The dividend paradox: a literature review

Jabbouri, Imad; Attar, Abdelilah El

doi:10.1504/ijmabs.2018.10014420

Cited by 4 publications

(2 citation statements)

References 99 publications

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“…DIVIDEND: It is argued that high dividend payouts reduce agency problems by decreasing the cash flows available to managers (La Porta et al, 2000). Lower agency problems associated with high dividend payouts lead to better firm performance (Jabbouri & El Attar, 2018b). For the purpose of this paper, we measure the dividend payouts by the percentage of earnings paid out as dividends. ER: This variable is measured by the ratio of total operating expenses and total annual sales (Ang et al, 2000).…”

Section: Sample and Methodologymentioning

confidence: 99%

Economic policy uncertainty nexus with the value relevance of advertising: Evidence from an emerging market

2023

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This paper aims to document the effect of economic policy uncertainty on the value of advertising expenditures within the context of an emerging market. The paper shows that the value of advertising expenditures is an increasing function of economic policy uncertainty. The impact of advertising on firm performance is more pronounced during the periods characterized by higher economic policy uncertainty. We argue that, during uncertain times, the financial information loses its relevance. Therefore, during these periods, non‐financial traits, such as brand image, customer equity, relationship capital, and familiarity that characterizes firms with high advertising become more important. The findings hold in various sub‐samples and across various proxies of advertising activity. The findings also hold under alternate estimation procedures (pooled OLS regression, panel data with fixed effects and instrument variable regression). More importantly, this paper also shows that, relative to other agency reducing mechanisms (such as analyst coverage, asset utilization ratio, expense ratio and dividend payments), advertising is more valuable during periods with high economic policy uncertainty.

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Section: Sample and Methodologymentioning

confidence: 99%

Economic policy uncertainty nexus with the value relevance of advertising: Evidence from an emerging market

2023

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“…Pada setengah abad terakhir, topik kebijakan dividen masih menjadi topik yang sering diteliti. Hal ini disebabkan oleh banyaknya perdebatan apakah sebaiknya perusahaan membagikan dividen atau tidak, sehingga menarik perhatian baik perusahaan maupun peneliti (Lotto, 2020;Jabbouri & El Attar, 2018;Kılınçarslan, 2018;Epaphra & Nyantori, 2018dan Sari, 2017. Penghasilan suatu perusahaan dapat diinvestasikan dalam aset operasi, yang digunakan untuk memperoleh profit, membayar hutang, atau didistribusikan kepada pemegang saham.…”

Section: Pendahuluanunclassified

Rasio Keuangan dan Arus Kas sebagai Prediktor Pembagian Dividen di Indonesia

Lestari,

Sari,

Hartini

et al. 2021

AFRE

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The purpose of this study is to determine the factors that influence the distribution of dividends in Indonesia. The objects of this research are 51 manufacturing companies listed on the Indonesia Stock Exchange for the 2015-2019 period. The method used is balanced panel data with random effects model. The results of this study are return on equity, cash flow, growth, and market to book value have a significant effect on the dividend payout ratio. While the variables of tax, current ratio, and institutional holding have no effect on the dividend payout ratio. The combination of financial ratios, cash flow, taxes, and institutional holding gives a new combination to this research. The contribution of this research is showed the fact that cash flow has a bigger role than profitability, while the sales will increase growth and stock prices will also increase thereby increasing dividend payments.DOI: https://doi.org/10.26905/afr.v4i2.6123

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Determinants of dividend policy in small and medium-sized enterprises of an emerging market

Correa-Mejía,

Correa-García,

Castaño-Ríos

2023

cuad.adm.

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This paper aims to analyze the determining factors of dividend policy in SMEs of an emerging economy such as Colombia. SMEs are very important for emerging economies, as they are great job creators and contribute to improving the quality of life of many families. This study is based on liquidity, profitability and indebtedness variables, to demonstrate their links with the dividend policy in this type of entities on which there is not enough empirical research in the Latin American context. A panel data with a total of 11,888 observations was estimated for the horizon 2017-2019. The results evidence that liquidity and profitability increase SMEs’ dividend policy. Indebtedness level indicators present a negative relationship. Overall, the results provide empirical evidence on this important financial decision in a scarcely studied business context and segment. Additionally, the factors influencing dividend policy for these firms have practical implications for regulators, investors, and financial analysts to strengthen their decision criteria in emerging economies.

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The dividend paradox: a literature review

Cited by 4 publications

References 99 publications

Economic policy uncertainty nexus with the value relevance of advertising: Evidence from an emerging market

Economic policy uncertainty nexus with the value relevance of advertising: Evidence from an emerging market

Rasio Keuangan dan Arus Kas sebagai Prediktor Pembagian Dividen di Indonesia

Determinants of dividend policy in small and medium-sized enterprises of an emerging market

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