Signaling, corporate governance, and the equilibrium dividend policy

Corporate governance and dividend pay-out policy in UK listed SMEs

“…The current study used dividend per share because it is considered as a reliable measure of firms' dividend payment policy (Charalambidis & Papadopoulos, 2007). Additionally, and consistent with previous studies (e.g., Esqueda, 2016;Jiraporn et al, 2011;John & Knyazeva, 2006), this study employs the ratio of dividends to total assets as alternative proxy to check the robustness of our findings. Second, our main independent variables are board size (BS), board independence (BI), CEO duality (CEO), frequency of board meetings (BM), board gender diversity (BG) and audit committee size (AS).…”

“…First, to check the extent to which our main findings are robust to alternative dividend pay-out proxy, we use the ratio of dividends to total assets. This alternative dividend proxy has been employed in the current study because it is considered to be appropriate and also because it has widely been used in prior studies (e.g., Esqueda, 2016;Jiraporn et al, 2011;John & Knyazeva, 2006). Overall, after comparing the results reported in model 1 of Table 5 with the main OLS results, the findings remain relatively the same, and thereby indicating that the results of the current study are largely unaffected by potential problems that may be associated with the use of alternative dividend pay-out proxy.…”

Predicting the Virtual Financial Communication Content: A Discriminant Analysis Applied on Small and Medium Stocks

“…Some researches outline the fact that performing organization is by and large using a great financial communication strategy. Conversely, others theoretical frameworks argues that performing organization disclosure less to protect themselves from specific stakeholders (Talmor, 1981;Hennessy, Livdan & Miranda, 2010;Connelly, Certo, Ireland & Reutzel, 2011;Esqueda, 2016). The OP is considered to be more significant about predicting financial communication content because it is related to organization's success and efficiency.…”

Relação entre Níveis de Governança, Política de Dividendos, Endividamento e Valor das Empresas Brasileiras

“…Em relação à estrutura de governança os estudos indicam que maiores níveis de governança possibilitam que as empresas distribuam um menor volume de dividendos, pois os investidores estariam mais propensos a reinvestirem os lucros para financiamento de projetos de investimento com VPL positivo (ESQUEDA, 2015). Entretanto, esses resultados não se confirmam homogenea-mente.…”