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Journal articles on the topic 'Dividend Policy'

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Published: 4 June 2021

Last updated: 9 March 2023

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1

Salman, Asma. "Determinants of dividend policy." Investment Management and Financial Innovations 16, no. 1 (March 5, 2019): 167–77. http://dx.doi.org/10.21511/imfi.16(1).2019.13.

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Pakistan’s capital market and economy have significant features for examining the dynamics of the dividend policy. The agency conflicts between the management and the investors of the firms are main barriers to the success of the firm. The shareholder is generally taking away all the rights and similarly has a control on the decision concerning the dividend policy. The dividends are conveying better information than any other source regarding the firm’s prospects. The aim of this research is to identify and analyze the influence of shareholder preference and dividend signaling on the dividend policy of the corporations in Pakistan. The respective study presents the analysis of top financial management beliefs by taking eighty listed corporations on Pakistani stock exchanges during 2017–2018. Pearson correlation and multiple regressions are applied on responses to explore whether there is an influence regarding the shareholder preferences and the signaling mechanism on the dividend policy of the listed firms in Pakistan. Through statistical techniques the findings proved that shareholder preferences and dividend signaling have a positive and significant relationship with the dividend policy of listed corporations. Dividend policy is the response of investor preferences and signaling aspect of dividends.

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2

Bogołębska, Justyna. "Signaling theory in dividend policy." Scientific Papers of Silesian University of Technology. Organization and Management Series 2022, no. 158 (2022): 86–94. http://dx.doi.org/10.29119/1641-3466.2022.158.6.

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Purpose: The purpose of this paper is to examine the signaling theory of dividend policy in companies that are listed on the Warsaw Stock Exchange. Design/methodology/approach: Based on the literature review of signaling theory in dividend policy, the research hypothesis was stated: There is no relationship between future earnings and current dividend payments in the financial statements of Warsaw listed companies during the studied period 2010-2021. Accordingly, an empirical model was built which consisted of an explanatory variable (dividend in subsequent years) and explanatory variables (earnings in subsequent years). In addition, a research questionnaire was conducted for individual investors who have been investing in the Warsaw Stock Exchange for more than one year. Findings: The estimation results of the econometric model confirmed that there is no relationship between the dividend paid and the profit of a given company. On the other hand, the survey results indicated that dividend policy is an important element in the decision-making process of individual investors in the stock market. Originality/value: The research in the paper is complementary in nature – the signaling theory in dividend policy was examined in a multifaceted manner – econometric testing of the model and qualitative research in the form of a survey among 100 investors.

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3

Sri Utami, Elok, and Tatang Ary Gumanti. "Analysis of cash dividend policy in Indonesia stock exchange." Investment Management and Financial Innovations 16, no. 3 (August 19, 2019): 97–105. http://dx.doi.org/10.21511/imfi.16(3).2019.10.

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Dividend policy has been puzzling for researchers for decades. The level of dividend varies not only across industries, but also across countries. This research analyzes the dividend policy of Indonesian public companies, in particular it examines the partial effect of cash ratio, debt ratio, company size, profitability, and asset growth on cash dividend policy in Indonesia Stock Exchange from 2008 to 2015. A total of 102 companies was used as a sample. The samples are divided into four groups: (1) a group of companies paying changeable dividends (Change group), (2) a group of companies paying continuous dividends, but then stop paying dividend (Omission group), (3) a group of companies that initially do not pay the dividends, but then continuously paying dividend (Initiation group); and (4) a group of companies paying constant dividends (Constant group). Results of hypotheses testing using multiple regression analysis show that profitability and asset growth affect dividend policy in all company groups. Company size affects dividend policy in the Change, Initiation, and Constant groups. Debt ratio influences dividend policy only in the Change group.

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4

Z., Shomansurova. "Dividend Policy In Joint Stock Companies." American Journal of Management and Economics Innovations 3, no. 06 (June 30, 2021): 157–62. http://dx.doi.org/10.37547/tajmei/volume03issue06-23.

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This article provides an in-depth analysis of the role and significance of dividend policy in the financial management system of joint-stock companies, describes the theory of calculating dividends, approaches to the formation of dividend policy and the basic principles of dividend policy.

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5

Yani, Hanifah Elka, and Novera Kristianti Maharani. "PENGARUH PROFITABILITAS, LAGGED DIVIDEND, DAN INVESTMENT OPPORTUNITY SET TERHADAP KEBIJAKAN DIVIDEN." AKSELERASI: Jurnal Ilmiah Nasional 4, no. 2 (August 24, 2022): 94–108. http://dx.doi.org/10.54783/jin.v4i2.570.

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The purpose of this study was to determine whether profitability, lagged dividend, and investment opportunity set affect dividend policy. The analysis in this study uses descriptive statistics, while hypothesis testing uses multiple linear regression, with the addition of a variable, namely the investment opportunity set as a gap theory from previous research which is still rarely studied. The results of this study indicate that there is a simultaneous influence between profitability, lagged dividend, and investment opportunity set on dividend policy. Partially, profitability and lagged dividend have a positive effect on dividend policy. While the Investment Opportunity Set partially negative effect on dividend policy. With the results of the coefficient of determination which shows that 43.8% of the dividend policy with the dimensions of the Dividend Payout Ratio (DPR) is influenced by the variables of Profitability, Lagged Dividend, and Investment Opportunity Set, the remaining 56.2% can be influenced by other variables.

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6

Ettl, Wolfgang. "Optimal dividend policy." Blätter der DGVFM 19, no. 1 (April 1989): 47–67. http://dx.doi.org/10.1007/bf02809469.

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7

Suleiman, Retno Suliati, and Mila Permatasari. "PENGARUH PROFITABILITAS, COLLATERALIZABLE ASSETS, INVESTMENT OPPORTUNITY SET, DAN LAGGED DIVIDEND TERHADAP KEBIJAKAN DIVIDEN." PAPATUNG: Jurnal Ilmu Administrasi Publik, Pemerintahan dan Politik 5, no. 1 (March 9, 2022): 46–59. http://dx.doi.org/10.54783/japp.v5i1.508.

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This study aims to determine the effect of profitability, collateralizable assets, investment opportunity set, and lagged dividend on dividend policy. The sample companies were selected using the purposive sampling technique. After selecting the sample, a sample of 35 samples from 7 companies was obtained multiplied by a 5 year period. The analysis in this study uses normality test, classical assumption test, hypothesis test, coefficient of determination and multiple linear regression analysis. Based on the results of the study, it can be concluded that: 1) profitability, collateralizable assets, investment opportunity set, and lagged dividend all have the same effect on dividend policy, with an adjusted R square value of 62.3%; 2) profitability has no effect on dividend policy; 3) assets that can be pledged as collateral have no effect on dividend policy; 4) investment opportunity set has no effect on dividend policy; and 5) lagged dividend has a positive effect on dividend policy.

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8

Kao, Lanfeng, and Anlin Chen. "Dividend Policy and Elimination of Double Taxation of Dividends*." Asia-Pacific Journal of Financial Studies 40, no. 2 (April 2011): 261–84. http://dx.doi.org/10.1111/j.2041-6156.2011.01038.x.

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9

Adams, Paul D., Steve B. Wyatt, and Michael C. Walker. "DIVIDENDS, DIVIDEND POLICY AND OPTION VALUATION: A NEW PERSPECTIVE." Journal of Business Finance & Accounting 21, no. 7 (October 1994): 945–62. http://dx.doi.org/10.1111/j.1468-5957.1994.tb00357.x.

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10

Baker, H. Kent, and Rob Weigand. "Corporate dividend policy revisited." Managerial Finance 41, no. 2 (February 9, 2015): 126–44. http://dx.doi.org/10.1108/mf-03-2014-0077.

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Purpose – The purpose of this paper is to provide an overview and synthesis of some important literature on dividend policy, chronicle changing perspectives and trends, provide stylized facts, offer practical implications, and suggest avenues for future research. Design/methodology/approach – The authors provide a survey of literature surveys with a focus on insights for paying cash dividends. Findings – The analysis of literature surveys on dividend policy provides some stylized facts. For example, US evidence indicates that the importance of cash dividends as a part of investors’ total returns has declined over time. Share repurchases now play an increasingly important role in payout policy in countries permitting stock buybacks. The popular view is that dividend policy is important, as evidenced by the large amount of money involved and the attention that firms, security analysts, and investors give to dividends. Firms tend to follow a managed dividend policy rather than a residual dividend policy, which involves paying dividends from earnings left over after meeting investment needs while maintaining its target capital structure. Certain determinants of cash dividends are consistently important over time in shaping actual dividend policies including the stability of past dividends and current and anticipated earnings. No universal set of factors is appropriate for all firms because dividend policy is sensitive to numerous factors including firm characteristics, market characteristics, and substitute forms of dividends. Universal or one-size-fits-all theories or explanations for why companies pay dividends are too simplistic. Practical implications – The dividend puzzle remains an important topic in modern finance. Originality/value – This is the first a survey of literature surveys on cash dividends.

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11

Rochmah, Hidayati Nur, and Ardianto Ardianto. "Catering dividend: Dividend premium and free cash flow on dividend policy." Cogent Business & Management 7, no. 1 (January 1, 2020): 1812927. http://dx.doi.org/10.1080/23311975.2020.1812927.

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12

Ali, Akhtiar, S. Karim Bux, and Naveed R. Khan. "Preceding Dividend as a signal of Future Dividends: Evidence from Chinese Commercial Banks." Sukkur IBA Journal of Management and Business 7, no. 2 (December 17, 2020): 93–106. http://dx.doi.org/10.30537/sijmb.v7i2.240.

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Dividend policy is a prime concern of all stakeholders for it represents major cash outflow. There are two major underlying considerations for present study; first, academicians have spent more than five decades now and used various theoretical and empirical models to explore and study nature of determinants of dividend policy; but the issue is yet unresolved and open for further discussion. Second, majority of extant studies used data from developed economies to understand dividend myth. In addition, from available studies, the study on dividend policy of non-financial sector takes large area in pie. The present study is based on model after considering all factors to address dividend policy of commercial banks in emerging markets. Secondary data is used for statistical analysis the empirical results indicate significant relationship of provisioning against non-performing loans (LNPNPL), total assets (LNTA) and return on assets (ROA) on dividend payout ratio. LNPNPL significantly and negatively causes dividend policy, this indicates that banks with higher level of risk pay less dividends. Similarly, ROA significantly and positively explains variations in dividend payout ratio. The positive relationship tells that banks with higher returns (profitable banks) pay higher dividends. The negative and significant relation (causal) between LNTA and dividend payout indicates that Chines banks pay less dividends as they grow bigger in size. Other variables of model indicate insignificant relationships. Findings support existing literature but the size of bank has significant but inverse relationship with dividend policy. The findings are instrumental for investors aspiring for dividend income.

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13

Wijaya, Michael. "Us Dividend Policy Analyses." Binus Business Review 4, no. 1 (May 31, 2013): 496–503. http://dx.doi.org/10.21512/bbr.v4i1.1414.

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The main issue writer examines in this writing is to analyze whether or not dividend policy is a determinant to maintain stock values or firm values as a whole. It is essential that dividend policy is managed properly to enhance the satisfaction of the investors at any level of characteristics. At the end, investors are the key that determines the stock value movement. Some investors are looking for capital gain and some do care about dividend payout. Thus, the decision of dividend policy becomes crucial. It needs to understand that a firm's dividend policy may have effects on shareholder welfare. The answers can be found out by analyzing different factors of dividend policy. Taken as a whole, to see if there are other alternatives if dividend policy that can maintain or even boost up firm values. Different dividend policy has some upsides and downsides that a corporation needs to consider. One of the alternatives that is common and has become a key is stock repurchase plan.

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14

Izdihar, Selaristi, Suhendro Suhendro, and Rosa Nikmatul Fajri. "Pengaruh Profitabilitas, Lagged Dividend, Size, dan Leverage pada Kebijakan Dividen." Jurnal Ilmiah Universitas Batanghari Jambi 20, no. 2 (July 3, 2020): 714. http://dx.doi.org/10.33087/jiubj.v20i2.1012.

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This study aims to examine and analyze the effect of profitability, lagged dividends, size, and leverage on dividend policy. The population in this study are companies in the consumer goods industry sector which are listed on the Indonesia Stock Exchange (BEI) in 2016-2018. This type of research is quantitative research. Sampling with purposive sampling technique resulted in 19 companies in the consumer goods industry sector in 2016-2018 according to the specified criteria, in order to obtain 57 research data. This study uses multiple linear regression analysis with the SPSS version 23. IMB program. The results of this study concluded that profitability and lagged dividends affect the dividend policy. While size and leverage have no effect on dividend policy.

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15

Porwal, Hamendra Kumar, and Rohini Singh. "Determinants of Dividend Policy." International Journal of Management Studies V, no. 4(6) (October 1, 2018): 11. http://dx.doi.org/10.18843/ijms/v5i4(6)/02.

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16

Paramita, Ratna Wijayanti Daniar. "Determinants of Dividend Policy." Jurnal Ilmu Manajemen Advantage 4, no. 1 (June 30, 2020): 1–5. http://dx.doi.org/10.30741/adv.v4i1.592.

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This study aims to analyze the influence of Free Cash Flow, Profitability, Liquidity and Leverage on Dividend Policy. This research was conducted at manufacturing companies listed on the Indonesian Stock Exchange in the Consumer Goods Industry sector in the 2015-2018 period. The data analysis technique used multiple linear regression analysis. This study used purposive sampling technique to obtain samples according to the specified criteria. The number of companies based on the criteria in the study were 13 companies. The results of this research are free cash flow, liquidity, and leverage have no significant effect on dividend policy, while profitability has a significant positive effect on dividend policy.

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17

Wibisono, Yusuf, M. Sholihun, and Nani Hanifah. "SUPERMAKET DIVIDEND DISTRIBUTION POLICY." Assets : Jurnal Ilmiah Ilmu Akuntansi, Keuangan dan Pajak 4, no. 1 (January 31, 2020): 8–15. http://dx.doi.org/10.30741/assets.v4i1.559.

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This study aims to examine the development of the management of Lumajang Supermarkets Amanah Supermarkets, which was established in 2012 with its own capital and sell shares to the public as long as approximately seven can run well in the midst of business competition and can earn profits or profits stably, so as to divide dividends to shareholders. This research is a qualitative descriptive study. The data was obtained from the Lumajang Shirkah Amanah Self-Service report for the past three years. From the profits obtained, the management makes a policy of profit sharing through the General Meeting of Share Shares (GMS). The provisions include net profit before being distributed to shareholders, issued in advance by 25% for business development, 2.5% for managers, 2, 5% for organizations, 2.5% for infaq/ zakat syirkah, and 1% for shareholder shopping rewards. Dividend distribution policy is influenced by several factors, including corporate liquidity, profitability and is supported by earnings stability.

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18

Talmor, Eli, and Sheridan Titman. "Taxes and Dividend Policy." Financial Management 19, no. 2 (1990): 32. http://dx.doi.org/10.2307/3665632.

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19

Wu, Chunchi. "Taxes and dividend policy." International Review of Economics & Finance 5, no. 3 (January 1996): 291–305. http://dx.doi.org/10.1016/s1059-0560(96)90035-0.

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20

Gillet, Roland, Marc-André Lapointe, and Philippe Raimbourg. "Dividend Policy and Reputation." Journal of Business Finance & Accounting 35, no. 3-4 (April 2008): 516–40. http://dx.doi.org/10.1111/j.1468-5957.2008.02074.x.

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21

Bhattacharyya, N. "Dividend policy: a review." Managerial Finance 33, no. 1 (January 23, 2007): 4–13. http://dx.doi.org/10.1108/03074350710715773.

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22

Allen, D. E., and H. Y. Izan. "Dividend Policy: The Issues." Managerial Finance 18, no. 1 (January 1992): 1–8. http://dx.doi.org/10.1108/eb018439.

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23

Stacescu, Bogdan. "Dividend Policy in Switzerland." Financial Markets and Portfolio Management 20, no. 2 (June 2006): 153–83. http://dx.doi.org/10.1007/s11408-006-0013-7.

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24

Rahman, Muhammad Mahbubur. "Managers’ Perception towards Dividends and Dividend Policy—Evidence from Bangladesh." Journal of Financial Risk Management 04, no. 03 (2015): 143–57. http://dx.doi.org/10.4236/jfrm.2015.43012.

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25

Fawzi Shubita, Mohammad. "The relationship between dividend policy and bank growth." Banks and Bank Systems 16, no. 4 (December 27, 2021): 218–28. http://dx.doi.org/10.21511/bbs.16(4).2021.18.

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The purpose of this study is to investigate the association between bank growth and the retained earnings amount for Jordanian banks between 2010 and 2020. The method to be used is regression models. Bank growth is measured using the change in total assets; income retention is measured by subtracting dividends from earnings per share and by deducting dividend per share from the operating cash flow on the accrual basis and cash basis. In addition, another specification will be used to the association between the growth of a bank’s total assets and income retention using the percentage change in the growth of a bank’s total assets and income retention on the accrual and cash basis. The findings of pooled OLS regression models and random effect models show that there is no relationship between income retention using the accrual basis and the bank total assets growth (Adj-R2 was –005). There is a significant relationship between income retention using the cash basis and the bank growth in total assets (Adj-R2 was 14%). There is no significant association between change in income retention using the cash basis and the bank growth in total assets, and bank size affects the relationship between income retention and bank growth in total assets. Users of financial statements need to be aware of the association between the several variables used in this study to make sound decisions.

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26

Lotfi, Taleb. "Dividend Policy in Tunisia: A Signalling Approach." International Journal of Economics and Finance 10, no. 4 (March 3, 2018): 84. http://dx.doi.org/10.5539/ijef.v10n4p84.

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The main objective of this study was to establish the stock price reaction to dividend announcements of firms quoted at the Tunisian Securities exchange (TSE). To do so, we develop a traditional event study. Two robust results emerge: First, when we observe the 196 announcements of dividends between years 1996-2004, the result is inconsistent with signaling theory, as long as, no abnormal return was observed on the announcement day (event period). Second, When the overall sample is divided into three sub-group (dividend increase, dividend-no-change and dividend), we observe a significant and abnormal return about -1.242 percent and -1.697 percent respectively on day D(t0-4) and D(t0+4) around the dividend announcement day (Dt0) only for the sub-group of firms that decreases their dividend. This result corroborates prior research in Tunisian context [Ben Naceur and al. (2006); Guizani and Kouki (2011)] that confirm, by using a different approach, the Lintner’s (1956) conclusions which states that Tunisian’ firms generally tend to avoid a dividend decrease (or cuts) and can constitute a supporting evidence of the dividend information content hypothesis in TSE.

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Kurnia, Stevani Putri, Putu Anom Mahadwartha, and Mudji Utami. "PENGUJIAN DEBT FINANCED DIVIDEND PADA PENGARUH KEBIJAKAN UTANG TERHADAP KEBIJAKAN DIVIDEN DAN KEPUTUSAN INVESTASI." Jurnal Manajemen 12, no. 2 (November 1, 2015): 129–46. http://dx.doi.org/10.25170/jm.v12i2.812.

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This study analyzes the effect of debt policy on dividend policy and investment decision on corporate manufacturing industry sector in IDX the period of 2009-2013. This study uses a quantitative approach to multiple linear regression analysis model. This study uses a sample of firms / companies who are in the manufacturing industry sectors in IDX period of 2009-2013. This study finds that debt policy doesn’t have significant effect on dividend policy, while control variable, MBVE has negative significant effect on dividend policy. Debt policy has positive significant effect on investment decision while MBVE doesn’t have significant effect on investment decision on manufacturing industry sector in IDX the period of 2009-2013.

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Kimunduu, Geoffrey Mbuva, Mirie Mwangi, Erasmus Kaijage, and Duncan Elly Ochieng. "Financial Performance and Dividend Policy." European Scientific Journal, ESJ 13, no. 28 (October 31, 2017): 138. http://dx.doi.org/10.19044/esj.2017.v13n28p138.

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Past studies on the relationship between dividend policy and firm performance continue being an unresolved predicament with few studies interrogating the causality relationship between financial performance and dividend policy. The purpose of this study was to establish the nature of relationship between financial performance and dividend policy of firms listed at the Nairobi securities exchange. The study applied positivism research philosophy and descriptive causal research design. The study was anchored on hypothetical view that the relationship between financial performance and dividend policy of firms listed at the Nairobi securities exchange is not significant which was tested against a sample size of 31 firms listed at the Nairobi securities exchange selected using purposive sampling technique. The research findings were as follows: There was a statistically significant direct association between return on equity and dividend policy. This implies that as firm profitability improve; a corresponding proportionate change in dividend payout ratio is initiated by management. In addition, it was established that there was a statistically significant positive linkage between operating cash flows and dividend policy which denotes that as cash flow levels from operating activities change, dividend payout ratio will change in the same direction leading to increased distribution of cash dividend to investors. Also, a statistically significant direct connection between price earnings and dividend policy was established. This relationship shows that increase in share market value positively prompts increased dividend payout ratio whereby the management follow a more acceptable dividend policy by the shareholders. However, market to book value depicted a weak insignificant inverse relationship with dividend policy and was dropped. In general it was concluded that the link between financial performance and dividend policy of firms listed at the Nairobi securities exchange was significant. The study outcome augment existing knowledge on financial performance and dividend policy for it is evident that firms with ability to generate income directly influence dividend payout ratio and therefore, top management should focus on financial performance strategies and not dividend policy which is irrelevant. Regulatory bodies such as Capital Market Authority and Centre for Corporate Governance use these research findings to improve their financial viability assessment approach of firms listed at the Nairobi securities exchange.

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29

Gennusi, Rossiana Sita Ayu, and Novera Kristianti Maharani. "THE EFFECT OF INVESTMENT OPPORTUNITY SET, LAGGED DIVIDEND AND MANAGERIAL OWNERSHIP ON DIVIDEND POLICY." PAPATUNG: Jurnal Ilmu Administrasi Publik, Pemerintahan dan Politik 4, no. 1 (July 27, 2021): 112–20. http://dx.doi.org/10.54783/japp.v4i1.418.

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The purpose of this study is to examine the factors that influence dividend policy in companies in the consumption industry sector between 2017 and 2019. The market to book value of equity can be used to calculate the investment opportunity set, the lagged dividend can be calculated using the dividend payout ratio from the previous year, managerial ownership can be calculated as a percentage of total share ownership divided by total company shares, and dividend policy can be calculated using the dividend payout ratio. Purposive sampling procedures were used to collect data, and the results were analyzed using multiple linear regression analysis. This study drew 60 samples from a total population of 168. The data is secondary in nature and derived from financial statements. The results of hypothesis testing indicate that investment opportunity set, lagged dividend, and managerial ownership all have an effect on dividend policy. And, to a lesser extent, the investment opportunity set affects dividend policy, while lagged dividends have no effect on dividend policy.

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30

Barabás, Zoltán, and Gergely Fazakas. "Tax implications of dividend policy." Corvinus Journal of Sociology and Social Policy 1, no. 2 (2010): 51–79. http://dx.doi.org/10.14267/cjssp.2010.02.03.

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The focus of debates about dividend policy is whether any given extent of dividend pay-out creates added value for the shareholders – i.e. whether any price change is induced by such alterations of the dividend level that are announced currently or expected in the future. In the most simple way the main problem of dividend policy is to pay out the profit as dividend or to reinvest in the company as a plow-back. It seems, that several factors influence the firms’ dividend policy: risk, taxes, costs, information, shareholders clienteles, shareholders’ behaviour etc. I will deal only the tax effects.

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31

Booth, Laurence, and Jun Zhou. "Market power and dividend policy." Managerial Finance 41, no. 2 (February 9, 2015): 145–63. http://dx.doi.org/10.1108/mf-12-2013-0346.

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Purpose – The purpose of this paper is to investigate how and why a firm’s product market power affects its dividend policy. Design/methodology/approach – This paper uses three measures of market power? The degree of import competition, Herfindahl-Hirschman index, and Lerner Index? To examine how a firm’s product market power affects its dividend policy. Further, it proposes and tests a risk-based explanation for this impact. Findings – This paper shows that market power positively affects the dividend decision, in terms of both the probability of paying a dividend and the amount of dividend payment. It also provides evidence that the route through which market power affects the dividend decision is business risk: firms with less market power are riskier and hence less likely to pay dividends than firms with more market power. Practical implications – The results show that product market power may have played an important role in reshaping dividend policy of corporate America. Originality/value – This study documents the relevance of market power behind dividend policy and therefore adds to the knowledge on the relationship between product markets and corporate financial policies, which is an important and understudied area of corporate finance.

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32

Swandari Budiarso, Novi. "Dividend policy on controlling and non-controlling shareholders: case in Indonesia." Investment Management and Financial Innovations 16, no. 2 (June 27, 2019): 336–47. http://dx.doi.org/10.21511/imfi.16(2).2019.28.

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The purpose of this study is to examine dividend policy on both the controlling and non-controlling shareholders based on assumptions according to theories of life cycle, and free cash flow.The sample for this study is 241 listed firm in Indonesia Stock Exchange during the period from 2010 to 2015. This study divides the sample based on quartiles and analyzes it by conducting logistic regression with significant rate at 0.05. This study provides the evidences that: (1) firms as dividend payers tend not distribute their dividend for controlling shareholders and non-controlling shareholders while the composition for both shareholders are almost equal; (2) firms as dividend payers also have tendency not to distribute dividend on controlling shareholders when this shareholders have largest percentage of ownership; and (3) firms as dividend payers tend not distribute dividend on non-controlling shareholders while they have lowest retained earnings.The findings imply that life cycle theory and free cash flow theory can explain the behavior of dividending policy on controlling shareholders and non-controlling shareholders depend on their circumstances.The study uses alternative measurement for non-controlling shareholders as this variable together with controlling shareholders are moderating the other independent variables for testing the model of dividend policy.

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33

Tran, Dung Viet. "Economic policy uncertainty and bank dividend policy." International Review of Economics 67, no. 3 (February 7, 2020): 339–61. http://dx.doi.org/10.1007/s12232-020-00344-y.

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34

Hauser, Richard, and John H. Thornton Jr. "Dividend policy and corporate valuation." Managerial Finance 43, no. 6 (June 12, 2017): 663–78. http://dx.doi.org/10.1108/mf-05-2015-0157.

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Purpose The purpose of this paper is to investigate an empirical solution to dividend policy relevance. Design/methodology/approach The paper combines measures of firm maturity in a logit regression to define a comprehensive life-cycle model of the likelihood of dividend payment. The valuation of firms that conform to the model is compared to the valuation of firms that do not fit the model. Valuation is measured by the market to book (M/B) ratio. Findings The analysis indicates that dividend policy is related to firm value. Dividend-paying firms that fit the life-cycle model have a higher median valuation than dividend-paying firms that do not fit the life-cycle model. Similarly, non-paying firms that fit the life-cycle model have a higher median valuation than non-paying firms that do not fit the life-cycle model. The results also provide evidence that the disappearing dividend phenomenon is related to shifts in valuation. Research limitations/implications This paper focuses on the payment of dividends. Stock repurchases are not considered. Practical implications The results indicate that dividend policy is related to firm value. Approximately 15 percent of sample observations have a dividend policy counter to the life-cycle model. Originality/value This paper shows that the relation between a firm’s M/B ratio and dividend policy changes over the firm’s life-cycle. It also shows that the catering motive for dividends is strongest among firms that are outliers in the life-cycle model and firms of intermediate maturity.

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Yensu, Joseph, and Charles Adusei. "Dividend Policy Decision across African Countries." International Journal of Economics and Finance 8, no. 6 (May 24, 2016): 63. http://dx.doi.org/10.5539/ijef.v8n6p63.

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<p>This paper provides analysis of the trends in dividend policy and differentials in firm and country specific factors for payers and non-payers of dividends and examines the predictions concerning the amount of dividends paid by listed non-financial firms in African countries. Using a panel dataset over the period 1994-2011 from 13 African countries, the study found that dividend payers are more profitable, have larger firm size, greater investment, higher retention of earnings and less financial leverage than non-paying firms. The results show that in countries where the GDP per capita is low, firms are more likely to pay dividends. The level of corruption is high for non-payers of dividends. The study also found a positive significant relationship between dividend payout, profitability, investment opportunities and firm size. However, a significant negative relationship was reported between dividend payout, financial leverage, corruption and gross domestic product per capita. The study further found that the dividend trends were very low and stable. The conclusion, therefore, indicates that although firm specific factors are important in Africa in determining dividend policy regarding payout, country specific factors play very significant roles in determining the dividend payout of African firms<em>.</em></p>

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Baker, H. Kent, Sujata Kapoor, and Imad Jabbouri. "Institutional perspectives of dividend policy in India." Qualitative Research in Financial Markets 10, no. 3 (August 6, 2018): 324–42. http://dx.doi.org/10.1108/qrfm-07-2017-0067.

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Purpose This study aims to examine dividend policy from the perspective of institutional investors in India. It focuses on the level of importance these investors attach to the dividend policy of their investee firms, the level of influence they exercise in shaping such firms’ dividend policies and their reactions to changes in dividends. This study also reports how institutional investors view various explanations for paying dividends. Design/methodology/approach A mail survey provides a profile of respondents and their firms, as well as responses to 29 closed-ended questions involving various explanations for paying dividends and 22 closed-ended questions on various dividend issues. Findings The evidence shows that Indian institutional investors attach substantial importance to dividend policy and prefer high dividend payments. Their reactions to dividend changes are asymmetric. Taxes are a major driver for why they seek dividends, whereas liquidity needs to play little role in shaping their preferences. The two most commonly used methods of active monitoring are selling shares and communicating concerns to investee companies. Research limitations/implications The number of responses limits the ability to test for statistically significant differences between the various competing hypotheses. Practical implications The findings support multiple explanations for paying cash dividends and provide new evidence supporting the positive relation between inflation and dividend payments. Originality/value This study provides the first survey evidence on the views of institutional investors on dividend policy in India.

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Van Caneghem, Tom, and Walter Aerts. "Intra‐industry conformity in dividend policy." Managerial Finance 37, no. 6 (May 10, 2011): 492–516. http://dx.doi.org/10.1108/03074351111134718.

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PurposeThe purpose of this paper is to study the impact of intra‐industry conformity tendencies on dividend policy among a large sample of US firms.Design/methodology/approachThe paper explores mimetic influences on dividend policy. Consistent with prior institutional research, the paper measures mimetic pressures as institutional prevalence or the pervasiveness of a feature of dividend policy within a firm's relevant environment.FindingsThe results reveal a significantly positive relationship between the lagged density of firms in the industry that pay a dividend and the probability of a focal firm paying a dividend. Moreover, for firms paying a dividend, results indicate that higher similarity in dividend payout among firms in the same industry induces more conformity between a focal firm and average industry practice. Overall, results are consistent with imitation in dividend policy.Research limitations/implicationsThe results support the view that future research on dividend policy should value social and behavioral factors more explicitly in order to arrive at a more overall and consistent explanation of firms' dividend policy. Moreover, the results also illustrate the relevance of alternative theories in explaining dividend policy.Practical implicationsThe results show that intra‐industry benchmarking of dividend policy plays a significant role in the USA.Originality/valueThis study documents the relevance of social imitation mechanisms behind dividend payout behavior and therefore adds to the current knowledge of the impact of behavioral processes on dividend policy.

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TIKANA, NENY, and SUSI HANDAYANI. "Pengaruh Arus Kas Operasi, Laba Bersih, dan Hutang terhadap Kebijakan Dividen (Dividend Payout Ratio) pada Perusahaan Manufaktur yang Go Public di Bursa Efek Indonesia Tahun 2005-2009." BISMA (Bisnis dan Manajemen) 4, no. 1 (June 6, 2018): 66. http://dx.doi.org/10.26740/bisma.v4n1.p66-76.

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In the expansion, companies need a lot of sources of funding, that is through capital markets. Capital markets are an alternative source of external funding sources in addition to loan funds. With the capital markets, investor can invest in many different investment options, one of which is stock. Return the stock received by investors may include capital gains and dividends. Dividend is a part of the projected dividendd policy with a dividend payout ratio (DPR). Dividend policy is influenced by several factors including the operating cash flow, net income, and debt. The purpose of this study was to examine and analyze the influence of operating cash flow, nt income, and debt to dividend policy (dividend payout ratio) at a manufacturing company that went public on the Indonesia Stock Exchange in 2005-2009. This study uses purposive sampling method to take samples, in order to obtain a sample number 27 manufacturing companies. The method of analysis used is multiple linear regression analysis with the help of analysis tools SPSS version 16.0. Based on the results of data analysis can be concluded that there is a simultaneous influence of operating cash flow, net income, and debt to dividend policy (dividend payout ratio). While partial, operating cash flow negative influence on dividend payout ratio. That is because the large cash is not necessarily distibuted as dividends, because dividends depend essentially on the policy of the company itself and the profits of the acquired companies. Net income has a positive effect on dividend payout ratio for dividends derived from net income and companies will share profits if it makes a profit. The Debt has negative effect on dividend payout ratio for firms to prioritize paying off debt rather than dividends.

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Kaźmierska-Jóźwiak, Bogna. "Dividend policy factors in Poland." Annales Universitatis Mariae Curie-Skłodowska, sectio H, Oeconomia 48, no. 3 (January 16, 2015): 129. http://dx.doi.org/10.17951/h.2015.48.3.129.

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김태규 and 김인중. "Credit Ratings and Dividend Policy." Korean Journal of Financial Engineering 18, no. 2 (June 2019): 27–49. http://dx.doi.org/10.35527/kfedoi.2019.18.2.002.

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Novi. "Agent, Steward, and Dividend Policy." EUROPEAN RESEARCH STUDIES JOURNAL XXII, Issue 3 (August 1, 2019): 83–94. http://dx.doi.org/10.35808/ersj/1458.

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Pontoh, Winston. "The Motives behind Dividend Policy." International Journal of Economics and Business Administration IV, Issue 2 (December 1, 2016): 29–40. http://dx.doi.org/10.35808/ijeba/97.

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Byun, Sanghyuk, Doseong Kim, and Youngjoo Lee. "Governance Reforms and Dividend Policy." Korean Academic Association of Business Administration 30, no. 2 (February 28, 2017): 161–81. http://dx.doi.org/10.18032/kaaba.2017.30.2.161.

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Hwang, Iny, Jin-Ha Park, and Sera Choi. "Managerial Ability and Dividend Policy." Korean Accounting Review 45, no. 2 (April 30, 2020): 171–207. http://dx.doi.org/10.24056/kar..2020.03.001.

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Hwang, Iny, Jin-Ha Park, and Sera Choi. "Managerial Ability and Dividend Policy." Korean Accounting Review 45, no. 2 (April 30, 2020): 171–207. http://dx.doi.org/10.24056/kar.2020.03.001.

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Adi Wibowo, Seto Sulaksono, and Agung Bana. "FACTORS AFFECTING DIVIDEND PAYMENT POLICY." AFEBI Management and Business Review 5, no. 1 (June 17, 2020): 69. http://dx.doi.org/10.47312/ambr.v5i1.296.

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<p><strong><em>Dividend payments are a routine activity that is usually done by the company once a year. Before dividend payments are made many factors are considered before the company pays the dividends. This study aims to determine what factors affect the payment of dividends. The sample used in this study is all non-financial sector companies that pay dividends for 3 consecutive years 2016 to 2018. This study uses the Eviews test tool and uses multiple regression tests. The results of this study indicate that profitability, life cycle and company size have positive effects while liquidity, cash flow, growth opportunities and leverage have no effect on dividend payout policies.</em></strong></p><p> </p>

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Akhigbe, Aigbe, and Jeff Madura. "Dividend Policy and Corporate Performance." Journal of Business Finance & Accounting 23, no. 9-10 (December 1996): 1267–87. http://dx.doi.org/10.1111/1468-5957.00079.

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Li, Kai, and Xinlei Zhao. "Asymmetric Information and Dividend Policy." Financial Management 37, no. 4 (December 2008): 673–94. http://dx.doi.org/10.1111/j.1755-053x.2008.00030.x.

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Shao, Liang, Chuck CY Kwok, and Omrane Guedhami. "National culture and dividend policy." Journal of International Business Studies 41, no. 8 (December 17, 2009): 1391–414. http://dx.doi.org/10.1057/jibs.2009.74.

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MILLER, MERTON H., and KEVIN ROCK. "Dividend Policy under Asymmetric Information." Journal of Finance 40, no. 4 (September 1985): 1031–51. http://dx.doi.org/10.1111/j.1540-6261.1985.tb02362.x.

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