Dividend policy is one of controversial financial issues. There are various theories about dividend but in this study, the focus is on empirical test of signaling theory. This theory says that the payment of dividends provides information for investors and analysts. The aim of this study is preparing the evidence on dividend signaling about corporate operating characteristics (return, performance and earning). Therefore, linear regression models were fitted. Results showed that significantly positive correlation exists between dividend and return. Also, there was a similar relationship between dividend and earning. It means that dividend has information content about return and earning and so, signaling theory was approved about them. Nonetheless, a significant relationship was not funded between dividend and performance proxies and so, signaling theory was not approved. In addition to, there was a significantly positive relationship between dividend and size. It indicates that larger firms pay more dividends.