The present study analyzes the results of 2001 survey of 81 CFOs of bt-500 companies and her most valuable PSUs in India to find out the determinants of the dividend policy decisions of the corporate India. It uses factor analytic framework on the CFOs' responses to capture the determinants of the dividend policy of corporate India. Most of the firms have target dividend payout ratio and divide...

All 137 publicly listed firms in New Zealand were used to analyse the relationship between dividend changes and earning changes. The question being asked is: Do dividend changes point to good past performance, good current performance, or signal growth in future performance. The findings show that there is no statistically significant relationship between dividend changes and either past or fut...

We estimate the cross-sectional relationship between open market repurchases and accounting data for a large sample of dividend-paying and non-dividend-paying firms over a twelve year period (1984-95). Consistent with the hypothesis that firms use open market repurchases to reduce the agency costs of free cash flow, we find that repurchases are positively related to proxies for free cash flow a...

This paper analyzes dividend remittances by a large panel of foreign affiliates of U.S. multinational firms. The dividend policies of foreign affiliates, which convey no signals to public capital markets, nevertheless resemble those used by publicly held companies in paying dividends to diffuse common shareholders. Robustness checks verify that dividend policies of foreign affiliates are little...

Following the recent French reform on open-market repurchase programs, we investigate the buy and sell behaviour by firms on their own shares. Unlike American studies, we can construct a sample of really bought, sold and cancelled shares for each firm per month. These data come from the registration at the " Commission des operations de bourse (COB) " equivalent to the American SEC. Five standa...

Prediction of stock returns has always been one of the most important issues in finance. Investors have attracted to use of Fama-French Five-Factor Model (FFFFM) as one of the powerful methods for pricing financial assets and predicting the stock returns. This research investigates the predictability of stock returns by including some important firms features namely cash holdings, dividend rate...

This paper offers a new mathematical formulation that addresses the relationship between expected price-to-book ratio, dividend per share, dividend payout ratio, systematic and unsystematic risks. The sample includes the non-financial firms in the DJIA covering the period 1997-2006. The general results show that the expected price-to-book ratios are: (a) positively associated with the expected ...

journal of accounting advances (j.a.a) vol. 2, no. 2, fall & winter 2010, ser. 59/3     extended abstract   an investigation of agency theory and signaling theory in dividend policies: the role of institutional investors   dr. g. r. karami         dr. s. mehrani               h. eskandar tehran university   introduction        dividend has a special position among decision makers. dividend poli...

This paper examines the stock price effect in New Zealand of announcements of increases in dividends and of share repurchases from 1993 to 2009. The results are related to the soft substitution hypothesis on Australian data. Dividend-increase announcements provoke a greater positive effect on the stock price than buyback announcements. The preference of the marginal investor is also examined wh...