The method of distributing excess cash among investors is determined by dividend policies taken by each company …. Usually, there are three alternatives of the excess cash distribution; offering special dividend, initiating or increasing … regular dividend and repurchase share. Special dividend that is a one-time payment rather than the permanent increase in cash …

This article measures the reaction of marginal investors to announcement of surprise dividend increase. However, the …. The valuation theory gives many clues for interpretation of dividend changes. At the start of literature review, the … dividend irrelevance (to investment decision) assumption is met. This assumption holds up-to-date valuation procedures leading …