Detail A test of competing explanations of dividend policy Bibliografi Author: Taggart, Robert A. (Advisor); Deshmukh, Sanjay Topik: ECONOMICS; FINANCE Bahasa: (EN )    ISBN: 0-591-64568-8     Penerbit: BOSTON COLLEGE     Tahun Terbit: 1997     Jenis: Theses - Dissertation Fulltext: 9813666.pdf (0.0B; 6 download) Abstract This dissertation investigates the interactions between various market imperfections and the dividend policy of a firm. The market imperfections examined include agency costs, asymmetric information and transaction costs. The analysis is divided into two chapters that follow an introduction. Chapter 2 tests the agency cost, signaling and pecking order explanations of dividend policy by focusing on dividend levels. A cross-sectional Tobit regression is used to provide consistent estimates in the presence of both dividend-paying and non-dividend-paying firms. Evidence is presented that dividends are positively related to analyst following, implying that firms with less asymmetric information pay higher dividends. This is consistent with the pecking order theory but inconsistent with the signaling theory. Further evidence on the relationship between asymmetric information and issue costs and that between dividends and predicted issue costs provides additional support for a pecking order explanation of dividend policy. After controlling for the effects of asymmetric information, there is no evidence that agency costs play a role in determining dividends. Chapter 3 examines the dynamics of dividend policy using a hazard (duration) model. Specifically, this chapter investigates the determinants of dividend initiations which serve as a proxy for dividend changes. The results indicate that the probability or the hazard rate of a dividend initiation is negatively related to both the degree of information asymmetry and the growth opportunities of a firm and positively related to the level of cash flow. In contrast to previous evidence, these results are consistent with a pecking order explanation. The results, however, do not provide support for either the signaling explanation or the agency explanation. In sum, the results provide support for a pecking order explanation of dividend policy. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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