Disappearing and reappearing dividends

Michaely, Roni; Moin, Amani

doi:10.1016/j.jfineco.2021.06.029

Cited by 32 publications

(8 citation statements)

References 13 publications

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“…For example, studies such as Mitton (2004), Brockman and Unlu (2009) and Chang et al (2018) use one-year growth in either assets or sales to proxy for growth opportunities. Others simultaneously include growth (sales or assets) with the market-to-book of assets ratio (see Michaely and Moin, 2022, for an example), while others simultaneously include asset growth and sales growth (see Goyal et al, 2020, for example). We find that our main findings do not materially change when we use each of the latter two approaches.…”

Section: Notesmentioning

confidence: 99%

“…(2018) use one-year growth in either assets or sales to proxy for growth opportunities. Others simultaneously include growth (sales or assets) with the market-to-book of assets ratio (see Michaely and Moin, 2022, for an example), while others simultaneously include asset growth and sales growth (see Goyal et al. , 2020, for example).…”

Section: Notesmentioning

confidence: 99%

“…With the onset of the global financial crisis, industrial firms discontinued repurchases but largely maintained dividends. Michaely and Moin (2022) study the increase in dividend-paying firms since 2000. Lee and Suh (2011) examine payout policies in the 1998–2006 period and show that repurchase-only firms outnumber dividend-only and dividend and share repurchasing firms.…”

Section: Notesmentioning

confidence: 99%

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The cost of equity to earnings yield differential and dividend policy

Esqueda

O’Connor

2023

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PurposeThe authors measure the cost of equity to earnings yield differential for a sample of 2,035 non-financial firms. In a series of Logit and Tobit regressions, the authors examine if the cost of equity to earnings yield differential is related to dividend policy in the manner predicted by agency theory.Design/methodology/approachAgency theory says a firm's optimal dividend policy is partially determined by the relationship between the earnings yield and the cost of equity capital. When the cost of equity is higher (lower) than the earnings yield, firms are motivated to (not) pay dividends as this reduces the cost of capital and holding other things constant, increases corporate valuations. The authors test whether managers set dividend policies to maximize the value of the firm.FindingsThe study’s findings show that when the cost of equity is higher (lower) than earnings yield, firms are more (less) likely to be dividend payers and the payouts are higher (lower). The results are robust to the inclusion of share repurchases as an alternative to cash distributions. The study’s findings support the cost of equity hypothesis and are consistent with alternative dividend theories.Originality/valueThe study’s findings support the cost of equity hypothesis and are consistent with alternative dividend theories. To the authors’ knowledge, this is the first paper testing the cost of equity hypothesis.

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Section: Notesmentioning

confidence: 99%

Section: Notesmentioning

confidence: 99%

Section: Notesmentioning

confidence: 99%

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The cost of equity to earnings yield differential and dividend policy

Esqueda

O’Connor

2023

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“…Michaely and Roberts (2011) in their study disclose that Ownership structure and incentives are the main factors that play an important role in determining dividend policy. Some of the firms those paying dividend, now they stop paying (Michaely & Moin, 2022). There are no appropriate sets of factors influencing dividend policy of all the firms because dividend policy is highly volatile to various factors like firm & market characteristics and alternative forms of dividend (Baker & Weigand, 2015).…”

Section: Introductionmentioning

confidence: 99%

Dividend Policy: A Bibliometric Analysis

2022

IJFB

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The dividend is one of the controversial topics in Financial Management which mean earnings of management how much amount is distributed to the shareholders and what percentage is retained in the business. The main objective of the study is to provide a comprehensive overview of previous studies related to the topic of Dividend Policy in the context of statistical analysis of published articles/documents around the world. For this purpose, Bibliometric Analysis was conducted through the Bibliometrix library and the Biblio-Shiny platform of RStudio. The web of Science database was used for the collection of data on the topic of Dividend Policy. The search was made in the web of science database with the keywords “The dividend policy”, “Dividend payouts”, “Determinants” and “Lintner model” covering the period of 20 years from 2002 to 2022. The publications/documents/articles included in the study were written by 839 authors from all over the world. The Bibliometric Analysis of the collected data indicates that the Dividend Policy has a significant contribution to scientific production. In 2011, there was a great increment in the number of publications and since 2018 the publications are continuously increasing. USA, UK and China are the pre-eminent countries having significant contributions to research on Dividend Policy.

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“…Michaely and Roberts 2011 in their study disclose that Ownership structure and incentives are the main factors that play an important role in determining dividend policy. Some of the firms those paying dividend, now they stop paying (Michaely and Moin 2022). There are no appropriate sets of factors influencing dividend policy of all the firms because dividend policy is highly volatile to various factors like firm & market characteristics and alternative forms of dividend (Baker and Weigand 2015).There are different viewpoints pertaining to dividend policy.…”

Section: Introductionmentioning

confidence: 99%

Studies on Dividend Policy: A Bibliometric Analysis

Saini¹,

Sharma²

2022

OJC

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Dividend is one of the controversial topics in financial management which mean out of earning of management how much is distributed to the shareholders and what percentage is retained in business. The main objective of the study is to provide comprehensive overview of previous studies related with the topic 'Dividend Policy' in context of statistical analysis of published articles/documents around the world. For this purpose, the study employed bibliometric analysis, which was conducted through Bibliometrix library and Biblio-Shiny platform of RStudio. Web of science database was used for collection of data with the keywords "dividend policy", "Dividend payouts", "Determinants" and "Lintner model" covering the period of 20 years from 2002 to 2022. The findings of the study depict that in 2011, there was great increment in number of publications and from 2018 the publications are continuously increasing. USA, UK and China are the pre-eminent countries having significant contribution in research on dividend policy.

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Disappearing and reappearing dividends

Cited by 32 publications

References 13 publications

The cost of equity to earnings yield differential and dividend policy

The cost of equity to earnings yield differential and dividend policy

Dividend Policy: A Bibliometric Analysis

Studies on Dividend Policy: A Bibliometric Analysis

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