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Optimal Dividends and Corporate Growth under Uncertainty

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  • John Lintner

Abstract

Introduction, 49. — I. Some important definitions and building-blocks, 53. — II. The cost of capital and optimal dividends and growth under certainty, 58. — III. Simple stochastic unlevered growth, 65. — IV. Optimal (expectationally) steady growth, capital budgets, dividends and retentions, when σ2pt increases with futurity, 76. — V. Summary of conclusions, 91.

Suggested Citation

  • John Lintner, 1964. "Optimal Dividends and Corporate Growth under Uncertainty," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 78(1), pages 49-95.
    • Handle: RePEc:oup:qjecon:v:78:y:1964:i:1:p:49-95.
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    Cited by:

    1. Lyudmila N. Rodionova & Olga G. Kantor & Natalia O. Ruhlyada & Svetlana A. Karpovskaya, 2015. "Optimization of Shareholders's Incomes with Investments into Production Reforming," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 101-114.
    2. Pawel Sekula & Blazej Socha, 2022. "The Effects of Cash Dividend on Stock Prices during the COVID-19 Pandemic: Evidence from Poland," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 145-155.
    3. Malavasi, Matteo & Ortobelli Lozza, Sergio & Trück, Stefan, 2021. "Second order of stochastic dominance efficiency vs mean variance efficiency," European Journal of Operational Research, Elsevier, vol. 290(3), pages 1192-1206.
    4. Cheng Few Lee & Manak C. Gupta & Hong-Yi Chen & Alice C. Lee, 2020. "Optimal Payout Ratio Under Uncertainty and the Flexibility Hypothesis: Theory and Empirical Evidence," World Scientific Book Chapters, in: Cheng Few Lee & John C Lee (ed.), HANDBOOK OF FINANCIAL ECONOMETRICS, MATHEMATICS, STATISTICS, AND MACHINE LEARNING, chapter 96, pages 3367-3412, World Scientific Publishing Co. Pte. Ltd..
    5. Martin Feldstein & Jerry Green & Eytan Sheshinski, 1979. "Corporate Financial Policy and Taxation in a Growing Economy," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 93(3), pages 411-432.
    6. Lee M. Dunham & Sijing Wei & Jiarui (Iris) Zhang, 2023. "Does a CEO’s ability to hedge affect the firm’s payout policy?," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 47(2), pages 303-322, June.
    7. Hong-Yi Chen & Manak C. Gupta & Alice C. Lee & Cheng Few Lee, 2020. "Sustainable Growth Rate, Optimal Growth Rate, and Optimal Payout Ratio: A Joint Optimization Approach," World Scientific Book Chapters, in: Cheng Few Lee & John C Lee (ed.), HANDBOOK OF FINANCIAL ECONOMETRICS, MATHEMATICS, STATISTICS, AND MACHINE LEARNING, chapter 97, pages 3413-3464, World Scientific Publishing Co. Pte. Ltd..
    8. Levent Ataünal & Ali Osman Gürbüz & Asli Aybars, 2016. "Does High Growth Create Value for Shareholders? Evidence from S&P500 Firms," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2016(3), pages 25-38.
    9. William R. McDaniel, 1983. "Convertible Bonds In Perfect And Imperfect Markets," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 6(1), pages 51-65, March.
    10. Matthias Meitner, 2013. "Multi-period Asset Lifetimes and Accounting-based Equity Valuation: Take Care with Constant-growth Terminal Value Models!," Abacus, Accounting Foundation, University of Sydney, vol. 49(3), pages 340-366, September.
    11. Chi Truong & Matteo Malavasi & Han Li & Stefan Trueck & Pavel V. Shevchenko, 2024. "Optimal dynamic climate adaptation pathways: a case study of New York City," Papers 2402.02745, arXiv.org.
    12. Baig, Ahmed S. & Blau, Benjamin M. & Sabah, Nasim, 2021. "Free trade and the efficiency of financial markets," Global Finance Journal, Elsevier, vol. 48(C).
    13. Sunil K. Mohanty & Stein Frydenberg & Petter Osmundsen & Sjur Westgaard & Christian Skjøld, 2023. "Risk factors in stock returns of U.S. oil and gas companies: evidence from quantile regression analysis," Review of Quantitative Finance and Accounting, Springer, vol. 60(2), pages 715-746, February.
    14. Victor Dragotă & Camelia Delcea, 2019. "How Long Does It Last to Systematically Make Bad Decisions? An Agent-Based Application for Dividend Policy," JRFM, MDPI, vol. 12(4), pages 1-34, November.
    15. Muhammad Akbar & Humayun Habib Baig, 2010. "Reaction of Stock Prices to Dividend Announcements and Market Efficiency in Pakistan," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 15(1), pages 103-125, Jan-Jun.

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