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Determinant Agents Analysis of Dividend Policies Practiced by Companies Listed in Great Britain and France

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  • Raluca-Georgiana MOSCU

    (“Dimitrie Cantemir” Christian University, Bucharest)

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    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 a large number of conflicting hypotheses, theories and explanations. This paper aims to determine the dividend policies for 209 listed on London Stock Exchange and Paris Stock Exchange in 2010 and to explain their dividend payment behavior. So this paper investigates why companies in different countries have established different dividend policies using firm level data from U.K. and France. The models considered the impact of firm profitability, return on assets, firm size, previous year's dividend, free cash-flow, total shareholder return, corporate tax, dividend yield and ownership structure on dividend payout ratios.

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    File URL: http://www.revistadestatistica.ro/suplimente/2012/1/srrs1_2012a04.pdf
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    Bibliographic Info

    Article provided by Romanian Statistical Review in its journal Romanian Statistical Review Supplement.

    Volume (Year): 60 (2012)
    Issue (Month): 1 (March)
    Pages: 28-34

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    Handle: RePEc:rsr:supplm:v:60:y:2012:i:1:p:28-34

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    Keywords: policy; corporate governance; determinants; agency theory; ownership;

    References

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    1. Mohammed Amidu & Joshua Abor, 2006. "Determinants of dividend payout ratios in Ghana," Journal of Risk Finance, Emerald Group Publishing, Emerald Group Publishing, vol. 7(2), pages 136-145, March.
    2. Andrei Shleifer & Robert W. Vishny, 1996. "A Survey of Corporate Governance," NBER Working Papers 5554, National Bureau of Economic Research, Inc.
    3. 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.
    4. Adaoglu, Cahit, 2000. "Instability in the dividend policy of the Istanbul Stock Exchange (ISE) corporations: evidence from an emerging market," Emerging Markets Review, Elsevier, Elsevier, vol. 1(3), pages 252-270, November.
    5. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, American Economic Association, vol. 76(2), pages 323-29, May.
    6. Easterbrook, Frank H, 1984. "Two Agency-Cost Explanations of Dividends," American Economic Review, American Economic Association, American Economic Association, vol. 74(4), pages 650-59, September.
    7. Alli, Kasim L & Khan, A Qayyum & Ramirez, Gabriel G, 1993. "Determinants of Corporate Dividend Policy: A Factorial Analysis," The Financial Review, Eastern Finance Association, Eastern Finance Association, vol. 28(4), pages 523-47, November.
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