What drives dividend smoothing? A meta regression analysis of the Lintner model

Fernau, Erik; Hirsch, Stefan

doi:10.1016/j.irfa.2018.11.011

Cited by 28 publications

(29 citation statements)

References 119 publications

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“…Accounting for this problem leads to a larger estimated speed of adjustment coefficient. Also, they provide a detailed literature review on the Lintner model; a meta-regression analysis can be found in Fernau and Hirsch (2019). These results are in line with a wide range of qualitative studies, see Powell (2009) for a summary.…”

Section: Related Literaturesupporting

confidence: 64%

Do multinational firms respond to personal dividend income tax rates?

Eklund

2021

Empir Econ

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This study examines the effect of investor-level income taxes on profit repatriation and dividend payout policies of multinational firms. The empirical estimations include two million firm-year observations in 130 countries. By augmenting the Lintner model of dividend payments, I employ parametric as well as semiparametric techniques to provide evidence that income taxes on dividends neither alter dividend payments to investors nor within-firm dividend payments. These results remain robust to a wide range of alternative specifications.

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Section: Related Literaturesupporting

confidence: 64%

Do multinational firms respond to personal dividend income tax rates?

Eklund

2021

Empir Econ

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“…Therefore, including working papers in the MRA in some instances might not help to detect publication bias, while the inclusion of precision as an independent variable is more accurate (e.g. [82, 83]).…”

Section: Methodsmentioning

confidence: 99%

The price is right!? A meta-regression analysis on willingness to pay for local food

2019

Self Cite

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We study the literature on willingness to pay (WTP) for local food by applying meta-regression analysis to a set of 35 eligible research papers that provide 86 estimates on consumers’ WTP for the attribute “local.” An analysis of the distribution of WTP measures suggests the presence of publication selection bias that favors larger and statistically significant results. The analyzed literature provides evidence for statistically significant differences among consumers’ WTP for various types of product. Moreover, we find that the methodological approach (choice experiments vs. other approaches) and the analyzed country can have a significant influence on the generated WTP for local.

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“…Existing applications in financial economics include the explanation of the heterogeneous results of the marginal tax effect on the corporate debt ratio (Feld et al, 2013), the market equity premium (van Ewijk et al, 2012), the efficient market hypothesis (Geyer-Klingeberg et al, 2018c;Kim et al, 2014), the determinants of corporate cash holdings (Weidemann, 2016), dividend smoothing (Fernau and Hirsch, 2017), the firm value effects of hedging (Geyer-Klingeberg et al, 2018a), and the determinants of corporate capital structure (Hang et al, 2018a, b).…”

Section: <<< Insert Table 1 About Here >>> 4 Methodologymentioning

confidence: 99%

What drives financial hedging? A meta-regression analysis of corporate hedging determinants

Geyer‐Klingeberg

Rathgeber

2019

International Review of Financial Analysis

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We examine the drivers of heterogeneity for the determinants of corporate hedging by applying metaregression analysis on a sample of 175 primary studies. Taken all previous findings together, hedgers are large, profitable and geographically diversified firms with high capital expenditures and dividend payouts, large debt ratios, and low interest coverage. When breaking the effects down across different world regions, it becomes apparent that the importance of the hedging determinants varies and not all determinants have the same relevance in all geographical areas. Moreover, we find that the type of risk exposure, the source of the hedging data, the inclusion of relevant control variables, and the journal ranking of the publication outlet explain the variation in previous results. There is also evidence that accounting for endogeneity and operational hedging methods are responsible for differences in the reported findings. Researchers should be aware of these drivers of heterogeneity when comparing and interpreting empirical estimates for the hedging determinants obtained from different data and method selections.

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What drives dividend smoothing? A meta regression analysis of the Lintner model

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Cited by 28 publications

References 119 publications

Do multinational firms respond to personal dividend income tax rates?

Do multinational firms respond to personal dividend income tax rates?

The price is right!? A meta-regression analysis on willingness to pay for local food

What drives financial hedging? A meta-regression analysis of corporate hedging determinants

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