We examined the dividend policy and financial performance nexus among listed firms in Ghana, having controlled for firm … moments (GMM) estimation technique with data from 2015 to 2019. In addition to dividend payout, new proxies of dividend policy … (dividend capacity and free cash flow savings) were employed to ascertain their impact on firm performance in a period filled …

This study identifies a J-shaped relation between dividends and firm value. On average, top-dividend-payers are valued … higher than all other firms, while non-dividend-payers are valued higher than low-dividend-payers. This J-shaped relation is … markets outside the U.S. Our evidence suggests that dividend theories, such as the dividend catering, free-cash-flow and …

intangible assets are measured by using excess returns. In addition, financial policy is measured by debt and dividend policies …