Distributed profit taxation is the corporate taxation regime of Estonia. A theoretical model on dividend policy under this tax system, compared to traditional gross profit taxation, is presented in this paper. The paper seeks to model a company operating under uncertainty in a binomial...

We find that investors across the globe differentially prefer dividend-paying stocks over non-dividend-paying stocks more in declining markets than in advancing markets, whether in developed or emerging markets or before or after the 2008 global crisis, even accounting for growth opportunities,...

Dividend payment policy is a significant issue of neoclassical theories of finance. One of the concepts which poses a challenge to the neoclassical approach to dividend payment policy is behavioural finance, including a catering theory of dividends. The aim of the article is to examine whether...

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....

This study examines the determinants of a firm's decision to utilize a dividend reinvestment plan (“DRP”) and shareholder participation rates under the Australian dividend imputation regime over the period 1995–2009. A DRP enables managers to increase the dividend payout and distribute...

This paper examines the dividend and investment policies of a cash constrained firm that has access to costly external funding. We depart from the literature by allowing the firm to issue collateralized debt to increase its investment in productive assets resulting in a performance sensitive...

This paper examines the dividend and investment policies of a cash constrained firm that has access to costly external funding. We depart from the literature by allowing the firm to issue collateralized debt to increase its investment in productive assets resulting in a performance sensitive...

Anecdotal evidence suggests that the dividend policy of German firms is more flexible than the one of their Anglo-American counterparts.This paper analyses the decision to change the dividend for a panel of 221 German firms from 1984 to 1994.The choice of the period of study is motivated by the...

German firms pay out a lower proportion of their cash flows, but a higher proportion of their published profits than UK and US firms. We estimate partial adjustment models and report two major findings. First, German firms base their dividend decisions on cash flows rather than published...

We examine the e¤ects of dividend policies on 469 British firms between 1895 and 1905. These firms operated in an environment of very low taxation and an absence of institutional constraints. We find strong support for asymmetric information/signaling theories of dividend policy, and little...