政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/142007

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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/142007

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/142007

Title:	Corporate growth and strategic payout policy
Authors:	陳鴻毅 Chen, Hong-Yi Chen, Bai-Sian;Chen, Hsiao-Yin;Lin, Fang-Chi
Contributors:	財管系
Keywords:	Dividend;Corporate growth;Payout policy;Signaling hypothesis;Cost of equity
Date:	2022-03
Issue Date:	2022-09-21 11:08:30 (UTC+8)
Abstract:	This study investigates the role of corporate growth in corporate payout policies. We define a good signaling firm as a high-growth firm paying dividends. We find that good signaling firms have better future operating performances, indicating that high-growth firms pay dividends for the purpose of signaling rather than reducing the problem of free cash flow. In addition, the market efficiently gives price appreciation to good signaling firms around the dividend announcement dates. We also report that high-growth firms can utilize dividend payments to reduce information asymmetry between firms and investors and obtain new funds at lower costs. However, if market uncertainty is high, the benefit of good signaling may be offset by the increase in the cost of equity. High-growth firms thus tend to pay lower dividends if they face higher systematic risk or downturn probability.
Relation:	Review of Quantitative Finance and Accounting, 59, 641–669
Data Type:	article
DOI 連結:	https://doi.org/10.1007/s11156-022-01053-z
DOI:	10.1007/s11156-022-01053-z
Appears in Collections:	[財務管理學系] 期刊論文

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