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Determinants Of Changes Dividend Behavior Policy: Evidence From The Amman Stock Exchange

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  • Dr. Faris Nasif AL- Shubiri

    ()
    (College of Business, Department of Finance and Banking Amman Arab University, Jordan, Amman)

Abstract

Dividend policy is one of the most intriguing topics in financial research. Even now, economists provide considerable attention and thought to solving the dividend puzzle, resulting in a large number of conflicting hypotheses, theories and explanations. This paper aims to determine the dividend policies of the 60 industrial firms listed on the Amman stock exchanges (ASE) for the period of 2005-2009, and to explain their dividend payment behavior. This study used the tobit regression analysis, and logit regression analysis, and hence the random effects tobit/logit models are favorable than the pooled models. The paper finds that the dividend policy in Jordan as a developing country is influenced by factors similar to those relating to developed countries.

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Bibliographic Info

Article provided by Far East Research Centre in its journal Far East Journal of Marketing and Management.

Volume (Year): 2 No 2 Paper 1 August (2012)
Issue (Month): 1 (August)
Pages: 1-13

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Handle: RePEc:fej:artcal:v:2b:y:2012:i:1:p:1-13

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Web page: http://www.fareastjournals.com/journal_detail.aspx?jid=22

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Keywords: Dividend Policy; Corporate Leverage; Agency Theory;

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References

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  1. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, vol. 34, pages 411.
  2. John R. Graham & Mark H. Lang & Douglas A. Shackelford, 2004. "Employee Stock Options, Corporate Taxes, and Debt Policy," Journal of Finance, American Finance Association, vol. 59(4), pages 1585-1618, 08.
  3. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
  4. Kale, Jayant R. & Shahrur, Husayn, 2007. "Corporate capital structure and the characteristics of suppliers and customers," Journal of Financial Economics, Elsevier, vol. 83(2), pages 321-365, February.
  5. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert Vishny, 1998. "Agency Problems and Dividend Policies Around the World," NBER Working Papers 6594, National Bureau of Economic Research, Inc.
  6. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  7. Varouj Aivazian & Laurence Booth & Sean Cleary, 2003. "Do Emerging Market Firms Follow Different Dividend Policies From U.S. Firms?," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 26(3), pages 371-387.
  8. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
  9. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  10. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-92, July.
  11. Kale, Jayant R & Noe, Thomas H, 1990. "Dividends, Uncertainty, and Underwriting Costs under Asymmetric Information," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 13(4), pages 265-77, Winter.
  12. Sudipto Bhattacharya, 1979. "Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 259-270, Spring.
  13. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
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