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Empirical relationship between the dividend and investment decision: do emerging market firms behave differently?

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  • Saumitra N. Bhaduri
  • S. Raja Sethu Durai

Abstract

This study provides an emerging economy perspective towards the Miller and Modigliani (1961) separation principle. Applying a panel Granger causality test proposed by Hurlin and Venet (2004) to the dividend and investment data of 265 Indian manufacturing firms for 1992--2004, the M--M hypothesis is rejected and evidence found in favour of the joint determination of financing and investment decisions.

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Bibliographic Info

Article provided by Taylor and Francis Journals in its journal Applied Financial Economics Letters.

Volume (Year): 2 (2006)
Issue (Month): 3 (May)
Pages: 155-158

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Handle: RePEc:taf:apfelt:v:2:y:2006:i:3:p:155-158

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  1. McCabe, George M., 1979. "The Empirical Relationship Between Investment and Financing: A New Look," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 14(01), pages 119-135, March.
  2. Levin, Andrew & Lin, Chien-Fu & James Chu, Chia-Shang, 2002. "Unit root tests in panel data: asymptotic and finite-sample properties," Journal of Econometrics, Elsevier, vol. 108(1), pages 1-24, May.
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Cited by:
  1. repec:pra:mprapa:37983 is not listed on IDEAS
  2. Deng, Lu & Li, Sifei & Liao, Mingqing & Wu, Weixing, 2013. "Dividends, investment and cash flow uncertainty: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 112-124.
  3. Jane, Wen-Jhan, 2010. "Raising salary or redistributing it: A panel analysis of Major League Baseball," Economics Letters, Elsevier, vol. 107(2), pages 297-299, May.
  4. P. S. Sanju & P. S. Nirmala & M. Ramachandran, 2011. "Are dividend and investment decisions separable?," Applied Financial Economics, Taylor & Francis Journals, vol. 21(20), pages 1515-1524.

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