2012년 KFA&TFA Joint Conference in Finance (2012.09)바로가기
페이지
pp.101-148
저자
Soojung Kim, Jungwon Suh
언어
영어(ENG)
URL
https://www.earticle.net/Article/A243206
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원문정보
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