Journal Article10.2753/REE1540-496X5004S407
Dividend Payout-Policy Drivers: Evidence from Emerging Countries
Claudiu Boţoc,Marilen Pirtea +1 more
57
TL;DR: In this article, the authors investigated the drivers of dividend payout policy by analyzing the behavior of 2,636 companies from sixteen emerging countries using the generalized method of moments system technique, the results principally support residual cash flow theory as well as the substitution model, agency costs, and signaling, and stand in contrast to the life cycle theory.
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Abstract: We investigate the drivers of dividend payout policy by analyzing the behavior of 2,636 companies from sixteen emerging countries. Using the generalized method of moments system technique, the results principally support residual cash flow theory as well as the substitution model, agency costs, and signaling, and stand in contrast to the life-cycle theory. The results from sensitivity analysis lead us to conclude that when investor protection is high, cash needs is more important in explaining dividend payout; when investor protection is poor, liquidity seems to be more important.
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Citations
Dividend Practices in Listed Companies: Study on the Manufacturing Sector of Bangladesh
Mohammad Shahidul Islam,Atm Adnan +1 more
- 01 Jun 2019
TL;DR: In this article, the authors analyzed the settings of dividend disbursement in association with the diverse aspects of a listed manufacturing firm such as industry segment of the firm, the age of the firms, size, leverage, risk, and earnings.
Bank-Specific Factors as Determinants of Dividend Yield: Case of the Indonesia Stock Exchange
Muhamad Umar Mai
- 31 Dec 2020
TL;DR: In this paper, the impact on dividend yields caused by bank-specific factors of profitability, liquidity, bank size, leverage, and bank growth was observed. And the results showed that return on assets and leverage negatively affect dividend yield, and the bank size has a positive effect.
Tax holidays and profit-repatriation rates for FDI firms: the case of the Czech Republic
Duong Hoang Vu,Drahomíra Pavelková,Milan Damborský +2 more
- 20 Nov 2023
TL;DR: This study examines the impact of tax holidays on profit-repatriation rates for FDI firms in the Czech Republic from 2008 to 2019, finding that firm size, liquidity, investment opportunities, and leverage influence repatriation rates, with tax incentives affecting repatriation differently over time.
1
Analysis Managerial Ownership, Free Cash Flow And Debt On Dividends For Transportation And Infrastructure Companies In Indonesia
TL;DR: In this article , the authors examined the effect of managerial ownership, free cash flow and debt on dividends in transportation and infrastructure companies in Indonesia, and found that managerial ownership has a positive and significant effect, FCF has a negative and significant impact, while leverage proxy by DER has no significant effect on dividends.
Are Dividends and Share Buybacks Substitutes in a Tax-Free Environment? Evidence from the GCC
AbdulRahman M. AlTaweel,Yaqoub A. Alabdullah +1 more
- 28 Aug 2023
TL;DR: Are dividends and share buybacks substitutes in a tax-free environment? Evidence from the GCC. Dividends and buybacks are complements rather than substitutes in a tax-free environment.
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