Dividend Payout-Policy Drivers: Evidence from Emerging Countries

被引：28

作者：

Botoc, Claudiu ^{[1
]}

Pirtea, Marilen ^{[1
]}

机构：

[1] West Univ Timisoara, Timisoara, Romania

来源：

EMERGING MARKETS FINANCE AND TRADE | 2014年 / 50卷

关键词：

dividend payout; dynamic panel data model; emerging countries liquidity; residual cash flow theory; working capital; PANEL-DATA; FIRMS; GMM;

D O I：

10.2753/REE1540-496X5004S407

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We investigate the drivers of dividend payout policy by analyzing the behavior of 2,636 companies from sixteen emerging countries. Using the generalized method of moments system technique, the results principally support residual cash flow theory as well as the substitution model, agency costs, and signaling, and stand in contrast to the life-cycle theory. The results from sensitivity analysis lead us to conclude that when investor protection is high, cash needs is more important in explaining dividend payout; when investor protection is poor, liquidity seems to be more important.

引用

页码：95 / 112

页数：18

共 35 条

[1]

Aivazian V., 2003, J FINANC RES, V26, P371, DOI [10.1111/1475-6803.00064, DOI 10.1111/1475-6803.00064]

[2] Market Reactions to Dividend Announcements Under Different Business Cycles [J].