English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113648/144635 (79%)
Visitors : 51603309      Online Users : 808
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/36676
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/36676


    Title: Does financial structure matter for dividend policy?
    Authors: 吳建達
    Contributors: 屠美亞
    吳建達
    Keywords: dividend policy
    financial structure
    Date: 2002
    Issue Date: 2009-09-18 19:16:24 (UTC+8)
    Abstract: 這篇論文主要在探討以不同融資方式為主的經濟體,是否會對個別公司的股利政策造成影響,我們針對15個國家1244家公司作探討,發現在以銀行債為主要融資方式的國家,個別公司相對發放較低的股利,並且現金股利亦呈現較高的波動度,顯示資訊不對稱的嚴重性,是造成不同資本市場有不同股利政策的原因之一。
    Abstract

    This paper examines whether differences in the sophistication of capital markets drive dividend policies to vary across countries, by studying on dividend policies of 1244 firms in 15 countries. We find that reliance on banking sector causes lower dividend payout and incentives for dividend smoothing. The same relationship is also found between quality of accounting system and dividend policies. These results confirm that less information asymmetry defuses the need for using dividends as signaling and discipline tools. Furthermore, we find that there exists a positive relation between development of stock market and payout level. This indicates that more important the stock in providing capital to firms, the more likely the firms increase their dividend payout. Finally, some evidences support that a shorter investment horizon leads to a higher payout ratio and a higher extent of dividend smoothing.
    Reference: References
    Aharony, J., & Swary, I. (1980). Quarterly dividend and earnings announcements and stockholders’ returns: an empirical analysis. Journal of Finance, 35, 1–12.
    Aivazian, V, Booth, L, & Cleary, S.(2003). Dividend policy and the organization of capital markets. Journal of Multinational Financial Management, 13, 101-121.
    Bhatacharya, S., 1979, Imperfect information, dividend policy and the “bird in the hand” fallacy,Bell Journal of Economics, 10, 259-270.
    Black, F., 1976, The dividend puzzle, Journal of Portfolio Management 2, 5-8.
    Boyd, J., Prescott, E., 1986. Financial intermediary-coalitions. Journal of Economic Theory, 38, 211-232.
    Brennan, M. J., and A.V. Thakor (1990). Shareholder preferences and dividend policy. Journal of Finance, 45, 993–1019.
    DeAngelo, H., DeAngelo, L., & Skinner, D. J. (1992). Dividends and losses. Journal of Finance, 57, 1837–1863.
    DeAngelo, H., DeAngelo, L., & Skinner, D. J. (1996). Reversal of fortune: dividend signaling and the disappearance of sustained earnings growth. Journal of Financial Economics, 40, 341–371.
    Demirgüç-Kunt , Asli, and Vojislav Maksimovic (1999), “Institutions, Financial
    Markets, and Firm Debt Maturity”, Journal of Financial Economics, 54, 295-336.
    Dewenter, K. and V. Warther, 1998, Dividends, asymmetric information and agency conflicts:Evidence from a comparison of dividend policies of Japanese and US firms, Journal of Finance, 53, 879-904.
    Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. American Economic Review, 74, 650–659.
    Fama, E. F., & Babiak, H. (1968). Dividend policy: an empirical analysis. Journal of American Statistical Association, 63, 1132–1161.
    Frankfurter, G. M., & Lane, W. R. (1992). The rationality of dividends. International Review of Financial Analysis, 1, 115–129.
    Glen, J., Y. Karmokolias, R. Miller, S. Shah, 1994, Dividend policy and behavior in emerging markets, International Finance Corporation, Discussion Paper #2, 1994.
    Harkins, E. P., & Walsh, F. J. Jr. (1971). Dividend policies and practices. New York: Conference Board.
    Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, 305–360.
    Kaplan, Steven N., 1994, Top executive rewards and firm performance: A comparison of Japan and the U.S., Journal of Political Economy, 102, 510-548.
    La Porta, R., F. Lopez de Silanes, A. Shleifer and R. Vishny, 2000, Agency problems and dividend policies around the world, Journal of Finance, 55, 1-33.
    Leland, H., Pyle, D., 1977. Information asymmetries, financial structure and financial intermediaries. Journal of Finance, 32, 371-387.
    Lintner, J., 1956, Distribution of incomes of corporations among dividends, retained earnings and taxes, American Economic Review, 46, 97-113
    Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. Journal of Business, 34, 411–433.
    Miller, M. H., & Rock, K. (1985). Dividend policy under asymmetric information. Journal of Finance, 40, 1031–1051.
    Ramakrishnan, R., Thakor, A., 1984. Information reliability and a theory of financial intermediation. Review of Economic Studies, 52, 415-432.
    Shleifer, Andrei, and Robert W. Vishny, 1997, A survey of corporate governance, Journal of Finance, 52, 737-783.
    Slovin, M., Young, J., 1990. Bank lending and initial public offerings. Journal of Banking and Finance, 14, 729-740.
    Description: 碩士
    國立政治大學
    財務管理研究所
    90357001
    91
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0090357001
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

    Files in This Item:

    File SizeFormat
    index.html0KbHTML2416View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©  2006-2024  - Feedback