원문정보
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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
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
저자정보
참고문헌
자료제공 : 네이버학술정보