'The harder we look at the dividend picture, the more it seems like
a puzzle, with pieces that just don't fit together' (Black 1976, p.
5). A number of researchers provide insights, theoretical as well
as empirical, into the dividend policy puzzle. The issue as to why
firms pay dividends is as yet unresolved. There is no unanimity
among researchers but everyone agrees that the issue is important,
as dividend payment is one of the most commonly observed phenomenon
in corporations world-wide. The empirical results identify
leverage, size, insider ownership, and collateralizable assets as
the major determinants of dividend policy. The empirical results
document that dividend decision is primarily governed by cash flow
for measuring the capacity of the companies to pay dividends and
dividends paid in the previous years. The empirical results also
identify Brittain's (1966) partial adjusted model as the best-fit
dividend behavioural model. As insiders trade in the market,
information used to be adjusted with the share prices before
announcement, therefore, dividend announcement does not convey any
new information to the emerging market.
General
Imprint: |
Lap Lambert Academic Publishing
|
Country of origin: |
Germany |
Release date: |
June 2010 |
First published: |
June 2010 |
Authors: |
Sabur Mollah
|
Dimensions: |
229 x 152 x 18mm (L x W x T) |
Format: |
Paperback - Trade
|
Pages: |
308 |
ISBN-13: |
978-3-8383-3731-9 |
Categories: |
Books >
Business & Economics >
Business & management >
General
|
LSN: |
3-8383-3731-X |
Barcode: |
9783838337319 |
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