Optimal Devident Payout  

Oleh:

Sukmawati S.

Jenis: Article from Journal - ilmiah nasional - terakreditasi DIKTI
Dalam koleksi: Kinerja: Jurnal Bisnis dan Ekonomi Program Pascasarjana Universitas Atma Jaya Yogyakarta vol. 4 no. 1 (2000), page 53-64.
Topik: Optimal Divident; Agency Cost; Transaction Cost; and Payout
Fulltext: Optimal Devident Payout.pdf (10.86MB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: KK15.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Dividend policy continues to be an area some mystery among financial economics with many quastions unanswered, some questions answered in conflicting ways, and some questions remaining tobe asked. this paper rationalizes an optimal dividend payout by appealing to two market imperfectionsm the agency costs of external financing and the transactions cost associated with issuing external finance. It is argued that increased dividends relative to earning lower agency cost but raise the transactions cost of external financing, the sun of these two opposing cost determines an optimal dividend payout. Unlikemost announcements, devidend announcements must backed wth hard cold cash. The firm must either generate this cash or cinvice the capital markets to supply it. In addition to credibility of cash signal, dividend are also highly visible compare with other announcements.

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