earticle

논문검색

Foreign Currency Denominated Debt and Dividend Policy

초록

영어

We examine whether foreign currency denominated debt affects corporate dividend policy. Specifically, this study tests the prediction that foreign currency denominated debt ratio is negatively related to the likelihood of paying dividends and the levels of dividends. Consistent with our prediction, we find that firms with a higher foreign currency debt ratio are less likely to pay dividends, and pay lower levels of dividends when they do. These findings indicate that foreign currency debt ratio is one of the important factors that affect corporate dividend policy. Our results provide evidence that foreign creditors have the potential in determining corporate dividend policy.

목차

Abstract
 1. Introduction
 2. Determinants of Corporate Dividend Policy and Hypothesis Development
  2.1 Determinants of Corporate Dividend Policy
  2.2 Hypothesis Development
 3. Data and Variable Definition
  3.1. Data and Sample Selection
  3.2. Dependent Variables
  3.3. Explanatory and Control Variables
 4. Empirical Results
  4.1. Descriptive Statistics and Correlation Coefficients
  4.2. Portfolio Analysis
  4.3. Foreign Currency Debt Ratio and Likelihood of Paying Dividends
  4.4. Foreign Currency Debt Ratio and Likelihood of Omitting Dividends
  4.5. Foreign Currency Debt Ratio and Levels of Dividends
  4.6. Additional Robustness Tests
 5. Conclusion
 References

저자정보

  • Youngmok Choi College of Economics & Business Administration Cheongju University, Korea
  • Kunsu Park School of Accountancy The Shidler College of Business University of Hawaii at Manoa

참고문헌

자료제공 : 네이버학술정보

    함께 이용한 논문

      ※ 기관로그인 시 무료 이용이 가능합니다.

      • 9,900원

      0개의 논문이 장바구니에 담겼습니다.