In this paper, by using different cash flow benchmarks (dividends, net income and free cash flow) for the period of 1381 to 1390 for listed companies in Tehran Stock Exchange, we showed that investors are changing their attitudes from dividends cash flow measure to net income and free cash flow methods in recent years which can be interpreted as increase in the Iranian capital market maturity and efficiency. On the other hand, in line with the hypothesis of interference of speculators on small

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... ompany's stock prices, by dividing companies in two groups of small and large, we find that because of their ability to manipulate small company's stock prices, theyuse net income as a suitable cash flow measure.