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1
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.
2
Al-Malkawi, Husam-Aladin Nizar Y., University of Western Sydney, College of Law and Business y 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)
3
Chui, Alice Pui Ling. "Taxation and dividends". Thesis, University of Manchester, 1992. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.629932.
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This research investigates the influence of personal taxes on the valuation of dividends in the UK. Hitherto most empirical studies on personal taxes and dividends have used US data with conflicting and inconclusive results. UK data has more potential for illuminating the issue because the UK has had several substantial reforms in tax policy. The empirical models tested by this study are derived from a well-defined theoretical version of the capital asset pricing model incorporating personal taxes. The research also attempts to overcome some of the difficulties encountered in constructing a well-specified econometric model: finding a correct measure of expected dividend yield for individual securities; biases due to heteroscedasticity; measurement error; and information effects. Methods of instrumental variables and generalized least squares are used to deal with some of the estimation problems. This study reports affirmative evidence that taxes significantly affect the equilibrium relationship between returns and dividend yields.
4
Börjesson, Erik y Harald Lindström. "The Value of Dividends : The effect of dividend exposure on stock returns". Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-389411.
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This paper aims to examine if firms listed on Nasdaq Stockholm with dividend exposure yield higher risk-adjusted returns than firms without dividend exposure. Using a data set consisting of observations between 2000-2017 we test the difference in mean risk-adjusted return, measured by the Sharpe ratio, between securities with different levels of dividend exposure. We divide our sample into portfolios, categorized in the first stage independently of investment style, size and book-to-market ratio, and in the second stage on dividend exposure, that are regrouped annually. We measure the performance in terms of the geometric mean monthly returns, the risk as standard deviation of returns and the risk-adjusted performance measured with the Sharpe ratio. Following our empirical study, we find indications of a value effect in the Swedish capital market and draw upon three main conclusions. First, for all but one portfolio, the risk decreases with an increased degree of dividend exposure. Second, securities with high-dividend exposure tend to yield higher risk-adjusted returns relative to securities with no-dividend exposure. Third, the effect of dividend exposure on risk-adjusted performance appears to be most significant on mid firms and growth firms
5
Zagonel, Timóteo. "Política de dividendos, tributação e governança corporativa no Brasil". reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2013. http://hdl.handle.net/10183/72819.
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Esta pesquisa busca analisar a influência da tributação e da governança corporativa sobre as políticas de dividendos das companhias de capital aberto brasileiras no período de 1986 a 2011, através de estimações Probit e Tobit com dados em painel. Particularmente no Brasil houve diversas mudanças na legislação tributária dentro do período analisado, sendo assim uma boa oportunidade para esse estudo. Os resultados empíricos sugerem que: a) quando houve aumento no Lucro Por Ação, o percentual do lucro distribuído em forma de proventos foi maior nos períodos em que não houve incidência de tributação e menor quando houve incidência de tributação; b) companhias estatais distribuíram menos dividendos do que companhias privadas; c) companhias que distribuíram dividendos também distribuíram Juros Sobre Capital Próprio; d) companhias que possuem governança corporativa tendem a distribuir mais dividendos.This paper investigates the influence of taxes and corporate governance on dividend policy of Brazilian public companies in the years 1986 to 2011, using panel data Probit and Tobit estimation. There are several tax law changes particularly in Brazil within the period analyzed, creating a good opportunity to study dividend policy. Empirical results suggests that (a) when Earnings Per Share increased, the percentage of profits distributed in the form of dividends was higher in periods in which there was no incidence of taxation and lower when there was incidence of taxation; (b) state owned companies paid less dividends than private companies; (c) companies that paid dividends also paid Interest On Equity Capital; (d) companies under corporate governance best practices tend to pay more dividends.
6
Jahanzeb, Danish, Gunnar Jönsson y Joakim Eriksson. "Signals from the financial crisis : A study based on the effects of dividends signaling during the financial crisis on the Swedish Stock Exchange". Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-176756.
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Fernandez, Perretti Gizelle. "Contemporary Aspects of Dividends: Before and During the Financial Crisis". FIU Digital Commons, 2011. http://digitalcommons.fiu.edu/etd/451.
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The number of dividend paying firms has been on the decline since the popularity of stock repurchases in the 1980s, and the recent financial crisis has brought about a wave of dividend reductions and omissions. This dissertation examined the U.S. firms and American Depository Receipts that are listed on the U.S. equity exchanges according to their dividend paying history in the previous twelve quarters. While accounting for the state of the economy, the firm’s size, profitability, earned equity, and growth opportunities, it determines whether or not the firm will pay a dividend in the next quarter. It also examined the likelihood of a dividend change. Further, returns of firms were examined according to their dividend paying history and the state of the economy using the Fama-French three-factor model.
Using forward, backward, and step-wise selection logistic regressions, the results show that firms with a history of regular and uninterrupted dividend payments are likely to continue to pay dividends, while firms that do not have a history of regular dividend payments are not likely to begin to pay dividends or continue to do so. The results of a set of generalized polytomous logistic regressions imply that dividend paying firms are more likely to reduce dividend payments during economic expansions, as opposed to recessions. Also the analysis of returns using the Fama-French three factor model reveals that dividend paying firms are earning significant abnormal positive returns.
As a special case, a similar analysis of dividend payment and dividend change was applied to American Depository Receipts that trade on the NYSE, NASDAQ, and AMEX exchanges and are issued by the Bank of New York Mellon. Returns of American Depository Receipts were examined using the Fama-French two-factor model for international firms. The results of the generalized polytomous logistic regression analyses indicate that dividend paying status and economic conditions are also important for dividend level change of American Depository Receipts, and Fama-French two-factor regressions alone do not adequately explain returns for these securities.
8
Tsai, Chun-Li. "Why are dividends sticky?" Texas A&M University, 2005. http://hdl.handle.net/1969.1/2698.
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This dissertation investigates the sluggish adjustment process of dividend
payment in the stock market. First, I focus on the individual stocks. A casual
investigation of observed dividends for individual stocks shows dividend adjustments
are sluggish and discrete; this is not consistent with the Lintner??s stylized fact (1956) in
which dividend adjustments are assumed to change continuously. Thus, I examine three
possible explanations to account for dividend stickiness and discreteness: menu-costs
(i.e. a constant adjustment cost), decision-making delays, and dividend adjustment
asymmetry. I reject Dixit??s menu-cost model as an appropriate specification for the
sluggish adjustment process of dividends. The empirical results imply that decisionmaking
delays and dividend adjustment asymmetry might be possible explanations for
sticky and discrete dividends on selected individual stocks.
Second, I focus on the aggregate stock market. I use a quadratic adjustment cost
model to examine whether adjustment costs can explain the slow adjustment of
aggregate dividends. The empirical results suggest that adjustment costs might be a
significant factor explaining the slow dividend adjustment for S&P 500. The value of
relative weigh cost is related to the specification of target dividend. If target dividendsare related to earnings, then the empirical results suggest that the adjustment costs are
about forty-fold more important than the deviation cost between the actual dividend and
the target level in determining the dynamic dividend adjustment process. If target
dividends are specified as proportion to the stock prices, the adjustment costs are about
fourteen-fold more important than the deviation cost between actual dividend and target
level when managers determine the dividends.
9
Lai, Evelyn. "The Valuation of Dividends". Thesis, University of Sydney, 2020. https://hdl.handle.net/2123/24121.
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Much research has been done in relation to the market value of dividends, but this remains a debatable issue. In the Australian context, where relevant dividends have imputation tax credits attached, another unresolved issue is how much, if anything, these credits add to the market value of dividends. This thesis presents three experiments that provide evidence on these issues, with a focus on obtaining clean measurements of the value of dividends. The first experiment estimates the market value of distributions stemming from listed trusts traded on the Australian Securities Exchange. Trust structures have the benefit of pass-through for unitholders and the component makeup of these payouts can be subjected to three different taxation treatments – ordinary income, which is taxable in the financial year incurred, a return of capital that is a tax-advantaged (or tax-deferred amount) and a tax-free constituent. Prior literature on the ex-day price reaction of trusts is completely silent for the Australian setting and there have only been two recorded studies based on US data – both of which suggest a plausible tax explanation for ex-distribution day pricing and investor preferences. The evidence is that the total distribution is valued at greater than or equal to its face value. The components of the distribution are each valued differently but the results are puzzling. The second experiment in the thesis extends the work of Chu and Partington (2001) who measure the value of dividends as the price difference between old and new shares from non pari-passu rights issues. In such issues, the old and new shares trade contemporaneously in the same market and the only difference between them is their dividend entitlements. Dividend valuations can be observed over an extended period, sometimes for several months, in this experimental design. Chu and Partington’s sample was restricted to only 26 companies. The sample size studied has been increased in the current study and includes non pari-passu rights issues by listed investment trusts. A further extension in this thesis is to consider not only the trade prices but also the best bid and ask prices as indicators that investors are prepared to transact at. The market value of dividends is consistently estimated to be significantly greater than the face value of dividends received. The valuations in this method are estimated with more precision as evidenced across different event windows and also when bid-ask spread and liquidity effects are controlled for. The third experiment utilises a new method and a novel data set that allows the direct measurement of the value of dividends. In borrowing a stock to short sell, the price of dividends and associated franking credits, payable by the borrower to the lender, are explicitly stated in the security lending agreement. Both the domicile and the tax status of the lender are theorised to have a marked impact on the valuation of the dividends in this market. This causes the prices to cluster at specific values with multiple prices co-existing each day for the same dividend in this market. The dividend prices on US stocks are generally less than or equal to the face value of the dividend. On the other hand, the prices for Australian dividends are generally equal to or greater than the face value of the dividend. The results suggest that the dividend prices observed represent a reconstitution of the lender’s position after allowing for withholding taxes and tax credits.
10
Lai, Evelyn. "The Valuation of Dividends". Thesis, University of Sydney, 2020. https://hdl.handle.net/2123/24301.
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Much research has been done in relation to the market value of dividends, but this remains a debatable issue. In the Australian context, where relevant dividends have imputation tax credits attached, another unresolved issue is how much, if anything, these credits add to the market value of dividends. This thesis presents three experiments that provide evidence on these issues, with a focus on obtaining clean measurements of the value of dividends. The first experiment estimates the market value of distributions stemming from listed trusts traded on the Australian Securities Exchange. Trust structures have the benefit of pass-through for unitholders and the component makeup of these payouts can be subjected to three different taxation treatments – ordinary income, which is taxable in the financial year incurred, a return of capital that is a tax-advantaged (or tax-deferred amount) and a tax-free constituent. Prior literature on the ex-day price reaction of trusts is completely silent for the Australian setting and there have only been two recorded studies based on US data – both of which suggest a plausible tax explanation for ex-distribution day pricing and investor preferences. The evidence is that the total distribution is valued at greater than or equal to its face value. The components of the distribution are each valued differently but the results are puzzling. The second experiment in the thesis extends the work of Chu and Partington (2001) who measure the value of dividends as the price difference between old and new shares from non pari-passu rights issues. In such issues, the old and new shares trade contemporaneously in the same market and the only difference between them is their dividend entitlements. Dividend valuations can be observed over an extended period, sometimes for several months, in this experimental design. Chu and Partington’s sample was restricted to only 26 companies. The sample size studied has been increased in the current study and includes non pari-passu rights issues by listed investment trusts. A further extension in this thesis is to consider not only the trade prices but also the best bid and ask prices as indicators that investors are prepared to transact at. The market value of dividends is consistently estimated to be significantly greater than the face value of dividends received. The valuations in this method are estimated with more precision as evidenced across different event windows and also when bid-ask spread and liquidity effects are controlled for. The third experiment utilises a new method and a novel data set that allows the direct measurement of the value of dividends. In borrowing a stock to short sell, the price of dividends and associated franking credits, payable by the borrower to the lender, are explicitly stated in the security lending agreement. Both the domicile and the tax status of the lender are theorised to have a marked impact on the valuation of the dividends in this market. This causes the prices to cluster at specific values with multiple prices co-existing each day for the same dividend in this market. The dividend prices on US stocks are generally less than or equal to the face value of the dividend. On the other hand, the prices for Australian dividends are generally equal to or greater than the face value of the dividend. The results suggest that the dividend prices observed represent a reconstitution of the lender’s position after allowing for withholding taxes and tax credits.
11
Wong, Kit-ming Nelson. "A study of dividend policies and behaviours of major Hong Kong companies /". [Hong Kong : University of Hong Kong], 1985. http://sunzi.lib.hku.hk/hkuto/record.jsp?B12317688.
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Nováček, Jakub. "Vybrané strategie burzovních obchodů". Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-71766.
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This thesis presents two different types of stock trading for a small investor. First described method focuses on stocks from abroad, where with the help of technical analysis a portfolio is constructed. This portfolio is to be traded with the strategy of pair trading or sometimes also called statistical arbitrage. This method is not very well known, so the thesis gives enough space to explain how the system exactly works. Second strategy puts focus on stocks from Prague Stock Exchange and their trading as dividend stocks. Unlike the first strategy, this one presents the fundamental analysis and longterm investment. The emphasis is in both strategies put on easily managable portfolio and its good revenue.
13
Downie, David C. "Dividends, taxes and investor clienteles". Thesis, University of British Columbia, 1988. http://hdl.handle.net/2429/27695.
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This thesis explores two facets of the Miller-Modigliani theorem; dividend irrelevance and value additivity. We explore these concepts in the capital market using a derivative asset recently introduced and a Black-Scholes option pricing model modified for different marginal tax rates. This technology was used to solve for the retention rates for dividend and capital gains implied in these instruments. These implied rates do not support the Miller-Modigliani hypothesis for Canada nor the United States. We find a significant, persistent premia on dividend income consistent with the clientele hypotheses in the literature.Business, Sauder School of
Graduate
14
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.
15
Seiler, Yvonne. "Konsum, Dividenden und Aktienmarkt eine Kointegrationsanalyse /". Wiesbaden [Germany] : Deutscher Universitäts-Verlag, 2006. http://www.myilibrary.com?id=111440.
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Ferreira, Ana Margarida dos Santos Simões. "Capital structure and dividends : evidence from Portugal (2003-2014)". Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/11881.
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Mestrado em FinançasO objetivo deste trabalho é replicar o estudo da Fama e French (2002) a sobre da estrutura de capital e as conexões entre rentabilidade, investimentos e volatilidade com a distribuição de dividendos e alavancagem no caso Português. O nosso proposito é analisar a relação entre a estrutura de capital, dividendos e juros sobre o capital próprio, utilizando as empresas portuguesas negociadas na Euronext, para o período entre 2003 e 2014.
The goal of this dissertation is to use the Portuguese case to replicate the study of Fama & French (2002) regarding the capital structure and the connections between profitability, investments and volatility with dividends pay-out and leverage. Our aim is to analyse the relation between capital structure, dividends and interests on equity, using the Portuguese companies traded on Euronext, for the period between 2003 and 2014.
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Forti, Cristiano Augusto Borges. "Bank dividends and signaling to information-sensitive depositors". reponame:Repositório Institucional do FGV, 2012. http://hdl.handle.net/10438/10518.
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This study investigates whether the composition of bank debt affects payout policy. I identify that information-sensitive depositors (Institutional Investors) are targets of dividend signaling by banks. I use a unique database of Brazilian banks, for which I am able to identify several types of debtholders, namely Institutional Investors, nonfinancial firms and individuals, which are potential targets of dividend signaling. I also exploit the features of the Brazilian banking system, such as the existence of several closely held banks, owned and managed by a small group of shareholders, for which shareholder-targeted signaling is implausible, and find that banks that rely more on information-sensitive (institutional) depositors for funding pay larger dividends, controlling for other features. During the financial crisis, this behavior was even more pronounced. This relationship reinforces the role of dividends as a costly and credible signal of the quality of bank assets. I also find that payout is negatively related to the banks’ cost of funding (interest rates paid on certificates of deposits), that dividends have a positive relationship with size and past profitability and that closely held banks pay more dividends than publicly traded banks, a finding that is also in line with the idea that depositors are targets of dividend-signaling. Finally, I find a negative relationship between dividends and the capital adequacy ratio, which indicates that regulatory pressure may induce banks to pay less dividends and that payouts are negatively related to the growth of the loan portfolio, consistent with the idea of banks retaining earnings to increase equity and thus their lending capacity.
Esta tese investiga se a composição do endividamento dos bancos afeta sua política de dividendos. Identificou-se que investidores sensíveis a informações (investidores institucionais) são alvos de sinalização através de dividendos por parte dos bancos. Utilizando uma base de dados exclusiva de bancos brasileiros, foi possível identificar vários tipos de credores, especificamente, investidores institucionais, empresas não financeiras e pessoas físicas, que são alvos potenciais de sinalização por dividendos. Adicionalmente, a existência de vários bancos de capital fechado, controlados e geridos por um pequeno grupo de acionistas, em que a sinalização direcionada a acionistas é implausível, permite inferir que bancos que utilizam mais fundos de investidores sensíveis a informações (institucionais) pagam mais dividendos, controlando por diversas características. Durante a crise financeira, este comportamento foi ainda mais pronunciado. Esta relação reforça o papel dos dividendos como uma forma custosa e crível de comunicar sobre a qualidade dos ativos dos bancos. A hipótese de que os dividendos podem ser utilizados como uma forma de expropriação dos depositantes por parte dos acionistas é refutada, uma vez que, se fosse esse o caso, observar-se-ia esse maiores dividendos em bancos com depositantes menos sensíveis a informação. Além disso, foi verificada uma relação negativa entre o pagamento de dividendos e o custo de captação (juros pagos em certificados de depósito bancário) e uma relação positiva de dividendos com o tamanho e com os lucros passados, e que os bancos de capital fechado pagam mais dividendos do que os de capital aberto, uma descoberta que também se alinha com a ideia de que os depositantes seriam os alvos da sinalização por dividendos. Finalmente, encontrou-se também uma relação negativa entre dividendos e adequação de capital do bancos, o que indica que pressões regulatórias podem induzir os bancos a pagar menos dividendos e que o pagamento de dividendos é negativamente relacionado com o crescimento da carteira de crédito, o que é consistente com a ideia de que os bancos com maiores oportunidades de investimento retêm seus lucros para aumentar seu patrimônio líquido e sua capacidade de conceder crédito.
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Senakosava, Hanna. "Dividends and risks in banks : An investigation of a relationship between dividends and risks in Nordic banks". Thesis, Umeå universitet, Företagsekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-110641.
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Banks represent one of the most important parts of the economy in the world. As a result, decisions of bank management affect not just the direct bank stakeholders but the state of the economy and society as a whole. This became evident during the latest financial crisis in 2007 where the failure of one bank resulted in the domino falling that affected banks globally. The regulators increase their attention to the risks that bank face and their measures and requirements. Therefore, the research within the banking area has important consequences from both theoretical and practical side. The purpose of this project is to investigate whether there is a relationship between dividends that Nordic banks pay and different types of risks such as market, credit (including default), liquidity and operational. The results of the research will contribute to the knowledge in finance and help different stakeholders to understand possible reasons for different dividends level. The methodological position works as a foundation for the conduction of the research. The epistemological and ontological views applied in this project are positivism and objectivism. The deductive research approach and quantitative research strategy are used for the research and thus the collection and analysis of the archival data of 19 Nordic banks over five year time horizon. The research can therefore be described as a panel study. Based on the previous research papers the following proxies for risks have been used in the research: market risk – capital requirement for market risk to total assets, credit risk – loan loss provisions to total assets, default risk – Altman Z-score, liquidity risk –liquidity coverage ratio, operational risk – economic capital (capital requirement) for operational risk to total asset. Ordinary Least Square regression analysis is performed over the collected data in order to fulfil the purpose of the project. The tests results identify that there are no statistically significant relationship between dividends and market, credit, default and liquidity risks and the statistically significant negative relationship between the dividends and operational risk in Nordic banks. These findings contribute to a new knowledge within the finance and banking area in particular. Additionally, this project might be used as a foundation for the further research within the field. The findings are also useful for stakeholders in understanding banks risk level.
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Jurčiukonienė, Aridana. "Europos Teisingumo Teismo jurisprudencija tiesioginių mokesčių srityje". Master's thesis, Lithuanian Academic Libraries Network (LABT), 2008. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2007~D_20080125_100354-75017.
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Magistro baigiamuoju darbu „Europos Teisingumo Teismo jurisprudencija tiesioginių mokesčių srityje” siekiama atskleisti svarbiausias Europos Teisingumo Teismo suformuluotas Europos Bendrijos steigimo sutarties interpretavimo tiesioginių mokesčių srityje taisykles. Autorė trumpai pristato pagrindinius tiesioginių mokesčių ir netiesioginių mokesčių atribojimo kriterijus, apžvelgia, kokiomis Europos Bendrijos sutarties nuostatomis vadovaujantis Europos Sąjungos institucijos yra kompetentingos priimti teisės aktus tiesioginių mokesčių srityje, detaliai analizuoja Europos Bendrijos sutartyje įtvirtintų pagrindinių laisvių taikymo tiesioginiams mokesčiams klausimus, pateikia detalią diskriminaciją ir nediskriminacinius apribojimus tiesioginių mokesčių srityje pateisinančių argumentų analizę, atskleidžia pagrindines Europos Teisingumo Teismo suformuluotos taisykles tiesioginių mokesčių srityje.The thesis Jurisprudence of the European Court of Justice in the Field of Direct Taxes seeks to reveal the essential rules set by the European Court of Justice for the interpretation of the Treaty Establishing the European Community (further – the Treaty) in the field of direct taxes. The author gives a short presentation on criteria for the separation of direct and indirect taxes, reviews the provisions of the Treaty which are being followed by the European Union institutions to be competent to adopt legal acts in the field of direct taxes, thoroughly examines the issues of the application of the fundamental freedoms established by the Treaty to the direct taxes, provides a detailed analysis of arguments justifying discriminatory and non-discriminatory restraints for direct taxes, reveals the main rules formulated by the European Court of Justice for direct taxes.
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Zhao, Yanan y Rikard Wahlström. "Are unsustainable dividend-payers punished by the market? Evidence from Swedish firms". Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-386392.
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We examine the phenomenon of firms that distribute dividends in excess of reported earnings, that is, 'unsustainable dividend-payers' in the Swedish market. Our hypothesis is that these firms will experience lower abnormal returns compared to their counterparts in both short and long term. With a dataset of 2061 observations from Nasdaq Stockholm and Nordic Growth Market during the period 1999-2017, we find that the abnormal returns are higher for unsustainable dividend-payers in the short term, while in the long run the result is on the opposite. Moreover, we find that the larger the difference between dividends paid and reported earnings, the higher the short-run abnormal returns but the lower the long-run abnormal returns to shareholders. Our results are robust to controlling for influences of other events on announcement dates and alternative measurement for model parameter, though not unambiguous. This study contributes to broadening the area of unsustainable dividends, which is perceived as a hot topic. It may be of interest to both individuals and institutions, who often have a longer-term perspective on their investments.
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Durand, Ilanie. "Die rekeningkundige verantwoording van skripdividendskemas in Suid-Afrika". Thesis, Stellenbosch : Stellenbosch University, 2001. http://hdl.handle.net/10019.1/52220.
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Thesis (MAcc)--Stellenbosch University, 2001.ENGLISH ABSTRACT: Scrip dividends have become increasingly popular in South Africa SInce the introduction of secondary tax on companies (STC) in the 1993 budget. There is more than one approach to the treatment of scrip dividend schemes for accounting purposes, i.e. the reinvestment approach and the capitalisation issue approach. Unfortunately guidance in the form of a statement or guideline from the South African Institute of Chartered Accountants has not been forthcoming. Companies in the United States of America account for stock dividends (capitalisation issues) in a variety of ways and several studies have analysed the effect of these accounting treatments on retained earnings and the retained earnings hypothesis. Several empirical studies in the United States of America and the United Kingdom have documented marked differences in the ability of companies in these countries to make distributions to shareholders. For this reason the accounting treatment of stock dividends and scrip dividends in these countries was examined and compared to the methods used in South Africa. Earnings per share is often used by financial analysts to analyse and compare companies. The methods used in South Africa to account for scrip dividends result in different calculations of earnings per share and therefore the effect of the different methods was examined. This study concludes that the reinvestment approach is theoretically the most acceptable accounting treatment of scrip dividend schemes In South Africa. A representative sample of companies which declared scrip dividends in the period 1993 to 1999 was selected to determine how these schemes are implemented in the South African economy. These companies' financial statements were analysed to determine if the scrip dividend schemes were treated in terms of the accounting method proposed in this study and if the necessary information was disclosed in the financial statements. This study finds that different accounting approaches are used in South Africa, that earnings per share and secondary tax on companies are not calculated consistently for accounting purposes and that the information disclosed to the users of the financial statements differs from company to company. It is recommended that the South African Institute of Chartered Accountants issue accounting guidelines to the drafters of financial statements regarding scrip dividend schemes.
AFRIKAANSE OPSOMMING: Die verklaring van skripdividende het in Suid-Afrika in gewildheid begin toeneem met die inwerkingstelling van sekondere belasting op maatskappye (SBM) in die 1993-begroting. Daar is meer as een metode om skripdividendskemas rekeningkundig te verantwoord, naamlik die herbeleggingsbenadering en die kapitalisasieuitgiftebenadering. Die Suid-Afrikaanse Instituut vir Geoktrooieerde Rekenmeesters het egter op hierdie stadium nog nie 'n rekeningkundige standpunt of riglyn oor die rekeningkundige verantwoording van skripdividendskemas uitgereik nie. In die Verenigde State van Amerika kan maatskappye kapitalisasie-uitgifte op verskillende maniere rekeningkundig verantwoord en verskeie studies het die invloed ondersoek wat hierdie metodes op verdeelbare reserwes en die behoue wins-hipotese het. Verder het studies wat in die Verenigde State van Amerika en die Verenige Koningkryk gedoen is, bevind dat hierdie lande se beperkings op verdelings aan aandeelhouers baie van mekaar verskil en om die rede is die metodes wat in die lande toegepas word om kapitalisasie-uitgifte en skripdividendskemas rekeningkundig te verantwoord, ondersoek en met die metodes vergelyk wat in Suid-Afrika toegepas kan word. Aangesien verdienste per aandeel dikwels deur finansiele ontleders gebruik word om maatskappye te ontleed en met mekaar te vergelyk en omdat die metodes wat in Suid- Afrika toegepas kan word verskillende berekeninge van verdienste per aandeel tot gevoIg het, is die uitwerking wat die verskillende metodes op die berekening van verdienste per aandeeI het ook ontleed.
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Cason, Janine. "An evaluation of the preparations made for the successful implementation of dividends tax". Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/26830.
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Preparing for the implementation of any new tax is a mammoth task. This mammoth task was evident when the National Treasury, SARS, companies, professional bodies, industry bodies and advisory organisations alike were preparing for the introduction of the new dividend tax in South Africa. The preparations included extensive consultations, sharing of information and providing guidance in newsletters, journals, guidance notes, websites, blogs, magazines, news papers and the like. Companies, Regulated Intermediaries and shareholders do not only have to be informed of the legislative changes, they need to be informed about the when, what and how of the impact of the tax and about the preparation needed for the implementation of dividends tax. Several common themes were identified that are critical to the successful implementation of dividends tax. These themes include communication between the business community and the regulators, as well as communication within the organisations. Involvement in and by the industry bodies has also been identified as critical to the successful implementation of dividends tax, while the timely preparation and communication of the regulatory reporting requirements is essential to the process. Within organisations, centralised oversight enables the coordinated preparation and implementation of the new tax. AFRIKAANS : Die voorbereidings vir die implementasie van enige nuwe belasting is 'n reuse taak. Die omvang van hierdie taak het duidelik geword toe die Nasionale Tesourie, die Suid Afrikaanse Inkomstediens, maatskappye, professionele liggame, industrie-organisasies, ensomeer voorbereidings moes tref vir die implementasie van dividend belasting. Die voorbereidings het konsultasie met lede, die deel van inligting en die voorsiening van leiding in nuusbriewe, joernale, webtuistes, tydskrifte en koerante ingesluit. Maatskappye, gereguleerde tussengangers en aandeelhouers moes nie net ingelig word oor die veranderinge in die wetgewing nie, hulle moet ook ingelig word aangaande die wanneer, wat en hoe van die impak van die belasting en die voorbereidings vir die implementasie van dividend belasting. Verskeie gemeenskaplike temas wat krities is tot die suksesvolle implementering van dividend belasting is geidentifiseer. Hierdie faktore sluit in kommunikasie tussen die organisasies, die besigheids samelewing en die reguleerders, asook interne kommunikasie binne die organisasies. Betrokkenheid in en by die industrieorganisasies is ook geidentifiseer as krities tot die suksesvolle implementering van dividend belasting, terwyl die tydige voorbereiding en kommunikasie deur die reguleerders en die kommunikasie van die rapporterings vereistes van die reguleerders essensieel is tot die proses. Sentrale interne oorsig binne organisasies maak die gekoordineerde voorbereidings vir die implementasie van dividend belasting moontlik.Dissertation (MCom)--University of Pretoria, 2012.
Taxation
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Ruddock, Caitlin Maxine Swanson Accounting Australian School of Business UNSW. "The informativeness of dividends and franking credits". Awarded by:University of New South Wales. Accounting, 2007. http://handle.unsw.edu.au/1959.4/29443.
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In this thesis I investigate whether two clear and simple indicators, dividends and franking credits, provide users with useful information to assess earnings persistence. Persistence is an important attribute of earnings (Dechow and Schrand 2004). I argue and show earnings persistence is a function of firm life-cycle. Firms can generally be divided into three life stages: establishing profitability, sustainable profitability and declining profitability. Using a simple one-period persistence model I demonstrate that dividends and higher franking credits identify firms in the different stages of the life-cycle. Dividends provide an inherent signal of firms that are in the mature phase of the life-cycle, and hence provide information about earnings persistence. I show firms that pay dividends have persistent profits and losses that reverse. However dividend paying firms are not homogenous. Firms that pay franked dividends have significantly more persistent earnings than firms that pay unfranked dividends. Consistent with higher franking credits identifying more mature firms, fully franked dividend paying firms have significantly less persistent losses than partially franked dividend paying firms. Importantly, my primary results provide an alternative explanation to Hanlon (2005) and add to our understanding of the accrual anomaly. Both Hanlon and my study investigate the informativeness of tax on earnings persistence. I demonstrate that firms that have large differences between the level of franking and accounting income (i.e., pay unfranked dividends while reporting a profit) have large book-tax differences. Such differences in tax and accounting income are a function of the firm life-cycle. Large book-tax differences are not necessarily the result of opportunism (or earnings management). Thus firms with large book-tax differences are typically establishing profitability or entering the declining phase. These firms have less persistence profits, accruals and cash flows than firms with small book-tax differences. I conclude the accrual anomaly is a function of inherent firm characteristics associated with different phases of the life-cycle rather than being a function of earnings management.
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ALMEIDA, REGINA ANTUNES PEREIRA. "PRICING OF REAL OPTIONS WITH FIXED DIVIDENDS". PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2012. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=20360@1.
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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIROOpções cujo ativo base paga dividendos devem ser apreçadas de maneira particular. Se os dividendos forem calculados como um percentual do valor de mercado do ativo, pequenos ajustes nos modelos como BSM e Método Binomial são suficientes. Entretanto, se o valor do dividendo for fixo, ou seja, independente do valor de mercado do ativo, há necessidade de modelagens mais complexas. A literatura disponível propõe soluções para este caso, porém com foco em ativos financeiros. Ativos reais possuem particularidades que demandam o desenvolvimento de metodologias específicas. O pagamento de dividendos ocorre quando existe um contrato privado de uso entre o detentor do ativo e outro agente. Por estar vinculado a um contrato privado, agentes externos não podem realizar operações de arbitragem. Três diferentes metodologias são descritas e avaliadas neste trabalho. Um exemplo de uma opção de venda embutida em um contrato de afretamento de 10 anos de uma embarcação é utilizado para análise dos resultados. A primeira metodologia se baseia em um dos modelos utilizados para opções financeiras e a segunda busca resolver a principal fraqueza do modelo anterior. No terceiro método é considerada a diferença entre o dividendo do contrato privado e o dividendo de mercado, que representa o valor que poderia ser recebido se firmado um novo contrato. Dentre as metodologias analisadas, a terceira é aquela que apresenta premissas e resultados mais consistentes.
Options that pay dividends must be priced in a particular way. If dividends are calculated as a percentage of the asset s market value, then few adjustments in the BSM model and the Binomial Method are enough. However, if the dividend is fixed, which means that it is independent from the asset s market value, then the models are more complex. The available bibliography proposes solutions for this case, however with emphasis to financial assets. Real assets are different and demand the development of specific methodologies. The dividends payment happens when there is a private contract between the asset s owner and the other agent. Because it is related to a private contract, external agents can t make an arbitrage operation. Three different methodologies are described and evaluated in this work. An example of a put option included in a 10 year charter party of a vessel is used for analyzing the results. The first methodology is based on one of the models applied do financial options and the second aims to solve the first one main weakness. In the third method a difference between the private contract dividend and the market dividend is considered, which represents the value that could be obtained if a new contract is set. Among the methodologies analyzed, the third one presents more consistent premises and results.
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Zheng, Yi. "Do Banks' Dividends Signal Their Financial Health?" Thesis, University of North Texas, 2018. https://digital.library.unt.edu/ark:/67531/metadc1248441/.
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This paper examines the relation between banks' dividends and their future financial health. Using banks' Nonperforming Loans Ratio, Loan Loss Provision Ratio, and Z-score as proxies for their financial health, I show that there is a strong positive relation between banks' dividends lagged by one quarter and their financial health in the current quarter. This main finding continues to hold following several additional tests, including the application of an instrumental variable approach, the use of change in dividends as the key independent variable, the exclusion of banks that are subject to stress test, the addition of macroeconomic variables, the exclusion of too-big-to-fail banks, and the exclusion of non-depository banks. I also find that the positive relation between banks' dividends and their future financial health is more pronounced for banks with a higher degree of opacity, a lower Tier 1 capital ratio, and during the 2007-2009 financial crisis.
This paper contributes to three strands of the finance literature, including the Risk Reduction Hypothesis of dividend signaling in corporate finance, bank dividend policies, and the determinants of banks' financial stability. First, I show that there is a positive relation between banks' dividends lagged by one quarter and their financial health in the current quarter, also meaning that banks' dividends are negatively associated with their future risk conditions. This finding is consistent with the Risk Reduction Hypothesis regarding dividend signaling. Second, Floyd, Li, and Skinner (2015) propose a new idea that banks use dividends to signal financial health, and they rely on this idea to explain why banks have a higher and more stable propensity to pay dividends vis-à-vis industrials during the past several decades. My finding that banks' dividends are positively associated with their future financial health empirically supports this idea proposed by Floyd, Li, and Skinner (2015). Last, to my knowledge, no prior study has attempted to extensively detect a direct relation between banks' dividends and their financial stability. I fill this gap by investigating whether this relation exists. I show that banks' dividends have significantly positive explanatory power on their future financial stability, as proxied by three risk conditions.
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Williams, John Mark. "Corporate taxes and the taxation of dividends". Thesis, Rhodes University, 1997. http://hdl.handle.net/10962/d1001644.
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The classical system of taxation, whereby companies are taxed without a deduction for dividends paid and shareholders are taxed on their dividend receipts, results in double taxation of dividends. Split rate and imputation systems have been developed in an attempt to mitigate the effects of double taxation of dividends. Double taxation of dividends and differences between corporate and maximum individual marginal tax rates result in corporate tax systems lacking neutrality. Distortions arise between organisational forms, between debt and equity financing and between the retention and distribution of profits. Various methods of integrating corporate and individual taxes have been advocated to overcome the lack of neutrality caused by corporate taxes. Following the introduction of the South African Income Tax Act in 1914, a number of taxes relating to dividends have existed. These have included a Dividend Tax, Non-resident Shareholder's Tax, Undistributed Profits Tax and Secondary Tax on Companies, hereafter referred to as STC. STC is a tax on net dividends declared and results in distributed income being taxed at higher rates than retained income. Despite the implementation of group relief provisions, STC results in an inhibition on the reinvestment of profits within the context of a group of companies. It is also a major cause of the lack of neutrality of the South African corporate tax system. As a result of the lack of neutrality and inhibition of group reinvestment caused by STC, a full imputation system is suggested as an alternative to replace STC.
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Fernandez, Luciana Lopes Castro e. Silva. "Qual a influência da política de dividendos brasileira na capacidade das empresas LTDA de captarem recursos para investimento próprio?" reponame:Repositório Institucional do FGV, 2017. http://hdl.handle.net/10438/19501.
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Este estudo pretende inferir sobre a influência que a política tributária brasileira de dividendos exerce, quando prevê a isenção do imposto, na capacidade das empresas de angariarem recursos através do investimento direto, especificamente as empresas L TOA. Para atender ao objetivo deste trabalho, a metodologia utilizada foi a pesquisa qualitativa, do tipo exploratório e explicativa, considerando uma amostragem não probabilística, usando a seleção por julgamento. Foram realizadas entrevistas semiestruturadas em profundidade com 16 profissionais. Os dados obtidos foram analisados por meio da técnica de análise de entrevista utilizando o método de análise de conteúdo à luz das seguintes categorias: atratividade na captação de recursos, planejamento tributário, falta de transparência e divulgação, carga tributária e risco, e boa prática para a sociedade. Os resultados da pesquisa demonstraram que a política de dividendos é um instrumento de atratividade para o investimento, especialmente o estrangeiro. Todavia, o investidor brasileiro vê risco na prática dado o histórico de constantes mudanças na legislação brasileira e no inócuo esclarecimento e divulgação sobre o tema. Salientam-se as limitações do estudo quanto à difícil organização das informações colhidas nas entrevistas: a pouca sistematização, a dificuldade de expressão do entrevistado; a incompreensão acerca das perguntas; a disposição do entrevistado em dar informações; e a retenção de dados importantes por parte dos entrevistados. A partir desses resultados a autoridade política pode identificar pontos de melhoria, objetivando otimizar a aplicabilidade da política atual. Ao identificar focos que inibem o engajamento da sociedade, os cidadãos podem avaliar o papel e importância do investimento privado no desenvolvimento da economia brasileira.
This study intends to infer about the influence that the Brazilian tax policy of dividends exerts, when it foresees the exemption of the tax, in the ability of the companies to raise resources through the direct investment, specifically the companies LTDA.In order to meet the objective of this study, the methodology used was the qualitative research, of the exploratory and explanatory type, considering a non-probabilistic sampling, using selection by judgment. In-depth semi-structured interviews were conducted with 16 professionals. The data obtained were analyzed through the interview analysis technique using the content analysis method in light of the following categories: attractiveness in fundraising, tax planning, lack of transparency and disclosure, tax burden and risk, and good practice for the society.The research results showed that the dividend policy is an instrument of attractiveness for investment, especially to foreigner. However, the Brazilian investor sees risk in practice given the history of constant changes in Brazilian legislation and in innocuous clarification and disclosure on the subject.The limitations of the study regarding the difficult organization of the information collected in the interviews are highlighted: the lack of systematization, the interviewee's difficulty of expression; misunderstanding about the questions; the willingness of the interviewee to give information; and the retention of important data by respondents.From these results the political authority can identify improvement points, aiming to optimize the applicability of the current policy.By identifying focuses that inhibit the engagement of society, citizens can assess the role and importance of private investment in the development of the Brazilian economy.
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Jevtic, Branko Z. "The Eurobond market for convertible bonds and solutions to selected valuation problems". Thesis, University of Southampton, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.273870.
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Deng, Xiangwei. "Does agency theory explain dividend policies of China's listed companies? : an empirical test /". View Abstract or Full-Text, 2003. http://library.ust.hk/cgi/db/thesis.pl?ECON%202003%20DENG.
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Thesis (M. Phil.)--Hong Kong University of Science and Technology, 2003.Includes bibliographical references (leaves 36-39). Also available in electronic version. Access restricted to campus users.
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Pasuch, Diogo Fávero. "Política de dividendos e tributação no Brasil". Universidade do Vale do Rio do Sinos, 2006. http://www.repositorio.jesuita.org.br/handle/UNISINOS/2798.
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Esta pesquisa objetivou examinar qual a influência das mudanças da legislação tributária nas políticas de dividendos das companhias brasileiras, testando a influência da Teoria da Preferência Fiscal sobre as políticas de dividendos das companhias abertas brasileiras. As mudanças na legislação tributária pertinente foram identificadas e o efeito da tributação sobre as políticas de dividendos das companhias foi verificado, investigando as diferenças nas políticas de dividendos entre as ações preferenciais (PN) e ordinárias (ON). Para alcançar este objetivo, foram examinados referenciais teóricos que indicaram modelos, hipóteses, efeitos, legislação societária brasileira sobre dividendos e teorias existentes sobre política de dividendos, posto que a importância da política de distribuição de resultados a ser adotada está diretamente relacionada às decisões sobre os investimentos e financiamentos. Em relação ao método, a taxionomia de pesquisa a classifica como sendo explicativa e experimental. A coleta de dados
This research had the objective to examine what is the influence of tributary legislation changes in Brazilian companies dividends politics, testing Fiscal Preference Theory influence on dividends politics of companies opened Brazilian . Changes in the pertinent tributary legislation were identified and taxation effect on companies dividends politics were verified, investigating differences on dividends politics between preferred stocks (PN) and usual stocks (ON). In order to reach this objective, theoretical references have been examined which have indicated models, hypotheses, effects, Brazilian companies legislation about dividends and theories about dividends politics, because the importance of the results distribution politics that will be adopted is directly related to decisions about investments and financings. In relation to the method, taxonomy classifies the research as being explanatory and experimental. The data gathering was done in Economatica database and the sample was composed by 559 compan
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Penariol, João Eduardo. "Dividendos, propriedade e governança corporativa: evidências no mercado brasileiro". Universidade de São Paulo, 2018. http://www.teses.usp.br/teses/disponiveis/96/96133/tde-07022019-154347/.
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A política de dividendos é um tema amplamente pesquisado no Brasil e no mundo ao longo de várias décadas. Consequentemente, inúmeras teorias foram desenvolvidas para explicar esse assunto. Contudo, recentemente, o arcabouço da Teoria de Agência tem proporcionado novas descobertas sobre os fatores que influenciam as políticas de dividendos das empresas. Especificamente, foram propostas teorias que sugerem que os dividendos refletem boas práticas de governança corporativa, tornando a distribuição de proventos um complemento à proteção legal do acionista. Em contrapartida, em um ambiente com proteção mais fraca e regras menos rígidas de governança, a distribuição de dividendos atua de maneira substituta à essa carência de proteção. No Brasil, devido às características legais mais frágeis quando comparada com mercados como o Norte Americano e do Reino Unido, seria esperado uma situação na qual os dividendos fossem substitutos à proteção oferecida pelos padrões de governança. Entretanto, pesquisas relacionadas à América Latina, aos mercados emergentes e, mais especificamente, ao mercado brasileiro, têm apontado para situações diferentes do que é apontado pela teoria, mas não de maneira unânime. Além disso, considerando o ambiente institucional brasileiro, de elevada concentração de propriedade, estudos anteriores não conseguiram determinar de que forma esse fenômeno influencia a política de dividendos das companhias. Assim, para contribuir com essa discussão, este trabalho investiga conjuntamente como a governança corporativa e a concentração de propriedade afetam as políticas de dividendos das empresas brasileiras. Esta pesquisa abrangeu 171 empresas no período de 2008 a 2017. De maneira inédita, foi utilizada como variável dependente o valor total dos dividendos dividido pelo patrimônio líquido. Os resultados das estimações por efeitos fixos com erros-padrão robustos por empresas mostraram uma relação positiva entre as proxys para governança corporativa e concentração de propriedade com a distribuição de dividendos. Como contribuições adicionais, foi mostrado que os resultados da estimação com a variável dependente dividendos pelo patrimônio líquido são melhores que os resultados da estimação com a variável dependente payout. Também foi identificado que a propriedade dispersa e altamente concentrada afetam positivamente e de maneira mais intensa a distribuição de dividendos, em comparação com outros níveis de propriedade do maior acionistaThe dividend policy is a widely researched topic in Brazil and the world over several decades. Consequently, numerous theories have been developed to explain this subject. However, recently, the Agency Theory framework has provided new insights into the factors that influence corporate dividend policies. Specifically, theories have been proposed that suggest that dividends reflect good corporate governance practices, making the distribution of proceeds a complement to shareholder legal protection. On the other hand, in an environment with weaker protection and less rigid rules of governance, the distribution of dividends acts in a substitute way to this lack of protection. In Brazil, due to the more fragile legal characteristics when compared to markets such as the United States and the United Kingdom, a situation in which dividends would be a substitute for the protection offered by governance standards would be expected. However, research related to Latin America, emerging markets and, more specifically, the Brazilian market, have pointed to different situations than is pointed out by theory, but not unanimously. Moreover, considering the Brazilian institutional environment, with a high concentration of ownership, previous studies have not been able to determine how this phenomenon influences the companies\' dividend policy. Thus, to contribute to this discussion, this work investigates jointly how corporate governance and concentration of ownership affect the dividend policies of Brazilian companies. This survey covered 171 companies in the period from 2008 to 2017. In an unprecedented way, the total amount of dividends divided by shareholders\' equity was used as the dependent variable. The results of fixed-effect estimate with robust standard errors by companies showed a positive relationship between the proxies for corporate governance and concentration of ownership with the distribution of dividends. As additional contributions, it was shown that the results of the estimation with the dependent variable dividends by the equity are better than the results of the estimation with the dependent variable payout. It has also been identified that dispersed and highly concentrated ownership positively and more sharply affect the distribution of dividends as compared to other ownership levels of the largest shareholder
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Ambrozini, Marcelo Augusto. "Políticas de dividendos no Brasil: um modelo de apoio à decisão". Universidade de São Paulo, 2011. http://www.teses.usp.br/teses/disponiveis/96/96132/tde-15122011-163251/.
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Do ponto de vista financeiro, o objetivo de uma empresa é promover a maximização da riqueza econômica dos seus acionistas. Por essa lógica, uma decisão de investimento só deve ser aceita se o retorno oferecido pelo projeto superar o custo do capital nele empregado. Nas decisões de financiamento, busca-se atingir a estrutura ótima de capital da empresa, que leve a minimização da média ponderada dos custos de capital da companhia e, consequentemente, à maximização da riqueza do acionista. Mas, ao contrário das decisões de investimento e de financiamento, as decisões de dividendos não possuem como princípio norteador um único parâmetro a ser seguido, já que diversos fatores financeiros, legais, fiscais e até mesmo comportamentais afetam essa decisão. A literatura de finanças apresenta um modelo para a decisão de dividendos chamado de Modelo de Dividendos Residuais (MDR). Nele, o percentual de dividendos a ser distribuído é determinado com base no lucro líquido contábil, no índice alvo de capital próprio da empresa e no orçamento de capital. No entanto, além de não priorizar a maximização da riqueza do acionista, entende-se que o MDR deixa de contemplar algumas importantes variáveis que deveriam ser levadas em consideração no momento da definição payout de dividendos, conforme preconizado pela literatura de finanças. Neste trabalho, foi realizada uma pesquisa empírica que verificou se, na prática, os gestores das companhias brasileiras de capital aberto levam em consideração os diversos fatores apresentados pelos estudos acadêmicos como sendo fundamentais para as decisões de dividendos. Em seguida, foi proposto um modelo conceitual de apoio ao processo de tomada de decisão de destinação dos lucros que leva em consideração fatores como a geração de valor econômico ao acionista, as particularidades legais e tributárias brasileiras, o poder de distorção da inflação na formação do lucro contábil, a estrutura ótima de capital da empresa, a existência de projetos futuros com valor presente líquido positivo, o fluxo de caixa livre para o acionista, entre outros. Esse modelo tem como objetivo oferecer um mapa decisorial conceitual mais abrangente do que o MDR e espera-se que forneça um parâmetro mais adequado para as decisões de dividendos por parte dos gestores empresariais brasileiros.From the financial management point of view, the objective of a company is to promote the maximization of their shareholders economical wealth. So, an investment decision could only be accepted if the return on this investment surpass the capital spend to generate it. In financing decisions, the goal is to achieve the companys optimal capital structure leading to the minimization of the weighted average cost of capital of the company, consequently, the maximization of the shareholder wealth. But, unlike the investment and financing decisions, the dividends decisions do not have as a guiding principle a single parameter to be followed, since several financial, legal, fiscal and even behavioral factors affect this decision. The financial management literature presents a model of dividends decisions called Residual Dividend Model (RDM), a model in which the percentage of dividends to be shared is determined based on accounting net profit, on the equity target measure and on the capital budget. However, besides not to prioritize the maximization of the shareholders wealth, it is understood that the RDM fails to address some important variables that should be taken into account when setting the dividend payout, as showed by the financial management literature. The present study aimed to verify by an empirical research whether the managers of Brazilian public companies take into account the various factors presented by academic studies as being essential for the dividend decisions. And then it was proposed a conceptual model to support the decision making process for the profit destination which takes into consideration factors such as economic value to shareholders, the particularities of Brazilian legal and tax systems, the distortion caused by the inflation in the accounting profit, the optimal capital structure of the company, the existence of future projects with positive net present value, free cash flow to shareholders, among others. This model aims to provide a decision map concept wider than the RDM and it is expected to provide a more appropriate parameter for the dividends decisions by the Brazilian business managers.
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Ambrozini, Marcelo Augusto. "O impacto do fim da correção monetária no resultado das companhias brasileiras de capital aberto e na distribuição de dividendos: estudo empírico no período de 1996 a 2004". Universidade de São Paulo, 2006. http://www.teses.usp.br/teses/disponiveis/96/96133/tde-05012007-170944/.
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O fim da obrigatoriedade da correção monetária das demonstrações contábeis em 1995, fez com que as empresas brasileiras deixassem de reconhecer os efeitos da inflação na apuração dos seus resultados. Porém, mesmo com a aparente estabilização monetária promovida pelo Plano Real, a inflação acumulada de janeiro de 1996 a dezembro de 2004 ultrapassou 160% de acordo com dois dos principais indicadores nacionais. A inflação não deixou de existir com a extinção da correção monetária e, as empresas inseridas nesse contexto de alta generalizada dos preços, simplesmente deixaram de reconhecer seus efeitos na apuração de seus resultados. Nesse trabalho, coletamos as demonstrações contábeis de todas as empresas não financeiras de capital aberto listadas na Bolsa de Valores de São Paulo no período de 1996 a 2004 e procedemos com a Correção Monetária de Balanço, de acordo com a metodologia prevista na legislação brasileira. Os resultados do Teste de Diferença de Médias para Observações Emparelhadas e o Teste de Postos com Sinais de Wilcoxon para Pares Combinados mostraram que a desconsideração dos efeitos inflacionários distorceu o lucro das 255 empresas da amostra com um nível de confiança de 99%. Os resultados da correção monetária foram então comparados com o total de lucros distribuídos em dividendos por essas empresas, agrupadas em dezoito setores de diferentes atividades econômicas. As análises do índice de correlação de Pearson forneceram evidências de que os setores que mais ganharam com a inflação foram também aqueles que mais distribuíram dividendos aos acionistas e os setores que mais perderam com a corrosão do poder aquisitivo da moeda foram os que menos tiveram capacidade de distribuir lucro. O estudo empírico fornece uma visão mais clara de como a inflação tem impactado o lucro das empresas brasileiras e como o seu não reconhecimento pode afetar a distribuição desse lucro e a riqueza dos acionistas.The end of obligatory price level adjustment of financial statements in 1995 accounts for Brazilian companies not recognition of the inflation effects in profit determination. However, even with the apparent monetary stabilization cause by the Real Plan, the accumulated inflation from January 1996 to December 2004 surpassed 160%, according to two of the main national indicators. Even with the end of price level adjustment, inflation still exists and the companies included in this ambit of generalized price increase, simply did not recognize their profit determination. For this work, we collected incomes statements of all non-financial Brazilian stock companies listed at São Paulo Stock Exchange from 1996 to 2004 and dealt with the Price Level Adjustment according to the methodology foreseen in Brazilian Legislation. The results of the T-Test and Wilcoxon Matched-Pairs Signed-Ranks Test showed that the lack of consideration for inflationary effects distorted the profit of the 255 companies of the sample with a 99% level of reliance. The results of price level adjustment were, then, compared to the total profit distributed in dividends by these companies, joint into eighteen sectors of different economical activities. The analyses of Pearson\'s index of correlation evidenced that the sectors that had most of the benefit from inflation were also the ones that participated more in the distribution of the dividends to the shareholders and the sector that have lost more with the purchasing power degradation were the ones that had less capacity to distribute profit. The empiric study provides a better understanding of how inflation has caused impact on Brazilian companies profit and how not recognizing inflation can affect the distribution of this profit and the richness of the shareholders.
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Brändholm, Elin y Adam Gaasvik. "Dividend Preferences : The Effect of Age and Income in a Swedish Setting". Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-298651.
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We examine the existence of dividend clienteles in Sweden using a unique dataset containing yearly information on age, gender, income and portfolio composition of about 200 000 Swedish stockholders. The data covers the years between 2005 and 2010. More specifically, we investigate whether investor preferences for dividends differ depending on their age or income. Furthermore, we seek to establish if there are any differences in performance, based on abnormal return, between investors with different dividend yields. We find that age clienteles exist in Sweden; older investors hold stocks with higher dividend yields and invest a larger portion of their portfolio in dividend paying stocks than younger investors. We do not find support for the existence of income clienteles; low-income investors tend to invest in stocks with a higher dividend yield than high-income investors. However, we find that different income groups hold about the same portfolio weight in dividend paying stocks. Overall, we find no significant differences in performance within or between various age or income groups. The main finding of this paper is the identification of age clienteles in Sweden.
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Zaghloul, Bichara Lina. "Institutional ownership and dividend policy: A framework based on tax clientele, information signaling and agency costs". Thesis, University of North Texas, 2008. https://digital.library.unt.edu/ark:/67531/metadc9004/.
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This study is an empirical examination of a new theory that links dividends to institutional ownership in a framework of both information signaling and agency costs. Under this theory put forth by Allen, Bernardo and Welch in 2000, dividends are paid out to attract tax-favored institutional investors, thereby signaling good firm quality and/or more efficient monitoring. This is based on the premise that institutions are considered sophisticated investors with superior ability and stronger incentive to be informed about the firm quality compared to retail investors. On the agency level, institutional investors display monitoring capabilities, and can detect and correct managerial pitfalls, thus their presence serves as an assurance that the firm will remain well run. The study provides a comprehensive analysis of the implications of the theory by testing various aspects of the relationship between dividends and institutional holdings. Unlike the prevalent literature on this topic, I give specific attention to the different types of institutional investors and their incentives to invest in dividend paying stocks. Moreover, I analyze the signaling and the agency effects on the market reaction to dividend initiations within the framework proposed by the theory. Finally, I test the smoothing effect institutions have on dividends by examining the firm's propensity to increase dividends given the level of institutional ownership. I find institutional holders to respond positively to dividend initiation announcements as they adjust their portfolios by buying or increasing their holdings of the dividend paying stock following the announcement. I also find that this response is displayed more strongly among tax-favored institutions. My test results also reveal that positive abnormal returns to dividend initiation announcements are a decreasing function of institutional holdings in the dividend initiating firm, and that this mitigating effect of institutional ownership on the market reaction to dividend initiations is stronger for firms with higher information asymmetry and more potential for agency problems. This evidence lends some degree of support to the tested theory. Additional support to lies in the test results of its smoothing hypothesis which reveal that as institutional ownership increases, the propensity of firms to increase dividends decreases.
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Basuki, Hardo. "The impact of the 1997 abolition of the tax credit on dividends in the UK and corporate dividend policy". Thesis, University of Strathclyde, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.424251.
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GOMES, RICARDO MAGALHAES. "DIVIDENDS, TAXES AND RETURNS IN BRASILIAN EQUITY MARKET". PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2003. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=4387@1.
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A política de distribuição de dividendos têm despertado o
interesse de economistas deste século e nas últimas cinco
décadas foi objeto de uma intensa modelagem teórica e de
testes empíricos. Um grande número de modelos é conflitante
entre si (todos sem grande suporte empírico), e definem as
tentativas de explicar o comportamento da distribuição de
lucros. Buscaremos explicar o comportamento, fazendo uma
análise empírica da distribuição de dividendos no mercado
brasileiro.The politics of distribution of dividends has been an important matter of economists of this century and in last the five decades. It was object of an intense theoretical modeling and empirical tests. A great number of models are conflicting among thenselves(all without great empirical support), and define the attempts to explain the behavior of the distribution of profits. We will try to explain the behavior, making an empirical analysis of the dividends distribution, in the brazilian equity market.
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Van, der Bijl Wouter Jan. "Special dividends on Johannesburg Stock Exchange : 1999-2011". Thesis, Stellenbosch : Stellenbosch University, 2012. http://hdl.handle.net/10019.1/95682.
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Thesis (MBA)--Stellenbosch University, 2012.Ever since listed companies have been allowed to buy back shares (since the Companies Amendment Act was introduced in 1999), a major question has been whether companies with extra cash should pay out dividends or buy back shares. The larger research project for the University of Stellenbosch Business School (USB) will evaluate this question by comparing the rand value of dividends paid to shareholders to the rand value of share buybacks and comparing the rand value of special dividends to the rand value of share buybacks. The research described in this report was conducted as part of the bigger research project on dividends and aimed to produce a provisional list of special dividends paid from 1999 to 2011 for all companies listed on the Johannesburg Stock Exchange. The list comprises only special dividends paid from earnings, hence the term „provisional list‟. The bigger research project to produce a comprehensive list of special dividends will include the following additional steps: 1. Determining payments from earnings and share premium. 2. Determining payments from earnings, share premium and special designated dividends (SDD). 3. Determining payments from earnings, share premium, SDD and statistically evaluated dividends. The present research showed that using databases alone would not yield viable data for research purposes. The researcher started to gather data from two databases and afterwards had to evaluate the Stock Exchange News Service (SENS) announcements to eliminate the discrepancies. Furthermore, the physical financial statements gave valuable information to produce the provisional list. The correct method to determine the true rand amounts for dividends is firstly to consult the annual financial reports and secondly to retrieve the SENS announcements. Then the entry can be verified by multiplying the dividend per share by the number of shares on the record date. This rand value can be found in the financial statements in the statement of changes in equity. The dividends paid out of share premium are easy to identify, as the entry will be specifically stated in the statement of changes in equity. The determination of special dividends is rather difficult, because the rand amount of special dividends are hardly ever published as such in the statement of changes in equity. The conclusion reached by the researcher is that the only method to obtain the correct entries for any financial evaluation is to consult the audited financial statements. Databases can be useful in obtaining some information; however, the only reliable resource to retrieve the final information is from financial statements.
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Murdoch, Alastair. "Dividends and earnings : their effect on firm value /". Thesis, Connect to this title online; UW restricted, 1992. http://hdl.handle.net/1773/8809.
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Monroe, Nathan W. "Partisan dividends : the policy impact of partisan turnover /". Diss., Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC IP addresses, 2004. http://wwwlib.umi.com/cr/ucsd/fullcit?p3129943.
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Barman, Graham Paul. "An evaluation of how dividend policies impact on the share value of selected companies". Thesis, Nelson Mandela Metropolitan University, 2008. http://hdl.handle.net/10948/806.
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Wealth maximisation for shareholders is a combination of dividend payouts and an increase in share price. Management, as custodians of shareholder interest, should therefore consciously work towards influencing the share price favourably. The purpose of this study is to examine and analyse, through an empirical study, dividend policy and the effect, if any, it has on the value of shares by conducting a survey among financial managers to measure their views regarding dividends and share value and to either validate or disprove the academic explanation of the practice of paying dividends.
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Mak, Kwai-ming Simon. "Dividend and growth financing strategies of large public companies in Hong Kong /". Hong Kong : University of Hong Kong, 1999. http://sunzi.lib.hku.hk/hkuto/record.jsp?B21326344.
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Alltizer, Richard L. "The interaction of dividend policy and taxation on the value of the firm /". Full-text version available from OU Domain via ProQuest Digital Dissertations, 1994.
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Renberg, Sandra y Cecilia Nylander. "The Relationship between Changes in Cash Dividends and Volatility of Stock Returns : A study of the Swedish Stock Market". Thesis, Umeå universitet, Företagsekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-76434.
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The dividend policy and the distribution of cash dividend can be of interest to the investors from many angles. Consequently, many theories have been built on the relevance of dividend policy and there are several theories proposing that dividends increase shareholder value. However, the most famous theory on dividend policy might be Miller and Modigliani's dividend irrelevance theory which implies that the dividend policy does not affect shareholder value. Although investors are concerned with shareholder value they are also concerned with achieving the highest possible return with the lowest volatility (risk). As many studies have focused on the dividend policy, especially dividend yield or the dividend payout ratio, and its relation with stock price movement we felt that there was a lack of information regarding the relation between return volatility and cash dividends. This resulted in the following research question: Does a change in cash dividend affect stock return volatility on NASDAQ OMX Stockholm? Answering this research question is the main purpose of the research. Additionally, the relationship between changes in cash dividend and return volatility will be compared in the different size segments that are to be found on NASDAQ OMX Stockholm. The study is quantitative with a deductive approach where historical data ranging from 2006-2012 has been gathered. Two measures of return volatility has been used, beta and standard deviation of return. Statistical tests have been conducted in an approach to answer the research question, mainly correlation tests and logistic regression analysis. No correlation between changes in cash dividend and changes in beta, nor changes in standard deviation were found. The same results were found when examining small, mid and large cap individually. In the logistic regression analysis no evidence was found that changes in dividend could explain changes in return volatility. Contrary to changes in dividend, the results indicate that the size of the company can explain changes in return volatility. Specifically, large cap companies explain increases in return volatility better than companies in the small cap segment. Therefore, the research question is concluded with no, a change in cash dividend does not affect stock return volatility. The findings could also be argued to be in support of the dividend irrelevance theory. Furthermore, the conclusion implies that investors need not regard the dividend policy when diversifying their portfolios. Additionally, managers need not be worried that a change in dividend policy should affect return volatility.
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Ali, Ijaz. "Tendance, les déterminants et le rôle de singnaling des dividendes en Europe : trois études". Phd thesis, Université de Grenoble, 2013. http://tel.archives-ouvertes.fr/tel-01070637.
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La thèse se compose de trois études consacrées à la politique de dividendes des entreprises européennes cotées. Le premier essai étudie : (i) les éléments déterminants entraînant le paiement de dividendes, (ii) le changement au fil du temps dans le comportement des entreprises, pour le paiement de dividendes et (iii) les facteurs à l'origine de la diminution de la proportion des entreprises européennes payant des dividendes. En utilisant des sociétés cotées de 21 pays européens entre 1991 et 2010, nous voulons déterminer si les entreprises européennes payant des dividendes suivent la même tendance à la baisse que celle constatée aux États-Unis. En outre, cette analyse nous fournit l'occasion d'étudier les facteurs qui sont importants dans la détermination de la politique de dividende en Europe. Le deuxième essai étudie les facteurs qui sont responsables à long terme (permanents) des changements de la politique de dividendes par les entreprises européennes cotées. Dans cet essai, nous examinons les facteurs qui motivent les changements durables dans les politiques de dividendes , à savoir qui conduisent un payeur de dividende régulier à suspendre les paiements de façon permanente, ou au contraire, qui conduisent une entreprise n'ayant jamais payé de dividendes à adopter une politique de versements de dividendes réguliers. Le troisième essai étudie la validité empirique de l'hypothèse de l'effet signal du dividende. Dans un premier temps, nous examinons l'association entre les changements de dividendes et les changements futurs de bénéfices pour l'échantillon complet. Dans une deuxième étape, nous ne considérons que les annonces de changement de dividendes qui sont suivies par des changements inattendus dans les cours des actions pendant la période de trois jours autour de l'annonce du changement de dividende. Les changements dans les prix des actions devraient être dans le sens de l'évolution des dividendes si nous supposons que les forces du marché ne réagissent qu'aux changements des annonces de dividendes, qui ont contenu de l'information sur les bénéfices futurs.
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Berner, Martin [Verfasser]. "Scrip Dividends : Rechtstatsächliche Bedeutung und rechtliche Grundlagen / Martin Berner". Baden-Baden : Nomos Verlagsgesellschaft mbH & Co. KG, 2021. http://d-nb.info/1230213627/34.
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Hsu, Ya-Ni y 徐雅妮. "The Choice between Cash Dividends and Stock Dividends". Thesis, 2005. http://ndltd.ncl.edu.tw/handle/36114274942932272369.
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碩士國立中央大學
財務金融研究所
93
Corporations use cash dividends and stock dividends as the methods to distribute earnings to shareholders. While each method has received considerable attention in the academic literature, fewer studies examine the choice between cash dividends and stock dividends. In particular, we do not know what factors drive the choice between cash dividends and stock dividends and what, if any, information investors infer from this managerial choice. In this paper we analyze the relationship between the cash dividends and stock dividends on the NYSE, AMEX and NASDAQ. We start with a complete listing of announcements of dividends distribution code supplied by CRSP database. From those announcements, we annualize the dividends to integrate with financial variables supplied by COMPUSTAT database. The sample period contains two decades through 1984 to 2003. This study shows that firm size, investment opportunities and profitability have significant power in explaining relative payouts of cash dividends versus stock dividends. The univariate results tell a similar story to the multivariate results. The univariate comparisons suggest that cash dividend paying firms and stock dividend paying firms are noticeably different. Cash dividend paying firms have more retained earnings and operating cash flows with large firm size and historically high payout ratios. Unlike cash dividends, firms with paying stock dividends have higher capital expenditures and Tobin’s q which means firms have investment opportunities in the future. Finally, we use multinomial logit model to predict payout policy. Our multivariate analysis is consistent with the univariate comparisons discussed earlier and generally support the hypothesis that the financial flexibility inherent in the stock dividends distribution is also a consideration in the choice of payout methods, especially for higher capital expenditure firms.
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Lo, Yung-Chen y 羅雍震. "Determinants of Dividend Policy in Taiwanese Firms: Cash Versus Dual Dividends". Thesis, 2012. http://ndltd.ncl.edu.tw/handle/vuktre.
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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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"Disappearing dividends: evidence from four East Asian economies". 2005. http://library.cuhk.edu.hk/record=b5892591.
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Qian Chen.Thesis (M.Phil.)--Chinese University of Hong Kong, 2005.
Includes bibliographical references (leaves 34-36).
Abstracts in English and Chinese.
Introduction --- p.1
Literature --- p.3
Chapter I --- Disappearing Dividends --- p.5
Chapter 1. --- Dividend Facts - from U.S. to Hong Kong --- p.5
Chapter 2. --- Aggregate dividends --- p.16
Chapter 3. --- Dividend concentration and Earning concentration --- p.21
Chapter II --- Cross Country Comparisons --- p.25
Chapter 1. --- Proportion to pay dividends --- p.25
Chapter 2. --- Long-term loan --- p.28
Chapter 3. --- Regressions --- p.30
Chapter III --- Conclusion --- p.33
References --- p.34
Appendix --- p.37
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Voogt, Thea Louisa. "Dividend rules and accounting issues relating to the payment of dividends in South Africa". Thesis, 2012. http://hdl.handle.net/10210/6561.
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M.Comm.This study of dividend rules and accounting issues relating to the payment of dividends, has now reached its conclusion. All that remains is to put the study in the South African context and to reflect on a number of new topics that may be researched on the issue of dividends. In the 1950's and the 1960's, the South African economy grew at a rate of 4,5% per year, which was in line with many other western economies. During the 1 970's, the South African Government's role in the economy increased dramatically under a burgeoning bureaucracy. Slow economic growth over this decade and the 1980's, caused South Africa to fall further behind its major trading partners. High inflation, poor productivity, a high population growth rate and a shortage of skilled manpower was the resultant effect (Manning, 1988:14). The collapse of apartheid and the dawning of the New South Africa during the 1990's have brought with it its own opportunities and challenges. The South African economy's most pressing reality now is its own sheer economic survival. South Africa is currently battling with a staggering unemployment rate of 40%, suffering a budget deficit amounting to 5% of its R118 billion gross domestic product and must compete on world markets with nations like Brazil, Chile, South Korea and Indonesia (Ogden, 1996:49). The issues that need to be addressed'are undoubtedly immense. The question then has to be asked if and how a study on dividends can make a difference. The fact, however, remains that the proverbial drops eventually fill an empty bucket. There are certainly no short-cuts if the country is to make a successful transformation to full economic maturity (Ogden, 1996:49). Share investments and dividends received by individual investors could go a long way in introducing new participants into the equity market that is one of the pillars of the South African economy. Equity ownership in South Africa need to be democratized and filtered down to the individuals of all population groups and income levels in order to reduce ethnic conflict, reduce economic disparity of population groups and contribute to development (Nyhonyha & Braithwaite, 1 996:8). The majority of the population would, however, need assistance in this regard. The empowerment of these individuals through information would be the starting point as discussed in paragraph 9.9.3.1. Apart form the information and training that should be provided, these individuals would also need financial assistance in some form in order to invest in shares and receive dividends. Employee share incentive schemes could be a valuable tool that could provide the majority of the economically active South African population, who currently do not have access to equity capital, with the means of ownership of a portion of the economy (Nyhonyha & Braithwaite, 1996:8). Employee share incentive ownership programs are urgently needed in South Africa. The excessive concentration of economic power in the hands of a small minority must be addressed (Nyhonyha & Braithwaite, 1996:8). Individuals who have previously not taken part in the formal economy need to be empowered in this way. Employee share incentive schemes normally take on the form of a scheme in terms of section 38 (2) (b) and section 38 (2) (c) of the Act (South Africa, 1 973). Section 38 (2) (b) allows for a scheme through which a trust receives assistance from a company in the form of money, for the subscription for or purchase of shares. The trustees may then purchase shares in the company or its holding company. The trustees will hold the shares for the benefit of the employees of the company, including any salaried director holding a salaried employ or office in the company (South Africa, 1973). Section 38 (2) (c) allows for a company to provide financial assistance to persons, other than directors, bona fide in the employment of the company with a view to enabling those persons to purchase or subscribe for shares of the company or its holding company to be held by themselves as owners (South Africa, 1973). There are, however, other ways through which individuals may invest on the JSE. This study of dividends, focused on a number of problems that may be encountered by small individual investors and in particular black investors who intend to invest on the JSE. Paragraph 7.4.6.1. highlighted a number of problems that these investors face and noted that their discretionary savings may be limited. In South Africa, more than 50% of the black population earns less than R300 a month (Nyhonyha & Braithwaite, 1996:8). The savings of potential investors as individuals, however, need not be mobilized. Programs for future investment on the JSE, can target stokvels. Research has shown that about 8 million people in urban townships belong to stokvels, exchanging more than R900 million a year (Anon., 1996:4). The market capitalization of black controlled companies on the JSE is currently R7,78 billion (Kobokoane, 1996:3).