Article history: Received 21 September 2011 Received in revised form 28 December 2012 Accepted 7 January 2013 Available online 23 January 2013 This paper investigates how the state-controlling ownership and the ownership through corporate pyramid structures affect the dividend policies of publicly listed firms in China. We find that the state-controlled firms in China pay higher dividends (meas...

I examine the role of debt-financed special payments to shareholders in defending incumbent managements during proxy contests. This role is based on shareholder preference for dividends and the consequent linkage between dividends and managerial security. The model is used to explain why the seemingly contradictory phenomena of (i) wealth losses to shareholders and (ii) lack of any substantial ...

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...

Dividend smoothing remains a puzzle for …nancial economists. We present a model in which smoothing of dividends arises as an equilibrium outcome. A manager who cares about the intrinsic value of the …rm as well as its current stock price has to decide how to allocate earnings between investments and dividends. Since the stock price is determined by uninformed investors, the manager has an incen...

This paper examines dividend reduction timing at the industry level, asking what firm types choose to reduce their dividends earlier in a dividend reducing cycle than others. Theory is proposed that suggests that higher quality firms will reduce dividends sooner to start rebuilding the firm‟s profitability, while lower quality firms delay reducing their dividends until they must. This paper con...

In this paper we explore the impact of various constant-proportions investment strategies (or FixedMix Rules) in an economic evolutionary market. Dividends are generated according to a new Dividend Factor Model. Furthermore, Dividends were estimated and calibrated from data using Principal Component Analysis. Moreover, we perform simulations to study the long-run outcome of an evolutionary comp...

If the subject of dividend distribution is limited to what dividends actually represent, there should be no room for uncertainty in conversation. However, dividends, which are defined as a portion company's profit that belongs each shareholder at end financial year, relation shares held by him, can raise new questions many different respects. Not only they about when requested or who belong cas...