Determinants of corporate dividend policy: evidence from romanian listed companies

Cristea, Cécilia; Cristea, Maria

doi:10.1051/matecconf/201712604009

Cited by 15 publications

(34 citation statements)

References 22 publications

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“…Due to these reasons, the empirical studies of profitability impact on dividend payments have shown inconsistent results. For example, a positive effect was found for U.S. manufacturing companies (Juma'h & Olivares Pacheco, 2008), Romanian and Turkish listed firms (C. Cristea & M. Cristea, 2017;Takmaz, 2017). Meanwhile, Kania and Bacon (2005) showed negative relationships between profitability and dividend payments for publicly traded firms from the Multexinvestor database.…”

Section: Literature Reviewmentioning

confidence: 99%

Factors affecting the dividend policy of non-financial joint-stock companies in Ukraine

Rohov

Kolodiziev

Shulga

et al. 2020

Investment Management and Financial Innovations

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Dividend policy, as part of corporate governance, is largely dependent on the institutional environment in which companies operate. The study aims to determine factors affecting dividend policy in the conditions of the Ukrainian underdeveloped stock market, legal insecurity of minority shareholders, high cost and concentration of capital. For this purpose, hypotheses about the impact of a company’s financial state, size, business risk, and ownership structure on dividend payments were tested using a sample of 58 Ukrainian non-financial public joint-stock companies and applying Interactive tree classification techniques (C&amp;RT). The resulting classification model for predicting dividend decisions correctly classifies 92.86% of companies that paid dividends and 93.3% of companies that did not. The findings, based on the classification tree and importance scale, prove the hypothesis that companies in which individuals and institutional investors have a controlling interest are more likely to pay dividends than other non-state companies. The financial indicators accurately classify only those firms that do not pay dividends, and business risk does not affect classification accuracy at all. The paper substantiates the ways of using the study findings for economic regulation, protection of minority shareholders’ rights, and proliferation of modern corporate governance practices.

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Section: Literature Reviewmentioning

confidence: 99%

Factors affecting the dividend policy of non-financial joint-stock companies in Ukraine

Rohov

Kolodiziev

Shulga

et al. 2020

Investment Management and Financial Innovations

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show abstract

“…De igual manera, se evidencia que los planteamientos realizados sobre los indicadores de liquidez, impuestos, deuda/Ebitda se encuentran alineados con lo planteado por las diferentes teorías observadas a lo largo de la presentación, con una relación negativa frente al pago de dividendos. Por su parte, la rentabilidad (ebit/Activos) mantiene una relación positiva con el pago de dividendos en donde mayor sea la generación operativa de la entidad (ebit) mayor será el pago de dividendos alineado con lo planteado por Amarjit, Nahum y Tibrewala (2010); Mehta (2012 ) y Cristea y Cristea (2017).…”

Section: Resultsunclassified

“…La segunda posición de esta corriente académica plantea que el pago de dividendos agrega valor a la firma, de lo que se concluye que en una compañía existen ciertas determinantes (estructura de capital, impuestos, rentabilidad, asimetrías de información, etc.) que explican la determinación de la política de dividendos y que van en línea con lo planteado por varios autores (Fisher, 1976;Miller y Rock, 1985;Obradovich y Gill, 2013;Juma'h y Oliveras Pacheco, 2007;Amarjit, Nahum y Tibrewala, 2010;Cristea y Cristea, 2017).…”

Section: Introductionunclassified

Determinantes de la política de dividendos: evidencia del mercado latinoamericano (2012-2018)

Carrasco-Tamayo¹,

Hortúa²

2020

ODE

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En este artículo se estudian los determinantes de la política de dividendos del mercado latinoamericano, partiendo de investigaciones previas realizadas sobre empresas localizadas en España, Nigeria, Rumania, Estados Unidos y Emiratos Árabes. La investigación busca establecer cuáles fueron los determinantes de la política de dividendos de empresas latinas (de Colombia, México, Brasil, Chile, Perú y Panamá) para los periodos comprendidos entre 2012-2018. En línea con lo anterior, este estudio busca determinar la relación que tienen el apalancamiento, la rentabilidad, el tamaño, los impuestos, la liquidez, el riesgo, el domicilio y la industria de empresas del mercado latino con la política de dividendos que estas establecen. Finalmente, el estudio (a través de modelos econométricos) muestra evidencia de la relevancia que tiene la percepción del riesgo sobre la firma, para establecer la política de dividendos.

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“…The study reveals that firm's size, financial leverage, annual growth and agency cost are statistically significant explanatory variables of dividend decision of selected pharmaceutical companies in our country whereas profitability is a statistically insignificant explanatory variable that also influences on dividend decision. Through some study like Booth et al (2003), Amidu and Abor (2006), Nuhu E et al (2014), Abdulkadir R.I. et al (2016), Cristea, C, and Cristea, M (2017), Khan F.A. & Ahmad N. (2017) consider liquidity, Corporate tax, ownership structure also influence on dividend payment decisions.…”

Section: Resultsmentioning

confidence: 99%

Impulse of Dividend Payment Decision: Evidence from Pharmaceutical Industry in Bangladesh

Hoque¹

2017

IJFR

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The dividend is the reward of shareholders of an organization in exchange for time and risk. For maximizing shareholder's wealth, optimum dividend payout ratio is essential. The prime objective of this paper is to identify impulse of dividend payment decision of listed pharmaceutical companies in Dhaka Stock Exchange of Bangladesh. Dividend payment decision is the dependent variable and profitability, firm's size, financial leverage, growth, and agency costs are taken as explanatory variables in this study. Collected secondary data are analyzed by econometrics software Eviews 8 through least square method. Formulated multiple regression models show value of R-square (R 2 ) is 0.604817. R-square (R 2 ) value indicates explanatory variables explain 60.48% variation of the dependent variable. The study also reveals that profitability and agency cost positively influence the dividend payment decision and firm's size, financial leverage, growth negatively impact on the dividend payment decision of selected pharmaceutical companies. Among explanatory variables, profitability is not statistically significant at 5% significant level whereas firm's size, financial leverage, growth and agency cost are found statistically significant at 5% significant level. So this paper finds that listed pharmaceutical companies in Dhaka Stock Exchange must consider firm's size, financial leverage, growth and agency cost in their dividend payment decision.

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Determinants of corporate dividend policy: evidence from romanian listed companies

Cited by 15 publications

References 22 publications

Factors affecting the dividend policy of non-financial joint-stock companies in Ukraine

Factors affecting the dividend policy of non-financial joint-stock companies in Ukraine

Determinantes de la política de dividendos: evidencia del mercado latinoamericano (2012-2018)

Impulse of Dividend Payment Decision: Evidence from Pharmaceutical Industry in Bangladesh

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