Developing countries face a significant challenge in sustaining their demographic dividend. However, there are few existing studies that approach this issue from a macroeconomic perspective or through empirical research. This paper aims to systematic...
In this paper, we empirically examine the impact of venture capital investment on the dividend policy of the invested companies using a sample of list companies from China’s ChiNext market during the period 2014 to 2019. Our empirical results s...
This study investigates the dividend optimization problem in the entropy regularization framework in the continuous-time reinforcement learning setting. The exploratory HJB is established, and the optimal exploratory dividend policy is a truncated ex...
This article investigates the determinants of dividend policy on the Casablanca stock exchange. The variables tested were based on the main theories of dividend policy, and the fixed effect model was used to test panel data over a period of 16 years...
We use unique hand-collected data to conduct an initial examination of the relationship between the information in dividend decreases and proxies of chief executive officer (CEO) entrenchment. The evidence suggests that CEO entrenchment weakens the n...
This study empirically examines the relationship between corporate sustainable management (CSM) and dividend policy. Among the various motivations related to dividends, this study examines the relationship between CSM and dividend policy based on the...
This paper establishes dividend-based representations for two influence assessments. First, we define a system of min-dividends derived from the minimal-influence evaluation via a unique linear decomposition using unanimity-type spanning models. Buil...
This paper investigates the relationship between dividend payout and institutional ownership for all Australian listed firms in the period between 2001 and 2015. In our univariate tests, we find that institutional investors, in general, prefer divide...
In this paper, we examine the changes in corporate dividend policies during the COVID-19 shock. For empirical analysis, we employ annual data of 360 companies from the Pakistan Stock Exchange over the period 2015–2020. Using descriptive analysis and...
We investigate the association between dividend policy and government shareholding, using Malaysian data. We hypothesize a positive association. We contribute to the literature about dividend policy. Unique features of our study include adaptations t...
The present study focuses on how various firm characteristics influence their dividend payout policies. The study finds empirical evidence with regard to primarily two aspects of corporate dividend decisions—dividend increase and decrease, whos...
This research aims to investigate the effects of dividend policies on a firms’ financial performance. The paper explores the research gap and then builds a research model using ROA, ROE, and Tobin’s Q as dependent variables, dividend rate and decisio...
Liquid financial markets, such as the options market of the S&P 500 index, create vast amounts of data every day, i.e., so-called intraday data. However, this highly granular data is often reduced to single-time when used to estimate financial qu...
This paper investigates the determinants of dividend policy in Tanzania. The study employed a panel data of non-financial firms listed on the Dar es Salaam Stock Exchange (DSE) for the period 2008–2017. The paper reports profitability, liquidit...
The present study primarily examines the impact of financial distress (FD) on the dividend policy of 33 banks working in the Indian economy from 2010 to 2019. In addition, we further explore the association between financial distress and dividend pol...
This study analyzes the firm-specific factors affecting the dividend payout decisions of the companies whose shares are traded on the Borsa Istanbul stock exchange. To this end, the dynamic panel regression is applied to 853 observations of yearly av...
What drives corporate dividend policy remains an unsettled issue, largely due to data limitations, as many privately held firms do not need to disclose their financial reports publicly. We examine and compare the dividend policies of firms with three...
In this paper, we examine the valuations of equity-indexed annuities (EIAs) when their reference stocks distribute stochastic dividends. Due to the fact that stocks typically pay dividends at discrete times after the payment dates are announced, pric...
The demographic transition that accompanies the urbanization transformation has a key impact on land use efficiency. This study applies the PVAR, SDM, and threshold models to investigate the influence of China’s demographic dividend composition...
Based on agency theory, we focused on the influence of corporate governance in the dividend policy of large listed firms with headquarters in continental Europe countries. Previous research focused on the influence of corporate governance on the perf...
A CEO who has an opportunity to pursue his interest may sacrifice investors with inefficient investments such as overinvestment in corporate social responsibility (CSR). As prior researchers have suggested a possibility to detect the perk portion of...
Economic fallouts from COVID-19 have been unprecedented across all industries, with a handful of exceptions. The present study attempts to capture the impact of dividend distribution tax elimination, introduced through the Indian Finance Act 2020, on...
In this study, we examine whether and how banks employ dividend payout policies in response to the risk of stock price crashes. Using a sample of U.S. banks, we find that banks increase their dividend payouts when faced with a higher risk of stock pr...
We examine stock prices and the number of stocks traded around ex-dividend dates of German stocks with tax-free dividend. Tax-free dividends are temporarily tax-exempt, as they reduce the initial purchasing price of a stock. With our analysis of this...
Sustainability has become a significant issue for firms and investors throughout the world, although it cannot be attained if policies impact the stability of firms’ dividend policies. In this paper, we use data from the Stoxx Euro 600 firms fr...
This study considers the optimal debt ratio and dividend payment policies for an insurer concerned about model misspecification. We assume that the insurer can invest all of its asset to the financial market and the ambiguity may exist in the risky a...
Green innovation is an important driver for the sustainable development of the real economy and the realization of a green transformation. Previous studies have paid less attention to the relationship between dividend payments and the persistence of...
In the compound Poisson insurance risk model under a dividend barrier strategy, this paper aims to analyze jointly the aggregate discounted claim amounts until ruin and the total discounted dividends until ruin, which represent the insurer’s payments...
This study aims to determine whether a firm’s dividends are influenced by the sector to which it belongs. This paper also examines the explanatory factors for dividends across individual sectors in India. This longitudinal study uses balanced d...
The recent literature provides conflicting findings and remains inconclusive regarding the impact of the COVID-19 crisis on firms’ dividend policies. In this paper, we examine the dividend policy of Moroccan firms listed in the Casablanca Stock...
This paper examines and compares the dividend policies of American depository receipt (ADR) firms and U.S. firms and identifies the factors that determine these policies for both types of companies. We find that ADR firms have higher dividend yields...
We consider optimal dividend payment under the constraint that the with-dividend ruin probability does not exceed a given value α. This is done in most simple discrete De Finetti models. We characterize the value function V(s,α) for initi...
This study investigates the relationship between cyber risks and dividend policy, as well as how boards, as a governance mechanism, affect the dividend policy under cyber risk. This study collected firm-level financing, corporate governance, and cont...
This paper examines the relationship between the presence of blockholdings and stock returns and return volatility in the United Arab Emirates. Earlier studies report mixed results for the direction of the relationships across both developed and emer...
In this paper, we assume that the reserve level of an insurance company can only be observed at discrete time points, then a new risk model is proposed by introducing a periodic capital injection strategy and a barrier dividend strategy into the clas...
This study investigates the interdependencies between debt capital and dividend policy as complementary factors influencing firm value among corporations listed on the Korea Composite Stock Price Index (KOSPI). Using Tobin’s Q as a firm value m...
In this paper, we examine the relation between a firm’s research and development (R & D) intensity and dividend payout policy with a focus on biotech firms in a sample of 18,253 firm-year observations in South Korea. We find that biotech fi...
In this paper we consider a risk model with two independent classes of insurance risks in the presence of a multi-layer dividend strategy. We assume that both of the claim number processes are renewal processes with phase-type inter-arrival times. By...
This research conducts a meticulous examination of the determinants influencing dividend payout dynamics among firms listed on the Korean Stock Exchange (KSE) from 1995 to 2021, a period characterized by profound economic fluctuations. By leveraging...
This study examines the influence of chairman characteristics on dividend policy within Moroccan firms listed on the Casablanca Stock Exchange, addressing a critical gap in the behavioral finance literature. This research focuses on five key attribut...
We investigated the stock return risk associated with the various types of dividend decisions announced by New Zealand firms during the COVID-19 pandemic in 2020. The sample includes a group of firms that initially announced cash dividends but a numb...
The purpose of this study is to determine if the impact of transparency and disclosure (TD) levels on shareholders’ current income (dividends) is moderated by technical efficiency (te) and profitability. The study employs econometrics on panel...
3 September 2020
The purpose of this study is to test the free cash flow agency theory hypothesis; namely, (a) whether differences in industrial sector affect a company’s propensity to pay dividends, and (b) whether institutional ownership is able to substitute...
This study examines the moderating role of profitability in the relationship between leverage and dividend policy in listed manufacturing firms in Nigeria and South Africa. Using a sample of 915 firm-year observations from 2013 to 2022, the analysis...
This study examines the influence of outsider CEOs on corporate dividend policies, specifically within the framework of an imputation tax environment, like in Australia. The study analyses 9826 firm-year observations from Australian firms listed on t...
We consider the optimal bail-out dividend problem with fixed transaction cost for a Lévy risk model with a constraint on the expected present value of injected capital. To solve this problem, we first consider the optimal bail-out dividend pro...
This paper analyzes the possibility of creating worker cooperatives in which members are paid not through wages but through dividends calculated on the organization’s residual income, as stipulated by the economic theory of the labor-managed fi...
This study investigates the relationship between dividend policy, firm performance, and value within the Korean market, taking into account the unique context of Chaebol ownership structures. Utilizing a robust dataset of 5478 observations from the K...
27 December 2019
In this paper, we build and analyze a general equilibrium model to evaluate the effects of environment tax reform on a small open economy in a “suboptimal environment” with existing tax distortions. We then use the macroeconomic data from...
This study investigates the relationship between ownership structures and dividend policies for 46 Islamic and 75 conventional banks from 12 MENA and Asian countries between 2012 and 2020. Logit regression is employed to estimate the regression equat...
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