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Journal articles on the topic 'Dividend signaling hypothesis'

Author: Grafiati

Published: 4 June 2021

Last updated: 9 February 2022

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1

Marisetty, Nagendra, and Pardhasaradhi Madasu. "Signaling Hypothesis and Size Anomaly in Indian Stock Market." International Business Research 14, no. 9 (2021): 94. http://dx.doi.org/10.5539/ibr.v14n9p94.

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The dividend signaling hypothesis means that dividend change announcements send signals to the market about its prospects. Market capitalization anomaly or size effect means small-cap stocks variances and returns are different than the large-cap stocks. The sample was tested for dividend change announcement, and the sample was divided into large, medium, and small sample sizes based on the market capitalization of the stocks to test the size effect. Event methodology market model used to calculate the abnormal returns on the dividend announcement day. We found that dividends send signals to th

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Byoung Gon Kim, 김동욱, and Dong Hoe Kim. "Information Asymmetry and Dividend Policy: The Consequences of Dividend Signaling Hypothesis." Korean Journal of Financial Engineering 9, no. 1 (2010): 99–124. http://dx.doi.org/10.35527/kfedoi.2010.9.1.005.

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Meza, Narcisa, Anibal Báez, Javier Rodriguez, and Wilfredo Toledo. "The dividend signaling hypothesis and the corporate life cycle." Managerial Finance 46, no. 12 (2020): 1569–87. http://dx.doi.org/10.1108/mf-10-2019-0512.

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PurposeThis paper aims to examine the relationship between the dividend signaling hypothesis and a firm's life cycle.Design/methodology/approachThe authors use Dickinson's (2011) methodology to develop a proxy for the firm's stages in its life cycle and to examine the relationship between dividends and future earnings following a nonlinear setting.FindingsUsing a sample of US firms during the 2000–2014 period, the authors find that the signaling hypothesis can be dependent on firm-specific characteristics, such as life cycle stages. The authors report that the relationship between dividend cha

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Go, Yousun, and Soohyun Kim. "Analysis of Signaling Hypothesis in Dividend Policy in Korea." Korean Academic Association of Business Administration 33, no. 5 (2020): 913–34. http://dx.doi.org/10.18032/kaaba.2020.33.5.913.

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Tsuji, Chikashi. "A Discussion on the Signaling Hypothesis of Dividend Policy." Open Business Journal 5, no. 1 (2012): 1–7. http://dx.doi.org/10.2174/1874915101205010001.

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Puspitaningtyas, Zarah. "Empirical evidence of market reactions based on signaling theory in Indonesia stock exchange." Investment Management and Financial Innovations 16, no. 2 (2019): 66–77. http://dx.doi.org/10.21511/imfi.16(2).2019.06.

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Signaling theory assumes that it is necessary to signal investors to how they perceive company’s prospects. One of them is dividend announcements. The announcement of dividends is predicted to be a signal for investors in the investment decision making process. This study aims to determine and analyze the effect of dividend announcements, both increases and decreases in dividends, on stock returns. This study is intended to find empirical evidence about market reactions based on signaling theory in Indonesia Stock Exchange on the period 2017. The analysis of this study uses the event study met

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H. Chowdhury, Reza, Min Maung, and Jenny Zhang. "Information content of dividends: a case of an emerging financial market." Studies in Economics and Finance 31, no. 3 (2014): 272–90. http://dx.doi.org/10.1108/sef-04-2013-0046.

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Purpose – The purpose of this paper is to examine the signaling and free cash flow hypotheses of dividends in the context of an emerging financial market. Design/methodology/approach – The authors use fundamental financial information of Chinese companies listed in the Shenzhen and Shanghai stock exchanges. They examine the impact of cash dividend payments on future profitability of individual firms with and without controlling for non-linearity in their earnings to test the signaling hypothesis. They also determine the characteristics of dividend paying firms to examine the free cash flow hyp

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Sulong, Zunaidah, and Ahmad Shukri Yazid. "Does Dividend Signaling Hypothesis Still Relevant? Evidence from Malaysian Main Market." International Business Management 6, no. 4 (2012): 426–32. http://dx.doi.org/10.3923/ibm.2012.426.432.

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Ashraf, Badar Nadeem, Sidra Arshad, Mohammad Morshedur Rahman, Muhammad Abdul Kamal, and Khalid Khan. "Regulatory hypothesis and bank dividend payouts: Empirical evidence from Italian banking sector." Journal of Financial Engineering 02, no. 01 (2015): 1550009. http://dx.doi.org/10.1142/s2345768615500099.

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This study examines the regulatory hypothesis for bank dividend payouts using a panel dataset of 229 Italian banks over the period 2005–2012. Regulatory hypothesis suggests that undercapitalized banks face more regulatory pressure for increasing capital levels by paying lower amount of dividends. Empirical results support the regulatory hypothesis by finding that the Italian banks having lower equity to total assets ratios or lower regulatory capital ratios retain more profits and pay lower amount of dividends. Results also suggest that dividend payer banks try to maintain dividends at previou

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Lotfi, Taleb. "Dividend Policy in Tunisia: A Signalling Approach." International Journal of Economics and Finance 10, no. 4 (2018): 84. http://dx.doi.org/10.5539/ijef.v10n4p84.

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The main objective of this study was to establish the stock price reaction to dividend announcements of firms quoted at the Tunisian Securities exchange (TSE). To do so, we develop a traditional event study. Two robust results emerge: First, when we observe the 196 announcements of dividends between years 1996-2004, the result is inconsistent with signaling theory, as long as, no abnormal return was observed on the announcement day (event period). Second, When the overall sample is divided into three sub-group (dividend increase, dividend-no-change and dividend), we observe a significant and a

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Hartono, Jogiyanto. "THE RECENCY EFFECT OF ACCOUNTING INFORMATION." Gadjah Mada International Journal of Business 6, no. 1 (2012): 85. http://dx.doi.org/10.22146/gamaijb.5536.

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This study tests the joint effects of dividend and earnings information. A study of joint effects is justified for the following reasons. First, dividends and earnings are considered two of the most important signaling devices (Aharony and Swary 1980) that investors use in evaluating stock prices. Second, dividends and earnings are 'garbled' information (Ohlson 1989). Dividends and earnings may contain corroborating or disconfirming news. Third, investors may be have with memory, revising beliefs in complex ways in evaluating a sequence of information. Prior dividend studies that controlling f

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Altiok-Yilmaz, Ayse, and Elif Akben Selcuk. "Information Content of Dividends: Evidence from Istanbul." International Business Research 3, no. 3 (2010): 126. http://dx.doi.org/10.5539/ibr.v3n3p126.

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This study investigates the market reaction to dividend change announcements at the Istanbul Stock Exchange. A sample of 184 announcements made by 46 companies during the period 2005 to 2008 is analyzed by using the event study methodology. The results suggest that the market reacts positively to dividend increases, negatively to dividend decreases and does not react when dividends are not changed, consistent with the signaling hypothesis. Also, the results show pre-event information leakage for the decreasing dividends sample.

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Chen, Sheng-Syan, and Kuei-Chin Fu. "An Examination of the Free Cash Flow and Information/Signaling Hypotheses Using Unexpected Dividend Changes Inferred from Option and Stock Prices: The Case of Regular Dividend Increases." Review of Pacific Basin Financial Markets and Policies 14, no. 03 (2011): 563–600. http://dx.doi.org/10.1142/s0219091511002329.

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This paper measures unexpected dividend changes in testing the free cash flow and information/signaling hypotheses using the Bar–Yosef/Sarig method. The empirical findings reveal the following: (i) The association between announcement period abnormal returns and the cash level is significantly positive for low q firms; (ii) The positive association between announcement period, abnormal returns, and the cash level is stronger in low q than in high q firms for most regressions; (iii) Low q firms reduce their capital and research and development (R&D) expenditures during the four fiscal years

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Yu, Susana, and Gwendolyn Webb. "The information content of dividend initiation announcements." Managerial Finance 43, no. 7 (2017): 794–811. http://dx.doi.org/10.1108/mf-10-2015-0287.

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Purpose The purpose of this paper is to examine the dividend initiation announcements made by firms in the information technology sector as defined in a modern system of industrial classification. Design/methodology/approach On the basis of a modern classification of the information technology industry, the authors examine a wide range of corporate performance and management measures to discriminate between the two theories of the information revealed by the announcement of dividend initiations, the signaling, and life cycle theories. Findings The empirical results are more consistent with the

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Gupta, Mohit, and Navdeep Aggarwal. "Signaling Effect of Shifts in Dividend Policy: Evidence from Indian Capital Markets." Business Perspectives and Research 6, no. 2 (2018): 142–53. http://dx.doi.org/10.1177/2278533718764505.

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Empirical evidence suggests that a large number of studies support the signaling impact of dividends, but the results are more pronounced in developed markets as compared to emerging markets, where because of the weak form of market efficiency, signaling impact is not well-established. This study tests this hypothesis in Indian capital markets, in terms of signaling impact due to shifts in dividend policy. The study has defined the shift in dividend policy as an increase or a decrease of dividend by 20 percent from the previous dividend payout rate. Standard event study methodology was applied

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Endri, Endri. "EFEK PENGUMUMAN KEBIJAKAN DIVIDEN TERHADAP RETURN SAHAM YANG TERGOLONG JAKARTA ISLAMIC INDEXS." EKUITAS (Jurnal Ekonomi dan Keuangan) 13, no. 4 (2018): 524–43. http://dx.doi.org/10.24034/j25485024.y2009.v13.i4.187.

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This research aims to test dividend signaling theory in the Jakarta Islamic Index groups. Signaling theory states that dividend policy has information content that can influence to share price. This research usesamples in the form of company allocating dividend for period 2006-2007 which listed on Jakarta Islamic Index. Final samples which are utilized in this research are equal to 12 firms observation. Using the event-study method, the result of our research shows that at the significant level of 5%, there is only one working days which yield the abnormal return that is significant at the div

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Endri, Endri. "EFEK PENGUMUMAN KEBIJAKAN DIVIDEN TERHADAP RETURN SAHAM YANG TERGOLONG JAKARTA ISLAMIC INDEXS." EKUITAS (Jurnal Ekonomi dan Keuangan) 13, no. 4 (2009): 526. http://dx.doi.org/10.24034/j25485024.y2009.v13.i4.2177.

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This research aims to test dividend signaling theory in the Jakarta Islamic Index groups. Signaling theory states that dividend policy has information content that can influence to share price. This research usesamples in the form of company allocating dividend for period 2006-2007 which listed on Jakarta Islamic Index. Final samples which are utilized in this research are equal to 12 firms observation. Using the event-study method, the result of our research shows that at the significant level of 5%, there is only one working days which yield the abnormal return that is significant at the div

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Felimban, Razaz, Christos Floros, and Ann-Ngoc Nguyen. "The impact of dividend announcements on share price and trading volume." Journal of Economic Studies 45, no. 2 (2018): 210–30. http://dx.doi.org/10.1108/jes-03-2017-0069.

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Purpose The purpose of this paper is to investigate the stock market response to dividend announcements in high growth emerging markets of Gulf countries. Design/methodology/approach The sample includes 1,092 dividend announcements from 299 listed firms over the period 2010-2015. Findings In the environment where there is an absence of capital gain and income tax, the authors find some evidence for the stock price reaction that partly supports the signaling hypothesis. The findings show that the Gulf Cooperation Council (GCC) market is inefficient because of the leakage information before the

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Letaifa, Wissal Ben. "Study of dividend policies in periods pre and post-merger." Corporate Ownership and Control 13, no. 2 (2016): 615–18. http://dx.doi.org/10.22495/cocv13i2c3p10.

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This study examines the policies of pre- and post- merger dividends. The emphasis here is on the timing of payment of dividends and its signal role when the merger is considered successful. Our analysis is purely descriptive and involves the merger of CVS and Caremark listed on the NY Stock Exchange and conducted in 2006. The findings indicate the relevance of dividend payment timing as the merger of success signal since acquiring company tries to improve its payment timing and the amount to be paid. This proves the existence of complementarities between the signaling hypothesis by the amount

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Kaur, Karamjeet, and Balwinder Singh. "Stock Price Reaction to Bonus Share Announcements in India." Management and Labour Studies 34, no. 2 (2009): 202–26. http://dx.doi.org/10.1177/0258042x0903400203.

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Corporate financial policy announcements like stock dividend, stock splits, dividend changes, repurchase of shares, etc. create value to the shareholders through stock price changes. This study employs the standard event study methodology to examine the reaction of stock market to 159 bonus share announcements of Indian companies listed on BSE from January 1999 to December 2004. The results indicate that there are significant positive abnormal returns around the bonus share announcements. Further, cross sectional regression analysis finds support for signaling and optimal price hypothesis. How

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Nguyen Xuan, Truong, Huong Dao Mai, and Anh Nguyen Thi Van. "Stock price reaction to cash dividend announcements in Vietnam." Journal of Asian Business and Economic Studies 24, no. 02 (2017): 74–89. http://dx.doi.org/10.24311/jabes/2017.24.2.01.

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This study attempts to investigate the stock price reaction to divi-dend announcements using data of Vietnamese listed firms on Hochiminh Stock Exchange (HOSE). Standard event study meth-odology has been employed on a sample of 198 cash dividend an-nouncements made in 2011. The results show that stock prices react significantly and positively to the announcements of cash dividends, including both dividend increasing and dividend decreasing events. It is also plausible that cumulative abnormal returns exhibit an in-creasing trend before announcement yet a decreasing trend after announcement dat

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Baker, H. Kent, and Sujata Kapoor. "Why Indian firms issue stock distributions." Managerial Finance 41, no. 7 (2015): 658–72. http://dx.doi.org/10.1108/mf-08-2014-0213.

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Purpose – The purpose of this paper is to investigate the opinions of managers of Indian firms on stock splits and bonus shares (stock dividends) and relate them to explanations for stock distributions identified in the prior literature. Design/methodology/approach – The authors use descriptive statistics from a mail survey to the company secretaries of 500 firms listed on the National Stock Exchange of India to elicit their responses about statements involving stock splits and bonus shares. Findings – The survey evidence shows that among the competing motives for stock splits, the liquidity h

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Sundari, Retno Ika. "KEBIJAKAN DIVIDEN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA." Jurnal Riset Akuntansi dan Keuangan 17, no. 1 (2021): 61. http://dx.doi.org/10.21460/jrak.2021.171.364.

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ABSTRAK Penelitian ini bertujuan untuk menentukan dan menganalisa pengaruh profitabilitas, leverage, ukuran perusahaan, pertumbuhan dan likuiditas terhadap kebijakan dividen pada perusahaan manufaktur yang terdaftar di bursa Efek Indonesia dalam tahun amatan 2013-2017. Populasi penelitian adalah semua perusahaan manufaktur yang terdaftar di BEI, dengan sampel yang diperoleh 37 perusahaan yang sesuai dengan kriteria yang ditetapkan. Data tersebut dianalisa dengan menggunakan pengujian asumsi klasik dan analisa berganda dengan menggunakan SPSS 25. Simpulan dari peneliian ini menyatakan bahwa pro

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Ozo, Friday Kennedy, and Thankom Gopinath Arun. "Stock market reaction to cash dividends: evidence from the Nigerian stock market." Managerial Finance 45, no. 3 (2019): 366–80. http://dx.doi.org/10.1108/mf-09-2017-0351.

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PurposeVery little is known about the effect of dividend announcements on stock prices in Nigeria, despite the country’s unique institutional environment. The purpose of this paper is, therefore, to provide empirical evidence on this issue by investigating the stock price reaction to cash dividends by companies listed on the Nigerian Stock Exchange.Design/methodology/approachStandard event study methodology, using the market model, is employed to determine the abnormal returns surrounding the cash dividend announcement date. Abnormal returns are also calculated employing the market-adjusted re

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Appolon Ghyslain, Makira, Doreen Mutegi, and Michael Kiama. "Profitaility and Dividend Payout Among Construction Companies Listed at the Nairobi Securities Exchange." International Journal of Scientific Research and Management 9, no. 07 (2021): 2280–86. http://dx.doi.org/10.18535/ijsrm/v9i07.em02.

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 Being one of the major drivers for investing in stocks, dividend payment has been center of interest among stakeholders mainly investors, management and academic fraternity has been in attempt to investigate the causes of dividend payout. Besides the numerous studies that have been done on this subject, no amicable solution has been agreed upon regarding the influence of profitability on dividend payout with reference to listed construction firms. It is against this puzzle that this study aimed to determine the influence of the level of profit on the Dividend payout among construction c

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A. DeFusco, Richard, Lee M. Dunham, and John Geppert. "An empirical analysis of the dynamic relation among investment, earnings and dividends." Managerial Finance 40, no. 2 (2014): 118–36. http://dx.doi.org/10.1108/mf-04-2013-0090.

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Purpose – The purpose of this paper is to examine the dynamic relationships among investment, earnings and dividends for US firms. The sample period is 1950-2006. Design/methodology/approach – The authors use a firm-level vector auto-regression (VAR) framework to examine the firm-level dynamics among investment, earnings and dividends. The firm-level VAR yields Granger causality results, impulse response functions, and variance decompositions characterizing the dynamics of these three variables at the firm level. Findings – For the average firm in the sample, Miller and Modigliani dividend pol

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Ainun, Moh Baqir. "EFEK MODERASI KEBIJAKAN HUTANG PADA PENGARUH KEBIJAKAN DIVIDEN TERHADAP HARGA SAHAM." EKUITAS (Jurnal Ekonomi dan Keuangan) 3, no. 3 (2020): 382–402. http://dx.doi.org/10.24034/j25485024.y2019.v3.i3.4192.

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Penelitian ini bertujuan untuk menguji pengaruh kebijakan dividen terhadap harga saham dengan kebijakan hutang sebagai variabel moderasi. Penelitian ini menggunakan 160 sampel perusahaan-tahun pada perusahaan manufaktur yang terdaftar pada Bursa Efek Indonesia periode 2011-2015 yang dipilih menggunakan metode purposive sampling. Analisis regresi linier berganda digunakan untuk menguji hipotesis petama, dan moderating regression analysis digunakan untuk menguji hipotesis yang kedua. Hasil penelitian ini menunjukkan bahwa kebijakan dividen berpengaruh positif terhadap harga saham perusahaan kare

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Muhammad, Sagheer, Sehrish Mubeen, and Mah Noor Shahzadi. "Do Payout Policies and Channel Preferences of Banking Industries Shift during the Tranquil Periods? Evidence from Emerging Market." Lahore Journal of Business 9, no. 1 (2020): 1–31. http://dx.doi.org/10.35536/ljb.2020.v9.i1.a1.

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This study investigates whether the dividend policy (the decision to distribute funds,and the distribution channel preferences) of the bankingsector of Pakistan isaffectedduring any periods of domesticand globalfinancialcrisis. Using a sample of publically listed commercial banks,betweenthe periods of2002 till 2015, this research document that, unlike other countries, the banks in Pakistan fail toindicate adecline in the level of fundsthat are distributedto the investors. Even though the importance of the other means of distribution has increased over time, a major portion ofthe total payoutis

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Al-Shattarat, Wasim K., Muhannad A. Atmeh, and Basiem K. Al-Shattarat. "Dividend Signalling Hypothesis In Emerging Markets: More Empirical Evidence." Journal of Applied Business Research (JABR) 29, no. 2 (2013): 461. http://dx.doi.org/10.19030/jabr.v29i2.7650.

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The main objective of this study is to examine empirically the signalling theory for a sample of firms listed at Amman Stock Exchange (ASE) during the period 2005 to 2010. The sample consists of 183 observations and 132 observations for dividend release sample and no-dividend release sample, respectively. Event Study Methodology (ESM) is applied to examine the market reaction to dividend release announcements. The market model is used to generate the expected returns. Also, the t-test is used to examine the significance of the mean and cumulative abnormal returns. Results from the dividend rel

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John O. Messo, Raude, and John Byaruhanga. "Earnings Announcement and the Performance of Security Prices of Companies Listed on the Nairobi Securities Exchange, Kenya." International Journal of Business and Management 14, no. 9 (2019): 188. http://dx.doi.org/10.5539/ijbm.v14n9p188.

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Security price performance is a significant economic activity which measures the company&rsquo;s wealth and plays a vital role in economic growth. Security price performance reflects investor perception to earn and grow returns in the future. However, this is not the case for the NSE, Kenya N20 share index, which for the past two to three years experienced declines in security prices prompting this study to investigate the effect of Earnings Announcements on the Performance of Security Prices of companies listed on the NSE, Kenya. The study applied the Dividend Signaling Theory, the Effici

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Gunasekarage, Abeyratna, and David M. Power. "The post-announcement performance of dividend-changing companies: The dividend-signalling hypothesis revisited." Accounting and Finance 42, no. 2 (2002): 131–51. http://dx.doi.org/10.1111/1467-629x.00071.

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Lob�ão, Júlio, Luís Pacheco, and Tiago Lajas. "The dividend puzzle: testing the signalling hypothesis in a European context." International Journal of Banking, Accounting and Finance 11, no. 2 (2020): 202. http://dx.doi.org/10.1504/ijbaaf.2020.10028049.

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Lob�ã, Júlio, N. A. o, Luís Pacheco, and Tiago Lajas. "The dividend puzzle: testing the signalling hypothesis in a European context." International Journal of Banking, Accounting and Finance 11, no. 2 (2020): 202. http://dx.doi.org/10.1504/ijbaaf.2020.106709.

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Al-Shattarat, Wasim Khalil, Basiem Khalil Al-Shattarat, and Ruba Hamed. "Do dividends announcements signal future earnings changes for Jordanian firms?" Journal of Financial Reporting and Accounting 16, no. 3 (2018): 417–42. http://dx.doi.org/10.1108/jfra-03-2017-0021.

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Purpose This study aims to examine the signalling hypothesis of dividends by testing empirically the market reaction to dividends announcements. Furthermore, this study aims to examine the information content of dividends announcements with respect to future earnings changes for a sample of Jordanian industrial firms over the period 2009 to 2015. Design/methodology/approach The authors mainly used the event study methodology to examine the market reaction to dividend release announcements. The market model is used to generate the expected returns. Also, the t-test is used to examine the signif

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Mougoue, Mbodja, and Ramesh P. Rao. "The Information Signaling Hypothesis of Dividends: Evidence from Cointegration and Causality Tests." Journal of Business Finance Accounting 30, no. 3-4 (2003): 441–78. http://dx.doi.org/10.1111/1468-5957.t01-1-00004.

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Yarram, Subba Reddy, and Brian Dollery. "Corporate governance and financial policies." Managerial Finance 41, no. 3 (2015): 267–85. http://dx.doi.org/10.1108/mf-03-2014-0086.

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Purpose – The purpose of this paper is to examine the influence of board structure on dividend policy of Australian corporate firms. It also considers the traditional explanations of corporate dividend choice, such as agency cost theory, signalling hypothesis, the life cycle hypothesis along with tax-based explanations of dividend policy. Design/methodology/approach – The final sample consists of 413 non-financial firms that are part of the All Ordinaries Index. The causal analysis was undertaken in three stages. In the first stage, the authors analyse the likelihood of paying dividends. And c

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Crawford, Dean, Diana R. Franz, and Gerald J. Lobo. "Signaling Managerial Optimism through Stock Dividends and Stock Splits: A Reexamination of the Retained Earnings Hypothesis." Journal of Financial and Quantitative Analysis 40, no. 3 (2005): 531–61. http://dx.doi.org/10.1017/s0022109000001861.

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AbstractThe retained earnings hypothesis predicts that stock distributions accounted for by reducing retained earnings are a more credible signal of managerial optimism than stock distributions that do not reduce retained earnings. This study examines the costs of false signaling that are a necessary pre-condition for the hypothesis and finds them to be generally very small, calling the validity of the hypothesis into question for most firms. However, prior studies report broad-based market evidence consistent with the hypothesis. To resolve this apparent inconsistency, the study replicates an

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Kuzucu, Narman. "A Survey of Managerial Perspective on Corporate Dividend Policy." International Journal of Research in Business and Social Science (2147-4478) 4, no. 2 (2015): 1–19. http://dx.doi.org/10.20525/ijrbs.v4i2.22.

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This research paper examines the corporate dividend payout behaviors of non-financial firms from Istanbul Stock Exchange (Borsa Istanbul). Survey method is conducted to investigate managerial views on corporate dividend policy. The study investigates whether the evidence in Turkish stock market on dividend policy is similar to the European and the U.S. firms’ results which are reported earlier by other studies, and moreover in what extent Lintner’s (1956) findings on dividends is supported by today’s listed firms in an emerging market. The financial managers from 38 firms out of 216 non-financ

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Seyedimany, Arian. "Stock Price Reactions on NASDAQ Stock Exchange for Special Dividend Announcements." Emerging Science Journal 3, no. 6 (2019): 382–88. http://dx.doi.org/10.28991/esj-2019-01200.

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Announcing dividend pay-out policy by a company will signals market firm’s future prospects and changes its stock prices according to dividend signalling theory. By analysis the effect of special dividend announcements for 5 companies listed in NASDAQ for the period of 2014-2018, this study investigates the stock price reactions to special dividend announcement for 40 days around the event and challenges dividend signalling theory. The empirical results calculated both in discrete and logarithmic forms. Only few disordered significant abnormal returns and average abnormal returns occurred acco

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Hariyanto, Ikka Tiaraintan, and Werner Ria Murhadi. "The Phenomenon of Dividend Announcement on Stock Abnormal Return (Case in ASEAN Countries)." Jurnal Manajemen Bisnis 12, no. 1 (2021): 1–18. http://dx.doi.org/10.18196/mabis.v12i1.9001.

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Research aims: to examine the existence of stock’s abnormal return after dividend announcement activity.Design/methodology/approach: event study with 1.330 samples of dividend announcement in ASEAN countries during 2018. The research period was 21 days around the dividend announcement’s date.Research findings: this analysis's results agreed with the dividend signaling theory hypotheses, where the increase, decrease, or constant dividends could be an informative aspect for investors. Theoritical contribution/originality: it was shown by the presence of a positive abnormal return between an incr

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Mikluš, Matjaž, and Zan Jan Oplotnik. "Capital Market Response to the Change in the Dividend Policy: The Case of Slovenian Stock Market." Research in Applied Economics 8, no. 1 (2016): 42. http://dx.doi.org/10.5296/rae.v8i1.8839.

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<p>The three basic dividend policy theories have a completely different approach to describing the influence of dividends payment on stock price, and on the value of the company. Numerous studies conducted in this area have led to almost as many derived dividend policy theories, which are more or less related to the basic three. As one of them Wang, Manry &amp; Wandler (2011) specify the dividend signalling theory, which is based particularly on the assumption of the asymmetry of information between the company management and the shareholders and in recent decades it has been studied

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Kasozi, Jason, and Amkela Ngwenya. "Determinants of corporate dividend payment policies: A case of the banking industry in South Africa." Journal of Governance and Regulation 4, no. 4 (2015): 380–90. http://dx.doi.org/10.22495/jgr_v4_i4_c3_p3.

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Dividends are of strategic importance to organisations because they form the nexus of organisations’ capital structures and have an important bearing on firm value. Consequently, this study sought to investigate factors affecting dividend policy formulations and practices of South African banks by assessing the application of ex ante dividend theory literature on these firms. Our approach followed a mixed-methods design of analysis with a behavioural stand point of eliciting responses from banking experts through a survey. Findings indicate that factors relating to financial performance, inves

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Shahrbabaki, Alireza Aghaee, Saeed Sakkaki, Peyman Parsa, Mohammad Saeed Heidary, and Vahid Yousefi Pour. "Strategic reactions to information content of dividend change: applying BCG growth share matrix when signalling hypothesis identified." Entrepreneurship and Sustainability Issues 8, no. 2 (2020): 10–32. http://dx.doi.org/10.9770/jesi.2020.8.2(1).

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Chan, Tze-Haw, Hooi-Laing Boo, and Ruhani Ali. "Dividend Payout Policy and Global Financial Crisis: A Study on Malaysian Non-Financial Listed Companies." Asian Journal of Business and Accounting 14, no. 1 (2021): 145–70. http://dx.doi.org/10.22452/ajba.vol14no1.6.

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Manuscript type: Research paper Research aims: This paper examines the impact of the global financial crisis on Malaysia non-financial index firms’ dividend policies. Design/Methodology/Approach: This paper used panel data of 495 firm-year observations of Malaysian non-financial index firms from 2006 to 2016. Research findings: Our findings indicate that firms adjust their dividend policies during the pre-crisis and post-crisis periods; more profitable and larger firms are more likely to distribute their dividend payouts, whereas firms with higher leverage are more likely to omit their dividen

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Yarram, Subba Reddy. "Corporate governance ratings and the dividend payout decisions of Australian corporate firms." International Journal of Managerial Finance 11, no. 2 (2015): 162–78. http://dx.doi.org/10.1108/ijmf-01-2013-0012.

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Purpose – The purpose of this paper is to examine the influence of corporate governance on the dividend payout decisions of Australian firms by considering two related objectives. First, it considers the role of corporate governance ratings (CGRs) on the decision to pay or not to pay dividends. Second, it considers the influence of CGRs on the average dividend payout level of Australian firms. Design/methodology/approach – The sample consists of 413 non-financial firms included in the All Ordinaries Index for the period 2004-2009. A logit model is employed to analyse the decision to pay or omi

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Al-Shattarat, Wasim K., Jamal A. Al-Khasawneh, and Husni K. Al-Shattarat. "Market Reaction To Changes In Dividend Payments Policy In Jordan." Journal of Applied Business Research (JABR) 28, no. 6 (2012): 1193. http://dx.doi.org/10.19030/jabr.v28i6.7335.

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The purpose of this paper is to examine empirically the signalling theory for a sample of firms listed at Amman Stock Exchange (ASE) during the period 2001 to 2006. The sample consists of 215 observations. The Event Study Methodology (ESM) is employed to examine the market reaction to dividend change announcements. The nave model is used to classify the sample under four sub samples; Dividend Increase, Dividend Decrease, Dividend No Change and No Dividend No Change. The market model, mean adjusted model, market adjusted model, market model adjusted with Scholes and Williams and market model ad

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Anwar, Sadaf, Shveta Singh, and P. K. Jain. "Impact of Cash Dividend Announcements: Evidence from the Indian Manufacturing Companies." Journal of Emerging Market Finance 16, no. 1 (2017): 29–60. http://dx.doi.org/10.1177/0972652716686238.

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According to a recent survey by McKinsey and Company, the Indian manufacturing sector is expected to touch US$ 1 trillion by 2025.This study analyses the impact of the announcement of cash dividends on the stock price returns of the manufacturing companies listed on Bombay Stock Exchange using event study methodology. Further, it explores whether the US financial crisis recession impacted average abnormal returns (AARs) in the period of study. The empirical results show that cash dividend announcements have positive AARs. Overall, the results lend support to the signalling and informational co

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Ibrahim Eldomiaty, Tarek, Ola Atia, Ahmad Badawy, and Hassan Hafez. "Mutual benefits of transferring stock risks to dividend policy." Journal of Economic and Administrative Sciences 30, no. 2 (2014): 131–58. http://dx.doi.org/10.1108/jeas-05-2013-0016.

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Purpose – The literature on the relation between dividends and stock risks include mixed results. The related studies have reached either insignificant, or positive, or negative results. The authors offer a mathematical structure that addresses potential mutual benefits of dividends signaling under conditions of stock risks (systematic and unsystematic). The mathematical structure demonstrates explicitly a case of risk transfer. The purpose of this paper is to examine the potential benefits to firms and stockholders when financial managers adjust dividends per share (DPS) using percentage chan

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Castro, F. Henrique, and Claudia Yoshinaga. "Underreaction to open market share repurchases,." Revista Contabilidade & Finanças 30, no. 80 (2019): 172–85. http://dx.doi.org/10.1590/1808-057x201806230.

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ABSTRACT This article aims to investigate the long-term performance of a portfolio of firms that announced the repurchase of their own stocks in the Brazilian market from 2003 to 2014. Open market stock repurchase is a means to distribute cashflow to shareholders. Some of the reasons for a firm to buy back its own stocks are: to adjust its capital structure; to reduce excessive cash levels; as an alternative to dividends; and signaling to the market in order to reduce information asymmetry between the firm and its investors. If the signaling hypothesis is true, then forming a portfolio with sh

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Dhakal, Nabia, and Ajay Shah. "Dividend Policy, Share Price and Future Profitability: Case of Commercial Banks in Nepal." Journal of Business and Social Sciences Research 1, no. 1 (2018): 89. http://dx.doi.org/10.3126/jbssr.v1i1.20951.

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<p>The study analyzes the impact of dividend policy on share price and future profitability of commercial banks in Nepal. Using panel secondary data of 13 commercial banks from year 2001 to 2014, correlation and regression analysis are applied for the study. The impact of dividend policy on share price is analysed first and the findings of initial analysis suggests that dividend yield and retention ratio have significant negative impact, whereas earning per share has significant positive impact on share price. The study, thus, supports the dividend relevance in Nepalese capital market, a

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