Earticle

초록

영어

I examine whether dividend policy affects investment decisions through two-stage regressions with diagnostic analyses sufficient to highlight endogeneity. Contrary to Miller and Modigliani [1961, Dividend policy, growth, and the valuation of shares, Journal of Business 34, 411-433], neither the magnitude of dividends nor their changes are merely determined as the residual cash flows after investment spending. Results also indicate that discretionary accruals mitigate the competition for capital resources between investment decisions and dividend policy. However, the marginal propensity to pay dividends is similar between discretionary accruals and the other components of earnings.

목차

ABSTRACT
 I. INTRODUCTION
 II. LITERATURE REVIEW AND HYPOTHESES
 III. RESEARCH DESIGN AND VARIABLE MEASUREMENT
  Research Design
  Instrument Variable
  Discretionary Accruals
  Control Variable for Dividends
 IV. SAMPLE AND DESCRIPTIVE STATISTICS
 V. BASELINE RESULTS FOR DIVIDEND MAGNITUDE
  Endogeneity and the Dampening Effect of Investment on Dividends
  The Effect of Discretionary Accruals on Dividends and Investment
 VI. OLS REGRESSIONS OF DIVIDEND CHANGE AND NONZERO DIVIDENDS
  Endogeneity and the Dampening Effect of Investment on Dividends
  The Effect of Discretionary Accruals on Dividends and Investment
 VII. ROBUSTNESS
 VIII. CONCLUSIONS
 References
 TABLE

키워드

저자

• 한국재무학회

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330