This paper examines the possible association between ownership structure, dividend payout policy. It is also one of the very first examples, which tries to detect any potential association in ownership structure, and well established dividend payout models in context of an emerging market .The...

It is often asserted that stock splits and stock dividends are purely cosmetic events. However, many studies have documented several stock market effects associated with stock splits and stock dividends. This paper examines the effects of these two types of events for the Danish stock market....

This study uses a panel data analysis to examine the dividend policy at Chinese firms, which appears to be strongly motivated by agency costs and political connections. We find that firms that pay less in cash dividends are associated with more related-party transactions, which represents wealth...

We investigated the relationship between changes in cash dividend payments, non-public tradable shares, and the percentage ownership of the controlling shareholder in Chinese firms before and after the split-share structure reform. We found a significant reduction in cash dividends before and...

This paper reports the empirical results of a questionnaire survey about corporate dividend policy addressed to finance directors of UK and Portuguese listed firms. Similar to other studies (for example, Brav et al., 2005 in the US and Dhanani, 2005 in the UK), we survey 313 finance directors in...

Dividend policy behaviour of corporations is significantly different from country for country. Although dividend policy has attracted a great deal of research, it is not satisfactory explained why corporations distribute a portion of their earnings as dividends or why investors pay attention to...

We test the impact of taxes and governance systems on dividend payouts across countries. We show that, unlike previous studies, firms in strong investor protection countries pay lower cash dividends than in weak protection countries when the classical tax system is implemented, but they...

This article investigates the effect of corporate risk management on dividend policy. We extend the signaling framework of Bhattacharya [1979. Bell Journal of Economics 10, 259–270] by including the possibility of hedging the future cash flow. We find that the higher the hedging level, the...

The literature on dividend policy and its relationship to stock returns relies on two important concepts: information asymmetry and agency theory both of which suggesting that there should be a positive relationship between dividend changes and stock returns. In this paper, we investigate...

The aim of this article is to analyze the various aspects of dividend policy. Emphasizing tax issues, theoretical frameworks of informational asymmetry of corporate governance and life cycles, we show that a static vision of dividends has been gradually replaced by a dynamic vision....