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This paper investigates the effect of the life cycle theory on explanation of dividend payout policy in Tehran Stock exchange listed companies over the period 2006-2011. For measuring the firm's life cycle, two criteria namely retained earnings to equity ratio and retained earnings to assets ratio have been used as proxies of firm's life cycle. The findings of this research show that only retained earnings to assets ratio has a meaningful and positive effect on dividend payout policy; In thedoi:10.5267/j.msl.2013.09.005 fatcat:pszpbbbixffxnnb2xgywizwata