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 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 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 Dividend Policy and Corporate Governance in Emerging Markets written by Refilwe Priscilla Papo and published by . This book was released on 2016 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Dividend Payout and Corporate Governance in Emerging Markets written by Thomas G. O'Connor and published by . This book was released on 2012 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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 Dividend Policy written by Quoc Trung Tran and published by Emerald Group Publishing. This book was released on 2024-02-19 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: The research explores the critical role of the business environment in shaping corporate decisions, with a specific focus on dividend policy. Written with a finance and treasury readership in mind, this work will appeal to students, educators, researchers, managers, and policymakers alike.

Download or read book Dividend Payout Corporate Governance and the Enforcement of Creditor Rights in Emerging Markets written by Thomas G. O'Connor and published by . This book was released on 2012 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Dividend Payout Corporate Governance and the Enforcement of Creditor Rights in Emerging Markets written by Thomas G. O'Connor and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Dividend Policy and Behavior in Emerging Markets written by Jack D. Glen and published by World Bank Publications. This book was released on 1995 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Investor Protection and Corporate Governance written by Alberto Chong and published by World Bank Publications. This book was released on 2007-06-26 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level the first such data in the region and results from a homogeneous corporate governance questionnaire, the book examines corporate governance characteristics, ownership structures, dividend policies, and performance measures. The book's analysis reveals the very high levels of ownership and voting rights concentrations and monolithic governance structures in the largest samples of Latin American companies up to now, and new data emphasize the importance of specific characteristics of the investor protection regimes in several Latin American countries. By and large, those firms with better governance measures across several dimensions are granted higher valuations and thus lower cost of capital. This title will be useful to researchers, policy makers, government officials, and other professionals involved in corporate governance, economic policy, and business finance, law, and management.

Download or read book How Shareholder Reforms Can Pay Foreign Policy Dividends written by James Shinn and published by Council on Foreign Relations (. This book was released on 2002 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Not only can good governance practices facilitate free trade by taking many disputes off the trade agenda, they can also stabilize the financial system by avoiding expensive and unpopular bailouts. This paper argues that U.S. foreign policymakers must accelerate the pace of corporate governance reform.

Download or read book Dividend Policy and Stock Price Volatility written by David E. Allen and published by . This book was released on 1993 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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 The Diffusion of Corporate Governance to Emerging Markets written by Woochan Kim and published by . This book was released on 2015 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether foreign institutional investors in emerging markets can enhance shareholder value. We pay special attention to two dimensions of investor heterogeneity: whether an investor declares itself as an activist, and whether an investor comes from a country with a strong tradition of investor activism. First, we apply an event study approach to the announcements of block purchases by foreign institutional investors in Korea. We find that stock prices rise on average, but only when foreign institutional investors declare themselves as activists. Source country identities also matter: The positive stock price reactions are more pronounced when the activist investors come from source countries with a strong tradition of investor activism. Second, we examine corporate financial policies and governance practices of target firms one to three years following block purchases by foreign activist investors. We find that target firms are more likely to reduce cash holdings, raise leverage ratios, and peg dividend payouts and stock repurchases more closely to changes in earnings, but only if foreign activists are from countries with a strong tradition of activism. We conclude that openness to foreign activist investors, especially those from countries with a strong tradition of activism, can indeed put pressures on firms in emerging markets to adopt corporate governance practices that enhance shareholder values.

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 The Effect of Corporate Governance Dividend Policy and Informativeness of Risk Disclosure on the Firm Value written by Tariq Hassaneen Ismail and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to investigate the effect of corporate governance, dividend policy and the risk disclosure level on firm value and in turn, explore the main drivers of implementing corporate governance mechanisms, declaring dividend and risk disclosure within the annual reports of the Egyptian listed companies. A risk disclosure index was constructed to measure the level of the risk disclosure. Structure equation modelling has been employed to test the hypotheses using a sample of the most active 30 companies that are listed on the Egyptian Stock Exchange Market (EGX30). The findings suggest that (i) the board independence and board size have insignificant effect on the firm value, while CEO duality shows a significant positive impact on the firm value, and (ii) risk disclosure level allows investors to better predict future earnings growth. Furthermore, dividend policy and risk disclosure informativeness affect significantly the firm's ability to raise money and its value in a positive direction. Hence, this contributes to the literature of emerging markets by providing evidence in Egypt that may highlight the magnitude of corporate governance mechanisms, risk disclosure informativeness and dividend policy and their impact on the firm value.