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Dividend smoothing, institutions and...

Buchanan, Bonnie Gai.

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Dividend smoothing, institutions and agency issues: A group of seven country comparison.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Dividend smoothing, institutions and agency issues: A group of seven country comparison./
作者:	Buchanan, Bonnie Gai.
面頁冊數:	209 p.
附註:	Director: Jeffry Milton Netter.
Contained By:	Dissertation Abstracts International61-09A.
標題:	Business Administration, Banking. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9986909
ISBN:	0599934271

Dividend smoothing, institutions and agency issues: A group of seven country comparison.
Buchanan, Bonnie Gai.

Dividend smoothing, institutions and agency issues: A group of seven country comparison. - 209 p.

Director: Jeffry Milton Netter.

Thesis (Ph.D.)--University of Georgia, 2000.

Dividend policy continues to be a well examined area of managerial decision making. After four decades of dividend policy research, the theoretical and empirical research evidence has proved to be contradictory. The Dividend Signaling Model and the Agency Cost Model of Dividends are the two dominant strands of research to emerge over the last four decades. There has been a dearth of broad based empirical tests which have allowed for a distinction among these theories and most evidence in the literature is based on firms in the United States. This thesis examines at an aggregate level, whether firm dividend payout and dividend yield are fairly similar across the G7 countries. Secondly, the Lintner model of dividend behavior is tested in each of the G7 country samples. Thirdly, on an intracountry basis, I examine whether there is an industry influence upon dividends. Finally, on a cross-sectional basis, I examine the relative importance of factors such as investment opportunity, firm size and ownership in explaining dividend patterns. The thesis also incorporates research on tax advantages with respect to dividends and institutional differences in each country. The Lintner model holds in most of the G7 countries. The results of the intra-country analysis show there is indeed an industry influence upon both dividend yield and dividend payout ratio in six of the G7 countries. In terms of the cross sectional analysis, it is remarkable that factors that are identified as important in the U.S. as being correlated with the dividend yield and the dividend payout ratio are similarly correlated with dividend yield and dividend payout in other countries.

ISBN: 0599934271Subjects--Topical Terms:

1018458
Business Administration, Banking.

Dividend smoothing, institutions and agency issues: A group of seven country comparison.
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245 1 0 $a Dividend smoothing, institutions and agency issues: A group of seven country comparison.
300 $a 209 p.
500 $a Director: Jeffry Milton Netter.
500 $a Source: Dissertation Abstracts International, Volume: 61-09, Section: A, page: 3691.
502 $a Thesis (Ph.D.)--University of Georgia, 2000.
520 $a Dividend policy continues to be a well examined area of managerial decision making. After four decades of dividend policy research, the theoretical and empirical research evidence has proved to be contradictory. The Dividend Signaling Model and the Agency Cost Model of Dividends are the two dominant strands of research to emerge over the last four decades. There has been a dearth of broad based empirical tests which have allowed for a distinction among these theories and most evidence in the literature is based on firms in the United States. This thesis examines at an aggregate level, whether firm dividend payout and dividend yield are fairly similar across the G7 countries. Secondly, the Lintner model of dividend behavior is tested in each of the G7 country samples. Thirdly, on an intracountry basis, I examine whether there is an industry influence upon dividends. Finally, on a cross-sectional basis, I examine the relative importance of factors such as investment opportunity, firm size and ownership in explaining dividend patterns. The thesis also incorporates research on tax advantages with respect to dividends and institutional differences in each country. The Lintner model holds in most of the G7 countries. The results of the intra-country analysis show there is indeed an industry influence upon both dividend yield and dividend payout ratio in six of the G7 countries. In terms of the cross sectional analysis, it is remarkable that factors that are identified as important in the U.S. as being correlated with the dividend yield and the dividend payout ratio are similarly correlated with dividend yield and dividend payout in other countries.
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