Download or read book Dividend Policy and Corporate Governance written by Luis Correia da Silva and published by OUP Oxford. This book was released on 2004-02-26 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividends are not only a signal about a firm's prospects under asymmetric information, but they can also act as a corporate governance device to align the management's interests with those of the shareholders. Dividend Policy and Corporate Governance is the first comprehensive volume on the relationship between dividend policy and corporate governance, and examines in detail empirical studies and current theories. Reviewing the interactions between dividend policy and other corporate governance mechanisms, it compares results for the UK and the US with those for other countries such as France, Germany, and Japan, and provides new empirical evidence on corporate governance in continental Europe and its impact on dividends. Focusing on one of the main representatives of this system, Germany, it highlights major differences between the dividend policies of German firms and those of UK or US firms. Conventional wisdom states that German dividends are lower than UK or US dividends, yet on a published-profits basis the exact converse is true. In addition, the authors demonstrate a link between corporate control structures and dividend payouts, report evidence that the existence of a loss is an additional determinant of dividend changes, and demonstrate that the tax status of the controlling shareholder and the firm's dividend payout are not linked. The conclusions reached in this book have important implications for the current debate on corporate governance, making it invaluable for academics, finance professionals, regulators, and legal advisors.

Download or read book Corporate Governance and Dividend Payout Policy written by Bin Chang and published by . This book was released on 2017 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: We address the mixed empirical findings on how corporate governance affects dividend payout policy by analyzing a large sample of firms from 30 countries. Our results indicate that firms with better firm-level governance pay more dividends, even when we control for country-level governance. However, this relation is only pronounced in countries with low shareholder rights. In addition, we find that when shareholder rights index is high, firm-level governance is unrelated to dividend payout. Our results are robust to the choice of firm-level governance index, the inclusion of the originality of law, culture, creditors' rights, alternative measures of dividend payout, the hierarchical modeling technology, and approaches to address endogeneity concerns. We also find that dividend payments are associated with higher firm value, and investors positively value the dividend payments of poorly governed firms.

Download or read book Corporate Governance and Dividend Payout Policy written by Joshua Yindenaba Abor and published by . This book was released on 2016 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Dividend Policy written by George Frankfurter and published by Elsevier. This book was released on 2003-06-24 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividend Policy provides a comprehensive study of dividend policy. It explores the puzzle presented by dividends: irrational and subject to fashion, yet popular and desirable, they remain a priority among managers, even while perceived as largely symbolic. After exploring the history of dividend payments, from the emergence of the modern corporation to current perspectives, it traces the evolution of academic models on dividend policy. Here the authors review models of symmetric and asymmetric information before analyzing academia's accomplishments in solving the dividend puzzle. Related subjects, such as valuation and wealth distribution, round out the authors' presentation about new ways to think about one of the most intriguing subjects in financial economics. The book is recommended for professors and students in departments of finance and business, corporate finance staff, and financial regulators. The only comprehensive study of dividend policy Covers the historical evolution of dividends and academic research on dividend policy Presents new ways of thinking about dividends and dividend policy

Download or read book The Impact of Corporate Governance and Firm Performance on Dividend Payout Policy written by 王翔民 and published by . This book was released on 2004 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Impact of Corporate Governance on Firms Dividend Policy written by Marxia Oli Sigo and published by LAP Lambert Academic Publishing. This book was released on 2015-05-08 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the impact of Corporate Governance Practices and Firm Characteristics on the Dividend Policies of sample IT Firms listed in BSE in India. Dividend Payout is one of the significant proactive measures employed to reduce the agency costs of business enterprises. Corporate enterprises are envisioned to achieve sustained, long term growth and success based on the foundations of accountability, equity, fairness and transparency in the organizational operations. Both financial resources and human capital have to be optimally utilized to earn higher revenues and profits, which can be appropriated to reward the shareholders in the form of dividends. Besides, it is also beneficial for industrial enterprises to align their business operations in sync with the global standards and system of financial accounting, auditing and reporting and the best practices of corporate governance. Corporate Governance facilitates the business organizations to protect the larger interests of all the stakeholders that include the suppliers, creditors, investors, policy makers, apex regulatory institutions and the economy.

Download or read book Dividend Policy and Corporate Governance In Emerging Markets written by Alev Dilek Aydin and published by LAP Lambert Academic Publishing. This book was released on 2015-09-22 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividend policy is one of the most frequently researched areas in the field of finance and dividend payout decision is an important element of corporate policy. The effect of ownership structure on the dividend policies of the non-financial firms attracts as much attention as has never before since the beginning of 1980s. Until this time, academicians and researchers have concentrated their efforts mostly on developed nations. However, as the world has become more globalized and as the emerging countries have received a higher proportion from the global equity investments, investors have also started to pay more attention to the dividend policies of emerging markets. This book aims to analyze the impact of various ownership structures on dividend policies of the selected non-financial corporations. Additionally, another aim is to investigate the dividend policies of emerging market economies. Finally, corporate governance has also a significant influence on dividend policy because companies with better governance mechanisms exhibit a stronger propensity to pay dividends in the form of larger dividends. From a different perspective, dividends are the result of good governance.

Download or read book Dividends and Dividend Policy written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2009-04-27 with total page 832 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividends And Dividend Policy As part of the Robert W. Kolb Series in Finance, Dividends and Dividend Policy aims to be the essential guide to dividends and their impact on shareholder value. Issues concerning dividends and dividend policy have always posed challenges to both academics and professionals. While all the pieces to the dividend puzzle may not be in place yet, the information found here can help you gain a firm understanding of this dynamic discipline. Comprising twenty-eight chapters—contributed by both top academics and financial experts in the field—this well-rounded resource discusses everything from corporate dividend decisions to the role behavioral finance plays in dividend policy. Along the way, you'll gain valuable insights into the history, trends, and determinants of dividends and dividend policy, and discover the different approaches firms are taking when it comes to dividends. Whether you're a seasoned financial professional or just beginning your journey in the world of finance, having a firm understanding of the issues surrounding dividends and dividend policy is now more important than ever. With this book as your guide, you'll be prepared to make the most informed dividend-related decisions possible—even in the most challenging economic conditions. The Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance and contains contributed chapters from both respected academics and experienced financial professionals.

Download or read book Corporate Payout Policy written by Harry DeAngelo and published by Now Publishers Inc. This book was released on 2009 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.

Download or read book Corporate Governance and Dividend Policy in Poland written by Oskar Kowalewski and published by . This book was released on 2014 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: The goal of this paper is twofold. First, we explore the determinants of the dividend policy in Poland. Second, we test whether corporate governance practices determine the dividend policy in the non-financial companies listed on Warsaw Stock Exchange. We compose, for the first time, quantitative measures on the quality of the corporate governance for 110 non-financial listed companies. Our results suggest that large and more profitable companies have a higher dividend payout ratio. Furthermore, riskier and more indebted firms prefer to pay lower dividends. The findings finally, based on the period 1998-2004, demonstrate that an increase in the TDI or its subindices that represent corporate governance practices brings about a statistically significant increase in the dividend-to-cash-flow ratio. Moreover, the estimates prove to be significant after the inclusion of standard additional controls.

Download or read book Corporate Governance and Dividend Policy When Investor Protection Is Weak written by Morad Abdel-Halim and published by . This book was released on 2014 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the relationship between firm's dividend policy and the corporate governance mechanism, measured by firm's ownership structure, in an emerging market characterized by weak corporate governance system and ineffective law enforcement. Evidence is drawn from non financial corporations over the period 2004-2008 using several econometric models with different specifications that account for firm-specific unobservable variables. We find a significant negative relationship between firm's dividend payout ratio and its percentage of capital owned by blockholders. This result implies that large shareholders are either expropriating the rights of minority shareholders or that firm's earnings are being used to finance its future investments. Our results support the first implication as we find that the negative impact of large shareholders' capital stake on dividend payments is robust and unchanged when firm's sales growth is controlled for.

Download or read book Corporate Governance and Dividend Policy in Emerging Markets written by Todd Mitton and published by . This book was released on 2005 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a sample of 365 firms from 19 countries, I show that firms with stronger corporate governance have higher dividend payouts, consistent with agency models of dividends. In addition, the negative relationship between dividend payouts and growth opportunities is stronger among firms with better governance. I also show that firms with stronger governance are more profitable, but that greater profitability explains only part of the higher dividend payouts. The positive relationship between corporate governance and dividend payouts is limited primarily to countries with strong investor protection, suggesting that firm-level corporate governance and country-level investor protection are complements rather than substitutes.

Download or read book Corporate Financial Decisions and Market Value written by Giovanni Marseguerra and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: How do managers of a firm choose between alternative finan cial policies? Can the choice of a particular financial policy affect the value of the firm? Since the early 1960s, the debate on these questions has been lively and interesting as economists have inves tigated the effect on the value of the firm of relaxing the various assumptions in the celebrated Modigliani-Miller theory. Further more, even if we stick to the MM-assumptions (that is, we assume perfect and complete capital markets, no taxes and symmetric information), and we therefore know that only optimally chosen investments determine firm's value, another interesting question arises: How does the structure of ownership affect investment de cisions (and, in turn, values)? This research monograph attempts to analyze some of the issues involved in this debate. It belongs to the area of mathematical economics and is intended to appeal to mathematical economists as well as economists and mathemati cians. It is meant to deal with economically relevant problems in a mathematically adequate way. To decide whether or not it succeeds in this task, it is up to the reader. I am greatly indebted to Dr. Margaret Bray for her supervi sion of my PhD thesis in Economics at the London School of Eco nomics from which this book resulted. She helped me as friend and adviser through many struggles in the last three years and invested a great amount of work in this thesis.

Download or read book Dividend Policy and Corporate Governance written by and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Dividend Policy and Corporate Governance in Saudi Stock Market Outcome Model or Substitute Model written by Amina Hamdouni and published by SABIC Chair for IFMS. This book was released on with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Corporate Governance and Dividend Pay Out Policy in Germany written by Klaus Peter Gugler and published by . This book was released on 2001 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: An alternative explanation of why dividends may be informative is put forward in this paper. We find evidence that dividends signal the severity of the conflict between the large, controlling owner and small, outside shareholders. Accordingly, dividend change announcements provide new information about this conflict. To test the rent extraction hypothesis and to discriminate it from the cash flow signaling explanation, we utilize information on the ownership and control structure of the firm. We analyze 736 dividend change announcements in Germany over the period 1992 to 1998 and find significantly larger negative wealth effects in the order of two percentage points for companies where the ownership and control structure makes the expropriation of minority shareholders more likely than for other firms. The rent extraction hypothesis has also implications for the levels of dividends paid. We find larger holdings of the largest owner to reduce, while larger holdings of the second largest shareholder to increase the dividend pay-out ratio. Deviations from the one-share-one-vote rule of ultimate owners due to pyramidal and cross-ownership structures are also associated with larger negative wealth effects and lower pay-out ratios. Our results call for better minority shareholder rights protection and increased transparency in the course of European Capital Market Reform.

Download or read book Share Ownership and Corporate Performance written by Jayesh Kumar and published by Independently Published. This book was released on 2021-03-07 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: This MPhil thesis examines whether the corporate governance framework (ownership structure) influence the firm performance and dividends payout policy. We consider the effect of interactions between corporate, foreign, institutional, and managerial ownership on the firm performance and profits payout policy for an unbalanced panel of 2478 Indian corporate firms over 1994 to 2000.We find that after controlling for observed firm characteristics and unobserved firm heterogeneity, using a fixed-effects panel data framework, the shareholding by institutional investors and directors affects firm performance. We also find that the equity ownership by dominant group influences firm-performance only in case of managerial ownership. We find no evidence in favor of the endogeneity of ownership structure. Unobserved firm heterogeneity is found to be significant. We also find that the ownership by foreign and corporates does not influence firm performance.In analyzing the dividends payout behavior, we suggest an empirical model explain the dividend payout behavior, with the help of a firm's financial structure and investment opportunities along with dividends, earnings, and ownership structure. Using a fixed-effects panel data approach, we find evidence of dividends' dependence on past dividends. Ownership by the corporate and directors is positively related to profits payout in level, and corporate ownership is negatively related in its square. Institutional ownership has an inverse effect on dividends in comparison to corporate ownership in standards as well as in its squares.We find no evidence in favor of an association between foreign ownership and dividend payout growth. We also find support for the hypothesis of a positive association between dividends and past earnings. Debt equity is found to be negatively associated, whereas recent investment opportunities are positively associated with dividends payout. We do not find evidence of the tax or group affiliation effect on payout policy.