Download or read book Managing Corporate Dividend Policy an Empirical Analysis written by Blackson Mwale and published by . This book was released on 1982 with total page 124 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 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 An Empirical Examination of the Effect of Regulation on Corporation Dividend Policy written by Jaehoo Choi and published by . This book was released on 1989 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book An empirical analysis of the relationship between return on investment and dividend policy written by Milow H. Klein and published by . This book was released on 1970 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Impact of Firm Size on Dividend Information Content written by Gow-Cheng Huang and published by . This book was released on 1991 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Empirical Studies of Dividend Policy written by Siu-Kuen Scott Fung and published by . This book was released on 2004 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book An Empirical Evaluation of the Effects of a Stable Dividend Policy on Common Stock Prices written by Mickey Myers Green and published by . This book was released on 1964 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Impact of Taxation on the Dividend Policy of the Firms written by Meziane Lasfer and published by . This book was released on 1992 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Dividend Policy Corporate Governance and the Managerial Entrenchment Hypothesis written by Jorge Farinha and published by . This book was released on 2002 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses the agency explanation for the cross-sectional variation of corporate dividend policy in the UK by looking at the managerial entrenchment hypothesis drawn from the agency literature. The agency perspective of dividends asserts that cash payments to shareholders may help to reduce agency problems either by increasing the frequency of external capital raising and associated monitoring by investment bankers and investors (Easterbrook, 1984), or by eliminating free cash-flow (Jensen, 1986). Although other theories have been proposed to explain cross-sectional dividend policy (notably those based on signalling and tax clienteles), the existing empirical literature typically finds that the observed dividend behaviour is consistent with more than a single theory, and therefore usually fails to dismiss alternative explanations. However, the managerial entrenchment hypothesis taken from the agency literature offers a distinctive set of predictions that cannot be found in other competing stories for the explanation of cross-sectional dividend policy behaviour. Consistent with such hypothesis, this paper, using a large (exceeding 600 firms) sample of UK firms and two distinct periods, finds evidence of a strong U-shaped relationship between dividend payouts and insider ownership in the UK. Specifically, these findings show that after a critical entrenchment level estimated in the region of 30%, the coefficient of insider ownership changes from negative to positive. These results strongly suggest the possibility of managerial entrenchment when insider ownership reaches a threshold of around 30%. Evidence is also presented that non-beneficial holdings by insiders (i.e., shares held by insiders on behalf of third parties) can lead to entrenchment in conjunction with shares held beneficially.

Download or read book Determinants of dividend policy written by Anastasia Tsagkarinou and published by . This book was released on 2005 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Determinants Of Corporate Dividend Policy written by R.P. Mahapatra Et Al. and published by . This book was released on 1993-01-01 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividend Policy Is A Key Decision Area In The Field Of Financial Management. It Is Not Clearly Understood By A Large Segment Of The Financial Community Even Today. There Is A Misconception That Dividend Policy Is A Straight Forward And Simple Aspect Of Finance As Compared With The More Technical Areas Such As Taxation, Liquidity Management And Cost Accounting. However, Dividend Policy Decision Is A Complex One Having Numerous Implications For The Firm. It Has Both Micro As Well As Macro Significance. In Spite Of Such A Dual Importance Of This Problem, Its Theoretical Determinants Are Less Well As Macro Significance. In Spite Of Such A Dual Importance Of This Problem, Its Theoretical Determinants Are Less Well Established And This Is An Area In Which Very Little Research Has Been Done In Our Country.In The Above Back Drop The Present Work Has Broadly Been Split Into Two Parts. The First Part Deals With The Review Of The Theoretical Literature And The Legal Aspects Of Dividend Policy. The Second Part Is Concerned With The Empirical Analysis Of Corporate Dividend Behaviour Of Sample Companies Selected For This Purpose. The Analysis Of The Trend Of Corporate Dividend Behaviour Reflected In This Book Has Been Studied By Examining The Profit And Dividend Relationships And The Dividend Pay Out Ratios Of The Sample Companies. However, To Enquire Into The Determinants Of Dividend Policy Some Known Regression Models Have Been Extensively Used In The Study To Gauge Their Relative Ability To Explain The Dividend Policy Decisions In The Indian Situation. This Has Been Carried Out By Picking A Judgment Sample Of 90 Companies With Reference To Six Selected Industries Belonging To Both The Traditional And Non-Traditional Sector Of Our Economy. It Is Believed That The Findings Of The Stuffy In Expected To Be Of Great Use To The Teachers, Researchers And Students Of Economics, Commerce And Management To Management Personnel Of Various Financial Institutions And Industrial Corporation, And To The Investing Public At Large.

Download or read book An Empirical Examination of the Effect of Regulation on Corporate Dividend Policy written by Jaehoo Choi and published by . This book was released on 1989 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Behavioral Foundations of Corporate Dividend Policy written by Wolfgang Breuer and published by . This book was released on 2014 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study a model that relates dividend payout policy to behavioral issues based on the ideas of mental accounting. A panel analysis across 29 countries and over 43,000 firm-years demonstrates that our model studying the relation between dividends and patience, loss aversion, and ambiguity aversion can be verified empirically. Our paper seems to be the first that highlights empirically in a straightforward way the relevance of behavioral patterns as important determinants for corporate dividend policy, while previous empirical studies could tackle this issue only indirectly. With several robustness tests we also address potential doubts concerning the quality of our data and analyze further implications of our theory.

Download or read book An empirical contribution to the Aggregation Problem written by Jean Pierre Château and published by . This book was released on 1975 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Dividend Policy and Its Relationship to Investment and Financing Policies written by Heri Supriadi and published by . This book was released on 1997 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A Survey of Management Views on Corporate Dividend Policy in Portugal written by Jose Benzinho and published by . This book was released on 2012 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the dividend policy of the companies listed on the Lisbon Stock Exchange (LSE), from the viewpoint of their managers. It takes as its starting point the results obtained from a questionnaire answered by the Chief Executive Office and the Chief Financial Office.Following Lintner's conclusions (l956), which were later confirmed by the empirical studies of Fama and Babiak (l968), Baker, Farrelly and Edelman (1985) and Partington (1989), we came to the conclusion that the most significant factors were the dividend stability and the shareholders' satisfaction. The importance of signalling and clientele effects was also significant. By using the factorial analysis and the principal component analysis in our study, we tried to identify new variables, which presented positive correlation with the dividend policy. Two factors, which explain about 56% of the total variance, were found. The results suggest that the managers of the listed companies determine the respective dividend policy as passive residual, though they show concern about the signalling of the prospective profit, the quotation stability and taxes. Besides that, they seem to be worried about the dividend stability and alterations, which can be reversible, and, also, with the current practice in the sector to which the company belongs. Also, the relative importance of the amount of shares in the hands of managers and controlling groups is relevant, which can be associated with the degree of capital concentration. Finally, we can say that the fact that it is easy to obtain external capital in the future also conditions the dividend policy.