Dividend premium: Are dividend-paying stocks worth more?

Karpavičius, Sigitas; Yu, Fan

doi:10.1016/j.irfa.2018.01.004

Cited by 29 publications

(25 citation statements)

References 36 publications

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“…Definitions References 9 : C Dividends A share of the after-tax earnings of a firm paid regularly (typically annually) to its shareholders. (Jakob & Whitby, 2017;Karpavičius & Yu, 2018) 10 : C…”

Section: Criteriamentioning

confidence: 99%

A Hybrid Grey McDm Approach for Asset Allocation: Evidence From China’s Shanghai Stock Exchange

Mills

Baafi

Amowine

et al. 2020

Journal of Business Economics and Management

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Asset allocation is a critical concern for any investor in the financial market. This paper aims to prioritize five randomly selected firms from the top ten stocks by market capitalization of the Shanghai Stock Exchange (SSE) by opting for adequate financial procedures and practical criteria under uncertain conditions. Decision makers want not only the ranking order of stocks but also capital proportions to be allocated. Therefore, this study uses a hybrid multi-criteria decision-making (MCDM) approach comprising of an integrated analytic network process (ANP) and decision making trial and evaluation laboratory (DEMATEL) in a grey environment for optimal portfolio selection to provide both ranking and weighting information for decision makers. Results indicate that return, financial ratios, dividends, and risk are causal criteria group, which are the most influential determinants for obtaining high benefits with regards to stock portfolio selection in SSE. The free float of stocks is the least influencing criterion among all identified criteria of stock portfolio selection of SSE. The Industrial and Commercial Bank of China Ltd. stocks have the highest allocated proportion with the highest priority shown by investors and can be described as a suitable alternative. The practical implications of this research are that the approach, when applied, highlights how the grey system theory minimizes the uncertainties in all stages of decision-making of portfolio selection.

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Section: Criteriamentioning

confidence: 99%

A Hybrid Grey McDm Approach for Asset Allocation: Evidence From China’s Shanghai Stock Exchange

Mills

Baafi

Amowine

et al. 2020

Journal of Business Economics and Management

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“…Penelitian-penelitian terdahulu telah banyak memberikan bukti tentang faktorfaktor yang dapat mempengaruhi harga saham baik faktor fundamental maupun faktor teknikal. Salah satu faktor penting yang berkaitan langsung dengan harapan investor yang pada akhirnya berpengaruh pada permintaan dan penawaran saham di pasar modal adalah kebijakan dividen yang dilakukan oleh perusahaan (Fajaria, 2015;Karpavičius, 2014;Karpavičius dan Yu, 2018).…”

Section: Pendahuluanunclassified

“…Kebijakan dividen dapat menjadi sebuah sinyal positif bagi investor bahwa perusahaan dalam kondisi baik dan mampu membagikan dividennya kepada para pemegang saham (Fajaria, 2015;Karpavičius, 2014;Karpavičius dan Yu, 2018). Selain itu, pembayaran dividen yang dilakukan oleh perusahaan akan lebih disukai oleh pemegang saham karena dividen yang dibagikan diumpamakan sebagai burung dalam genggaman tangan yang pasti keberadaannya (Gordon, 1963).…”

Section: Pendahuluanunclassified

“…Adanya hubungan antara kebijakan dividen dengan harga saham serta hubungan antara kebijakan hutang dengan harga saham seperti penelitian-penelitian yang telah dilakukan memberikan bukti bahwa baik kebijakan dividen maupun kebijakan hutang sama-sama memiliki pengaruh terhadap harga saham perusahaan (Abidin et al, 2016;Ayem dan Nugroho, 2016;Endraswati, 2012;Fajaria, 2015;Hidayat, 2013;Karpavičius, 2014;Karpavičius dan Yu, 2018). Menariknya, penelitian-penelitian terdahulu juga menemukan bukti bahwa kebijakan hutang dapat mempengaruhi kebijakan dividen perusahaan (Susanto, 2011).…”

Section: Pendahuluanunclassified

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Efek Moderasi Kebijakan Hutang Pada Pengaruh Kebijakan Dividen Terhadap Harga Saham

Ainun

2020

EKUITAS

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Penelitian ini bertujuan untuk menguji pengaruh kebijakan dividen terhadap harga saham dengan kebijakan hutang sebagai variabel moderasi. Penelitian ini menggunakan 160 sampel perusahaan-tahun pada perusahaan manufaktur yang terdaftar pada Bursa Efek Indonesia periode 2011-2015 yang dipilih menggunakan metode purposive sampling. Analisis regresi linier berganda digunakan untuk menguji hipotesis petama, dan moderating regression analysis digunakan untuk menguji hipotesis yang kedua. Hasil penelitian ini menunjukkan bahwa kebijakan dividen berpengaruh positif terhadap harga saham perusahaan karena pembayaran dividen merupakan salah satu sinyal positif bagi investor dan pada akhirnnya dapat meningkatkan harga saham. Selain itu, kebijakan hutang juga terbukti dapat memoderasi pengaruh kebijakan dividen terhadap harga saham karena hutang perusahaan yang tinggi dapat meningkatkan ketidak pastian perusahaan dan memberikan sinyal negatif bagi investor, sehingga perusahaan akan meningkatkan pembagian dividennya sebagai upaya untuk menekan sinyal negatif tersebut dan menjaga reputasi perusahaan dan stabilitas harga saham. Hasil penelitian ini mengkonfirmasi teori signaling dan teori dividend substitution hypothesis. Penelitian ini berkontribusi untuk memperkaya literatur tentang pengaruh kebijakan dividen terhadap harga saham dengan kebijakan hutang sebagai pemoderasi, dan diharapkan dapat menjadi masukan bagi manajer perusahaan untuk menentukan kebijakan dividen dan kebijakan hutangnya.

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“…As the value-weighted dividend yield raises the firms' tendency to pay dividend fallen (Tsuji, 2010). A recent paper reported that dividend payout positively and significantly relates to firm value (Karpavičius & Yu, 2018). Table 3 provides the summary of dividend policy.…”

Section: : Free Cash Flow Theorymentioning

confidence: 99%

Application of Financial Decisions, their Determinants, and Financial Performance: A Tabular Summary of Systematic Literature Review

Hunjra

Bakari

Batool

2018

EER

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Financial decisions (capital budgeting, capital structure and dividend policy) are the most important components of corporate finance and now a days have received the attention of researchers and practitioners. Financial decisions influence the financial performance of a firm. Uncertainty, corporate social responsibility, and stakeholders interest are the most important determinants of the financial decisions. The purpose of this study is twofold: firstly, this study provides a systematic review of literature summarizing the theoretical and empirical literature of the financial decisions, their determinants and financial performance. Secondly, it provides the empirical evidence based on survey and data was collected from Chief Financial Officers of Telecommunication, Banking, and Insurance companies listed in Karachi Stock Exchange (KSE) of Pakistan. This study used SPSS and AMOS for data analysis. This study finds that the financial decisions and their determinants are critical factors for the financial performance of firms.

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Dividend premium: Are dividend-paying stocks worth more?

Cited by 29 publications

References 36 publications

A Hybrid Grey McDm Approach for Asset Allocation: Evidence From China’s Shanghai Stock Exchange

A Hybrid Grey McDm Approach for Asset Allocation: Evidence From China’s Shanghai Stock Exchange

Efek Moderasi Kebijakan Hutang Pada Pengaruh Kebijakan Dividen Terhadap Harga Saham

Application of Financial Decisions, their Determinants, and Financial Performance: A Tabular Summary of Systematic Literature Review

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