Shohre Hadidifard - MSc in Accounting, Department of Accounting, Faculty of Social Sciences and Economics, Alzahra University, Tehran, Iran
Mona Parsaei - Assistant Professor, Department of Accounting, Faculty of Social Sciences and Economics, Alzahra University, Tehran, Iran.
Nafiseh Shahmoradi - Department of management, Faculty of Social Sciences and Economics, Alzahra university, Tehran, Iran.

The substitution hypothesis postulates that various corpo- rate governance forms and dividend disbursements serve as alternatives. Given that transparent information disclosure mitigates agency issues by lessening information asymmetry and fortifying corporate governance, this study aims to explore the influence of Material Information Dis- closure which includes Groups A, B and Other Cases—characterized by their promptitude and significance—on dividends. Examining the period from ۲۰۱۸ to ۲۰۲۱ and encompassing a sample of ۱۷۳ listed firms from the Tehran Stock Exchange, the findings affirm the substitution hypothesis. Moreover, Board independence is identified as a moderator in the rela- tionship between Material Information Disclosures and dividend. Fur- thermore, the findings indicate that during the Covid-۱۹ period, Group A and Other Cases were more potent factors for dividend reduction than Group B disclosure.

Dividend, Disclosure, Information Asymmetry, Corporate Governance