Information Environment, Dividend Changes, and Signaling: Evidence from ADR Firms*

Aggarwal, Raj; Cao, Jian; Chen, Feng

doi:10.1111/j.1911-3846.2011.01101.x

Cited by 44 publications

(32 citation statements)

References 107 publications

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“…This is consistent with the literature reported byAllen and Michaely (2003) andAggarwal et al (2012).…”

supporting

confidence: 94%

“…Management reluctance to change dividends is also known as the 'sticky' dividend policy. A number of empirical studies, including those of Healy and Palepu (1988), Dhillon, Raman, and Ramirez (2001), Hanlon, Myers, and Shevlin (2007), Aggarwal, Cao, and Chen (2012), and Chen and Kao (2014), report a consistent positive correlation between dividend changes and firm future earnings. Because dividend changes are indicative of firm future performance, the equity market consistently reacts in the same direction as dividend changes (Boehme & Sorescu, 2002;Grullon et al, 2002;Charitou et al, 2011;Nguyen, 2014).…”

Section: Theory and Literaturementioning

confidence: 94%

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Corporate Bond Price Reactions to Dividend Changes

2017

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“…This is consistent with the literature reported byAllen and Michaely (2003) andAggarwal et al (2012).…”

supporting

confidence: 94%

Section: Theory and Literaturementioning

confidence: 94%

Corporate Bond Price Reactions to Dividend Changes

2017

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“…Furthermore, urbanization has been identified as another important contributor to economic growth (Gasimli et al, 2019). Urbanization-driven population increase, industrialization (Uttara et al, 2012), income and overexploitation of natural resources are associated with deterioration in significant environmental indicators pertaining to, inter alia, air, soil, water and forest quality.…”

Section: Introductionmentioning

confidence: 99%

The Criticality of Growth, Urbanization, Electricity and Fossil Fuel Consumption to Environment Sustainability in Africa

et al. 2019

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While most African economies are primarily sandwiched with the seemingly unsurmountable task of attaining consistent economic growth and unhindered energy supply, the enormous threat posed by environmental degradation has further complicated the economic and environmental sustainability drive. In this context, the present study examines the effect of economic growth, urbanization, electricity consumption, fossil fuel energy consumption, and total natural resources rent on pollutant emissions in Africa over the period 1980-2014. By employing selected African countries, the current study relies on the Kao and Pedroni cointegration tests to cointegration analysis, the Pesaran's Panel Pooled Mean Group-Autoregressive distributive lag methodology (ARDL-PMG) for long run regression while Dumitrescu and Hurlin (2012) is employed for the detection of causality direction among the outlined variables. The study traces long run equilibrium relationships b-etween examined indicators. The ARDL-PMG results suggest a statistical positive relationship between pollutant emissions and urbanization, electricity consumption and non-renewable energy consumption. Dumitrescu and Hurlin (2012) Granger causality test lends support to the long-run regression results. Bi-directional causality is observed between pollutant emissions, electricity consumption, economic growth and pollutant emissions while a unidirectional causality is apparent between total natural resources rent and pollutant emissions. Based on these results, several policy implications for the African continent were suggested. (a) The need for a paradigm shift from fossil fuel sources to renewables is encouraged in the region (b) The need to embrace carbon storage and capturing techniques to decouple pollutant emissions from economic growth on the continent's growth trajectory. Further policy insights are elucidated.

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“… One way to explicitly control for Reg FD in our setting would be to exclude firms that provide management earnings guidance. However, as documented in Aggarwal, Cao, and Chen , less than 1 percent of all firms cross‐listed in the United States issue management earnings guidance, compared with about 29 percent of all U.S. firms. Cross‐listed firms thus provide earnings guidance only very infrequently, making such an analysis impossible.…”

mentioning

confidence: 99%