簡易檢索 / 詳目顯示
| 研究生： |
沈群翔 Shen,Chun-Hsiang |
|---|---|
| 論文名稱： |
Dividends Catering Around the World |
| 指導教授： |
屠美亞
Twu,Mia |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 財務管理學系 Department of Finance |
| 論文出版年： | 2005 |
| 畢業學年度： | 93 |
| 語文別： | 英文 |
| 中文關鍵詞： | 現金股利 |
| 外文關鍵詞： | Dividends, Catering theory, Dividends premium |
| 相關次數： | 點閱：113 下載：0 |
| 分享至: |
| 查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報 |
Baker and Wurgler(2004) propose a new view on dividend policy called a catering theory of dividends. Managers cater to investors by paying dividends when investors put a stock price premium on payers, and by not paying when investors prefer nonpayer. We connect the catering theory and the difference in the market structure among countries, and want to know in which market structure managers are more willing to care about investors’ demand and then decide to pay dividends or not. First, our study indicates that the catering theory of dividends proposed by Baker and Wurgler (2004) exists around the world. Second, our study shows that managers in a country with a developed stock market, with higher protection and with lower tax advantage pay more attention to what investors desire on dividends, while managers in the higher ownership concentration group care less about investors demand.
Chapter1. Introduction 3
Chapter2. Literature review 6
2.1. A catering theory of dividends 6
2.2. Development of capital markets and dividends 7
2.3. Investor protection and dividends 8
2.4. Ownership and dividends 9
2.5. Tax and dividends 9
Chapter3. Data and methodology 11
3.1. Hypothesis 11
3.2. Data sources and sample 12
3.2.1. Countries selection 12
3.2.2. Companies selection 13
3.3. Definitions of variables 14
3.3.1 Variables on firm characteristics 14
3.3.2 Aggregate variables ( country—level variables ) 15
3.4. Methodology 17
3.4.1 Wilcoxon rank-sum test 17
3.4.2 Panel regression with random effect and Logit regression 19
Chapter4. Empirical results 23
4.1 Descriptive statistics 23
4.2 Regression results 27
4.2.1 Dividends catering and development of the capital market 30
4.2.2 Dividends catering and ownership concentration 31
4.2.3 Dividends catering and investor protection 33
4.2.4 Dividends catering and dividends tax advantage 34
4.3 Robustness 37
4.3.1 Reconstruct the models 37
4.3.2 Random effects regression for separate groups 40
Chapter5. Conclusions and suggestions 43
5.1. Conclusions 43
5.2. Suggestions and further research 44
References 48
Aivazian, V., Booth, L., and Cleary, S., 2003, Dividend policy and the organization of capital markets, Journal of Multinational Financial Management, 13, 101-121.
Aivazian, V., Booth, L., 2003, Do emerging market firms follow different dividend policies from US. firms? The Journal of Financial Research, Vol.26, No.3, 371-387.
Baker, M., Wurgler, J., 2004, A catering theory of dividends, The Journal of Finance Vol. 59, No3, 1125-1165
Baker, M., Wurgler, J., 2004, Appearing and disappearing dividends: The link to catering incentives, Journal of Financial Economics 73 ,271-288.
Barclay, M., and C. Holderness, 1989, Private benefits from control of public
corporations, Journal of Financial Economics 25, 371-396.
Bhatacharya, S., 1979, Imperfect information, dividend policy and the “bird in the hand” fallacy, Bell Journal of Economics, 10, 259-270.
DeAngelo, H., and L. DeAngelo, 2000, Controlling stockholders and the disciplinary role of corporate payout policy: a study of the Times Mirror Company, Journal of Financial Economics 56, 153-207.
DeAngelo Harry, Linda DeAngelo, and Douglas J. Skinner, 2004, Are dividends disappearing? Dividend concentration and the consolidation of earnings, Journal of Financial Economics 72, 425-456.
Dittmar, Amy, Jan Mahrt-Smith, and Henri Servaes, 2003, International corporate governance and corporate cash holdings, Journal of Financial Economics 58, 81-112.
Douglas Bernheim, B., and Wantz, A., 1995, A tax-based test of the dividend signaling hypothesis, The American Economic Review, Vol.85, No.3, 523-551.
Easterbrook, F., 1984, Two agency-cost explanations of dividends. American Economic Review, 74, 650–659.
Fama, Eugene F., and Kenneth R. French, 2001, Disappearing dividends: changing firm characteristics or lower propensity to pay? Journal of Financial Economics 60, 3-43.
Fuller, K., Goldstein, M., 2002, The ups and downs of dividend preference. Unpublished working paper, University of Michigan.
Glen, J., Y. Karmokolias, R. Miller, S. Shah, 1994, Dividend policy and behavior in emerging markets, International Finance Corporation, Discussion Paper #2, 1994.
Kose, J., and Williams J., 1985, Dividends, dilution, and taxes: a signaling equilibrium, The Journal of Finance, Vol.40, No.4, 1053-1070.
La Porta, R., F. Lopez de Silanes, A. Shleifer and R. Vishny, 1998, Law and finance, The Journal of Political Economy 106(6), 1113-1155.
La Porta, R., F. Lopez de Silanes, A. Shleifer and R. Vishny, 1999, Corporate ownership around the world, Journal of Finance, 54(2), 471-517.
La Porta, R., F. Lopez de Silanes, A. Shleifer and R. Vishny, 2000, Agency problems and dividend policies around the world, Journal of Finance 55, 1-33.
La Porta, R., F. Lopez de Silanes, A. Shleifer and R. Vishny, 2000, Investor protection and corporate governance, Journal of Financial Economics 58, 3-27.
此全文未授權公開