An international analysis of dividend smoothing

Javakhadze, David; Ferris, Stephen P.; Sen, Nilanjan

doi:10.1016/j.jcorpfin.2014.09.007

Cited by 74 publications

(108 citation statements)

References 55 publications

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“…The study of Javakhadze et al (2014) show that Lintner (1956) dividend smoothing model works internationally, but with cross-sectional differences. Andres et al (2015) also found partial adjustment in dividend is valid in both dividends and total payouts.…”

Section: Literature Reviewmentioning

confidence: 99%

Determinants of Dividend Payout Decisions: A Dynamic Panel Data Analysis of Turkish Stock Market

Bostanci¹,

Kadioglu²,

Sayilgan

2018

IJFS

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This study analyzes the firm-specific factors affecting the dividend payout decisions of the companies whose shares are traded on the Borsa Istanbul stock exchange. To this end, the dynamic panel regression is applied to 853 observations of yearly average of 106 companies listed on the Borsa Istanbul between 2009 and 2015. According to results from the Arellano–Bover/Blunder-Bond two-step system generalized method of moments, a statistically significant positive effect on dividend payout was found in the relationship between the dividend payout of the previous year, the company’s return on equity and the market value/book value ratio, liquidity and the company’s size. The demonstration of a positive relationship between dividend payout and return on equity supports the free cash flow hypothesis and the positive relationship with the previous year’s dividend payout ratio supports the dividend smoothing hypothesis for Turkey.

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Section: Literature Reviewmentioning

confidence: 99%

Determinants of Dividend Payout Decisions: A Dynamic Panel Data Analysis of Turkish Stock Market

Bostanci¹,

Kadioglu²,

Sayilgan

2018

IJFS

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“…W badaniach empirycznych analizie poddaje siê najczêoeciej determinanty fundamentalne, odnosz¹ce siê do zyskownooeci, rentownooeci, p³ynnooeci oraz zad³u¿enia spó³ek [zob. Obradovich, Gill, 2013;Javakhadze, Ferris, Sen, 2014]. W innych opracowaniach podejmowany jest problem wp³ywu polityki podatkowej lub te¿ struktury w³aoecicielskiej na wystêpowanie i wysokooeae dywidend.…”

Section: Przegl¹d Literaturyunclassified

Struktura akcjonariatu a polityka wypłacania dywidend spółek prowadzących działalność badawczo-rozwojową w Polsce

Kwiatkowski¹

2018

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Struktura akcjonariatu a polityka wyp³acania dywidend spó³ek prowadz¹cych dzia³alnooeae badawczo-rozwojow¹ w Polsce Poznanie zasad, którymi kieruj¹ siê przedsiêbiorstwa podczas wyp³acania dywidend, nurtuje ekonomistów na ca³ym oewiecie od niemal siedmiu dekad. Z uwagi na ró¿norodnooeae czynników wp³ywaj¹cych na decyzje o wyp³acie dywidendy problem okreoelony zosta³ mianem "the dividend puzzle". Niniejsze badanie skupia siê na dwóch determinantach wyp³at dywidendy-dzia³alnooeci badawczo-rozwojowej oraz obecnooeci pañstwa w strukturze akcjonariatu woeród spó³ek notowanych na Gie³dzie Papierów Wartooeciowych w Warszawie w latach 1992-2016. W badaniu wykorzystano nieparametryczne metody statystyczne w celu weryfikacji zale¿nooeci pomiêdzy tymi czynnikami oraz polityk¹ wyp³at dywidendy 296 spó³ek. Badanie wykaza³o, i¿ zarówno dzia³alnooeae badawczo-rozwojowa, jak i obecnooeae pañstwa w strukturze akcjonariatu wi¹¿e siê z przeciêtnie ni¿szym poziomem dywidendy wyp³acanym przez spó³kê. Czêoeae pierwsza artyku³u prezentuje przegl¹d literatury z zakresu polityki wyp³at dywidend oraz hipotezy badawcze, druga opisuje wykorzystane metody i próbê badawcz¹, trzecia przedstawia wyniki analizy, a czêoeae ostatnia podsumowuje badanie. S³owa kluczowe: polityka wyp³at dywidend, determinanty wyp³at dywidend, B+R, pañstwo w strukturze akcjonariatu Klasyfikacja JEL: G35 The ownership structure, R&D activity, and dividend policy of companies listed on the Warsaw Stock Exchange For almost seven decades, the rules determining the dividend policy of companies have been the subject of interest of researchers worldwide. Due to the variety of factors influencing managers' decisions on dividend payouts, the issue has been named "the dividend puzzle". The following research focuses on two determinants of dividend policy-research and development activity and government ownership of companies listed on the Warsaw Stock Exchange over the period 1992-2016. We utilize a non-parametric statistical approach to financial data obtained from 296 companies to verify how both factors are related to the dividend policy of companies. We find that both R&D activity and government ownership have an adverse impact on dividend payouts. The first section of the paper presents the literature review and research hypotheses. The second section presents utilized methods and the data sample. Section three shows the obtained results, and finally, the last section summarizes the research.

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“…Recent literature pointed out that it still remains an open topic of study with important questions that deserve attention about dividend policy determinants (Gopalan, Nanda, & Seru, 2014;L. E. Harris, Hartzmark, & Solomon, 2015;Javakhadze, Ferris, & Sen, 2014;Mori & Ikeda, 2015;Renneboog & Trojanowski, 2007).…”

Section: Introductionmentioning

confidence: 99%

“…The institutional and legal environment has been seen as a factor that matters for dividend policy given that the legal rules in each country may shape shareholder protection and behavior (Javakhadze et al, 2014;La Porta, López-de-Silanes, Shleifer, & Vishny, 2000). Under the Agency Theory framework, agency conflicts seem to have a role on dividend policy.…”

Section: Introductionmentioning

confidence: 99%

“…The relevance of research about dividend policy in emerging markets has increased with the growing importance of such economies and also for the fact that the institutional and legal environments have specific nuances that may interfere in shaping dividend policy (Javakhadze et al, 2014;. In this context, Brazilian market has a set of specific characteritics that makes it an important economy that requires attention: the greatest economy in Latin America, high firm ownership concentration, low protection of minority shareholders, minimum mandatory dividend policy of 25% of net income in Brazil (Law no.…”

Section: Introductionmentioning

confidence: 99%

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Nonfinancial Firms as Large Shareholder Use Dividend Policy for Management Monitoring in Brazil

Crisóstomo

Brandão

2018

FSRJ

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The paper analyzes whether nonfinancial firms as large blockholders of the Brazilian firm shape dividend policy. Under the Agency Theoretical framework a set of good corporate governance practices is suggested as able to control management activity and prevent managers from incurring in moral hazard problems and the emergence of excessive management power as predicted by the Managerial Power Hypothesis. In this context, the Management Monitoring Hypothesis proposes that dividend policy may be used as a management control mechanism given that dividend distribution affects the free cash flow available for managers.

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An international analysis of dividend smoothing

Cited by 74 publications

References 55 publications

Determinants of Dividend Payout Decisions: A Dynamic Panel Data Analysis of Turkish Stock Market

Determinants of Dividend Payout Decisions: A Dynamic Panel Data Analysis of Turkish Stock Market

Struktura akcjonariatu a polityka wypłacania dywidend spółek prowadzących działalność badawczo-rozwojową w Polsce

Nonfinancial Firms as Large Shareholder Use Dividend Policy for Management Monitoring in Brazil

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