Download or read book The Firm life cycle Hypothesis and Dividend Policy written by Richard P. Hauser and published by . This book was released on 2012 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior research advances a "life-cycle" or maturity hypothesis to explain the corporate dividend policy for industrial firms. Empirical studies show that young firms with ample investment opportunities do not pay dividends while mature firms with limited investment opportunities pay dividends. However, prior investigations of the life-cycle hypothesis utilize different measures of maturity that capture different dimensions of a firm's life-cycle. The prior studies show that firm age, the earned capital ratio, and risk are statistically significant measures of maturity when tested independently. This dissertation investigates all these measures of firm maturity jointly in order to determine which maturity variable or combination of maturity variables best explains a firm's dividend policy. The investigation indicates that firm maturity is a complex concept. Age, earned capital ratio, and standard deviation (total risk) all contribute to the definition of maturity, and the relationship between dividend policy and the life-cycle is better quantified by combinations of these variables. Firms with dividend policies that follow the life-cycle model have higher valuations than firms with contrary dividend policies. Empirical evidence supports that the life-cycle model is consistent with maximizing firm value. The dissertation provides an answer to Black's (1976) dividend puzzle. Firms pay a dividend to maximize their valuation, depending on their maturity. By combining valuation with the life-cycle, I can empirically indicate when a firm should pay a dividend in the life-cycle. Furthermore, the investigation offers an explanation to Fama and French's (2001) "disappearing dividends" phenomena. "Disappearing dividends" occurs due to the decline in propensity to pay by marginal dividend payers. The decline in these "over-zealous" dividend payers is due to the decline in the valuation premium. Consistent with the maturity hypothesis, the dividend payout ratio increases with firm maturity; however, the dividend growth rate declines with firm maturity. A life-cycle model for the dividend growth rate is better than the sustainable growth estimate.

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 Dividend Policy and the Life Cycle Hypothesis written by J. E. Broyles and published by . This book was released on 1988 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Dividends and Dividend Policy written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2009-05-04 with total page 552 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 Payout Policy written by and published by . This book was released on 2007 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividend policy continues to be among the premier unsolved puzzles in finance. A number of theories have been advanced to explain dividend policy. This e-book briefly reviews the principal theories of payout policy and dividend policy and summarizes the empirical evidence on these theories. Empirical evidence is equivocal and the search for new explanation for dividends continues.

Download or read book The Impact of Dividend Policy on Shareholder Value A Test of the Life Cycle Hypothesis written by 吳昱賢 and published by . This book was released on 2017 with total page 32 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 Dividend Policy in Indonesia written by Leo Wardhana and published by . This book was released on 2014 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines dividend life-cycle hypothesis and propensity to pay dividends of non-financial firms in Indonesia Stock Exchange (IDX) from 1995-2011 in light of a recent notion in IDX to regulate dividend payment. Using several proxies of life-cycle, the results consistently show that Indonesian listed firms follow dividend life-cycle hypothesis. The result also shows that firms' dividend propensity to pay in IDX is declining over time, and it becomes much more concentrated throughout the observation period. As there has been a view in IDX that regulating dividend payment is necessary, this finding not only provides relatively new empirical evidence of dividend policy in Indonesia, but it also has potential policy contribution. Our results recommend that the regulation take into account the firm life cycle. Firms should only be required to pay dividends when they reach a certain stage and/or meet some characteristics, and action should only be taken towards those firms who do not pay dividends although they should be able to, according to their stage or characteristics.

Download or read book Dividend Policy written by Ronald C. Lease and published by Harvard Business Review Press. This book was released on 2000 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: With relevant anecdotes, surveys, examples, and research from the financial press, company documents, and academic literature, the book focuses less on mathematics and more on the intuition of share valuation as a function of dividend policy.

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 The Demographic Dividend written by David Bloom and published by Rand Corporation. This book was released on 2003-02-13 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is long-standing debate on how population growth affects national economies. A new report from Population Matters examines the history of this debate and synthesizes current research on the topic. The authors, led by Harvard economist David Bloom, conclude that population age structure, more than size or growth per se, affects economic development, and that reducing high fertility can create opportunities for economic growth if the right kinds of educational, health, and labor-market policies are in place. The report also examines specific regions of the world and how their differing policy environments have affected the relationship between population change and economic development.

Download or read book The Permanent Income Hypothesis of Corporate Dividend Policy written by Roger C. Kormendi and published by . This book was released on 1993 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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 Comparative Financial Management Practices of India and South East Asia written by Pramod Kumar Jain and published by . This book was released on 1997 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Macroeconomics and Finance written by Rudiger Dornbusch and published by . This book was released on 1987 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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 Understanding Financial Management written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2009-02-09 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designed for those who want to gain an understanding of the fundamental concepts and techniques used in financial management. An underlying premise of the book is that the objective of the firm is to maximize value or wealth. Drawing on a wealth of experience in the academic and professional worlds, the authors discuss how firms can accomplish this objective by making appropriate investment and financing decisions. Bridging the gap between financial theory and practice, the authors present fundamental concepts in an intuitive and nontechnical way, and provide numerous practical financial tips to readers. The focus is on current practice, using results from recent surveys to show the most popular techniques and approaches used by financial managers today. A range of instructor’s resources are available at the accompanying website. Visit www.blackwellpublishing.com/baker for full details.