Cash Management in Russian Metallurgical and Oil and Gas Companies

The problem of money management has remained relevant over the past years. The aim of the study is to assess the impact of debt and cash flow on the amount of cash on companies with and without financial constraints. The main hypothesis of the study is that the impact of debt and cash flow on the level of cash depends on financial constraints which were taken as two proxy variables – dividend payment and bond rating. To substantiate the hypothesis put forward, a regression model of the influence of debt and cash flow on the level of cash is built in the work. For the analysis, large Russian companies in the metallurgical and oil and gas industries were sorted in accordance with financial constraints. Based on the results of the constructed regression model, the following conclusions can be drawn. Borrowed funds of companies negatively affect the amount of cash on the balance sheet, regardless of the presence andtype of financial constraints. Cash flow is not statistically significant for companies without financial constraints. This study has some limitations. The research results can be useful for corporate CFOs in order to optimize cash balances.

Moderasi Ukuran Perusahaan pada Profitabilias, Leverage dan Rasio Aktivitas terhadap Kebijakan Dividen

Dividend policy is the company's policy in determining how much profit will be paid as dividends to investors. Dividend policy is the most important determination for a company because it is not only a source of investment profit, but also shows the company's performance. In making dividend payment policies the company considers financial ratios that can have an influence on dividend payment policies. The purpose of this study is to examine the role of company size to moderate the effect of profitability ratios, leverage ratios and activity ratios on dividend policy. This study makes the service sector companies listed on the Indonesia Stock Exchange in 2014-2018 as a research population of 289 companies with the research sample taken using purposive sampling technique as many as 69 companies. This research method uses descriptive quantitative method. Data analysis was processed using Partial Least Squares (PLS) analysis with Warp-Pls 6.0 software. The results of this study indicate that the profitability ratios and activity ratios affect the dividend policy positively and significantly, while the leverage ratio affects the dividend policy negatively and significantly. Firm size strengthens the effect of profitability ratios on dividend policy but does not moderate the effect of leverage ratios and activity ratios on dividend policy

Managerial Ownership and Firm Value of Selected Nigeria Listed Manufacturing Companies: Does Dividend Payment Policy Really Mediate?

Shareholders play a vital role in an organization through parting with their funds which determines the continuity and survival of the organization. As a result of this, regular payment of dividends as at when due to different shareholders is a concerned of every stakeholder in an organization. Therefore, this study examined the mediating effect of dividend payment policy on the relationship between managerial ownership and firm value of listed manufacturing companies in Nigeria. This study focused on ten manufacturing firms that are listed on Nigeria Stock Exchange (NSE) from 2010 to 2019 using panel pool technique and Hausman’s test. The findings from this study established that there was a partial mediation of managerial ownership, dividend payout and leverage ratio on firm value. In addition, managerial ownership (20.8%) had an inverse and significant effect on firm value; while, dividend payout ratio and leverage ratio had a direct and significant effect on it with each contributing 15.2% and 3.8% to it respectively. On mediation, the finding discovered that dividend payout through managerial ownership indirectly contributed 33.1% to managerial ownership. The study concluded that managerial ownership and dividend payment policy partly contributed to firm value with dividend payment policy playing an indirect role through increase in managerial ownership. Therefore, recommended that organizations should endeavor to review their dividend payment policy and ensure that dividend accrue to the firms’ coffer are pay as at when due. Also, managers of listed firms are strongly advised to take more of long-term loan on intending capital projects.

Impact of Corporate Governance on Dividend Policy: Evidence from Pakistan

Purpose: The objective of the paper is to examine the impact of corporate governance on the dividend payout policy of firms listed on the Pakistan stock exchange during 2010-2020. As Pakistani investors face issues regarding their return in the shape of dividends and depend upon the firm’s corporate governance strength. To test whether changes in firm code of corporate governance have a significant influence on dividend policy. Design/Methodology/Approach: The panel data has been used for the period 2010-2020 and panel least square has been applied. Further, to test the association, following factors such delisting risk, government tenure, political connection with institutional shareholding as many political firms hold corporate shares which influence the decision to pay dividends. Findings: Findings from the fixed effect model show that corporate governance has a negative impact on dividend policy while government tenure, politically connected firm has a positive impact on the dividend. The study also concludes that firm size, profitability, tax, asset turnover, leverage, and firm shareholding also influence firm dividend payment behavior. Implications/Originality/Value: The implication of study reveals that firms must focus on strong their governance and include more independent directors on the board which leads to favorable strategies regarding investors. The investor must invest in those firm where lower political connection, pay continuous dividend either high or low decease/increase delisting chances, strong corporate governance and firm specific factors also lead to make decision of dividend payment.

Does Market Power Affect Banking Dividend Policy? Evidence from Nepal

We attempt to explain how market power impacts bank dividend payment behaviors in Nepal by taking the sample from the commercial banking sector employing a panel data regression model. Using the Lerner Index (LI), a non-structural measure of market power or lack of competition, we found that market power inversely but statistically insignificantly affect dividend payment. This finding leads us to conclude that market power-a proxy of more or less competition is not an important and influencing factor to the dividend decisions in commercial banking sectors signifying that competition does not seem helpful in mitigating agency conflicts. It is also concluded that banking dividend payouts are not the result of the punitive influence of product market antagonism. Further, among other firm-specific determinants, bank size and leverage significantly positively whereas asset growth significantly negatively affect the dividend decision. However, profitability is found insignificant determinant of dividend payment. The paper enriches and contributes to the literature on banking dividend payout and helps to identify the key factors that affect banking dividend decision-making. Keywords : Banks, Market competition, Market power, Lerner Index, Nepal

The Effect of Dividend Payment on Firm’s Financial Performance: An Empirical Study of Vietnam

This research aims to investigate the effects of dividend policies on a firms’ financial performance. The paper explores the research gap and then builds a research model using ROA, ROE, and Tobin’s Q as dependent variables, dividend rate and decision of dividend payment as independent variables. The paper collected data and financial statements of 450 firms that are listing on the stock market of Vietnam from 2008 to 2019. The analysis results indicate that the decision of dividend payment has negative impact to Vietnamese firms measured by accounting-based performance but this improve market expectation on firms. In addition, the paper finds that Vietnamese firms are offering low dividend rate which has a positive impact on accounting-based performance but a negative effect on market expectation. This paper proposes some instructive recommendations based on the findings, including a more appropriate model of dividend policies, a lower dividend rate, and clear decision of dividend payment.

Profitaility and Dividend Payout Among Construction Companies Listed at the Nairobi Securities Exchange

Being one of the major drivers for investing in stocks, dividend payment has been center of interest among stakeholders mainly investors, management and academic fraternity has been in attempt to investigate the causes of dividend payout. Besides the numerous studies that have been done on this subject, no amicable solution has been agreed upon regarding the influence of profitability on dividend payout with reference to listed construction firms. It is against this puzzle that this study aimed to determine the influence of the level of profit on the Dividend payout among construction companies listed at NSE. Anchored on signaling theory, the study adopted a descriptive design. A total sample population is constituted with all the five construction firms which are quoted on the Nairobi security Exchange, which constitute the sample size under the study. Secondary data was gathered by use of a secondary data collection schedule. The study performed both descriptive and inferential analyses. Results indicate that profitability (β = .971, p = .000<.05) significantly influences dividend payout. Based on the findings, the study rejects the null hypothesis that states that level of profit does not significantly influence dividend payout of construction companies listed at NSE and concludes that level of profit significantly influences dividend payout of construction companies listed at NSE. The study recommended that construction companies quoted at the Nairobi Security Exchange should aim to improve their levels of profit in order to facilitate plans of dividend payment. Being one of the major drivers for investing in stocks, dividend payment has been center of interest among stakeholders mainly investors, management and academic fraternity has been in attempt to investigate the causes of dividend payout. Besides the numerous studies that have been done on this subject, no amicable solution has been agreed upon regarding the influence of profitability on dividend payout with reference to listed construction firms. It is against this puzzle that this study aimed to determine the influence of the level of profit on the Dividend payout among construction companies listed at NSE. Anchored on signaling theory, the study adopted a descriptive design. A total sample population is constituted with all the five construction firms which are quoted on the Nairobi security Exchange, which constitute the sample size under the study. Secondary data was gathered by use of a secondary data collection schedule. The study performed both descriptive and inferential analyses. Results indicate that profitability (β = .971, p = .000<.05) significantly influences dividend payout. Based on the findings, the study rejects the null hypothesis that states that level of profit does not significantly influence dividend payout of construction companies listed at NSE and concludes that level of profit significantly influences dividend payout of construction companies listed at NSE. The study recommended that construction companies quoted at the Nairobi Security Exchange should aim to improve their levels of profit in order to facilitate plans of dividend payment.

DETERMINAN CASH HOLDING BANK YANG TERDAFTAR DI BURSA EFEK INDONESIA

ABSTRAK Penelitian ini bertujuan untuk menguji pengaruh arus kas, modal kerja bersih, leverage, dan pembayaran dividen terhadap cash holding pada perusahaan bank yang terdaftar di Bursa Efek Indonesia tahun 2015-2019. Pengambilan sampel dilakukan dengan teknik purposive sampling. Jenis penelitian ini adalah penelitian asosiatif dengan pendekatan kuantitatif, analisis data yang digunakan adalah uji asumsi klasik dan regresi linier berganda. Hasil penelitian ini menunjukkan bahwa Leverage berpengaruh signifikan terhadap cash holding dengan nilai signifikan sebesar 0,0366. Sedangkan variabel arus kas, modal kerja bersih, dan pembayaran dividen tidak berpengaruh signifikan terhadap kepemilikan kas.Kata kunci: cash holding, arus kas, modal kerja bersih, pembayaran dividen ABSTRACT This research aims to examine the effect of cash flow, net working capital, leverage, and dividend payment on cash holding of bank companies listed on the Indonesia Stock Exchange in 2015-2019. Sampling was done using purposive sampling technique. The type of research is associative research with a quantitative approach, the data analysis used is the classical assumption test and multiple linear regression. The results of this study indicate that leverage has a significant effect on Cash Holding with a significant value of 0.0366. Meanwhile, the variables of cash flow, net working capital, and dividend payment have no significant effect on cash holding.Keywords: cash holding, cash flow, net working capital, dividend payment

Ownership Concentration, Corporate Liquidity, and Dividend Payment Policy: Evidence from Indonesian Financial Industries

The main objective of this research is to analyze the effect of ownership concentration and corporate liquidity on dividend payment policy in the Indonesian financial industry. Dividend payment is measured using dividend pay-out ratio on measuring dividend payment. Corporate ownership concentration is measured using the number of shares held by legal individual investors and large block shareholders. Ownership concentration is divided into three categories, which are inside shareholders, stable shareholders, and market shareholders. Corporate liquidity is measured by corporate profit, defined by retained earnings/total assets and retained earnings/total equity, corporate leverage (total liabilities/total assets), and corporate size (log normal total assets). We apply data panel regression and the robust least square method. Based on the robust least square method of testing data panel regression, we find there is a relationship between insider shareholder, market shareholder, and dividend payment policy. In contrast, there is no relationship between stable shareholder and dividend payment policy. We also found a relationship between corporate profit, which variable is retained earnings/total assets, corporate leverage, and corporate size, and dividend payment policy. These results lead to the conclusion that dividend payments increase when ownership by inside shareholders decreases, and that when ownership by market shareholders increase corporate profit will also increase, and corporate leverageand corporate size decreases.