(How Financial Policy and Ownership Structure Affect the Values of Firms Having Different Growth Opportunities?)

An examination was performed on whether director interlocks enabled the adoption of a dividend policy for the benefit of the parent company in the ownership structure. Specifically, the study investigated the dependence of the impact of the central position in the board network on the probability of dividend payment. Based on sample of firms listed on Polish capital market, it was observed that the more central the company’s position in the interlocking directorate network, the more likely it is to pay dividends to a subsidiary. This effect is related to the eigenvector centrality. The results obtained suggest that corporate financial policy can be spread across firms through the board network.

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What Tells the Timing of Dividend Payment to Shareholders? The Case of French Companies

International Journal of Accounting and Financial Reporting ◽

10.5296/ijafr.v9i1.14338 ◽

2019 ◽

Vol 9 (1) ◽

pp. 183

Author(s):

Wissal Ben Letaifa

Keyword(s):

Corporate Governance ◽

Ownership Structure ◽

Cox Regression ◽

Growth Opportunities ◽

Dividend Payment ◽

Listed Firms ◽

Agency Conflict ◽

French Study ◽

The Impact ◽

The Relationship

Purpose: This paper aims to extend and contributes to prior French research on the determinants of the timing of dividend payment. It seeks to investigate the impact of ownership structure, duality of the manager as chairman and president of the board, liquidity, size and growth opportunities, profitability, variation of the amount of dividend on the real timing of dividend payment.Design/methodology/approach: Using a panel of French listed firms from 2003 to 2008, the paper uses a cox regression to investigate the relationship between the corporate determinants and the timing of dividend payment.Finding: The paper finds that large shareholders influence the timing of dividend payment but there is no significant relationship between the duality of the manager and the fixing of the dividend payment. The finding is consistent with agency theory since rapid dividend payment can be employed for mitigating agency conflict as timing of dividend payment can be substituted for shareholder monitoring. Further, the empirical results reveal that Cox regression is more appropriate in explaining the duration of dividend payment with variables associated to corporate governance and ownership structure.Originality/value: The paper contributes to prior research related to the timing of dividend payment by being the first French study to examine the determinants of the timing of dividend payment for listed companies in CAC 40.

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Dividend Policy of Indonesian State-Owned Enterprises

Telaah Bisnis ◽

10.35917/tb.v18i1.92 ◽

2018 ◽

Vol 18 (1) ◽

Author(s):

Wahyuni Rusliyana Sari

Keyword(s):

Firm Size ◽

Ownership Structure ◽

Dividend Policy ◽

Stock Exchange ◽

Business Risk ◽

Financial Leverage ◽

Growth Opportunities ◽

Global Crisis ◽

Dividend Payout ◽

The Impact

Abstract The purpose of this research is to identify the factors that influence the dividend policy. The model considered the impact of ownership structure, firm size, growth opportunities, financial leverage, profitability, business risk, age, previous year’s dividends, and global crisis 2008 on dividend payout ratio. Sample in this research is state-owned enterprises listed in Indonesian Stock Exchange between the years from 2004-2013. With using purposive sampling, the total of the sample in this research is 8 state-owned companies. The methodology of this research was multiple regression linier. The result of this research find that firm size, previous year’s dividends, and global crisis 2008 significant to dividend payout ratio. Ownership structure, growth opportunities, financial leverage, profitability, business risk, and age do not have significant to dividend payout ratio. This result indicates that the companies management has to consider firm size, previous year’s dividends, and global crisis 2008 in dividend payout ratio.

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