " X) # #WC ; BM =(V# O-$ ( <4 U- :4 ; BM (1) H? (3)" (2) H? (4) H? (6) " (5) H? ( <4 2$ ( =(V# <4 2$ =(V# 0/4 ( 0/41 ( 0/001 4

17 :7 0= 2 > & L& JE MN$).d # d 8dCX (d K 1 " W5 1O 6; 8? I1,O 8 T) G! d$; f Id1,O, Ed:F K d1 Id!*d d! :W* G S)C( l)v Gs$,?d7 d d! [; ", B! S)C( " G> Aƒ &!##WC. # V1 = 5 IO, =5%!C( 8 # #WC G$ I1,O? : f <4 U- :5 ; BM (1) H? (3) " (2) H? (4) H? (6) " (5) H? 2$ 0/01 0/01 : f <4 : f <4 U-!*!*!*!* 2$ 0/05 0/13? <4? <4 U-?7 ;#< >. 8= 2&?@. :( X >1 :(1) H? *! > ) # =! > ZC1 GC? <( I" K" H?, =5%!C(. # 1O 6 (=:C.1 3.% 2, J+ 8. (.$( =BV1 E:F K" H? 4 " 5 8 8@ (.$( =BV1 I gk (EGLS) $) 8C?!$> >1 = % 2". ( [C.J$X =BV1 D1 K 1?k,. # #WC ;% N? K 1 8 G! [( () K$C% f 41O 8 Y1!C( Gs$ <( 1 ZC1 G YJ (1 E:F K 1 " >1 1O <(, *. ( [C.J$ X =BV1 (1/8) I." G" 41O 8 8@ " ZC1 Z, (0/44) " % T"U 4" = 8 IO [( # =! > G> 6! ( <( 1 ) =:C.1 ZC1 H*" 8 (>" CX ) 8C." F CX Z, (0/44) " % [! J+ 8.1 #. <( 1

18 1394 &6 #$ &9" #" &.% 18 (-0/03) ( 6! 3 <( IV(!C( t 41O 8B! 8 8@. >" CX W1 8 W I1 & 5 5 f, T #1O G! K$C% " 1 (-1/07) CX <( 1 D 9 + J1 W5 H? <( I$k f " #! >"..( D >" CX <4 U- :6 6+ *$+$ =:$ ;1 9 4, ( # [( :( 8@" I 1 A-$B -0/03-0/19-239/54 10/62!" :;($ t 5-1/07-0/58-4/36 1/24 f K$C% = f 41O = 8/71 G> 6! = 0/50 # =! > G> 6! = 0/44 I." G" 41O = 1/80 &'$ #$% 2$ 0/28 0/55 0/21 ;#< O. O. 0= 2&?@. :( X >1 =:C.1 3.% 2 =! > :(2) H? =:C.1 3.% 2 =! > 8 :(3) H?. >1 :( X &D1 *! > ) # =! > ZC1 GC? <( J " " H?, =5%!C(. # 1O 7 (=:C.1 3.% 2 8. (.$( =BV1 E:F &(3) " (2) 8? 5 " 4 8 8@ =BV1 Igk (EGLS) $) 8C?!$> >1 = % 2", J+. # #WC (.$(

19 ( [C.J$X =BV1 D1 K 1 Gs$ <(, * ;% N? K 1 8 G! [( (0/03) K$C% f 41O 8 Y1!C( " <( 1 ZC1 G YJ (1 E:F K 1 " >1 1O =! > G> 6!. [C.J$X =BV1 (2/08) I." G" #1O 8 8@ ) 8C." ZC1 Z, (0/01) " % T"U 4" = 8 IO [( # # =! > " ( <( 1 ) =:C.1 ZC1 H*" 8 (>" CX Z, (0/01) " % [! J+ 8.1 # (3.% 2 *! > ) 2 *! > " <( 1 F CX >". 3.% ( 6! 3 3.% 2 *! > 8 1 IV(!C( t 41O 8B! 8 8@. >" CX Jy1 &(0/53) 5 5 f, T #1O G! K$C% " 1 (1/83) 3.% 2 *! > 3.% 2 *! > D 9 + J1 W5 H? 8 W I1 & 2 *! > 5 95 I$k f " # 8C?!D >" CX..( D >" CX 3.% CX <( 1 8.(O [(!C( Gs$ # =! > ZC1 p! I+ 8 =:C.1 3.% 2 *! > 8 &>" t 41O 8B! 8 8@ " W1 &(-8) ( 6! 3 D1 CX " <( 1 G Hf # =! > =1+ I1 & 5 5 I$k f, #1O G! K$C% " 1 (-3/38) >" 2 *! > # =! > ZC1 D 9 + J1 W5 H? 8 W " # >" CX " <( 1 G Hf 3.% # =! > ZC1 I+ 8 3.% 2 *! > 5 95 I$k f. D >" CX " <( 1 Hf

20 1394 &6 #$ &9" #" &.% 20 <4 U- :7 MY *$+$ =:$ &'$ #$%!" :;($ A-$B t 5 2$ =:C.1 3.% 2 *! > 0/53 1/83 0/06 2 *! > -8-3/38 8-0/08-1/34 0/17 ;1 9-0/21-0/46 0/64 4, ( -431/89-2/25 0/02 # [( :( 8@" I 1 61/18 1/56 0/11 f K$C% = 0/03249 f 41O = 2/308 G> 6! = 0/01 # =! > G> 6! = 0/011 I." G" 41O = 2/08 ;#< O, 8= 2&?@. /$01 S71 :( >1 :(4) H? *! > ) # =! > ZC1 GC? <( I" 9i H?, =5%!C(. # 1O 8 (=:C.1 3.% 2 J+ 8. (.$( =BV1 E:F i H? 5 " 4 8 8@ (.$( =BV1 Igk (EGLS) $) 8C?!$> >1 = % 2", ( AR(1) C1, & [C.J$X =BV1 D1 K 1 Ii?k,. # #WC. # #WC ;% N? K 1 8 G! [( () K$C% f 41O 8 Y1!C( Gs$ <( 1 ZC1 G YJ (1 E:F K 1 " >1 1O <(, * # gk [C.J$X =BV1 (2/04) I." G" 41O 8 8@ " Z, (0/85) " % T"U 4" = 8 IO [( # =! > G> 6!. ( <( 1 ) =:C.1 ZC1 H*" 8 ( $.: ) 8C." ZC1 F $.: Z, (0/85) " % [! J+ 8.1 #

21 21... <( IV(!C(. <( 1 8B! 8 8@. $.: Jy1 &(0/38) ( 6! 3 5 f, #1O G! K$C% " 1 (4/94) <( 1 t 41O <( 1 D 9 + J1 W5 H? 8 W I1 & I$k f " # $.:. D $.: <4 U- :8 6+ *$+$ =:$!" ( :;($ A-$B t 5 2$ 0/38 4/94 ;1 9-0/03-0/17 0/86 4, ( # [( :( 8@" I 1 AR(1) 193/53-4/83 0/23 f K$C% = f 41O = 51/61 G> 6! = 0/87 # =! > G> 6! = 0/85 I." G" 41O = 2/04 4/89-1/85 4/33 0/06 ;#< 6. F7 0= 2&?@ /$01 S71 :( >1 =:C.1 3.% 2 =! > :(5) H?. &D1 =:C.1 3.% 2 =! > 8 :(6) H?. >1 /$01 S71 :( ) # =! > ZC1 GC? <( T " 8?, =5%!C(. # 1O 9 (=:C.1 3.% 2 *! >

22 1394 &6 #$ &9" #" &.% 22 <4 U- :9 6+ *$+$ =:$!" ( :;($ A-$B t 5 2$ =:C.1 3.% 2 *! > 0/13 1/27 0/2 2 *! > 05E--9/68-0/63 0/52 0/37 4/71 ;1 9-0/026-0/13 0/88 4, ( 185/79 4/6 # [( :( 8@" I 1-4/28-1/59 0/11 AR(1) 0/24 24/4 f K$C% = f 41O =50/08 G> 6! =0/87 # =! > G> 6! =0/85 I." G" 41O =2/04. (.$( =BV1 E:F &T " 8? 5 " 4 8 8@ =BV1 I gk (EGLS) $) 8C?!$> >1 = % 2", J+ 8 C1, & [C.J$X =BV1 D1 K 1 Ii?k,. # #WC (.$( G! [( () K$C% f #1O 8 Y1!C( Gs$. # #WC ( AR(1) G YJ (1 E:F K 1 " >1 1O <(, * ;% N? K 1 8 =BV1 (2/04) I." G" 41O 8 8@ " <( 1 ZC1 4" = 8 IO [( # =! > G> 6!. # gk [C.J$X =:C.1 ZC1 H*" 8 ( $.: ) 8C." ZC1 Z, (0/85) " % T"U (3.% 2 *! > ) # =! > ZC1 " ( <( 1 ) F $.: Z, (0/85) " % [! J+ 8.1 #. 3.% 2 *! > " <( 1 ( 6! 3 3.% 2 *! > 8 1 IV(!C( t 41O 8B! 8 8@. $.: Jy1 &(0/13) & 5 5 f, T #1O G! K$C% " 1 (1/27) 3.% 2 *! >

23 % 2 *! > D 9 + J1 W5 H? 8 W I1 3.% 2 *! > 5 95 I$k f " # 8C?!D $.:..( D $.: $.: <( 1 8.(O [(!C( Gs$ W1 &D1 # =! > ZC1 p! I+ 8 3.% 2 *! > 8 <( 1 G Hf # =! > =1+ t 41O 8B! 8 8@ " f, T #1O G! K$C% " 1 (-0/06) $.: " # =! > ZC1 D 9 + J1 W5 H? 8 W I1 & 5 5 I$k $.: " <( 1 G Hf 3.% 2 *! > I+ 8 3.% 2 *! > 5 95 I$k f " # 8C?!D D $.: " <( 1 Hf # =! > ZC1..( ) 0F$). 0HPK : 1!, e 8 E:F? I1,O, =5%!C(. :( X >1 :(1) H? 2 *! > ) # =! > ZC1 GC? <( I" K" H?, =5%!C( >" CX :8 G!, % (3.% " (!, e &1 " (2007)!1 "!?!C( # 1O 8 H0C(. $( >1 Ij " B. " A( " (1383) (1 "?9!Z1 " 8V1 (1389) (. (1388) n " (1 &(1388)Jk " *+ &#, C01 &(2005). :( X >1 =:C.1 3.% 2 =! > :(2) H? &D1 =:C.1 3.% 2 =! > 8 :(3) H?. >1 :( X d >1 3.% 2 *! > &N?? I1,O, =5%!C( 3 3d.dd1 d% Ed:F 9" H? 80C(. ( >" CX. 1 (2011) (" " G"o!C( 8V1 J!:!C( G! # 90( " G Hf =! > ZC1 p! I+ 8 ZC1 G! Gs$.1! 9 H? 80C(. 1 >1 " W1 p! >" CX

24 1394 &6 #$ &9" #" &.% 24 % E:F 8V1 ::F 8C.(C( E:F1 &E:F HV " <( (J1 "1 D; " 1 I! V # 3 " j1 8? G!!,. #J(!C( H.!:1 IB1. /$01 S71 :( >1 :(4) H? *! > ) # =! > ZC1 GC? <( I" 9i H?, =5%!C( >1 " Jy1 <( 1 &8 G!, % (3.% 2 8? G!!C(.1! E:F 9i H? 80C(. $.: 9 " >!C(!Z1 " 8V1 (2008) ;O " A( " (1383) (1 "?9!C(. 1 (1388) /$01 S71 :( >1 =:C.1 3.% 2 =! > :(5) H?. &D1 =:C.1 3.% 2 =! > 8 :(6) H?. >1 /$01 S71 :( d) # d =! d> dzc1 d GC?d <( T " 8?, =5%!C( 3.% 2 *! > :8 G! GJ1 (=:C.1 3.% 2 *! > 8d dzc1 Gd! d Gds$.1 H? " $( >1 $.: $.: " <( 1 G Hf =! > ZC1 p! I+ " d<( (J1 "1.1 ( % E:F V H? 80C(. $( >1 ( j1d 8d? Gd!!, % E:F 8V1 ::F 8C.(C( E:F1 &E:F HV!dC( Hd.!:1 IB1 D; " 1 I! V # 3 ". #J( ) 0F$) " $.: & G E:F <( (J1 3 >1 9 + K % E:F!C( >1 " Jy1 YJ >" CX 8 G! 4 IV( 80C( G!. 1 X.: H1,!! 1 $$7 8 Ef 9 + G! =; 1 <( 8. (.: G /!, = =F1, 8!1 T!? 8. Y1 D8!1 " # 8C?!D /101 8s(O EJk 1 =1+ G!C I 1

25 25..., > K >? 8 " V( /!, & # 6!7 3 " 3 8 8CJ( J(! # =! J 8!1 9 8 I 1 # K% J;f1 =F1 E:F p! k ( " X &N? H0C(!. /!, #!@ 9 5! 8, T) IO I N" 3 # 8C?!D 8 C?! > X Y1 8 [! T) ( T KC & /!, I 1 G >1 9 + *5 =1+ IC! *J ::F " E:F!C( 3 A. 1 X &1 6!7 8s(O!! 1 8.( G!, (.: ". J1 =; /!, IJ( D 8!1 T!? " $( Hf >1 " W1 =:C.1 3.% 2 *! > 8 1 IV( Gs$ *! > ;! " ;J1 8i 8 >1 G! 8 /!, " G 80C( G! 8 I 1 G /!, & T =:C.1 3.% 2, # $+ T) 8!1 8@C1!C( 4 V1!,. 1 <( 8 :f1 1O 61( pbw!! " ;1 8 Y1 =:C.1 3.% 2 *! >, 6* 3.% 2 *! > 3 j$+ A. 1 8! " # /!, 80C( # 2 ;1 5!! Z*J1 2 *! > 8 1 IV( Gs$!C(.!1 T ( I 1 G 8 >1 G! 8 /!, " G Hf >1 " W1 =:C.1 3.% /!, & T =:C.1 3.% 2 *! > ;! " ;J1 8i 8@C1!C( 4 V1!,. 1 <( 8 :f1 80C( G! 8 I 1 G 8 Y1 =:C.1 3.% 2 *! >, # $+ T) 8!1 3 j$+ A. 1 8! " 1O 61( pbw!! " ;1 ;1 5!! Z*J1, 6* 3.% 2 *! >, Gs$.!1 T ( I 1 G # /!, 80C( # 2!C( C!(. # >1 " Jy1 /$01 J!7 " G Hf 8!0(O G Hf =:C.1 3.% 2 >1 9 + [( V " 0? 8 G! 4 IV( X G! 8. 1 :( 6!7 " IC!. ( 6!7 " Hf =:C.1 3.% 2 =! > 8C?!D /101 " I! H!1, % ( Ef 9 + G! ( 8@ 3.% 2 *! > 8( " :( 8 I 1 8.( #

26 1394 &6 #$ &9" #" &.% 26 8B! I 1 " I! !7 >1 #! 1, " 6!7 I1, ", 8 ;1 >" 4 CJy1 JX.: $$7 8 =; G$ 8. 6!7 I 1 G T 1 =:C.1 3.% 2 ;#< 67 d!$(1 /101.*@ $.: 8 3 I!$(.!$( T 8@ =:C.1 3.% 2 =! > 8 d1 Gd$ 8!$( H! T I.% T:( E:F!C( dd1 dv G!d.dd1 I! d1 " I 1d /?1 W% C #U!" 8@ 1 G! 8 I! 1 " I 1 8d &dd d d.: >" ID8!1 1 V. 8@ D8!1 >" Q&.: u1 =1+!,.(1389).I &I:*+ ". &(f* &.I &(! &(26) &.% >;f1 H1*7?. N" 3 # K 1 B $.: u1 =1+!.(1390).I &I:*+ ".I &(! &(7) 1 &9 K &;1.% T"U H*01 D8!1 " $.: & G Hf.(1383).t &(1 ".I &?9 &(36) 11 &.% ".%. I N" 3 # 8C?!D C >;f1 (">1 &.: 6O 2.(1389) &I N" 3., H> ".:.% 2 *! >.(1393)." &G.% ".Ž & &(19) 5 &.% T(. N" 3 # 8C?!D..% W " W G Hf.(1391).Š &%j? ".P &71 &.e & %. ; #[V(.% *1 T!$ G$

27 27....: 4 G> =1+ GJ "!.(1384).3 &( ".P &()(@ &(6) &;1 ::F H1*7?. I N" 3 I1, # 8C?!D.[? " $*+ VC( &I &9i Ži &.% HW.*?.(1390). &8([!3.% &9 K &$.%..% 8?% "z T;i.(1385). &8([!3.% &(11 " 10)..: " 3.% <( T:(».(1391). &( ".3 &#,@% &." & X &(1) 5 &.%?V H*01 8C?!D!" "!$.: u1 =1+.(1388).P &!,#,Iz :(16) 6 &!! 1 81*7?. N" 3 # #! 1 6 " B;1 CX.(1389).9 &U( ".e.9 &T!C &(1) 1 &.% T( 8*01. I N" 3 # 8C?!D.: #" &$.% 8!V(.!! 1.% W &(1389).9 &+ ".e & # 8C?!D.: V1hX u1 =1+.(1388).S &I ".P & > &(18) 7 &!! 1 81*7? &[V"U. I N" 3 I.% #!, =:C.1.% W u1 =1+.(1383).Ž &!O "." &#, C (38) 11 &.% ".%. I #WC " =:C.1.(125) &," K &.% &.:.(1377).P &8(o.3 &(1 :( /!, " W.(1389).9 &(!,e ".9 &( &. & &(2) 2 &.% " ;1.% 81V"U. I N" 3 ".% W G Hf.(1390).3 &!;[#,J@ ". &!! &.9 &,$( &.% ".% ::F. I N" 3 # 8C?!D!! &(9) 2 &9 K 8( G!" Ka.1 HC$ h #5 &.% W1 H(.(1377).P &,O#)B( $ G!" HC$.% I1, &I &B!1O.% G$0(.% W1..%

28 1394 &6 #$ &9" #" &.% 28 Caskey. J. & Hanlon, M. (2013). Dividends Policy at Firms Accused of Accounting Fraud. Contemporary Accounting Research, 30 (2): Chambers, D. and Payne, J.L. (2011). Audit Quality and Accrual Persistence: Evidence from the Pre- and Post-Sarbanes-Oxley Periods, Managerial Auditing Journal, 26 (5): Lawsen, B. & Wang, D. (2014). Do dividends inform auditors about clients earning quality? Evidence from audit pricing. Working paper. Oklahoma State University. Lawsen, B. & Wang, D. (2011). Auditor monitoring and dividend payout policy. Retrieved from Skinner, D.J. and Soltes, E.F. (2010). What do Dividends Tell us about Earnings Quality? Review of Accounting Studies, 16 (1): Karpavicius, S. (2014). Dividends: Relevance, Rigidity, and Signaling. Journal of Corporate Finance, 25: Tsipouridou, M. & Spathis, Ch. (2012). Earnings Management and the Role of Auditors in an Unusual IFRS Context: The Case of Greece. Journal of International Accounting, Auditing and Taxation, 21 (1): Reichelt, K.J. & Wang, D.C. (2010). National and Office-specific Measures of Auditor Industry Expertise and Effects on Audit Quality. Journal of Accounting Research, 48 (3):