This study examines the behavior of firms in Indonesia in relation to the life-cycle and catering theories under the assumption that investors expect optimum returns on stock investments through dividends, capital gains, or both. To this end, we examine 212 firms listed on the Indonesia Stock...

Over the past two decades, by some measures, paying dividends has become a less favorable choice for firms. At the same time, the business environment in which firms operate has also become more competitive. This raises an interesting question: does a firm's market power in its product market...

The study is aimed at exploring the relationship between dividend payout and capital structure, and to explore the determinants of dividend policy and capital structure of manufacturing sector of Pakistan. Penal data ranging from 2006 to 2011 of selected 100 manufacturing firms of Pakistan is...

This study aims to determine the effect of dividend policy on investment decisions of a sample of individual investors settled at Western Mediterranean Region (Antalya, Burdur and Isparta) in Turkey. The survey method was employed within the study. Initially, the demographic features of the...

This Article investigates the determinants of dividend policy in firms with concentrated ownership structure. A review of the empirical literature shows that dividend payout ratios are lower in firms with controlling shareholders. We explain this finding as a consequence of the legal rules...

We investigate a little-known executive compensation device called dividend equivalent rights (DERs), which are provisions on some options and performance-based equity awards that permit executives to receive dividends on shares they do not own and may ultimately never own. To our knowledge,...

With imperfect market hypothesis, it is widely accepted that announcements of dividend payouts affect firm value. An explanation has been proposed with the cash flow signaling theory and the dividend information content hypothesis. This original explanation, was developed in theoretical models...

This paper surveys the literature on payout policy. We start out by discussing several stylized facts that are important to the development of any comprehensive payout policy framework. We then describe the Miller and Modigliani (1961) payout irrelevance proposition, and consider the effect of...

We find that institutions with short and long investment horizons have different effects on corporate payout policy. Firms with higher long (short) term institutional holdings are more (less) likely to pay dividends and tend to have larger (smaller) dividend payouts. Although high long-term...