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Individual investors perception of dividends: Pakistan’s percpective

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Author Info

  • Akhtar, Muhammad Naeem
  • Hunjra, Ahmed Imran
  • Andleeb, Arifa
  • Butt, Babar Zaheer

Abstract

This research paper argue that there exists a strong preference for dividends among investors. The main purpose is to find the factors that lead individual investors to reveal their preference for either cash or stock dividends. The most important dividend theories are employed to test the behavior of Pakistani individual investors towards dividends. The results reveal strong evidence that individual investors in Pakistan want dividends either in the form of cash or stocks. They also have a strong preference for dividend even if a company has to pay it by borrowing.

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File URL: http://mpra.ub.uni-muenchen.de/40682/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 40682.

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Date of creation: 2011
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Publication status: Published in ACTUAL PROBLEMS OF ECONOMIICS 4.2(2012): pp. 193-199
Handle: RePEc:pra:mprapa:40682

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Related research

Keywords: cash dividend; stock dividend; dividend theories; behavioral finance; investor perception;

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  1. Shefrin, Hersh M. & Statman, Meir, 1984. "Explaining investor preference for cash dividends," Journal of Financial Economics, Elsevier, vol. 13(2), pages 253-282, June.
  2. Baker, Malcolm & Wurgler, Jeffrey, 2004. "Appearing and disappearing dividends: The link to catering incentives," Journal of Financial Economics, Elsevier, vol. 73(2), pages 271-288, August.
  3. Ming Dong & Chris Robinson & Chris Veld, 2004. "Why Individual Investors Want Dividends," Finance 0412009, EconWPA.
  4. 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.
  5. Fama, Eugene F. & French, Kenneth R., 2001. "Disappearing dividends: changing firm characteristics or lower propensity to pay?," Journal of Financial Economics, Elsevier, vol. 60(1), pages 3-43, April.
  6. Jayesh Kumar, 2004. "Corporate Governance and Dividends Payout in India," Finance 0409007, EconWPA.
  7. Gustavo Grullon & Roni Michaely, 2002. "Dividends, Share Repurchases, and the Substitution Hypothesis," Journal of Finance, American Finance Association, vol. 57(4), pages 1649-1684, 08.
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