In this study, we examined the relationship between the dividend policy and shares liquidity under different criteria on 80 selected firms listed on Tehran Stock Exchange over the period 2007-2011. We used of Amivest, turnover, Gopalan and flow measures for shares liquidity. Using some statistical tests, the study has determined that there was not any meaningful relationship between Amivest
... [Show full abstract] liquidity with dividend policy. However, the study detected a reverse relationship between turnover liquidity and with dividend policy, and direct relationship between Gopalan liquidity with dividend policy and between flow liquidity with dividend policy.