Dividend payouts and catering to demands: Evidence from a dividend tax reform

Yu, Xin; Wang, Yuetang; Chen, Yingrun; Wang, Guojun

doi:10.1016/j.irfa.2021.101841

Cited by 12 publications

(3 citation statements)

References 22 publications

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“…There is a significant positive relationship between firm size and dividend payout ratio. This means that the larger firms pay higher dividends than smaller firms, and this is consistent with the previous studies (Yu et al, 2021;Benyadi et al, 2022).…”

Section: Discussionsupporting

confidence: 91%

Impact of corporate governance and CEO remuneration on bank capitalization strategies and payout decision in income shocks period

et al. 2022

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The purpose of this research is to explore corporate governance and CEO remuneration with banks capitalization strategies and payout policy within the Pakistani banking context. Data were obtained from the financial statements of scheduled banks listed on the Pakistan stock exchange from 2005 to 2020. The findings of the research study revealed that corporate governance mechanisms that promote the bank's shareholders' interests are linked to low capitalization strategies. The size of the board of directors has a significant impact on the capitalization of banks. Banks' capitalization techniques are also adversely correlated with effective board size. The shareholder benefits from low capitalization. Corporate governance is positively related with banking sector instability, as seen by this negative correlation. Bank capitalization strategies have a significant impact on CEO remuneration. In the event of an income shock, dividend payout is essential. Banking sector payout policies are negatively related with corporate governance. In the event of a negative income shock, financial institutions reduce dividends. As a result, it has been argued that effective corporate governance benefits shareholders by reducing capitalization tactics and limiting financial institutions' aggressive payouts.JEL classificationG21, G30, G32, G35.

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Section: Discussionsupporting

confidence: 91%

Impact of corporate governance and CEO remuneration on bank capitalization strategies and payout decision in income shocks period

et al. 2022

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“…The model, validated on a 1992-2000 sample of 2081 firms, demonstrates strong predictive performance, highlighting the asymmetric influence of entrenchment on dividend versus share repurchase policy. Isakov and Weisskopf (2015) focus on payout policies in founding family firms, and Yu et al (2021) analyze dividend payouts and catering to demands in the context of a dividend tax reform. Atanassov and Mandell (2018) contribute evidence on tunneling from master limited partnerships.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Revisiting the Effect of Dividend Policy on Firm Performance and Value: Empirical Evidence from the Korean Market

Njoku,

Lee

2024

IJFS

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This study investigates the relationship between dividend policy, firm performance, and value within the Korean market, taking into account the unique context of Chaebol ownership structures. Utilizing a robust dataset of 5478 observations from the Korean Composite Stock Price Index, our empirical analysis employs advanced regression models, revealing distinctive effects of various dividend policy measures through the lenses of interest alignment and managerial entrenchment hypotheses. Surprisingly, while cash dividend payments exhibit a robust positive impact on Tobin’s Q and market-to-book ratios, suggesting an overall positive link with market valuations, a closer inspection reveals divergent impacts for Chaebol and non-Chaebol firms. In Chaebol entities, dividend policy proxies consistently demonstrate positive effects on performance metrics, aligning with the interest alignment hypothesis and highlighting strategic signaling efforts. Conversely, non-Chaebol firms exhibit intriguingly negative impacts, supporting the managerial entrenchment hypothesis and implying potential challenges to market value. Firms should prioritize transparent communication on dividend policies for improved investor decision making and enhanced corporate governance in the dynamic Korean market.

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“…Shareholders want managers to work with the aim of maximizing shareholder wealth (Ali & Hegazy, 2022;Fernández-Portillo et al, 2022). The agency conflict can be minimized by providing an opportunity for management to be involved in the ownership of a company's shares so that the management and the shareholders have the same interests, namely in order to benefit from the funds invested (H. Liu, 2021;Xu & Huang, 2021;Yu et al, 2021).…”

Section: Introductionmentioning

confidence: 99%

Importance of Liquidity Indicators in Intervening the Dividend Policy

Sunaryo

2022

ijtc

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This study aims to determine the effect of managerial ownership, institutional ownership and investment decisions on dividend policy with liquidity as an intervening variable in LQ45 companies listed on the Indonesia Stock Exchange (IDX) for the period 2018-2021. This study uses the causal associative method. This population is 45 companies using purposive sampling method . This research was conducted in LQ45 companies listed on the Indonesia Stock Exchange (IDX) for the period 2018-2021. The type of data used in this study is secondary data and analyzed using SPSS 25. The analysis technique in this study uses regression analysis and path analysis.The results of the analysis show that managerial ownership, institutional ownership and investment decisions partially affect dividend policy. Indirectly, liquidity can intervene in managerial ownership and also institutional ownership on dividend policy, while liquidity cannot intervene in investment decisions on dividend policy.

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Dividend payouts and catering to demands: Evidence from a dividend tax reform

Cited by 12 publications

References 22 publications

Impact of corporate governance and CEO remuneration on bank capitalization strategies and payout decision in income shocks period

Impact of corporate governance and CEO remuneration on bank capitalization strategies and payout decision in income shocks period

Revisiting the Effect of Dividend Policy on Firm Performance and Value: Empirical Evidence from the Korean Market

Importance of Liquidity Indicators in Intervening the Dividend Policy

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