How Relevant is Dividend Policy Under Low Shareholder Protection?
نویسندگان
چکیده
منابع مشابه
Shareholder protection and dividend policy: an experimental analysis
For nearly half a century, the literature on dividend payments has questioned why firms pay dividends at all. Two competing models have emerged to explain this. In low investor protection regimes, corporate insiders give dividends to signal trust. In high-protection regimes, outside investors have the power to demand dividends. Using a unique laboratory experiment, our results back the empirica...
متن کاملCorporate liquidity , and dividend policy under uncertainty
We examine firm valuation with optimal liquidity (retained earnings) and dividend choice under revenue uncertainty that incorporates debt financing and bankruptcy costs. We revisit the conditions for dividend policy irrelevancy and the role of retained earnings and dividends. Retained earnings have a net positive impact on firm value in the presence of growth options, high external financing co...
متن کاملExit Options and Dividend Policy under Liquidity Constraints
We introduce a post-entry liquidity constraint to the standard model of a rm with serially correlated pro tability and an irreversible exit decision. We assume that rms with no cash holdings and negative cash ow must either exit or raise new cash at a transaction cost. This creates a precautionary motive for holding cash, which must be traded o¤ against the liquidity cost of holding cash. We...
متن کاملUs Dividend Policy Analyses
The main issue writer examines in this writing is to analyze whether or not dividend policy is a determinant to maintain stock values or firm values as a whole. It is essential that dividend policy is managed properly to enhance the satisfaction of the investors at any level of characteristics. At the end, investors are the key that determines the stock value movement. Some investors are lookin...
متن کاملDividend Policy Decisions
Although firms have been distributing dividends to their shareholders for four centuries (Baskin, 1988), the motivation for this corporate policy is under debate in the academic community. In an early paper, Black (1976, p. 5) coined the term the “dividends puzzle” to illustrate the poor understanding of dividend payment policy: “The harder we look at the dividend picture, the more it seems lik...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2007
ISSN: 1556-5068
DOI: 10.2139/ssrn.925190