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政大典藏 > College of Commerce > Department of Finance > Periodical Articles > Item 140.119/62221

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/62221

Title:	Prior Payment Status and the Likelihood to Pay Dividends: International Evidence
Authors:	屠美亞 Twu, Mia
Contributors:	政大財管系
Keywords:	dividend stickiness`likelihood to pay`prior payer;prior nonpayer;determinants
Date:	2010-08
Issue Date:	2013-12-06 15:22:46 (UTC+8)
Abstract:	By using the signaling model and the life-cycle theory, I examine the importance of prior payment status in determining the likelihood to pay dividends. I categorize firms into those that paid dividends previously and those that did not. My results show that strong dividend stickiness exists and the determinants to pay differ significantly for the two groups of firms. High growth and low insider holdings make prior payers more likely to pay but prior nonpayers less likely to pay. Furthermore, prior payers are more sensitive to profitability and earned/contributed equity mix, while prior nonpayers are more sensitive to risk and dividend premiums. Finally, taking the prior payment status into account eliminates the problem of overestimating the portion of payers put forth by previous studies.
Relation:	Financial Review, 45(3), 785-802
Data Type:	article
DOI link:	http://dx.doi.org/10.1111/j.1540-6288.2010.00271.x
DOI:	10.1111/j.1540-6288.2010.00271.x
Appears in Collections:	[Department of Finance] Periodical Articles

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