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  • 1
    Online Resource
    Online Resource
    Corporate dividend policy revisited
    Emerald ; 2015
    In:  Managerial Finance Vol. 41, No. 2 ( 2015-2-9), p. 126-144
    Details
    In: Managerial Finance, Emerald, Vol. 41, No. 2 ( 2015-2-9), p. 126-144
    Abstract: – The purpose of this paper is to provide an overview and synthesis of some important literature on dividend policy, chronicle changing perspectives and trends, provide stylized facts, offer practical implications, and suggest avenues for future research. Design/methodology/approach – The authors provide a survey of literature surveys with a focus on insights for paying cash dividends. Findings – The analysis of literature surveys on dividend policy provides some stylized facts. For example, US evidence indicates that the importance of cash dividends as a part of investors’ total returns has declined over time. Share repurchases now play an increasingly important role in payout policy in countries permitting stock buybacks. The popular view is that dividend policy is important, as evidenced by the large amount of money involved and the attention that firms, security analysts, and investors give to dividends. Firms tend to follow a managed dividend policy rather than a residual dividend policy, which involves paying dividends from earnings left over after meeting investment needs while maintaining its target capital structure. Certain determinants of cash dividends are consistently important over time in shaping actual dividend policies including the stability of past dividends and current and anticipated earnings. No universal set of factors is appropriate for all firms because dividend policy is sensitive to numerous factors including firm characteristics, market characteristics, and substitute forms of dividends. Universal or one-size-fits-all theories or explanations for why companies pay dividends are too simplistic. Practical implications – The dividend puzzle remains an important topic in modern finance. Originality/value – This is the first a survey of literature surveys on cash dividends.
    Type of Medium: Online Resource
    ISSN: 0307-4358
    URL: Article
    DOI: 10.1108/MF-03-2014-0077
    RVK:
    QA 10000
    Language: English
    Publisher: Emerald
    Publication Date: 2015
    detail.hit.zdb_id: 2047612-7
    SSG: 3,2
    Location Call Number Limitation Availability
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    Online Resource
  • 2
    Online Resource
    Online Resource
    Dividend policy in India: new survey evidence
    Emerald ; 2015
    In:  Managerial Finance Vol. 41, No. 2 ( 2015-2-9), p. 182-204
    Details
    In: Managerial Finance, Emerald, Vol. 41, No. 2 ( 2015-2-9), p. 182-204
    Abstract: – The purpose of this paper is to survey managers of dividend-paying firms listed on the National Stock Exchange (NSE) in India to learn their views about the factors influencing dividend policy, dividend issues, and explanations for paying cash dividends and repurchasing shares. The authors compare the results to other dividend surveys based on firms in Indonesia, Canada, and the USA. Design/methodology/approach – The authors use questionnaire to gather primary data from a sample of 500 firms listed on the NSE. Findings – The most important determinants of dividends involve earnings (the stability of earnings as well as the level of current and expected future earnings) and the pattern of past dividends. Comparing the overall rankings of the 21 factors by respondents from Indian firms to those of Indonesian, Canadian, and US firms reveals statistically significant correlations. Respondents also perceive that dividend policy affects firm value. Respondents also view maintaining an uninterrupted record of dividends as important. The most highly supported explanations for paying cash dividends concern signaling, the firm life cycle, and catering. Although none of the theories of repurchasing shares is dominant, respondents provide little support for the agency explanation. Research limitations/implications – Although the tests suggest that the sample does not suffer from non-response bias, the findings should be viewed as suggestive rather than definitive because of the relatively low response rate. Originality/value – The paper presents new evidence about dividend policy of Indian firms. To the knowledge, this is the most comprehensive survey of Indian firms to date that captures managerial perceptions on both cash dividends and share repurchases.
    Type of Medium: Online Resource
    ISSN: 0307-4358
    URL: Article
    DOI: 10.1108/MF-01-2014-0024
    RVK:
    QA 10000
    Language: English
    Publisher: Emerald
    Publication Date: 2015
    detail.hit.zdb_id: 2047612-7
    SSG: 3,2
    Location Call Number Limitation Availability
    BibTip Others were also interested in ...
    Online Resource
  • 3
    Online Resource
    Online Resource
    Market power and dividend policy
    Emerald ; 2015
    In:  Managerial Finance Vol. 41, No. 2 ( 2015-2-9), p. 145-163
    Details
    In: Managerial Finance, Emerald, Vol. 41, No. 2 ( 2015-2-9), p. 145-163
    Abstract: – The purpose of this paper is to investigate how and why a firm’s product market power affects its dividend policy. Design/methodology/approach – This paper uses three measures of market power? The degree of import competition, Herfindahl-Hirschman index, and Lerner Index? To examine how a firm’s product market power affects its dividend policy. Further, it proposes and tests a risk-based explanation for this impact. Findings – This paper shows that market power positively affects the dividend decision, in terms of both the probability of paying a dividend and the amount of dividend payment. It also provides evidence that the route through which market power affects the dividend decision is business risk: firms with less market power are riskier and hence less likely to pay dividends than firms with more market power. Practical implications – The results show that product market power may have played an important role in reshaping dividend policy of corporate America. Originality/value – This study documents the relevance of market power behind dividend policy and therefore adds to the knowledge on the relationship between product markets and corporate financial policies, which is an important and understudied area of corporate finance.
    Type of Medium: Online Resource
    ISSN: 0307-4358
    URL: Article
    DOI: 10.1108/MF-12-2013-0346
    RVK:
    QA 10000
    Language: English
    Publisher: Emerald
    Publication Date: 2015
    detail.hit.zdb_id: 2047612-7
    SSG: 3,2
    Location Call Number Limitation Availability
    BibTip Others were also interested in ...
    Online Resource
  • 4
    Online Resource
    Online Resource
    Dividend yields and stock returns in Hong Kong
    Emerald ; 2015
    In:  Managerial Finance Vol. 41, No. 2 ( 2015-2-9), p. 164-181
    Details
    In: Managerial Finance, Emerald, Vol. 41, No. 2 ( 2015-2-9), p. 164-181
    Abstract: – The positive relationship between dividend yield and risk-adjusted return, which is called the dividend yield effect, is well documented in the US market. Yet, the drivers of the yield effect are unclear. Some argue this evidence is consistent with the prediction that the investor-level tax burden is capitalized in stock prices, also known as the tax capitalization hypothesis. Still others contend that nontax omitted factors drive the yield effect. The purpose of this paper is to contribute to the debate by exploring if the yield effect occurs in Hong Kong market where no taxes exist on either dividend income or capital gain. Design/methodology/approach – The authors use two main approaches to detect the dividend yield effect. The first approach groups stocks into portfolios based on dividend yields and tests for the presence of a yield effect at the portfolio level. The second approach employs the Fama-MacBeth methodology at the firm level and tests if a yield effect is existent after controlling for firm characteristics known to explain stock returns. Findings – The paper documents a robust dividend yield effect in the Hong Kong market and suggests that nontax reasons help to explain the yield effect. Originality/value – Tax capitalization is a long-standing question in financial economics and the research evidence is mixed. The findings do not completely rule out the tax capitalization hypothesis. The main contribution is to illustrate the difficulty of conducting a powerful test of this hypothesis in practice and to urge caution in interpreting the dividend yield effect as evidence in support of this hypothesis.
    Type of Medium: Online Resource
    ISSN: 0307-4358
    URL: Article
    DOI: 10.1108/MF-01-2014-0009
    RVK:
    QA 10000
    Language: English
    Publisher: Emerald
    Publication Date: 2015
    detail.hit.zdb_id: 2047612-7
    SSG: 3,2
    Location Call Number Limitation Availability
    BibTip Others were also interested in ...
    Online Resource
  • 5
    Online Resource
    Online Resource
    The post-repurchase announcement drift: an anomaly in disguise?
    Emerald ; 2015
    In:  Managerial Finance Vol. 41, No. 2 ( 2015-2-9), p. 205-224
    Details
    In: Managerial Finance, Emerald, Vol. 41, No. 2 ( 2015-2-9), p. 205-224
    Abstract: – The purpose of this paper is to reexamine the stock price drifts after open-market stock repurchase announcements by differentiating actual repurchases from repurchase announcements and by controlling for the repurchasing firms’ earnings improvement in the announcement year relative to the prior year. Design/methodology/approach – The authors use the calendar-time method and matching method based on different criteria to calculate the post-announcement abnormal returns. Findings – The results show that only firms actually repurchasing their shares exhibit a positive post-announcement drift. More importantly, the authors find that these repurchasing firms have the same post-announcement drift as their matching firms that have similar size and earnings performance but do not repurchase. This supports the argument that the post-repurchase announcement drift found in previous studies is not a distinct anomaly but the post-earnings announcement drift in disguise. Social implications – The post-repurchase announcement drift found in previous studies is the post-earnings announcement drift in disguise. Originality/value – The study shows that because high earnings performance positively relates to real repurchase activities, controlling for earnings performance in examining whether a drift occurs after repurchase announcements.
    Type of Medium: Online Resource
    ISSN: 0307-4358
    URL: Article
    DOI: 10.1108/MF-02-2014-0038
    RVK:
    QA 10000
    Language: English
    Publisher: Emerald
    Publication Date: 2015
    detail.hit.zdb_id: 2047612-7
    SSG: 3,2
    Location Call Number Limitation Availability
    BibTip Others were also interested in ...
    Online Resource
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