Does CEO turnover influence dividend policy?

Barros, Victor; Guedes, Maria João; Santos, Pedro Henrique dos

doi:10.1016/j.frl.2021.102085

Cited by 10 publications

(5 citation statements)

References 42 publications

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“…In prior literature on dividends (Ben Naceur et al ., 2006; Hu and Chang, 2022), dividend per share is the widely used proxy for firms. The alternative, dependent variables, namely the ratio of dividend per share to the book value per share (Hu and Chang, 2022) (DIV/BV), DPS regular and payout regular (Barros et al ., 2022), reflecting stability in dividend per share and stability in payout ratio respectively, were added as an extension to equation (1). The fixed-effects regression model results with DIV and DIV/BV as the dependent variable and the logit model with DPS regular and payout regular as the dependent variables are presented in section 4.…”

Section: Data and Variablesmentioning

confidence: 99%

“…, 2023). Barros et al . (2022) stated that dividend decisions are crucial information for the firm's management, shareholders and potential investors.…”

Section: Introductionmentioning

confidence: 99%

“…Many studies have examined the determinants of dividend payment, such as financial leverage (Naceur et al, 2006;Sharma, 2021), earnings, profitability, past dividends (Dewasiri et al, 2019) and ownership structure (Tayachi et al, 2023). Barros et al (2022) stated that dividend decisions are crucial information for the firm's management, shareholders and potential investors. Dewasiri et al (2022) highlighted the need for existing research to solve the dividend puzzle.…”

Section: Introductionmentioning

confidence: 99%

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Do contingent liabilities affect dividend decisions?

Chaklader,

Mundi

2023

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PurposeThe paper examines contingent liabilities' effect on the firm's dividend decisions.Design/methodology/approachFixed-effects regression and logit model results estimate the influence of contingent liabilities on firms' dividend decisions using a sample of 2,288 firm-year observations of S&P 500 firms from 2012 until 2022. Robustness checks and results from the 2SLS model further support the authors’ findings.FindingsThe results show that contingent liabilities negatively affect dividend payment decisions. This analysis further demonstrates that the stated effect of contingent liabilities on dividend decisions is more substantial for firms with financing deficits and those with above-industry-average corporate governance scores.Research limitations/implicationsThere needs to be more systematic conceptual reason for measuring uncertainty for firms and its influence on dividend decisions. Future research should use other measures of firm uncertainty to examine the relation of the firm's uncertainty with dividend decisions.Practical implicationsThe authors suggest that contingent liabilities create uncertainty for future cash flows, influence a firm's agency costs and provide credible signals on a firm's prospects to the market. The findings support existing literature that measurable firm-specific variables significantly influence a firm's dividend decisions. The results are robust for an alternative explanation.Originality/valueBy investigating the impact of the influence of contingent liabilities on dividends, the authors extend research on dividend decisions and attempt to provide insights into a firm's dividend decisions by incorporating an off-the-balance sheet item (contingent liabilities) as a significant predictor for dividend decisions.

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Section: Data and Variablesmentioning

confidence: 99%

“…, 2023). Barros et al . (2022) stated that dividend decisions are crucial information for the firm's management, shareholders and potential investors.…”

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Do contingent liabilities affect dividend decisions?

Chaklader,

Mundi

2023

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“…Menurut hasil penelitian dari Driver et al, (2020) makin besar proporsi deviden akan makin besar pula modal yang disetor investor, dan laba bagi perusahaan. Namun disisi lain, kebijakan deviden ini akan menurunkan kinerja struktur modal dalam jangka pendek (Barros et al, 2021). jika tidak dilakukan insentive modal dari investor maka struktur modal akan melemah atau berkurang, sehingga hipotesis yang diajukan dalam penelitian ini adalah: H3: Kebijakan deviden berpengaruh negative terhadap struktur modal…”

Section: Pengaruh Kebijakan Deviden Terhadap Struktur Modalunclassified

Struktur Modal Perusahaan Manufaktur Subsektor Consumer Goods Yang Terdaftar di BEI Periode 2016-2020: Analisis Moderator Kebijakan Deviden

Mulya

Indriaty

2022

ASSET

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Bagaimana faktor struktur modal dari likuiditas, dan pertumbuhan penjualan, dengan kebijakan deviden sebagai moderator terhadap struktur modal, itu adalah tujuan dalam penelitian ini. Struktur modal diproksikan dengan Debt Equity Ratio, Likuiditas dengan Current Ratio (CR), pertumbuhan penjualan dengan Salles growt, moderator kebijakan deviden diproksikan dengan Devident Payout Ratio. Objek penelitian adalah perusahaan manufaktur subsector consumer goods yang terdaftar di Bursa Efek Indonesia pada periode 2016-2020. Adapun teknik pemilihan sampel dengan menggunakan teknik purposive sampling. Berdasarkan populasi perusahaan manufaktur di BEI terdapat 17 perusahaan manufaktur yang sesuai dengan kriteria sampling. Alat analisis yang digunakan adalah regresi berganda dan regresi moderasi, uji modelnya adalah uji t, uji F, dan uji adjusted koefisien determinan (〖adjR〗^2). Berdasarkan hasil uji regresi berganda, current rasio dan Devident Payout Ratio berpengaruh negatif terhadap struktur modal, dimana nilai 〖adjR〗^2 adalah 49,6%. Sementara hasil uji regresi moderasi menunjukkan hasil current rasio dan Devident Payout Ratio, pemoderasi Devident Payout Ratio terhadap Current Ratio dan sales growth, berpengaruh negatif terhadap struktur modal, sales growth berpengaruh positif terhadap struktur modal, dengan nilai 〖adjR〗^2 diperoleh variabel independent mempengaruhi variabel dependent sebesar 52,2%.

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“…The authority to control dividend policy is one of the powers delegated by shareholders to the board of directors (Akindayomi & Amin, 2022;Lee, 2022) Companies that decide to distribute their profits in the form of dividends will make available company funds limited, but on the other hand the distribution of dividends can give a positive signal for companies in the capital market because the company is considered capable of providing returns to shareholders in the form of dividends (Cao et al, 2022;Kasahara & Orihara, 2022). Shareholders or investors certainly want the company's profit and profit per share to be stable or even increase every year (Barros et al, 2021(Barros et al, , 2022Grassetti et al, 2022).…”

Section: Introductionmentioning

confidence: 99%

Importance of Liquidity Indicators in Intervening the Dividend Policy

Sunaryo

2022

ijtc

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This study aims to determine the effect of managerial ownership, institutional ownership and investment decisions on dividend policy with liquidity as an intervening variable in LQ45 companies listed on the Indonesia Stock Exchange (IDX) for the period 2018-2021. This study uses the causal associative method. This population is 45 companies using purposive sampling method . This research was conducted in LQ45 companies listed on the Indonesia Stock Exchange (IDX) for the period 2018-2021. The type of data used in this study is secondary data and analyzed using SPSS 25. The analysis technique in this study uses regression analysis and path analysis.The results of the analysis show that managerial ownership, institutional ownership and investment decisions partially affect dividend policy. Indirectly, liquidity can intervene in managerial ownership and also institutional ownership on dividend policy, while liquidity cannot intervene in investment decisions on dividend policy.

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Does CEO turnover influence dividend policy?

Cited by 10 publications

References 42 publications

Do contingent liabilities affect dividend decisions?

Do contingent liabilities affect dividend decisions?

Struktur Modal Perusahaan Manufaktur Subsektor Consumer Goods Yang Terdaftar di BEI Periode 2016-2020: Analisis Moderator Kebijakan Deviden

Importance of Liquidity Indicators in Intervening the Dividend Policy

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