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Declining propensity to pay? A re-examination of the lifecycle theory

Banyi, Monica L.; Kahle, Kathleen M. - In: Journal of Corporate Finance 27 (2014) C, pp. 345-366

Our results indicate that the declining propensity to pay is a function of the changing composition of firms over time and not a declining propensity in individual firms themselves. In particular, the propensity to pay is greater than expected following the 2003 dividend tax cut. The decade a...

Persistent link: https://www.econbiz.de/10011052892

Catering driven substitution in corporate payouts

Kulchania, Manoj - In: Journal of Corporate Finance 21 (2013) C, pp. 180-195

proxy to measure the relative preference for repurchases over dividends—the difference premium. Results show that the … between repurchases and dividends. …This paper investigates catering as a motivation for substitution between share repurchases and dividend payments. I …

Persistent link: https://www.econbiz.de/10011052910

Do Shareholder Coalitions Modify Dominant Owner's Control? The Impact On Dividend Policy

Lopez-Iturriaga, Felix J.; Santana-Martin, Domingo Javier - National Research University Higher School of Economics - 2015

dividends and shares repurchases). This finding suggests that shareholder coalitions serve as an instrument for the dominant … the dominant owner?s voting rights is negatively related to dividends. This result means that the dominant owner uses the …

Persistent link: https://www.econbiz.de/10011168927

Can Buybacks Be A Product of Shorter Shareholder Horizons?

Gaspar, José-Miguel; Massa, Massimo; Matos, Pedro Pinto; … - C.E.P.R. Discussion Papers - 2004

-term institutional investors have a higher propensity to buybacks shares instead of using dividends. Firm managers seem to respond to the …-term oriented shareholders, while firms pay dividends if their stock is mostly held by long-term investors who have less need to … liquidate their investment and may have a better tax treatment with dividends. We document two effects of investor pressure: for …

Persistent link: https://www.econbiz.de/10005123950

Are banks’ below-par own debt repurchases a cause for prudential concern?

Lubberink, Martien - Volkswirtschaftliche Fakultät, … - 2014

In the lead-up to the implementation of Basel III, European banks bought back debt securities that traded at a discount. Banks engaged in these Liability Management Exercises (LMEs) to realize a fair value gain that the accounting and prudential rules exclude from regulatory capital...

Persistent link: https://www.econbiz.de/10011114168

Impact of foreign ownership on dividend policy in Poland

Zyguła, Andrzej - In: e-Finanse: Financial Internet Quarterly 13 (2017) 4, pp. 76-88

The article analyses the impact of foreign investors, who were the majority shareholders of companies on the Warsaw Stock Exchange, on dividend policy of these companies in the years 2004-2014. An evaluation of the direction and strength of the influence of the analysed group of investors, using...

Persistent link: https://www.econbiz.de/10012011825

Controlling shareholders and payout policy: Do founding families have a special "taste for dividends"?

Schmid, Thomas; Ampenberger, Markus; Kaserer, Christoph; … - 2010

Around the world (with the U.S. and U.K. as exceptions) concentrated ownership structures and controlling shareholders are predominant even among listed firms. We provide novel empirical evidence how such controlling shareholders, in particular founding families, affect payout policy decisions....

Persistent link: https://www.econbiz.de/10010270131

Export impact on dividend policy for big Colombian exporting firms, 2006-2014

Merchan Alvarez, Federico Alberto - 2023

relevance condition fulfillment. The results indicate that big private Colombian exporting firms decree dividends as a way to …

Persistent link: https://www.econbiz.de/10014282634

Keeping up with the Joneses and the real effects of S&P 500 inclusion

Bennett, Benjamin; Stulz, René M.; Wang, Zexi - 2021

Firms added to the S&P 500 index join a prestigious and exclusive club. They want to fit in the club, which creates a “keeping up with the Joneses” effect. Firms pay more attention to their index peers after inclusion and their investment, external financing, and payouts comove more with...

Persistent link: https://www.econbiz.de/10012584272

Impact of foreign ownership on dividend policy in Poland

Zyguła, Andrzej - In: E-Finanse : finansowy kwartalnik internetowy 13 (2017) 4, pp. 76-88

Persistent link: https://www.econbiz.de/10011899978