Dividend Changes, Signaling, and Stock Price Performance

Savov, Sava

doi:10.2139/ssrn.933082

Cited by 10 publications

(11 citation statements)

References 27 publications

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“…The results of common effect model show that there is a positive relationship between dividend payout ratio and discretionary accruals. These results are in line with the results of previous studies (Brickley, 1983;Healy & Palepu, 1988;Aharony & Dotan, 1994) and contradictory with the results of Savov (2006), who showed that there is a negative relationship between dividend policy and earnings management. However, this relationship is insignificant which does not authenticate the notion that managers are involved in earnings managemnet to make the adjustments in dividident payout.…”

Section: Resultssupporting

confidence: 65%

“…They can show less income and more expenses to fulfill this objective. The study of Edelstein et al (2008) supports the findings of Kato et al (2001) who revealed dividend stirred earnings management, but contradictory with the study of Savov (2006) who found in his study that firms holding more investments have more chances of discretionary accruals in their earnings. These discretionary accruals are the measure of earnings management.…”

Section: Dividend Policy and Earnings Managementmentioning

confidence: 90%

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Dividend Policy and Earnings Management: An Empirical Study of Pakistani Listed Companies

Arif¹,

Khan²,

Kayani³

et al. 2011

IMBR

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Dividend policy is one of the widely addressed topics in financial management. It is an important duty of a financial manager to formulate the company's dividend policy that is in the best interest of the company. Many a time financial managers are involved in earnings management practices with the intention of adjusting dividends. The present study has been carried out to scrutinize the effect of earnings management on dividend policy. The researchers have taken the data of 86 listed companies for the year 2004 to 2009. The researchers have measured the dividend policy by using dividend payout ratio while Modified Cross Sectional Jones Model (1995) has been employed to measure the earnings management. The results of the common effect model show that there is not any significant relationship among earnings management and dividend policy. Moreover, smaller companies are paying more dividends as compared to larger companies. This study reveals that involvement of managers is not for dividend policy. There might be some other motives behind the earnings management.

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Section: Resultssupporting

confidence: 65%

Section: Dividend Policy and Earnings Managementmentioning

confidence: 90%

Dividend Policy and Earnings Management: An Empirical Study of Pakistani Listed Companies

Arif¹,

Khan²,

Kayani³

et al. 2011

IMBR

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show abstract

“…Support for the signaling hypothesis can be found in many researches, for example, in Waweru, Pokhariyal and Mwaura (2012), Balachandran, Mahamuni andDempsey (2010), andBali (2003). In contrast, other researchers found partial support or rejected the signaling hypothesis such as Li and Zhao (2008), Savov (2006), andWatts, (1973).…”

Section: Literature Reviewmentioning

confidence: 95%

Does Ownership Structure Matter for Dividend Yield? Evidence from the Hong Kong Stock Exchange

Zhang

Jia

2014

Business and Economic Research

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A research framework is developed to identify the key factors that would influence corporate dividend yield of Hong Kong listed companies. This study examines how ownership structure affects dividend yield using firm size, profitability, leverage, and firm development opportunities as control factors. The result reveals that ownership structure and profitability has the most important effect on divided yield. Firm size also determines the dividend payout but in negative relationship. It is suggested that firm leverage and market-to-book showed no significant influence on dividend policy. The findings in this study are useful for investors to understand what are the determinants of corporate dividend payout in Hong Kong so they can make wise and suitable choice.

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“…Perubahan dividen meningkat memiliki kemampuan prediksi yang lebih tinggi pada perusahaan yang mengalami penurunan laba dengan arus kas negatif dibandingkan pada perusahaan yang mengalami penurunan laba dengan arus kas positif. Savov (2006) juga mencoba menguji hubungan perubahan dividen dengan perubahan performa operasional perusahaan setelah tejadinya perubahan dividen. Hasil penelitian ini ternyata tidak dapat menemukan hubungan antara perubahan dividen meningkat dengan perubahan laba meningkat yang terjadi setelah perubahan dividen tersebut sebaliknya menemukan bahwa laba perusahaan-perusahaan yang dijadikan sampel justru mengalami penurunan setelah terjadinya peningkatan dividen.…”

Section: The Signaling Theoryunclassified

“…Dalam perkembangannya, penelitian mengenai kemampuan pensinyalan dividen turut diujikan pada hubungan perubahan dividen dengan perubahan laba yang terjadi setelah perusahaan melakukan perubahan dividen tersebut. Savov (2006) Demikian penelitian ini menjadi penelitian terkini tentang kebijakan dividen yang diterapkan pada perusahaan di Indonesia, dan menjadi bukti empiris atas hubungan perubahan dividen dengan perubahan laba serta berkontribusi pada penjelasan teori pensinyalan dividen (dividend signaling theory) terhadap laba perusahaan di masa depan. Selain itu penelitian ini dapat memberikan kontrubusi bagi pemegang saham dalam mengambil keputusan investasi lebih cepat, cermat dan akurat terkait dengan kebijakan dividen yang dimiliki oleh suatu perusahaan.…”

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Hubungan Perubahan Dividen dengan Perubahan Laba Perusahaan Terdaftar di BEI

Gultom¹

2018

SAKI

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This research aims to analyze the relation between dividend changes with earnings changes of the employee listed on Indonesia Stock Exchange (BEI) also to determine whether the dividend changes could predict the earnings changes. This study conducts two tests with two different research periods: during 2004 -2006 and 2006 -2008. The result of the research proves that dividend changes has a relationship with company's earnings changes in the future. From the test with two different research periods, shows that there is a negative correlation between dividend changes with earnings changes a year after dividend changes. This research also finds that dividend changes could predict earnings changes one year after dividend changes. AbstrakPenelitian ini bertujuan untuk menganalisis hubungan perubahan dividen dengan perubahan laba perusahaan yang terdaftar di Bursa Efek Indonesia serta menentukan apakah perubahan dividen mampu memprediksi perubahan laba. Studi ini menggunakan dua kali pengujian dengan dua periode penelitian yang berbeda yaitu: selama tahun 2004 -2006 dan tahun 2006 -2008. Hasil penelitian ini membuktikan bahwa perubahan dividen memiliki hubungan dengan perubahan laba perusahaan di masa depan. Dari pengujian dengan periode penelitian yang berbeda, penelitian ini menemukan korelasi negatif antara perubahan dividen dengan perubahan laba yang terjadi satu tahun setelah perubahan dividen tersebut. Penelitian ini juga menemukan perubahan dividen mampu memprediksi perubahan laba dalam jangka waktu satu tahun setelah terjadinya perubahan dividen. Kata kunci: perubahan dividen, perubahan laba, Bursa Efek Indonesia (BEI) PENDAHULUANKebijakan dividen yang ditentukan oleh suatu perusahaan berkaitan dengan kepentingan dua pihak yang berbeda, yakni pihak perusahaan dan pemegang saham. Bagi perusahaan, kebijakan

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Dividend Changes, Signaling, and Stock Price Performance

Cited by 10 publications

References 27 publications

Dividend Policy and Earnings Management: An Empirical Study of Pakistani Listed Companies

Dividend Policy and Earnings Management: An Empirical Study of Pakistani Listed Companies

Does Ownership Structure Matter for Dividend Yield? Evidence from the Hong Kong Stock Exchange

Hubungan Perubahan Dividen dengan Perubahan Laba Perusahaan Terdaftar di BEI

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