In this research the effect of ownership structure variables (institutional ownership, block holder, free float) and interactive effects of these variables on dividend policy in various industries have been investigated. Cash to earning per share ratio was a proxy for dividend policy and Test of hypothesis was carried out by multiple regression analysis by generalized least square (GLS) and pooled (panel) least squared (PLS) methods. In the present study, the effect of the variables separately on dividend policy assessed by (PLS) an interactive effect of ownership structure variables by industry as dummy variable on dividend policy assessed by GLS.
Statistical population reviewed is all companies listed in Tehran Stock Exchange during 1383-1387 (2001-2008) without investment companies and financial intermediaries. finally 65 companies that all required information were examined. The result showed that among ownership structure variables, institutional ownership and free float variables have significant relationship with dividend Policy. The interactive effect of institutional ownership on dividend policy in different industries was significant and different; hence, the type of industry variable can be a damper effect on the relationship between institutional ownership variables and dividend policy.