Earticle

초록

영어

Using U.S. data over the period 1972-2008, we identify a J-shaped relation between dividends and firm value. On average, top-dividend-payers are valued higher than all other firms including nondividend- payers, while non-dividend-payers are valued higher than low-dividend-payers. This Jshaped relation is highly stable over time, given that it is observed in nearly every individual year. Moreover, the J-shaped pattern persists after controlling for key firm characteristics as well as endogeneity. We also find similar J-shaped relations in other stock markets including Australia, Canada, France, Germany, Japan and U.K. Further analyses indicate that existing dividend theories, such as the dividend catering, free-cash-flow and dividend clientele hypotheses, do not offer satisfactory explanations for the J-shaped dividend-value relation.

목차

Abstract
 1. Introduction
 2. Hypotheses on the dividend-value relation
 3. Research design and data
 4. Empirical Results
  4.1. The J-shaped relation between firm value and dividends
  4.2. Modified Fama-French value regression results
  4.3. The dividend-value relation after controlling for endogeneity
  4.4. The dividend-value relation after excluding share repurchasing firms in the dataset
  4.5 Can growth explain the lower part of the J-shaped pattern?
  4.6 Assessments of existing dividend hypotheses
  4.7 International evidence
  4.8 Discussion of valuation effect of dividend changes
 5. Concluding remarks
 References
 Appendix
 Figure

키워드

저자

• Soojung Kim [ Kyung Hee Cyber University, Seoul, Korea ]
• Jungwon Suh [ Sungkyungkwan University, Seoul, Korea ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330