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| Title: | Dividends Catering Around the World |
| Authors: | 沈群翔
Shen,Chun-Hsiang |
| Contributors: | 屠美亞
Twu,Mia
沈群翔
Shen,Chun-Hsiang |
| Keywords: | 現金股利
Dividends
Catering theory
Dividends premium |
| Date: | 2004 |
| Issue Date: | 2009-09-14 09:04:03 (UTC+8) |
| Abstract: | Baker and Wurgler(2004) propose a new view on dividend policy called a catering theory of dividends. Managers cater to investors by paying dividends when investors put a stock price premium on payers, and by not paying when investors prefer nonpayer. We connect the catering theory and the difference in the market structure among countries, and want to know in which market structure managers are more willing to care about investors’ demand and then decide to pay dividends or not. First, our study indicates that the catering theory of dividends proposed by Baker and Wurgler (2004) exists around the world. Second, our study shows that managers in a country with a developed stock market, with higher protection and with lower tax advantage pay more attention to what investors desire on dividends, while managers in the higher ownership concentration group care less about investors demand. |
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| Description: | 碩士
國立政治大學
財務管理研究所
90357019
93 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0903570191 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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