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Unlu, Emre. "Three essays on dividend and payout policy." Diss., Columbia, Mo. : University of Missouri-Columbia, 2007. http://hdl.handle.net/10355/5949.
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Thesis (Ph. D.)--University of Missouri-Columbia, 2007.The entire dissertation/thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file (which also appears in the research.pdf); a non-technical general description, or public abstract, appears in the public.pdf file. Title from title screen of research.pdf file (viewed on March 20, 2009) Vita. Includes bibliographical references.
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Santos, Pedro José Inácio da Costa. "Does CEO turnover influence dividend policy?" Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19397.
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Mestrado em FinançasNeste estudo pretendemos estudar se as mudanças de CEO influenciam a política de dividendos das empresas. Este trabalho é motivado pela extensiva conceptualização e análise empírica de que as mudanças de CEO e a política de dividendos têm sido alvo ao longo dos anos. No entanto, a nosso conhecimento, não existe até agora literatura empírica que relacione mudanças de CEO com política de dividendos. Por isso, com este estudo pretendemos contribuir para um tópico que ainda não foi estudado. Os dados usados neste estudo contêm 394 empresas cotadas no S&P 500 Index com um período de amostra entre 2004 e 2017. Os resultados da análise feita sugerem que mudanças de CEO aumentam o rendimento dos dividendos das empresas em 0.2%. Além disso, mudanças de CEO que ocorrem entre 2008 e 2012 têm um efeito positivo no rendimento dos dividendos de 0.5% e levam a uma diminuição dos dividendos pagos pelas empresas. Durante esta crise financeira, o preço por ação é mais volátil, por isso, quando uma empresa anuncia a mudança de CEO, os mercados vão reagir de uma forma mais drástica, resultando num preço por ação ainda mais baixo, aumentando, ainda mais, o rendimento dos dividendos. Os resultados também referem que a mudança de CEO tem um efeito positivo nos dividendos por ação e no rendimento dos dividendos depois da crise financeira. Assim, na prática este trabalho evidencia, pela primeira vez, que a mudança de CEO tem um impacto significativo na política de dividendos.
In this research, we aim to assess whether CEO turnover influences firms' dividend policy. This work is motivated by the extensive conceptualisation and empirical research that CEO turnover and dividend policy have been subject to throughout the years. However, to the best of our knowledge, there is no empirical literature that links CEO turnover and dividend policy, so far. Therefore, with this study we intend to contribute to an unexplored topic. The data used in this study contains 394 firms listed in the S&P 500 Index with a sample period between 2004 and 2017. The empirical evidence suggests that CEO turnover increases firms' dividend yield by 0.2%. Moreover, CEO turnover that occurs during 2008 and 2012 has a positive effect on the dividend yield of 0.5%, although it leads to a decrease in the dividends paid by firms. During the financial crisis stock prices are more volatile, therefore, when a firm announces a CEO turnover, the market reacts less smoothly and may lead to even lower stock prices, increasing, even more, the dividend yields. Evidence also indicates that CEO turnover has a positive effect on dividend per share and dividend yield after the financial crisis. Thus, this work contributes to practice since evidences, for the first time, that CEO turnover has a significant impact on dividend policy.
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Bhattacharyya, Nalinaksha. "Essays on dividend policy." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2000. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape3/PQDD_0013/NQ56505.pdf.
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Huang, Xiaochuan Pereira Raynolde Khurana Inder K. "Disclosure and dividend policy." Diss., Columbia, Mo. : University of Missouri--Columbia, 2009. http://hdl.handle.net/10355/6779.
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Title from PDF of title page (University of Missouri--Columbia, viewed on Feb 15, 2010). The entire thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file; a non-technical public abstract appears in the public.pdf file. Dissertation advisor: Dr. Inder Khurana and Dr. Raynolde Pereira Vita. Includes bibliographical references.
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Al-Malkawi, Husam-Aladin Nizar Y., University of Western Sydney, College of Law and Business, and School of Economics and Finance. "Dividend policy of publicly quoted companies in emerging markets : the case of Jordan." THESIS_CLAB_EFI_Al-Malkawi_H.xml, 2005. http://handle.uws.edu.au:8081/1959.7/819.
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The determinants of corporate dividend policy remain controversial despite half a century of active research. Over that time a number of competing theories of dividend policy have been proposed, but no consensus has been reached about their explanatory power. This thesis examines the determinants of dividend policy of publicly quoted companies in Jordan as a case study of an emerging market. The study uses a firm-level panel data set of all publicly traded firms on the Ammam Stock Exchange between 1989 and 2000. Nine research hypotheses are developed, which are used to represent the main theories of corporate dividends. The results of studies conducted in this thesis suggest that the proportion of stocks held by insiders and state ownership significantly affect the amount of dividends paid, but not the decision to pay dividends. Larger, mature, profitable firms with less investment opportunities are more likely to pay dividends. These factors are found to also positively affect the level of dividends. Results provide no support for the signalling hypothesis. The thesis concludes with a discussion of some of the implications of all results and suggestions for further research.Doctor of Philosophy (Finance)
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Kilincarslan, Erhan. "Dividend policy : evidence from Turkey." Thesis, Birkbeck (University of London), 2015. http://bbktheses.da.ulcc.ac.uk/124/.
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The main aim of this doctoral thesis is to carry the dividend debate into an emerging market context, and contribute more evidence to dividend literature. This, however, is done different to prior research, by examining the dividend policy behaviour of an emerging market over a period of time, after implementing serious economic and structural reforms in order to integrate with world markets. Accordingly, therefore, attempting to uncover what behaviour the dividend policy of this emerging market shows. In particular, the dividend policies of the companies listed on the Istanbul Stock Exchange (ISE) are analysed. Turkey offers an ideal setting for studying dividend behaviour as a developing country, which implemented major reforms, starting with the fiscal year 2003 in compliance with the IMF stand-by agreement as well as adopting the EU directives and best-practice international standards for a better working of the market economy, outward-orientation and globalisation. Research results suggest that the ISE-listed firms follow the same firm-specific determinants of dividend policy as proposed by dividend theories, and as suggested by empirical studies conducted in developed markets following Turkey’s adoption of the International Financial Reporting Standards (IFRS) and inflation accounting, starting with the fiscal year 2003. Specifically, the primary firm-specific determinants of dividend policy are profitability, debt level, firm size, investment opportunities and firm age in the context of an emerging Turkish market. The findings of this thesis indicate that implementing major economic and structural reforms, adopting more flexible mandatory dividend policy regulations and attempting to prevent insider lending (non-arm’s length transactions) have led the ISE firms to adjust their cash dividends toward their target payout ratio by smoothing their dividends as suggested by Lintner (1956) and as exemplified by companies in developed markets. Hence, Turkish corporations have also been adopting stable dividend policies and using cash dividends as a signalling mechanism since 2003, with the implementation of severe economic and structural reforms. The main aim of this doctoral thesis is to carry the dividend debate into an emerging market context, and contribute more evidence to dividend literature. This, however, is done different to prior research, by examining the dividend policy behaviour of an emerging market over a period of time, after implementing serious economic and structural reforms in order to integrate with world markets. Accordingly, therefore, attempting to uncover what behaviour the dividend policy of this emerging market shows. In particular, the dividend policies of the companies listed on the Istanbul Stock Exchange (ISE) are analysed. Turkey offers an ideal setting for studying dividend behaviour as a developing country, which implemented major reforms, starting with the fiscal year 2003 in compliance with the IMF stand-by agreement as well as adopting the EU directives and best-practice international standards for a better working of the market economy, outward-orientation and globalisation. Research results suggest that the ISE-listed firms follow the same firm-specific determinants of dividend policy as proposed by dividend theories, and as suggested by empirical studies conducted in developed markets following Turkey’s adoption of the International Financial Reporting Standards (IFRS) and inflation accounting, starting with the fiscal year 2003. Specifically, the primary firm-specific determinants of dividend policy are profitability, debt level, firm size, investment opportunities and firm age in the context of an emerging Turkish market. The findings of this thesis indicate that implementing major economic and structural reforms, adopting more flexible mandatory dividend policy regulations and attempting to prevent insider lending (non-arm’s length transactions) have led the ISE firms to adjust their cash dividends toward their target payout ratio by smoothing their dividends as suggested by Lintner (1956) and as exemplified by companies in developed markets. Hence, Turkish corporations have also been adopting stable dividend policies and using cash dividends as a signalling mechanism since 2003, with the implementation of severe economic and structural reforms. Research evidence reveals that the ISE-listed firms have highly concentrated ownership structures; mostly owned by families followed by foreign investors, whereas other blockholders such as domestic financial institutions and the state, show relatively lower shareholdings. Moreover, evidence implies that the implementation of various major economic and structural reforms in cooperation with the IMF and the EU directives and best-practice international standards, which include the publication of the Capital Market Board (CMB) of Turkey’s Corporate Governance Principles in line with the World Bank and the OECD, starting with the fiscal year 2003, have resulted in significant improvements for the ISE-listed firms corporate governance, transparency and disclosure practices and better shareholder protection. Investors, in general, therefore, have preference for the potential long-run growth opportunity for the stocks they hold in the ISE, since Turkey is a fast-growing market, rather than requiring cash dividends as a monitoring mechanism or to control agency problems. This thesis extends empirical research on dividend policy into an emerging market, which not only passed laws for financial liberalisation, but implemented serious reforms to integrate with world markets by using a large panel dataset from Turkey. Although the implementation of major reforms and regulatory changes may produce different results in different emerging markets, it is believed that this thesis can be a valuable benchmark for further longitudinal and cross-country research on this respect of the dividend puzzle.
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Silva, Diana Isabel Franco da. "Dividend policy and market asymmetries." Master's thesis, NSBE - UNL, 2009. http://hdl.handle.net/10362/9480.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and EconomicsIn 2002 new regulations arrived for public companies listed in the U.S. through the Sarbanes-Oxley Act. This regulation tried to impose more transparency in financial markets, implying less asymmetric information between firms and investors. The aim of this work is to verify if the regulation had the desired impact, comparing the dividend policy of firms before and after the introduction of this regulation. Thus, admitting that firms use dividend policy to signal our perspectives to investors, due to asymmetric information between investors and firms, a greater transparency should lead to an impact in the dividend policy.
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Ozo, Friday Kennedy. "Dividend policy and stock market reactions to dividend announcements in Nigeria." Thesis, University of Central Lancashire, 2014. http://clok.uclan.ac.uk/23991/.
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The impact of dividend announcements on firm value represents one of the longest standing puzzles in the literature of modern finance. Based on either a behavioural or empirical approach, studies have provided rationales to address the issue of why companies pay dividends and whether the market response to the announcements can be predicted. However, these studies have failed to resolve the dividend puzzle, as no single convincing explanation about the observed dividend behaviour of firms has emerged. Moreover, most of these studies have been conducted in countries with developed capital markets; there is very little attention to corporate dividend policy research that addresses issues related to the development of emerging stock markets of sub-Saharan Africa, such as Nigeria. This study aims to provide additional evidence from an emerging market by investigating the managerial perspectives on dividend policy and the impact of dividend announcements on share prices of listed companies in Nigeria. For the purpose of the research in this thesis, a mixed-method research design, consisting of both the quantitative and qualitative approaches was employed. A postal questionnaire survey was employed to investigate the perspectives of Nigerian managers on the factors that drive dividend decision and the relevance of dividend policy to firm value. This was followed by an empirical investigation of the stock market reaction to cash dividend announcements in Nigeria employing a market-based standard event study methodology. Finally, interviews were conducted with 21 financial managers of Nigerian listed companies to ascertain their views on various dividend policy as a means of validating the findings from the questionnaire survey and the event study analysis. The findings from the questionnaire survey and interviews indicate that Nigerian listed companies’ exhibit dividend conservatism and typically focus on the level of current earnings, the stability of earnings and liquidity considerations such as the availability of cash when determining their current dividend levels. Nigerian managers believe that dividend policy affect firm valuation. Nigerian managers express strong support for the signalling explanation for paying dividends, but not for the bird-in-the-hand, tax-preference and agency cost explanations. However, majority of Nigerian listed companies do not have target payout ratios; instead, companies target the dividend per share when determining the disbursement level. Nevertheless, views regarding some of these issues differ between financial and non-financial firms. The results of the event study analysis show that the Nigerian stock market reacts significantly to cash dividend announcements, implying that dividends do convey price-sensitive information to the market. However, there is evidence of both lagging and sluggish response to cash dividend announcements, suggesting that the Nigerian stock market is not semi-strong efficient. The thesis makes a novel contribution to the growing body of corporate finance literature by providing additional evidence on the impact of dividend announcements on share prices from the context of an emerging market. As well as being timely in view of the dearth of empirical studies on stock market reaction to cash dividend announcements in Nigeria, the research is also important because it takes account of a novel feature of the Nigerian tax environment, where personal income from dividends is taxable while capital gains are exempt from taxation during the period of this study. In addition, the study is also unique because it examined the views of managers from both the financial and non-financial firms, thereby contributing to the literature on industry-related dividend effect. The focus of the investigation is also novel in that the study is the first comprehensive investigation of the perceptions of Nigerian corporate managers on dividend policy.
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Verma, Savita. "Ownership structure and corporate dividend policy." Thesis, University of British Columbia, 1990. http://hdl.handle.net/2429/31375.
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This study investigates the potential role of ownership structure as a determinant of the corporate dividend policy.
A firm's dividend policy is modelled as the outcome of a voting game among groups of asymmetrically informed shareholders, who also have different marginal tax rates for dividend income. The outcome of the voting game is determined by the relative voting powers of these shareholder groups. Voting power is denned as the probability that a particular block of shares will be pivotal in determining the outcome of the voting game.
Using Shapley values as instruments for shareholder groups' voting powers, data on firms which traded on the Toronto Stock Exchange during the 1976-88 period are employed
to test the model's predictions.Business, Sauder School of
Graduate
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Hollis, Mark Craig. "Executive stock options and dividend policy /." Title page, contents and abstract only, 2001. http://web4.library.adelaide.edu.au/theses/09C/09ch743.pdf.
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Khan, Naimat Ullah. "Dividend policy and the stock market reaction to dividend announcements in Pakistan." Thesis, University of Dundee, 2011. https://discovery.dundee.ac.uk/en/studentTheses/3e0c65e3-cc48-4966-8787-9c9e43cc5694.
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Dividends are payments made to the shareholders (owners) out of firms? earnings. Numerous academics, adopting either a behavioural or empirical approach, have provided rationales to address the issue of why companies pay dividends and whether the market response to the announcements can be predicted. However, these endeavours have failed to achieve unanimity on either issue. Moreover, most of these studies have been conducted in countries with developed markets; relatively little research has been conducted in the emerging stock markets of (Southern) Asia, such as Pakistan. This thesis tries to fill the gap in the literature by investigating both the impact of dividend announcements on the share prices of Pakistani firms and the behavioural determinants of dividend policy. The Pakistani market was characterised by a unique tax system, with capital gains totally exempted from taxation before June 2010. This unique feature provides an additional motivation for the researcher to explore the reasons why Pakistani firms pay dividends despite the tax penalty associated with such disbursements. For the purposes of the research, a mixed-methods approach was employed involving, firstly, an event study to calculate any unexpected share returns around dividend announcements for a sample of 639 dividend events across 202 firms listed on the Karachi Stock Exchange (KSE) over the period 2005-09. Secondly, interviews were conducted with 23 company executives to ascertain their views about the determinants of dividend policy and its perceived impact on share prices. To gain an alternative – investor – perspective on the signalling impact of dividends, 16 financial analysts were also interviewed. The results of the event study indicate that dividend announcements do not convey information about Pakistani firms to the stock market; insignificant unexpected returns are documented for the announcement date. Nonetheless, the disaggregated results of the event study showed significant unexpected returns for the dividend increase and no-change sub-groups – usually before the actual dividend announcement date. However, consistent with results for developed countries with diverse shareholdings, this research suggests that earnings are the dominant signal in Pakistan, in the context of an interaction effect where earnings and dividends signals re-enforce each other. The results of the interviews indicated that Pakistani executives primarily base their dividend decisions on earnings, followed by liquidity. However, Pakistani firms do not appear have target payout ratios or employ a constant speed-of-adjustment to decide on payout levels. Indeed, most of the firms indicated that they decided the current payout ratio on an ad hoc basis. More importantly, both sets of interviewees (company officials and financial analysts) believed in the signalling effect, where dividends were sometimes used by investors as a signal of future earnings.
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Davidson, I. R. "Dividend policy and valuation : A theoretical and empirical investigation of the dividend puzzle." Thesis, University of Bristol, 1986. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.375382.
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Kinkki, Seppo. "Essays on minority protection and dividend policy /." Helsinki : Helsinki School of Economics, 2008. http://www.gbv.de/dms/zbw/560343396.pdf.
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Farinha, Jorge Bento Ribeiro Barbosa. "Dividend policy, corporate governance and managerial entrenchment." Thesis, Lancaster University, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.310531.
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Hauser, Richard P. "The firm “life-cycle” hypothesis and dividend policy: Tests on propensity to pay, dividend initiation, and dividend growth rates." Kent State University / OhioLINK, 2012. http://rave.ohiolink.edu/etdc/view?acc_num=kent1342289582.
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Du, Toit Nicol Eduan. "Dividend policy and wealth maximisation : the effect of market movements on dividend-investing returns." Thesis, Stellenbosch : Stellenbosch University, 2013. http://hdl.handle.net/10019.1/80278.
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Thesis (MComm)--Stellenbosch University, 2013.ENGLISH ABSTRACT: This study sets out to evaluate the possible influence of increasing and declining markets on the returns of dividend-investing strategies. This study’s objective, therefore, was to evaluate the possible influence dividend pay-out policy has on share return. Secondary objectives serve to investigate how the size of cash dividend payments, measured in dividend yield (DY), influence share value, especially during bull and bear markets respectively. In order to address the stated objectives of this study and prevent possible survivorship bias, the sample included listed and delisted shares for the period 1995 to 2010. Initially, all firms that were listed on the Johannesburg Stock Exchange (JSE) during the period under review were considered, both that were listed at the end as well as firms that delisted. However, due to the nature of the financial structures of firms in the financial and basic industries, the study did not include their data. The final sample consisted of 291 firms, providing 22 927 monthly observations. Dividend-investing strategies were constructed using non-dividendpaying (Portfolio one) and dividend-paying firms (Portfolio two). Portfolio one and two were then further deconstructed into four groups based on monthly DY rankings. Portfolio one was represented by Group 1, whilst Portfolio two was grouped into the lowest, medium, and highest DYs and classified as Group 2 to Group 4 accordingly. The results obtained from statistical analyses performed in this study indicate that the level of DY appears to influence returns positively. Furthermore, after investigating the results obtained during opposing market scenarios, some important findings resulted. During bear markets no significant difference in abnormal risk-adjusted returns was observed for the portfolios and four groups, however, in bull markets the return for Portfolio two, specifically Group 4, was more than double the result for the non-dividend payers. This study, therefore proposes that firms should have a DY in the range of the highest market DY average for bull markets specifically. From the perspective of the potential investors, the study suggests that dividend-investing could allow for the generation of positive risk-adjusted returns during bull markets.
AFRIKAANSE OPSOMMING: Hierdie studie evalueer die moontlike invloed van stygende en dalende markte aangaande opbrengs op dividend-investerings strategie . Die studie se primêre doelwit is om die invloed van dividend uitbetalings op aandeel opbrengste te bestudeer. Sekondêre doelwitte ondersoek hoe die grootte van ‘n kontant dividend, soos gemeet in dividend opbrengs, die aandeel-waarde beïnvloed, spesifiek tydens bul en beer markte. Om oorlewingsydigheid te voorkom, sluit die steekproef genoteerde sowel as gedenoteerde firmas in vir ‘n tydperk van 1995 tot 2010. Aanvanklik was alle sektore van die Johannesburg Aandele-beurs (JSE) ondersoek, maar weens die komplekse kapitaal struktuur van finansi le en die basiese nywerheid sektore was hul aandeel inligiting uitgesluit. Die finale steekproef het ‘n totaal van 291 firmas ingesluit en 22 927 maandelike waarnemings verskaf. Dividend-investerings strategie was saamgestel deur nie-dividend-betalende firmas (Portefeulje een) teenoor dividendbetalende firmas (Portefeulje twee) te vergelyk. Die twee portefeuljes was ook verder onderdeel in vier groepe volgens maandelikse dividend opbrengstes. Portefeulje een was verteenwoordig deur Groep 1, terwyl Portfeulje twee opgedeel was volgends laag, medium, en hoë dividend opbrengstes en geklasifiseer as Groep 2 tot 4 onderskeidelik. Die resultate van die statististiese ontleding van hierdie studie dui moontlik daarop dat die vlak van dividend opbrengs aandeel waarde positief beïnvloed. Nadat die spesifieke bul en beer markte ontleed is, was belangrike resultate waargeneem. Tydens beer markte was daar geen beduidende verskil tussen die risiko-aangepaste opbrengstes van die twee portefeuljes en vier groepe nie, maar tydens bul markte het die opbrengstes van Portefeulje twee, spesifiek Groep 4, meer as dubbel dié van die nie-dividend betalers getoon. Die studie stel dus voor dat ‘n firma tydens bul markte moet poog om ‘n dividend opbrengs te handhaaf wat die hoogste gemiddeld van die mark verteenwoordig. Vanuit die belegger se oogpunt, stel die studie voor dat dividend investering stategie moontlik gebruik kan word om positiewe risikoaangepaste opbrengstes te genereer, veral tydens bul markte.
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Ellis, Edlynn Cecelia. "The impact of the taxation of dividends on the dividend policy of South African companies." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/18152.
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Thesis (MBA)--Stellenbosch University, 2008.This study investigated whether the way in which dividends are taxed in South Africa, with the introduction of Secondary Tax on Companies (STC) in 1993, together with the extensive piece of legislation which incorporates dividends, has a negative impact on the total amount of dividends paid by companies listed on the Johannesburg Stock Exchange for the period from 1993 to 2006. The Wilcoxon Signed Ranked test was employed to compare the difference in total dividends declared, effective from 1993 and repeated for 1995. The results of the negative differences in proportion to the positive differences measured were then compared to the size of STC applicable in 1993 and 1995. The results of the comparison were that STC had no negative effect on the total dividends paid on the companies used in the sample and the majority of companies constantly increased dividend payments. The study did not distinguish between the different origins of dividends as research advises that the origins of dividends have changed during the increase and decrease of STC. It does seem that total dividends declared are increasing.
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Atia, O. "Cash dividend policy and firm risk : UK evidence." Thesis, University of Salford, 2016. http://usir.salford.ac.uk/41485/.
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This thesis aims at investigating the determinants of the dividend payout ratio in the UK. It contributes to the literature by examining the potential influence of systematic and unsystematic risks on the relationship between the dividend payout ratio and its determinants. This influence is studied through the introduction of interaction variables between the two types of risk and dividend payout determinants. The researcher explores the theoretical links in the context of important dividend theories including life cycle, agency and transaction costs, residual and signalling theories. An empirical model is developed and used to examine testable hypotheses. The sample covers UK non-financial firms in the period from 1991 to 2014.This focuses on1340 firms including both listed and de-listed companies, with the aim of avoiding survivorship bias. The period of the study includes the 2008-2009 global financial crisis. Therefore, examining the impact of the resulting shocks to the supply of credit and demand, as well as firm risks, on the dividend payout ratios of firms, over this period of time, provides a further contribution to the literature on dividend policy in the UK. The results robustly show that large-sized, more profitable firms have higher dividend payout ratios, in accordance with the transaction cost theory. In addition, the free cash flow hypothesis appears to dictate the dividend policy of UK firms. The abundance of free cash flow is likely to cause information asymmetry problems caused by overinvestment issues to escalate. In this instance, firms expel their excess cash flows rather than investing them in suboptimal projects that will increase unsystematic risk. In parallel, the small percentage of ownership by institutions and insiders is insufficient to substitute for dividends as a monitoring mechanism. Consequently, firms increase their payout ratios in line with the agency theory of dividends. Despite the fact that free cash flows are scarce for young firms, it appears that UK firms do not follow the life cycle theory in setting their payout ratios. UK firms in all groups appear to increase their dividend payout ratios when their earned capital is low. The researcher argues that firms consider the factors that encourage dividend payments to be more important, so that they increase their payouts and rely on debt to finance their growth. In this respect, firms could be using dividends to signal their earnings potential. In addition, large-sized, profitable firms such as utilities appear to accommodate their payout ratios and rely on debt to satisfy their growth needs. On the contrary, firms that belong to the technology sector preserve their cash flows by lowering their payout ratios to finance their investments, providing support to the residual theory of dividends. The overall results show that UK firms that belong to industrial and technology sectors set their dividend payout ratios based on the flexibility hypothesis. This is evident from their reported dividend payout ratios being relatively low in spite of their high liquidity. On the contrary, firms classified as having high payout ratios, pay high dividends despite their low liquidity since they are capable of raising funds with low transaction costs. The popularity of systematic risk as a determinant of the dividend payout ratio in the literature does not undermine the impact of unsystematic risk in setting the dividend policy of UK firms. The results significantly prove that firms lower their dividend payout ratios as their systematic and unsystematic risks increase. The coefficient of unsystematic risk, however, appears larger than that of systematic risk and significant across more groupings. In addition, the interaction effects between each of the systematic and unsystematic risks provide remarkable findings. The two types of risk appear to moderate the impact of profitability on the dividend payout ratio for the entire sample and for technology firms. Likewise, unsystematic risk moderates the impact of leverage and firm size for large-sized firms. On the other hand, systematic and unsystematic risks complement the impact of liquidity for the entire sample and for industrial firms, thus supporting the flexibility hypothesis and precautionary motives for holding cash. Similarly, the interaction terms between the two types of risk and the proxies of agency theory provide further support for the role of institutions and insiders in mitigating agency-related problems. Finally, the global financial crisis does not appear to have a profound effect on the dividend payout ratios of UK firms. Large-sized firms, with excess free cash flows, such as utilities, are more susceptible to the demand shocks caused by the crisis. Therefore, they increase their dividend payouts to solve agency problems and signal stability in their financial condition. Conversely, the impact of the credit supply shock appears more relevant to large-sized and technology firms, which decrease their payout ratios as their financial leverage increases so as to preserve their cash as an alternative source of financing.
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Ji, Xiehua. "Profitability change persistence, managerial overreaction, and dividend policy." Thesis, Durham University, 2015. http://etheses.dur.ac.uk/11646/.
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This thesis proposes a hypothesis that managerial overreaction of past earnings performance which can affect managers’ dividend decisions. This proposition claims that managers can extrapolate earnings growth/decline over the past few years into the future, and then managers may make dividend decisions based on their expectation of such extrapolation. Managerial extrapolation is different from managerial overconfidence, although they both belong to managerial overreaction. To examine this hypothesis, we follow Fama and French (2001), Baker and Wurgler (2004a) and Hoberg and Prabhala (2009)’s methodology to test whether managerial extrapolation which is represented by firms’ earnings persistent growth/decline over the past five or three years can affect managers’ decisions to initiate/continue/increase/pay/omit/decrease dividends, given other conventional determinants including size, investment opportunities, profitability, and risks. We find robust evidence that indicators of managerial extrapolation have significant effects on firms’ dividend decisions during the in-sample period from 1963 to 2000, the out-of-sample period from 2001 to 2013, and the whole sample period from 1963 to 2013 in the U.S. market before or after controlling for recession or financial crisis. Further, we find that firms who initiate/continue/increase/pay dividends after experiencing past growing earnings do not show future growth in profitability, while firms who omit/decrease dividends after experiencing past declining earnings do not show future decline in profitability. Our findings hold when we use alternative measurements to form proxies of managerial extrapolation by using positive EPS only, by using past sales growth/decline, or by using past free cash flow growth/decline. Importantly, we find that the significant impact of managerial extrapolation on firms’ dividend decisions is not affected after considering other managerial behaviour factors including catering incentive to dividends (Baker and Wurgler, 2004a) and different measurements of managerial overconfidence based on option-holding activities, investment ratio, or managers’ net-buying activities on their own firms’ shares.
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Ebrahim, Rabab H. A. H. "Dividend policy, stock liquidity and stock price informativeness." Thesis, University of Bradford, 2017. http://hdl.handle.net/10454/16047.
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Dividend policy, its determinants, and its impact on firm value are of significant academic interest, and many theories and explanations have been posited on the subject over the years, but there has not been a universal agreement. This thesis examines the links between dividend policy, various aspects of stock liquidity and price informativeness. We study a sample of UK firms over the period from 1996-2013. We show that, on average, stocks of dividend payers have significantly lower bid–ask spread and a lower illiquidity ratio than their counterparts of non-dividend payers. We also find that stocks of high-dividend payers are more liquid than those of firms that pay low or no dividends. These findings are consistent with the predictions of asymmetric information that posit that paying dividends reveals inside information to the market and hence decreases the level of asymmetric information, leading to higher stock liquidity. In the subsequent analysis, we suggest and examine a new channel through which dividend policy can impact firm value. Specifically, we show that dividend payers are less exposed to shocks in the aggregate market liquidity than non-dividend payers. Similarly, we find that the systematic liquidity risk is negatively associated with amount of dividends. Finally, in the context of signalling and agency costs models, we show that dividends are negatively related to stock price informativeness and that this relationship is stronger for firms with lower stock liquidity. The findings imply that dividend policy can both affect and be affected by stock markets.
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Galiakhmetova, Ramilya <1985>. "Corporate Governance and Dividend Policy in European Banking." Doctoral thesis, Alma Mater Studiorum - Università di Bologna, 2013. http://amsdottorato.unibo.it/5657/1/Galiakhmetova_Ramilya_tesi.pdf.
Full textAbstract:
This dissertation investigates corporate governance and dividend policy in banking. This topic has recently attracted the attention of numerous scholars all over the world and currently remains one of the most discussed topics in Banking. The core of the dissertation is constituted by three papers. The first paper generalizes the main achievements in the field of relevant study using the approach of meta-analysis. The second paper provides an empirical analysis of the effect of banking corporate governance on dividend payout. Finally, the third paper investigates empirically the effect of government bailout during 2007-2010 on corporate governance and dividend policy of banks.
The dissertation uses a new hand-collected data set with information on corporate governance, ownership structure and compensation structure for a sample of listed banks from 15 European countries for the period 2005-2010. The empirical papers employ such econometric approaches as Within-Group model, difference-in-difference technique, and propensity score matching method based on the Nearest Neighbor Matching estimator.
The main empirical results may be summarized as follows. First, we provide evidence that CEO power and connection to government are associated with lower dividend payout ratios. This result supports the view that banking regulators are prevalently concerned about the safety of the bank, and powerful bank CEOs can afford to distribute low payout ratios, at the expense of minority shareholders.
Next, we find that government bailout during 2007-2010 changes the banks’ ownership structure and helps to keep lending by bailed bank at the pre-crisis level. Finally, we provide robust evidence for increased control over the banks that receive government money. These findings show the important role of government when overcoming the consequences of the banking crisis, and high quality of governance of public bailouts in European countries.
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Galiakhmetova, Ramilya <1985>. "Corporate Governance and Dividend Policy in European Banking." Doctoral thesis, Alma Mater Studiorum - Università di Bologna, 2013. http://amsdottorato.unibo.it/5657/.
Full textAbstract:
This dissertation investigates corporate governance and dividend policy in banking. This topic has recently attracted the attention of numerous scholars all over the world and currently remains one of the most discussed topics in Banking. The core of the dissertation is constituted by three papers. The first paper generalizes the main achievements in the field of relevant study using the approach of meta-analysis. The second paper provides an empirical analysis of the effect of banking corporate governance on dividend payout. Finally, the third paper investigates empirically the effect of government bailout during 2007-2010 on corporate governance and dividend policy of banks.
The dissertation uses a new hand-collected data set with information on corporate governance, ownership structure and compensation structure for a sample of listed banks from 15 European countries for the period 2005-2010. The empirical papers employ such econometric approaches as Within-Group model, difference-in-difference technique, and propensity score matching method based on the Nearest Neighbor Matching estimator.
The main empirical results may be summarized as follows. First, we provide evidence that CEO power and connection to government are associated with lower dividend payout ratios. This result supports the view that banking regulators are prevalently concerned about the safety of the bank, and powerful bank CEOs can afford to distribute low payout ratios, at the expense of minority shareholders.
Next, we find that government bailout during 2007-2010 changes the banks’ ownership structure and helps to keep lending by bailed bank at the pre-crisis level. Finally, we provide robust evidence for increased control over the banks that receive government money. These findings show the important role of government when overcoming the consequences of the banking crisis, and high quality of governance of public bailouts in European countries.
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GALVÃO, Kécia da Silveira. "Política de distribuição de dividendos: por que as empresas brasileiras pagam Payout incremental?" Universidade Federal de Pernambuco, 2015. https://repositorio.ufpe.br/handle/123456789/15601.
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Este estudo teve como objetivo investigar os fatores relacionados ao pagamento de dividendos e de payout incremental das empresas brasileiras listadas na Bolsa de Valores de São Paulo (BM&FBovespa) no período de 2002 a 2013. O payout pago foi calculado com base no lucro líquido ajustado, com dados coletados nas atas das assembleias e nas Demonstrações das Mutações do Patrimônio Líquido. O Payout incremental corresponde ao valor efetivamente distribuído pelas empresas além do que é estabelecido nos estatuto social. Os dados referentes às proxies dos fatores de pagamento de dividendos foram coletados na base de dados Economatica® e na página eletrônica da Comissão de Valores Mobiliários. A amostra final foi composta por uma diversidade de 287 empresas, distribuídas nos anos estudados, variando entre 144 empresas em 2002 a 285 em 2013. Os dados foram organizados em painel desbalanceado, e foram realizadas regressões logit com efeitos aleatórios. A principal conclusão foi de que existe maior probabilidade de que as empresas com maior rentabilidade, proporção de caixa, concentração acionária e as pertencentes a algum nível diferenciado de governança, distribuam payout incremental, e as que possuem maior oportunidade de crescimento sejam menos prováveis de pagar payout incremental, o que pode ser relacionado à possibilidade de elas reterem mais recursos para novos projetos, favorecendo o enriquecimento dos acionistas.
This study investigated the factors related to the payment of dividends and incremental payout of Brazilian companies listed on the São Paulo Stock Exchange (BM & FBovespa) from 2002 to 2013. The paid payout was calculated based on adjusted net income, with data collected in the protocol of assembly and the Statement of Changes in Shareholders' Equity. The incremental Payout corresponds to the amount actually distributed by companies beyond what is established in the bylaws. Data for proxies of dividend payment factors were collected at Economatica® database and on the website of the Comissão de Valores Mobiliários. The final sample consisted of a range of 287 companies distributed in the years studied and ranging from 144 companies in 2002 and 285 in 2013. The data were organized and carried out unbalanced panel logit regression with random effects. The main conclusion was that there is greater likelihood that companies with higher profitability, ratio of cash, ownership concentration and belonging to a differentiated level of governance, distribute incremental payout and those with greater growth opportunities are less likely to pay payout incremental, which may be related to the possibility of they retain more resources for new projects, favoring the enrichment of shareholders
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Domingos, Telma Filipa Antunes. "The dividend payout policy in project finance : the case of the portuguese PPP roads between 2003 and 2011." Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/11066.
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Mestrado em FinançasEsta dissertação tem como objectivo analisar o nível de Dividendos pagos pelas PPPs rodoviárias em Portugal, comparando o nível de dividendos pagos em percentagem do Resultado Líquido das PPPs rodoviárias e das principais empresas de construção Portuguesas e Espanholas. Este estudo justifica-se pelo facto de as PPPs serem constituídas por um único projecto, e consequentemente não apresentarem necessidade significativa de reinvestir, pelo que é pertinente averiguar se o tratamento dos Resultados Líquidos é semelhante ao das empresas com características vulgares (neste caso grandes empresas de construção Portuguesas e Espanholas), em que existe necessidade de reinvestimento por não estarem associadas a um único projecto com um período de tempo limitado. Coloca-se a seguinte questão: as PPPs em análise distribuem um maior nível de Dividendos em percentagem do Resultado Líquido do que as empresas de construção em análise? Para responder a esta questão, foi efetuada a recolha de dados, seguida da análise estatística dos mesmos. A amostra é constituída por 12 PPPs e 7 empresas de construção. A conclusão que foi possível obter é que as PPPs rodoviárias têm uma política de distribuição de Dividendos mais forte e significativa do que as empresas de construção.
This Master dissertation has as main objective to analyze the level of Dividends paid by road PPPs in Portugal, by comparing the level of Dividends paid in percentage of the Net Profit in road PPPs and the main Portuguese and Spanish construction companies. This study is justified by the fact that PPPs are constituted by only one project, and consequently they do not present a significant need to reinvest. Then, it is relevant to investigate if the treatment of Net Profits is similar to the one made to common companies (in this case, large Portuguese and Spanish construction companies), in which there is need of reinvestment because the companies are involved in many projects or in a project that does not present a limited period of time. The question of this dissertation is then the following: the PPPs in analysis distribute a higher level of Dividends in percentage of Net Profits than the construction companies in analysis In order to provide a response to this question it was collected data, and then it was made a statistical analysis of the data. The sample is constituted by 12 PPPs and 7 construction companies. The conclusion reached is that road PPPs have a policy of dividends distribution stronger and more significant than construction companies.
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Magnusson, Tobias, and Adam Enebrand. "Dividend policy and its impact on firm valuation : A study of the relationship between dividend policy and stock prices on the Swedish market." Thesis, Högskolan i Jönköping, Internationella Handelshögskolan, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-40069.
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The issue of dividends and what role it plays, has been the subject of discussion for decades. The main reason for this is that the chosen dividend policy for a company affects several different stakeholders, with shareholders being the most affected party. Determining dividend policy is influenced by multiple factors such as capital structure, potential stakeholder signaling and corporate culture concerning payouts. This study will investigate how the relationship between firm performance and stock price is affected by the level of dividends a firm pays. To explore this relationship, the authors will conduct a correlation and regression analysis that is performed on data collected on middle and large capitalization firms listed on the Stockholm stock exchange. The chosen time frame for this study is year 2007-2017. Several variables are included in the regression model in order to explore a potential relationship. The findings of this study indicate that the stock price of high dividend yield firms are more dependent on financial performance compared to low dividend yield firms. However, an overall positive correlation is found between financial performance and stock price for both samples.
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Liu, Nan. "The Role of Dividend Policy in Real Earnings Management." Digital Archive @ GSU, 2011. http://digitalarchive.gsu.edu/accountancy_diss/9.
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Given the importance of historical dividend policy to firms, I investigate whether dividend payers manipulate earnings through real activities to smooth dividend levels and dividend payout ratios. Using Compustat’s Execucomp database, I find evidence that dividend policy impacts both upward and downward real earnings management. I find that payers manipulate earnings upward through real activities to mitigate the shortfall of pre-managed earnings relative to prior year dividends when pre-managed earnings are lower than dividends paid in the prior year, suggesting that dividend levels are an important earnings benchmark. I document a stronger relationship between changes in pre-managed earnings and real earnings management for payers than for non-payers, suggesting that dividend policies impact real earnings management. Consistent with the importance of dividend policy in real earnings management, I show that dividend payers that follow conservative dividend policies manipulate earnings to a greater extent than dividend payers that do not follow conservative dividend policies.
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Palmer, Craig Derick. "Dividend policy and private shareholders : a New Zealand survey." Thesis, University of Canterbury. Dept. of Accountancy, 1994. http://hdl.handle.net/10092/11081.
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The main focus of this thesis was to learn about the individual investor and their view of dividends. It set out to investigate whether private investors regard dividends as
important (to themselves personally or as a signal of the company's performance) and
also how dividends impact upon a company's value. The subject group is one which has
been neglected by previous finance research as very little is known about their
demographics and investing practices.
Five major areas of dividend research were examined. These were: do investors believe
that dividends affect the value of the share, how they prefer to obtain their income from
shares, the reasons for dividend increases and decreases, whether dividend changes
(increases and decreases) occur for different reasons and whether an age clientele effect
exists. Most of these problems have been investigated previously by other researchers,
but few have used individual investors to analyse these areas.
A survey of 280 private investors tested these questions and concluded that private
investors believe that dividends do affect the value of a share, dividends were perceived
to be a safer form of income (but capital gains is preferred), that dividend increases and
decreases occur because of different reasons (mostly related to profitability or liquidity)
and that an age clientele does exist. Most significantly, this analysis revealed that
investors behave in a way best described by Lintner's view of dividend policy, as they:
prefer higher dividends to lower dividends, believe dividends are a safer form of
income and believe that dividends affect the value of a share.
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Manos, Ronny. "Capital structure and dividend policy : evidence from emerging markets." Thesis, University of Birmingham, 2001. http://etheses.bham.ac.uk//id/eprint/51/.
Full textAbstract:
This thesis aims to add empirical evidence to the corporate finance literature by looking at two main financing issues, namely firms’ payout policies and capital structure decisions, in the context of emerging markets. The thesis consists of seven chapters, including five main standalone research papers. After an introductory chapter, the first research paper reviews the existing literature on the dividend policy controversy with an emphasis on recent empirical work. The following two chapters consist of two research papers which look separately at the dividend and capital structure decisions of firms in India and in Mauritius. In the second research paper an agency model of dividend policy is estimated and tested on a sample of Indian firms using Weighted Least Squares methodology. The third research paper applies panel data procedures to estimate and test a model of the determinants of leverage, using the entire population of non-financial quoted firms in Mauritius. The last two empirical papers investigate how affiliation with an Indian Business House impacts on the dividend and capital structure decisions of firms. The impact of group-affiliation on the payout decision is tested by Maximum Likelihood qualitative and limited dependent variable techniques. The analysis of the impact of group-affiliation on the capital structure decision is conducted using Ordinary Least Squares methods and incorporates group-level characteristics as explanatory variables. While the main findings of these papers are on the whole consistent with the theory, there are new major insights that represent the special case of emerging markets. These main insights, as well as the main conclusions of the study, are summarised in Chapter 7, including some promising ideas for future research.
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"Corporate dividend policy." Chinese University of Hong Kong, 1992. http://library.cuhk.edu.hk/record=b5887126.
Full textAbstract:
by Yeung Yu-Man.Thesis (M.B.A.)--Chinese University of Hong Kong, 1992.
Includes bibliographical references (leaves 62-64).
ABSTRACT --- p.ii
ACKNOWLEGEMENTS --- p.iv
TABLE OF CONTENTS --- p.v
LIST OF TABLES --- p.vii
CHAPTER
Chapter I. --- INTRODUCTION --- p.1
Chapter 1.1 --- Dividends Come in Many Forms --- p.2
Chapter 1.2 --- How Do Companies Decide on Dividend Payments ？ --- p.3
Chapter 1.3 --- Limitation on Dividend Payments --- p.3
Chapter 1.4 --- The Analytical Approach --- p.5
Chapter II. --- EMPIRICAL LITERATURE REVIEW --- p.7
Chapter 2.1 --- Lintner's Model --- p.7
Chapter 2.1.1 --- Stability of Dividend Rate --- p.8
Chapter 2.1.2 --- Stockholders ' Needs and Expectations --- p.9
Chapter 2.1.3 --- Earnings --- p.10
Chapter 2.1.4 --- Principal Considerations in Dividend Decisions --- p.10
Chapter 2.1.5 --- Partial Adjustment Model --- p.11
Chapter 2.2 --- Fama and Babiak's Empirical Analysis on Dividend Policy --- p.13
Chapter 2.3 --- Empirical Results for the Hong Kong Market --- p.15
Chapter 2.4 --- Miller and Modigliani's Model --- p.17
Chapter 2.4.1 --- No Agency Cost --- p.17
Chapter 2.4.2 --- No Tax --- p.17
Chapter 2.4.3 --- Full Information --- p.18
Chapter 2.4.4 --- No Transformation Cost --- p.18
Chapter 2.4.5 --- Independent Investment and Financing Decisions --- p.18
Chapter 2.4.6 --- Summary of M & M Theory [1961] --- p.18
Chapter 2.4.7 --- Other Considerations --- p.20
Chapter 2.5 --- The Information Contents of Dividends --- p.20
Chapter III. --- METHODOLOGY --- p.22
Chapter 3.1 --- Cash Dividend Policy for Hong Kong Market --- p.22
Chapter 3.2 --- Stock Dividends and Stock Splits --- p.23
Chapter 3.3 --- Cash Dividend Payment Practices --- p.25
Chapter 3.3.1 --- A Preliminary Test on Dividends and Distributed Lags --- p.26
Chapter 3.3.2 --- Initial Tests of Lintner's Model --- p.26
Chapter 3.3.3 --- Tests of the Lag Structure . --- p.27
Chapter IV. --- FINDINGS --- p.28
Chapter 4.1 --- Cash Dividend Policy for Hong Kong Market --- p.28
Chapter 4.1.1 --- Background Information --- p.28
Chapter 4.1.2 --- Principal Considerations in Dividend Decisions --- p.30
Chapter 4.1.3 --- Other Influences on Dividend Decisions --- p.31
Chapter 4.1.4 --- Earnings --- p.33
Chapter 4.1.5 --- Regularity of Payment --- p.36
Chapter 4.1.6 --- Availability of Cash --- p.37
Chapter 4.1.7 --- Stability of Rate and Dividend Growth --- p.39
Chapter 4.1.8 --- Stockholders' Needs and Expectations --- p.40
Chapter 4.2 --- Stock Dividends and Stock Splits . . . --- p.41
Chapter 4.2.1 --- Reasons for Stock Dividends --- p.41
Chapter 4.2.2 --- Reasons for Stock Splits . . --- p.43
Chapter 4.3 --- Cash Dividend Payment Practices --- p.44
Chapter 4.3.1 --- A Preliminary Test on Dividends and Distributed Lags --- p.44
Chapter 4.3.2 --- Initial Tests of Lintner's Model --- p.48
Chapter 4.3.3 --- Tests of the Lag Structure . --- p.51
Chapter V. --- CONCLUSIONS --- p.54
APPENDIX --- p.56
BIBLIOGRAPHY --- p.62
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WANG, WAN-YU, and 王婉瑜. "Language and Dividend Policy." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/fh3czk.
Full textAbstract:
碩士國立暨南國際大學
財務金融學系
107
Adopting global data from 1989 to 2018 to explore the relationship between weak-FTR language and corporate dividend payouts. Speakers of the strong FTR language (English) have future grammars that distinguish future and current events, while speakers of weak FTR languages (Chinese) do not, so this study hypothesize that the weak-FTR language let them feel uncertainty about the future and hope to get more cash dividends. Consistent with this assumption, the results show that the weak FTR language was are significantly and positively associated with the company's dividend payout ratio, suggesting that firms located in weaker language countries or regions will pay more dividends. Our results support the catering theory that shareholders in weak FTR language countries want to hold more cash, and company managers will satisfy shareholders' desire to pay more dividends. These results are robustness after controlling for other national cultural factors, legal sources and religious factors. Our results also show that the relationship between language and dividend payout policy will be weaker under good shareholder protection and creditor protection environments. This paper demonstrates that cultural differences are important and provides additional explanatory, language, to explain dividend policies and further increase the impact of language on economic outcomes.
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Lo, Yung-Chen, and 羅雍震. "Determinants of Dividend Policy in Taiwanese Firms: Cash Versus Dual Dividends." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/vuktre.
Full textAbstract:
碩士國立東華大學
會計與財務碩士學位學程
100
The utilization of cash dividend policies in Taiwan has been seen significant growth in recent years. The percentage of the companies which pay cash dividends grows from 3% in 1997 to 51% in 2012. Cash dividends have become the main dividend policy of listed companies in Taiwan. The whole dividends rate of listed companies is higher than other Asian countries as well. Therefore, companies using the cash dividend policy acquire close attention from the company’s competent authorities and investors. It is quite important to know the company’s operating philosophy and understand the company's characteristics in which they pay the cash dividend. Accordingly, this study measures the company's characteristics and the factors that influence the corporate cash dividend policy in Taiwan. Furthermore, this research considers every factor that may influence a company's dividend policy in many ways, except factors of four kinds of determinants, such as the inside shareholders of the company, growth, profitability and risk factors, and expands to undistributed earnings, cash to total assets ratio and catering theory. The results of this paper show that firms with profits, low percentage of shares held by inside shareholders are more likely to pay dual dividends while those with low debt ratios are more likely to pay cash dividends. This study shows that firms with high cash to total assets ratio, return on total assets, and undistributed earnings are more likely to pay dividends and only cash dividends. The dividend policy of companies demonstrates a really fit for the catering theory. In summary, the catering theory provides a good explanation of firm’s dividend behavior in Taiwan.
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Hung, Hsiang-Shih. "Corporate Governance and Dividend Policy." 2004. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0001-2007200411130000.
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Huang, Chia-Yu, and 黃佳瑜. "The Determinants of Dividend Policy." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/71120022607733470568.
Full textAbstract:
碩士國立雲林科技大學
財務金融系碩士班
99
This research using Logit regression to exam the determing factors of cash dividends. The empirical results show that the operating profit, the earnings per share, the cash flow from operting, the input capital, the shareholder equity, are all have significant explainning power to the issue or not of cash dividends, but other non-operting revenue, net worth per share, debt ratio, the cash flow from investment activity doesn''t have any sigificant effect. The cash flow from financing activity (CFF) shows ambiguity result, the possible reason is financing cash flow''s goal has many.
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Hung, Hsiang-Shih, and 洪翔詩. "Corporate Governance and Dividend Policy." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/60436432776121469019.
Full textAbstract:
碩士國立臺灣大學
財務金融學研究所
92
This paper tests two models of dividends in Taiwan during the period of 2000-2002. And the empirical results in Taiwan support the expropriation hypothesis which argues that dividends signal the severity of the conflict between controlling and small shareholder. That is firms with weak corporate governance are associated with fewer cash dividend paying. However, the expropriation phenomenon is not such obvious gauged by deviations from control rights to cash flow rights. But if we replace deviations from control rights to cash flow rights with deviations from the percentage of board seats controlling shareholders occupy to cash flow rights, the expropriation by not paying dividends to shareholders becomes significant. This variable is proven to be more representative of conflicting interests between minority and majority shareholders in our regressions and proves controlling shareholders will exert their power in the board of directors to affect corporate dividend policy.
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林君蓉. "Firm diversification and Dividend policy." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/12644190476271602266.
Full textAbstract:
碩士國立政治大學
會計研究所
99
Based on a sample of firms listed in Taiwan during 2000-2009, this study investigates the relationship between firm diversification and dividend policy and the extent to which firm performance and earnings quality affect diversified companies in making dividend policy decisions. The empirical results show that firms with greater diversification are less likely to pay dividends, pay lower dividend yields, and are less likely to increase dividends. I also find that such evidence is more pronounced among poor financial performance and lower earnings quality firms.
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劉錦如. "Corporate Social Responsibility and Dividend Policy." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/847gcu.
Full textAbstract:
碩士國立彰化師範大學
財務金融技術學系
105
Based on the data of listed companies on the Taiwan Stock Exchange (TWSE) over the period from 2005 to 2015, this master thesis examines the linkage between firm’s engagement in Corporate Social Responsibility (CSR) and corporate dividend policy that is proxied by cash (stock) dividend amount, cash (stock) dividend payout ratio and cash (stock) dividend payout variability. Existing studied has mentioned that CSR has benefit as well as cost on economic consequence of firm, while corporate payout policy involved meeting stockholder’s demanding for return and investment expenditure in the future, firm with enough corporate resource tends to payout its cash. Thus, CSR may affect firm’s payout policy through its effect on enhancing or destroying the value of a firm. Empirical result shows that firms with superior performance on CSR tend to pay more dividends than low-CSR-performance firms. This is consistent with the existing literature that socially responsible firms may use the dividend policy to manage the agency problem from overinvesting on CSR. The evidence also shows that firm with better performance on CSR has more stable on dividend payout, means that socially responsible firm tends to adjust dividends slower than socially irresponsible firms. Better performance on stakeholder’s management and greater dividend payout to stockholder means win-win situation could be achieved.
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Hou, Wen-Lin, and 侯玟伶. "Investor Sentiment and Corporate Dividend Policy." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/84301330267676360729.
Full textAbstract:
碩士國立東華大學
公司理財碩士學位學程
97
The research analyzes the impact of investor sentiment on dividend policy. The recent literature applied the view of cartering theory, liquidity and idiosyncratic risk of stock to explain why the low “propensity to pay dividends” in American. But they can explain the limited part. We think that investor sentiment can explain how managers do the dividend policy well. The research not only examine how investor sentiment affect dividend policy, but considering whether firms that are likely to be more affected by shifts in investor sentiment-newer, smaller, more volatile, unprofitable, with extreme growth potential firms- its dividend policy affected by investor sentiment will be more apparent. The results suggest that the impact of investor sentiment on dividend policy is statistically significant from zero, when the investor sentiment is low, firms are more likely to pay dividends, and firms are newer, smaller, more volatile, unprofitable, with extreme growth potential, its dividend policy affected by nvestor sentiment is more apparent. We also find that firms are likely to be more affected by shifts in investor sentiment, the stock market reaction to their dividend changes more depends on investor sentiment. Furthermore, we find that firms are likely to be more affected by shifts in investor sentiment, its managers do learn from the firm’s own considering investor sentiment experience. If considered the investor sentiment had the great market reaction in last time, will enhance managers do consider the investor sentiment again.
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Lin, Hong-Yan, and 林宏彥. "Stock Market Liquidity and Dividend Policy." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/24309706989555383049.
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Kao, Chia-Sui, and 高嘉穗. "The Secondary Offerings versus Dividend Policy." Thesis, 2000. http://ndltd.ncl.edu.tw/handle/69276285818667835728.
Full textAbstract:
碩士東吳大學
會計學系
88
This study aims to empirically investigate the relationship between seasoned offerings and stock dividend policy. Under the Taiwan related laws and regulations, stock dividends can be soured from paid-in capitals; thus, a firm has incentive in issuing seasoned offerings in order to offer favorable stock dividend to investors. In addition, investors usually favor stock dividend policy, therefore, a listed firm would like to manage earnings in order to provide favored stock dividend. The sample period of this study covers from 1996 to 1998. This study adopts multiple linear regressions to examine the relationship between stock dividend policy and seasoned offerings, controlled by earnings management, and interest concentration among directors. In addition, this study attempts to examine how stock price responds to the announcement of stock dividend coming from paid-in capitals. The empirical results of this study can be summarized as follows. 1.In the year following the year in which has seasoned offering, the stock dividends coming from paid-in capitals have larger scale more than years before then. 2.Stock price positively responds to announcement of stock dividends coming from paid-in capitals confirming to the prediction of Efficient Market Hypothesis. 3.The higher interest concentration of directors, the more stock dividends are deriving from paid-in capitals. 4.The more the earnings are managed, the less stock dividends are coming from paid-in capitals.
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Huang, Hong-Gia, and 黃泓嘉. "Dividend payout policy and market shares." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/78874466545014934486.
Full textAbstract:
碩士義守大學
財務金融學系
104
The study focuses on company''s operating income in market share of industry have an impact on cash dividend distribution which is different from reference researching capital or assets. Because we found out that there are many companies make a large incomes and earnings just in small capital or assets. Thus the scale''s variable of this study is based on operating income instead. This study is used the panel data regression, the periods included 15years from 2000 to 2014, cross-section included 1575, mean there are 1575 companies, total panel observation is 23625,and we add “cash to total assets” and “debt ratio” as control variables. In the final, we focus the “cross-section fixed effect”, cause the “cross-section fixed effect” mean the number of cash dividend increase or reduce when the company got zero earnings per share, and we collate all of the companies’ cross-section fixed effect. Finally, our regression result provides strong evidences and positive impact to the level of total. These are consistent with our hypotheses and most of our literature findings. The implication of this study shows the company’s operating income in the market share of industry influences cash dividend positively. Cash dividends will be reduced by high market share if the company got zero earnings per share. Conversely, cash dividends will be increased by low market share if the company got zero earnings per share.
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Chia-Hsuan, Tsai, and 蔡嘉軒. "Managerail overconfidence and dividend payout policy." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/28002426733984077193.
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碩士輔仁大學
管理學研究所
98
Using 1,134 listed firm in 2000-2008 period I investigate how managerial overconfidence gauged by the press-based proxy of Brown and Sarma (2006) affects firm’s dividend policy. Prior studies illustrate two opposing threads: managerial overconfidence might be negatively correlated with dividend payout due to reserving internal cash for promising investment; managerial overconfidence might be positively correlated with dividend payout due to managers’ optimism about firm’s capability of generating stable and sufficient cash flows. The empirical results support the latter that managerial overconfidence is positively correlated with the odds of dividend payout and the increase in dividend payout. Moreover, firms with overconfident managers tend to increase investment following dividend announcement. These firms are characterized as large in scale and stable in growth. The announcement effect is positively correlated to dividend payout regardless of whether the managers are overconfident or not. This implies that the effect of managerial overconfidence subsides when the signal effect of dividend is taken into consideration. the result is free from the concern of endogeneity problem associated with managerial overconfidence.
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Yin-Fang, Wang, and 王尹芳. "Cash-flow uncertainty and dividend policy." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/96768995973412506564.
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SUN, YU-PING, and 孫郁評. "Dividend Payout Policy and Information Contents." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/ynqga4.
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碩士國立高雄應用科技大學
會計系碩士在職專班
106
Dividend payout policy is determined by firm managers according to considerations like profitability, financial status, current amount of free cash flows, and potential investment opportunities in subsequent year. Managers usually treat dividend payout policy as a method to convey information about the earnings prospect of firm to investors, debtholders, and other stakeholders and use it as a tool to manipulate stock price. This study explores the impact of dividend payout policy on future earnings response coefficient. For a panel of firms publicly listed on the Taiwan Stock Exchange or Taipei Exchange from 2000 to 2016, the empirical results show: (1) There exists a positive relationship between future earnings and current stock return; (2) The payment of cash dividend is positively correlated with future earnings response coefficient, which implies that cash dividend payout plays a positive role on the relationship between future earnings and current stock return; (3) When the total amount of dividend payment per share increases, the future earnings response coefficient increases. That means the increase of total dividend payout will enhance the positive relationship between future earnings and current stock return. And finally (4) Firm size has a negative impact on the enhancement effect of dividend increases on the relationship between future earnings and current stock return.
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HUANG, YUAN-HONG, and 黃元鴻. "CEO Narcissism and Cash Dividend Policy." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/3g76ht.
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TUNG, YU-SHAN, and 董玉珊. "Corporate Social Responsibility and Dividend Policy." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/8qkz3d.
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碩士國立高雄應用科技大學
財富與稅務管理系碩士在職專班
104
ABSTRACT This thesis examines the relationship between corporate social responsibility (CSR) and dividend policy. Using the survey data made by Comrnon Wealth Magazine during 2007-2014 as the sample of CSR performance. This research also follows Chan et al. (2004) to use five matching-control firms based on market capitalization and book-to-market ratio and consists of 1,224 observations in the study. The empirical results suggest a positive relationship between CSR performance and dividend payout, indicating the firms control the phenomenon of overinvestment in CSR through higher dividend payout. Moreover, the firms with high CSR score or high governance score are also associated with high dividend payout. Furthermore, socially irresponsible firms adjust dividends quicker than socially responsible firms, dividend policy is less stable in low CSR firms than in high CSR firms.
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Wu, Yi-Chen, and 吳羿蓁. "Corporate Governance and Dividend Payout Policy." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/xjpnjm.
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碩士國立臺灣大學
財務金融學研究所
106
This paper investigates the relationship between abnormal corporate governance and dividend policy by using the sample of Taiwan’s public firms. Based on the agency theory proposed by La Porta et al. (2000), we consider two controversial hypotheses: the outcome and substitute hypotheses to discuss whether Taiwan’s dividend policy is used to solve agency problem. Different from the traditional corporate governance, we create an “abnormal corporate governance index” by controlling the characteristics of CEOs and firms and see how it affects dividend policy. Our empirical findings show that abnormal corporate governance is negatively correlated to cash dividend policy, which means that our results are consistent with “substitute model”. It can be seen that Taiwan’s dividend policy is more relevant to investment opportunities. The firms with better corporate governance often have lower agency cost and managers tend to use retained earnings to gain more benefit; thus, they will have less dividend payout but more investment opportunities. On the contrary, the firms with worse corporate governance, managers tend to pay dividends to relieve shareholders’ concerns of expropriation.
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Al-Malkawi, Husam-Aladin Nizar Y. "Dividend policy of publicly quoted companies in emerging markets : the case of Jordan." Thesis, 2005. http://handle.uws.edu.au:8081/1959.7/819.
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The determinants of corporate dividend policy remain controversial despite half a century of active research. Over that time a number of competing theories of dividend policy have been proposed, but no consensus has been reached about their explanatory power. This thesis examines the determinants of dividend policy of publicly quoted companies in Jordan as a case study of an emerging market. The study uses a firm-level panel data set of all publicly traded firms on the Ammam Stock Exchange between 1989 and 2000. Nine research hypotheses are developed, which are used to represent the main theories of corporate dividends. The results of studies conducted in this thesis suggest that the proportion of stocks held by insiders and state ownership significantly affect the amount of dividends paid, but not the decision to pay dividends. Larger, mature, profitable firms with less investment opportunities are more likely to pay dividends. These factors are found to also positively affect the level of dividends. Results provide no support for the signalling hypothesis. The thesis concludes with a discussion of some of the implications of all results and suggestions for further research.
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Fang, I.-Tang, and 方以唐. "Are Stock Dividends Disappearing? A Study of Dividend Policy in the Taiwan Stock Market." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/66225296432064501239.
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碩士國立東華大學
國際經濟研究所
94
This paper applies stock characteristics, logit regressions and catering incentives to explore why dividend policy in the Taiwan stock market is changing. First, firms with different dividend policies have their own characteristics. Second, firms have become less likely to pay stock dividends and more likely to pay dividends after controlling for characteristics. Finally, the payout ratio and real dividends are increasing for dividend-paying firms, but both are declining for stock dividend payers after 1997. As a result, the trends in dividend policies are indeed affected by the stock characteristics and propensity to pay.
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HUANG, MEI-FANG, and 黃玫芳. "Top Managers’ Characteristics and Corporate Dividend Policy." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/67913893628437820960.
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碩士大葉大學
企業管理學系碩士班
104
This study investigates whether top managers’ characteristics affect corporate dividend policies. The sample firms include publicly listed firms in Taiwan Stock Exchange and Taipei Exchange from 2010 to 2014. We use three variables as proxies of top managers’ characteristics, including whether the top managers’ professional background is related to accounting and finance, whether the top managers get a master or PhD degree, and their seniority in the top management position. Also we use dummy of whether the firms pay dividends and dividend yields as proxies of corporate dividend policies. The empirical results indicate that the higher the top managers’ seniority, the more likely the firms pay the dividends. However, top managers with accounting or financial professional background tend to have low dividend yield. This paper also finds that firm size and profitability have positive impacts on corporate dividend policies.
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Tsai, Feng-Hung, and 蔡鳳凰. "Optimal Dividend Policy: a Panel VAR Analysis." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/36944p.
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碩士國立暨南國際大學
經濟學系
92
In this thesis, we apply the theoretical model of intertemporal approach to the current account and its empirical methodology, originally developed by Campbell (1987) and Campbell and Shiller (1987) to establish a dividend-smoothing model. We employ PVAR (panel vector autoregrassion) model estimation to investigate the relationships between the industry's expected stream of future net earnings and smoothing component of the cash dividend policy. If the manager expects the firm's net earnings will be increasing, it is not necessary to retain too much dividend in the firm, he then will increase cash dividend. If the manager expects its flow of net earnings to fall in the future, which means that a rational manager will “save for a rainy day” (i.e., lower the cash dividend) and retain more earnings in the firm to invest on new investment opportunities in the future, or to maintain a smoothing cash dividend level in the future once the net earnings really turn down. In this study, we not only propose a dividend-smoothing theoretical model, but also apply PVAR empirical estimation. Eight electronic firms out of the S&P 500 are investigated. Our PVAR results show that there exists a common pattern of dividend policies within these eight electronic firms. Moreover, the theoretical predictions of changes in stockholder's equity are consistent with the actual series under PVAR estimation.