Capital Structure Ownership Structure And Dividend Policy Pdf


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capital structure ownership structure and dividend policy pdf

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Stein, Jeremy C, Jeremy C. Stein,

The Relationship between Ownership Structure and Dividend Policy: An Empirical Investigation

Amidu, M. How does dividend policy affect performance of the firm on Ghanastock exchange? Investment Management and Financial Innovations, 4 2 Impact of leverage on dividend payment behavior of Pakistani manufacturing firms. International Journal of Innovation and Applied Studies, 6 2 Azzam, I. The impact of institutional ownership and dividend policy on stock return and volatility: evidence from Egypt International Journal of Business, 15 4.

Chen, J. Does institutional ownership create value? The New Zealand case. Quarterly Journal of Finance and Accounting, Cho, M. Ownership structure, investment, and the corporate value: an empirical analysis.

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Journal of Financial Economics 27 2 , Miller, M. Dividend policy, growth, and the valuation of shares. Journal of Business, 34 1 Modigliani, F. The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48 3 Rozeff, M. Growth, beta, and agency costs as determinants of dividend payout ratios. Journal of Financial Research, 5 1 Ruland, W. Debt, diversification, and valuation. Review of Quantitative Finance and Accounting, 25 3 , Strebulaev, I.

The mystery of zero-leverage firm. Journal of Financial Economics, 1 , Journal of Public Administration Studies. Submit Your Manuscript. Aim and Scope. Article Tools Print this article. Indexing metadata. How to cite item. Email this article Login required. Email the author Login required. User Username Password Remember me. Notifications View Subscribe.

Information for Author. Online Submissions. Author Guidelines. Abstract Every company particularly the company's shareholders always expects to have high company value. Various mechanisms are used by company managers to create corporate value. The mechanism can be through the structure of ownership, leverage, and dividend policy.

Previous studies that have discussed the effect of ownership structure and leverage variables on dividend policy and corporate value provide different research results. This study aims to obtain empirical evidence of the effect of ownership structure and leverage on dividend policy and firm value, on manufacturing companies listed on the Indonesia Stock Exchange in the period.

The population of this study is all manufacturing companies listed on the Indonesia Stock Exchange that provide periodic financial statements from to companies. The population that met the criteria to sampled was 28 companies. The research method used in this research is Warp-PLS. The results showed as follows: 1 The effect of ownership structure on dividend policy was negative and not significant; 2 The effect of ownership structure on firm value was negative and significant; 3 The leverage on dividend policy was negative and significant; 4 The leverage on the company value was negative and weak significant correlation; 5 The effect of the dividend policy on corporate value was negative and weak significant correlation.

Keywords ownership structure; leverage; dividend policy; firm value. Full Text: PDF. References Amidu, M. Bhattacharyya, N. Dividend policy: a review. Managerial Finance, 1 2 This work is licensed under a Creative Commons Attribution 4.

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Ownership Structure and Dividend Policy

Due to the asymmetric information effect, corporations have been reluctant to use external sources of equity capital. The adoption of dividend reinvestment plans DRP by large numbers of firms may indicate an alternative way to raise external equity funds. The hypothesis to be tested is that the nature of the DRP actually selected may be predicted by financial characteristics such as cash flow generation, investment needs, historical dividend policy, firm ownership structure and firm capital structure. Using logistic regression analysis, results of joint tests of financial variables suggested by the Pecking Order Theory of capital structure indicate significant support for the hypothesis. Specifically, ownership structure, historical dividend policy and debt ratio are found to be key determinants of the type of DRP utilized. This is a preview of subscription content, access via your institution.

Interrelationships among Capital Structure, Dividends, and Ownership: Evidence from South Korea

This paper examines the interrelationships among debt policy, dividend policy, and ownership structure using a simultaneous equation framework. Our approach allows us to test both the convergence of interests theory and entrenchment theory. Using a sample of publicly traded South Korean manufacturing firms, we find that debt policy and ownership structure have a positive impact on dividend policy.

The study examines the effect of ownership structure on dividend policy in oil and gas companies listed on the Hanoi Stock Exchange and Ho Chi Minh Stock Exchange. Using panel data from 21 oil and gas companies from to , we find that dividend payout is negatively related to state ownership and institutional ownership. Our results show that state and institutions have unfavorable ties to cash dividends, indicating signs of corporate capital being expropriated by large shareholders. Moreover, we do not find a significant relation between foreign ownership and dividends. Overall, our findings suggest that oil and gas companies need adjustments in their ownership structure to reduce the concentration of state and institutional ownership to improve the effectiveness of business and financial policies.

Amidu, M. How does dividend policy affect performance of the firm on Ghanastock exchange? Investment Management and Financial Innovations, 4 2 Impact of leverage on dividend payment behavior of Pakistani manufacturing firms.

This work focused on analyzing whether the ownership structure has any effect on the dividend policy of companies in the Mexican market.

The Relationship between Ownership Structure and Dividend Policy: An Empirical Investigation

Бринкерхофф смотрел на массивную фигуру директора, возвышающуюся над письменным столом. Таким он его еще никогда не. Фонтейн, которого он знал, был внимателен к мелочам и требовал самой полной информации. Он всегда поощрял сотрудников к анализу и прояснению всяческих нестыковок в каждодневных делах, какими бы незначительными они ни казались.

Она услышала, что в кабине работает вентиляция. Лифт. Почему же не открывается дверца. Вглядевшись, она как в тумане увидела еще одну панель с буквами алфавита от А до Z и тут же вспомнила, что нужно ввести шифр. Клубы дыма начали вытекать из треснувших оконных рам.

Слишком уж удобная версия. Стратмор пожал плечами. - Слабое сердце… да к тому же еще испанская жара. Не забывай и о сильнейшем стрессе, связанном с попыткой шантажировать наше агентство… Сьюзан замолчала. Какими бы ни были обстоятельства, она почувствовала боль от потери талантливого коллеги-криптографа. Мрачный голос Стратмора вывел ее из задумчивости.


They state that it is the firm's financial decision and board of directors decide the dividend policy as the shareholders do not normally have enough control over the.


capital structure and dividend policy pdf

 Так записано в его медицинской карточке. Он не очень-то об этом распространялся. Сьюзан трудно было поверить в такое удачное совпадение. - Его погубило слабое сердце - вот так. Слишком уж удобная версия.

В воздухе стоял тяжелый запах мочи. Лампочки в конце коридора не горели, и на протяжении последних двадцати метров можно было различать только смутные силуэты. Женщина с кровотечением… плачущая молодая пара… молящаяся маленькая девочка. Наконец Беккер дошел до конца темного коридора и толкнул чуть приоткрытую дверь слева. Комната была пуста, если не считать старой изможденной женщины на койке, пытавшейся подсунуть под себя судно.

Она смутно помнила, что для создания этого центра из земли пришлось извлечь 250 метрических тонн породы. Командный центр главного банка данных располагался на глубине шестидесяти с лишним метров от земной поверхности, что обеспечивало его неуязвимость даже в случае падения вакуумной или водородной бомбы. На высокой рабочей платформе-подиуме в центре комнаты возвышался Джабба, как король, отдающий распоряжения своим подданным.

Телефон звонил не переставая. Джабба решил не обращать на него внимания. - Мидж, - беззвучно выдавил он, - черт тебя дери.

 Спасибо, - улыбнулся Беккер и повернулся, собираясь уходить. Консьерж бросил внимательный взгляд в его спину, взял конверт со стойки и повернулся к полке с номерными ячейками. Когда он клал конверт в одну из ячеек, Беккер повернулся, чтобы задать последний вопрос: - Как мне вызвать такси. Консьерж повернул голову и. Но Беккер не слушал, что тот .

Согласно регистру, кто-то открывал ее компьютер, пока ее не было в комнате.

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