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9....% <( T:( I1,O 8 8 X E:F (2011) (" " G"o W1 Hf &=:C.1.% 9 (B1 8 C?! & (8CX.: I(O. I 1 G $.: X J.( Gs$ " :( X K$C% $% 9 (B1 I+ 8 (1 =:C.1.% <( T:( 8 ( I Gs$. S.F1!$( 8! T G! [!@ C +jk 8i.:! " I+ 8;:1 (2010) C; " B K G!, =BVC1 IO 1O H>1@ 8 " 1 W 1! 8.!:1 9 # X 8 C?!. 1974-2005 X E:F? C; " B. ( o! & $( X 8 8 ($( Ko C " # D8! t " *1 E:F 8C? 8! J1 (1393) G.% ". X T!? # 2 JC+ &$.:.: =:C.1 3.% 2 ; > Hf 8 ::F #WC 1 1380-1390 (1, 4, 99 >" +jk 8 G!. CX <( 1 8 J.( 3.% <( 1 8 C?!.?. X T, :(.:!! 1! " 3.% <( T:( V"U (1391) IB$ " X >1 " Jy1 YJ.% H.u1 4, ( 8 ( 80C( G! 8.:. ( IO >1 YJ =:C.1 3.% H$% ;E% I 1 ;" &.:!! 1 G Hf " I+ E:F p! (1391) 71 " % W "!! 1 G Hf T"U G! 90(, g 8 ".% W ", % E:F!C(. 1 I N" 3 # 8C?!D.% G Gs$. @" >1 Hf.% W "!! 1 G 8 IO 80 "!! 1 G " &(3.% 9" 4") 3.% 7 4" "!! 1. @" >1 Hf ( 3.% ".% W Hf " 9( 8 8;:1 (1390) IB$ ",$( 8 T"U G!. 1 "I N" 3 # 8C?!D!! 1 N" 3 # 8C?!D!! 1 ".% W G Hf " Jy1 Hf p! * ;% 8 1 IV( T"U 8C?!.,1 I!! 1 " 3.% 7 4" " (3.% G.%) 3.% 4, ( >1 G m>

1394 &6 #$ &9" #" &.% 10 f)$ =BV1 @" =; 8. $( >1 1O ˆF;, 8f G! ;" & @" 8 1 IV(!C(. # 8( @ 5 8 ZC1 G Hf &* K 1!! 1 G Gs$ " >1 ;" Jy1 Hf p! &3.% 4, ( "!! 1 G G> T"U G!. @" >1 " Jy1 Hf 3.% 7 4" "!$( J.( 41O " I? p1 G> 6! #1O, ( K 1 = >1. # #WC.% W " I+ F X 8;:1 (1389) + " 0 8 ( 80C( G! 8!! 1 ".% W g "!! 1 8!!,.% W f :!! 1 T #, B! # =! >.% 2 8 C. G! >C.1 T 1 BC!! 1 " CX > 9j I 1.% W 8B! C!( " 8C (KJ:1). 1 T /!, " W " I+ F 8;:1 (1389) IB$ " 1 W I1 YJ &8>;f1 G! 8 " (I! N" 3, ) :( 1 I N" 3 8C?!D :(.: " J1 W T0 5 1 IV( E:F!C(. 8C? X " W I1 W> >1 " 3B>1 YJ &CX > 9j Z B! ( J1 W 8 5 Gs$. @" :( T ;J1 " W I1 CJ.( >1 " Jy1 YJ & # 0 *$+ :( I!@ 8 Z 8 IO, % # 1O 8 80C(.1 # V1 :( T!? K$C% I! 1 " :( Z K$C% c7x +jk "% & W 8@, =$>;AB+ " :( I!@ 8 &I N" 3. ( :C>1 ID8!1 C? B*$+ J 8 " ( cx V1hX u1 =1+ " I+ F X H;:1 (1388) 9 " >! " "I N" 3 # 8C?!D.: Aƒ " G> GV ::F 3 ZC1 C :( X u1 =1+ 8; W 4" p! k I N" 3 # 8C?!D 94 9,o +jk 1 =1+ #,! E:F G!.! "O = # 5 8 (1386 ; 1380) &8CD K $.: & 4, ( & 9 :=1 ZC1 G!. C? 8>;f1

11... <C( 1 & *$+ ;>?, =5% :( 8@" &D8!1 5? @" Š( hc1 &,O " 9 5 &9 Š( &6 CX hc1 &O K YJ >1 IO I1, 8 ( " 8CD K <C( 1 &D8!1 5? &8CD K $.: & 4, ( :=1+ 5 Š( hc1 :=1 [! ZC1 YJ >1 "! 9 Š( " O K & 9 J.( &*$+, =5% :( #@" 2 &,O " 9 5 &8CD K.?[(! 1 &6 CX 5 hc1 " & G 8 ( I X E:F (1383) (1 "?9 8 ( 80C( G! 8 Gs$. @" >1 YJ D8!1 5? " $.:. /!,! & ( S*f1 D8!1 5? 8! 9.:7. KJ( 8 % E:F # 8C?!D :(.: =:C.1 3.% 2 *! > 8@ " [C.J$ =*F 8! 0 P(, E:F 2" D; & I N" 3 P( & ;1 +jk I #WC, >" mk #WC 1 (1 8B! 8 3 # 8C?!D H* =1 T"U G! 1O H>1@. g G! 8($( 2". 1 1391 1382 (1, #, G 1 I N". (E:F # ef1!" F1 3 gd%) ; 2" CJ1 T"U S)C( 1O H($( I+ 8 (!, h! 8 1O H>1@ 6 G! N" 3 # 8C?!D =1 )C( H($(. (# gd% :1 " : 8C!, h! 8 X I. 1382 ;1 K, =J I N" 3 2!D ]! (1. # V( gd% " 9" N" 3 IO j1>1 8! (2. C.( B( " D8!1 @ 8! (3. #1 W I! 8 C1 IO ;1 K 8! (4. J( #1 T, T j1>1 m 8! (5. 8C ( ;1 K Z 1391 1382 K G (6

1394 &6 #$ &9" #" &.% 12 ~% 1391 1382 (1, 4" 70 > &# 90( 8 8@. ( S)C( 1O H($( " # N? h! ;#< = :, J+ % E:F?. :( X >1 :(1) H?. :( X >1 =:C.1 3.% 2 =! > :(2) H? &D1 =:C.1 3.% 2 =! > 8 :(3) H?. >1 :( X. /$01 S71 :( >1 :(4) H? /$01 S71 :( >1 =:C.1 3.% 2 =! > :(5) H?. &D1 =:C.1 3.% 2 =! > 8 :(6) H?. >1 /$01 S71 :( ;#< = 2&?@ > & 8 1 K" @ 1 ZC1 " N?? I1,O #WC 1 I K 1 :1 I!, 5 DPSR=α +α EPS, +α SIZE, +α LEVERAGE. +α CASH, +ε. ( 1) K 1 DPSR=α + α EPS, +α ARE, + α EPS, ARE, +α SIZE, + α LEVERAGE. +α CASH, +ε. ( 2) K 1 DPS=α +α EPS, +α SIZE, +α LEVERAGE. +α CASH, +ε. ( 3) K 1 DPS=α + α EPS, +α ARE, + α EPS, ARE, +α SIZE, + α LEVERAGE. +α CASH, +ε. ( 4) K 1

13... :1 >" CX $.: <( 1 3.% 2 *! > 4, ( ;1 9 # [( :( 8@" I 1 DPSR DPS EPS ARE SIZE LEVERAGE CASH 2@ 84<& D<). ;#< A$& 5B C! "#$%& A$& I",1 G[(1 8 ;1, > l;x J.(,.J+ :(EPS)!+. + 9 > ;1., A l;x EPS= 9 > I",1 G[(1 * "! A$& " @ 8 ZC1 =! > ZC1 :(ARE) 3.% 2 *! > E:F G! # =! > ZC1. 1 F 8C." " =:C.1 ZC1 G YJ ;1 5, 81, G! 8 1 3.% 2 *! > #WC Aƒ & C..% (C 2 8 1 #WC!I1,.% 2 E? 9 + 8 3.% 7)V 8! " 1O =W, I",1 G[(1 # 1O 8!:1 " # 8JF1 I 1 &# AB>1.1.: + 9 >.% 2 =! > 8! " 1O "W ARE = 9 > I",1 G[(1

1394 &6 #$ &9" #" &.% 14 0$%. A$& 8 X @ # 6!7 J.(,.J+ :(DPS) $.:. + 9 > I",1 G[(1 8 I 1 DPS = X @ # 6!7 9 > I",1 G[(1 & :( #@" I!@ 5, ZC1 G! HJF1 :(DPSR) CX CX )C & # X I 1 8 ;1 K k >" 8 CX 9 CX >" :1 1 9 > I",1 G[(1.: " 1. 8JF1 ;1 K k DPSR= CX 9 9 > I",1 G[(1 E$ A$& 6d. Gds$ " $d.: X p.! 8 *1+, B! :(SIZE) 4, ( dlxd 8*d" 8d d 4, d(. 1 4, ( & <( 1 8!1 &2"d? I 1 &! = 2, 8 I1 lx G! 8*$@, &1 l)v1 W*C)1.d 9, 2, & 2,, <1 E:F G!. #... " 9, 2, d@ &d d + E:F G! ZC1! 8 J.( &9, 2, 8!0(O, " 9d) # #WC 9, 2, >Jk C![;, # =*F " 8! 0 #WC.(1389 & > SIZE = LOG (9 > 9 $), ;1 9 HJF1 % T"U :(LEVERAGE) 1 J.( 1 #WC ~ = 8 = J.( LEVERAGE = P$01! P$01 &# [( :( I 1, <1 E:F G! :(CASH) # [( :( 8@" I 1 E:F G! ZC1! 8 J.( :( 8@" 8!0(O,. K I! :( 8@". # #WC :( 8@" C![; # =*F " 8! 0 #WC @ & + CASH=LOG (81(, K XO :( I 1 K>1)

15... 9.:7 0$= "<. 0 F ;#< A$& GH &@.!, e 8 2 K" @ =X +, X W5 #1O.W, d:1 G!dTd 10/52 d K 10 k G[(1 hc1 k 8 d[( d:( 8d@" I d1 ZC1 E:F ZC1 G. % E:F ZC1 I1 d 8d!:1 8 8@ Gs$. G[(1 K% gf( G!T 9/1 # Dd; #d dz 6! G! $.: ZC1 W I1 # 1O 8d!#WC G!1, [! B!. E:F 8; 10 4" k! " J T 8.# I K1(! K1( 1 "z & W5 1O $(, I1 d 9[.# #WC G! g($ -g"1* I1,O, E:F G! %5 dfx fd K1( # /!, 8B! CJ1 W5 Œ? # I K1( *; 5 G! &!O 8 0/05 ".1 I1,O 41O G!.1. /d!, [! J+ 8. )( @" & K1( # 8B! CJ1 W5 Œ? 9 >1 f 1 # V1!, $( 8 f($. X K1( # dw Idd1 5 95, T I$k A. 1 5 5, [$ &ZC1,. C.( K1( /!, ZC1 G!!" :2!" #$% &'$ (!" ) *$+$.$/0,-& 3( 1(2 54$$ 678 9$ : ; <$/ $"=? = 10/ 52 2/ 47 0/ 5 4/ 22 6/ 5 0/ 98 9/ 6 ; 7/ 27 2/ 56 0/ 45 7/ 67 5/ 65 0.73 9/ 44 @$$ & A-B *$ >8 1/04 2/ 25 0/ 44 2/ 22 2/ 01 0/ 4 9/ 1 0/09 0/ 91 0/ 05 0/ 52 0/ 3 0/ 42 0/ 94 0 C7 14/ 9 17/ 17 2/ 6 8/ 12 3/ 23 5/ 85 2/ 76 =:D 8/ 47 4/ 11 8/ 52 5/ 23 1/ 30 2/ 85 3/ 27 2$ 0/ 01 0/ 01 0/ 01 0/ 01 0/ 01 0/ 01 0/ 01

1394 &6 #$ &9" #" &.% 16 A$& $% 8C?! $> ;? B! &"i " I; &G; P(, %" 8V! I1,O, &ZC1!(1 f &I1,O G!, p! >1 f 8 8@. # #WC I" Aƒ*? "! T"U #" k ;C " *! > &=:C.1 ZC1 W I1 5 95 I$k!C( 8 1! ZC1!(1 &# 90( I1,O 8, I1,O " = % &!,. C. 8? 80C( I1 ZC1 I (1. #! 3 K" @!(1 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 0/001 146/7 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(!" (.$( @" 4 K" @ =BdV1 d. ( ( [C.J$X =BV1 8 " " &p!? 8 IO, % K" @ " d!#d #WCd (EGLS) $) 8C?! $> >1 = % 2", A(!" (.$( &((Fix) d K 1 ) AR(1) C1, &ZC1 G [C.J$X /? @.(1391 &IB$ " 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... 9.:7 0= 2&?@ 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$,?d7 d d! [; ", B! S)C( " G> Aƒ &!##WC. # V1 = 5 K" @ IO, =5%!C( 8 # #WC G$ 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 K" @ (=:C.1 3.% 2, J+ 8. (.$( =BV1 E:F K" H? 4 " 5 K" @!C( 8 8@ (.$( =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

1394 &6 #$ &9" #" &.% 18 (-0/03) ( 6! 3 <( 1 8 1 IV(!C( t 41O 8B! 8 8@. >" CX W1 8 W I1 & 5 5 f, T #1O G! K$C% " 1 (-1/07) CX <( 1 D 9 + J1 W5 H? <( 1 5 95 I$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 K" @ (=:C.1 3.% 2 8. (.$( =BV1 E:F &(3) " (2) 8? 5 " 4 K" @!C( 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

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&?@. /$01 S71 :( >1 :(4) H? *! > ) # =! > ZC1 GC? <( I" 9i H?, =5%!C(. # 1O 8 K" @ (=:C.1 3.% 2 J+ 8. (.$( =BV1 E:F i H? 5 " 4 K" @!C( 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... <( 1 8 1 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 & 5 5 95 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 K" @ (=:C.1 3.% 2 *! >

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 K" @!C( 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... 3.% 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

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( GB;. @" >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..., > 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!! 1 8 1 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!! 1 8 1 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.( #

1394 &6 #$ &9" #" &.% 26 8B! I 1 " I! 1. 1 6!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.*@ $.: 6!7 @ 8 3 I!$(.!$( T 8@ =:C.1 3.% 2 =! > 8 d1 Gd$ 8!$( H! T I.% T:( E:F!C( dd1 dv G!d.dd1 I! d1 " I 1d /?1 W% 8 01. 8C #U!" 8@ 1 G! 8 I! 1 " I 1 8d &dd d d.: >" T @ ID8!1 1 V. 8@ D8!1 >".1.2.3 Q&.: u1 =1+!,.(1389).I &I:*+ ". &(f* &.I &(!.155-139 &(26) &.% >;f1 H1*7?. N" 3 # 8C?!D. @o K 1 B $.: u1 =1+!.(1390).I &I:*+ ".I &(!.38-21 &(7) 1 &9 K &;1.% T"U H*01 D8!1 " $.: & G Hf.(1383).t &(1 ".I &?9 &(36) 11 &.% ".%. I N" 3 # 8C?!D.46-27 7C >;f1 (">1 &.: 6O 2.(1389) &I N" 3., H> ".:.% 2 *! >.(1393)." &G.% ".Ž &.94-75 &(19) 5 &.% T(. N" 3 # 8C?!D..% W " W G Hf.(1391).Š &%j? ".P &71 &.e & %. ; #[V(.% *1 T!$ G$

27....: 4 G> =1+ GJ "!.(1384).3 &( ".P &()(@.43-20 &(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.%.40-29 &(11 " 10)..: " 3.% <( T:(».(1391). &( ".3 &#,@% &." & X.140-113 &(1) 5 &.%?V H*01 8C?!D!" "!$.: u1 =1+.(1388).P &!,#,Iz1.87-80 :(16) 6 &!! 1 81*7?. N" 3 # #! 1 6 " B;1 CX.(1389).9 &U( ".e.9 &T!C &(1) 1 &.% T( 8*01. I N" 3 # 8C?!D.:.51-29 #" &$.% 8!V(.!! 1.% W &(1389).9 &+ ".e &0.108-104 &(12)! @ # 8C?!D.: V1hX u1 =1+.(1388).S &I ".P & >.71-61 &(18) 7 &!! 1 81*7? &[V"U. I N" 3 I.% #!, =:C.1.% W u1 =1+.(1383).Ž &!O "." &#, C01.76-53.(38) 11 &.% ".%. I #WC " =:C.1.(125) &," K &.% &.:.(1377).P &8(o.3 &(1 :( /!, " W.(1389).9 &(!,e ".9 &( &. &1.151-135 &(2) 2 &.% " ;1.% 81V"U. I N" 3 ".% W G Hf.(1390).3 &!;[#,J@ ". &!! &.9 &,$( &.% ".% ::F. I N" 3 # 8C?!D!! 1.1390 &(9) 2 &9 K 8( G!" Ka.1 HC$ h #5 &.% W1 H(.(1377).P &,O#)B( $ G!" HC$.% I1, &I &B!1O.% G$0(.% W1..%

1394 &6 #$ &9" #" &.% 28 Caskey. J. & Hanlon, M. (2013). Dividends Policy at Firms Accused of Accounting Fraud. Contemporary Accounting Research, 30 (2): 818-850. 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): 437-456. 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 http://www.ssrn.com Skinner, D.J. and Soltes, E.F. (2010). What do Dividends Tell us about Earnings Quality? Review of Accounting Studies, 16 (1): 1-28. Karpavicius, S. (2014). Dividends: Relevance, Rigidity, and Signaling. Journal of Corporate Finance, 25: 289-312. 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): 62-78. 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): 647-686.

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