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Corporate governance and dividend policy

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  • Mehar, Ayub

Abstract

The long-term return behaviour of dividend-changing firms has been investigated in the study and it is estimated that 23 percent only incremental profits are transformed into dividend. The remaining profits are utilized for the additional investment. It is also concluded that concentration of ownership is also an important factor of the dividend payments. The results support the hypothesis that companies start to pay dividends after a certain level of growth. At the earlier stage companies concentrate on retained earnings. The Ordinary Least Square (OLS) technique has been applied in the study and the model has been estimated through the pooled data of annual audited accounts of 180 listed companies of the Karachi Stock Exchange.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 619.

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Date of creation: 2002
Date of revision: 2003
Publication status: Published in Pakistan Economic and Social Review 1.XLIII(2005): pp. 115-128
Handle: RePEc:pra:mprapa:619

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Related research

Keywords: Dividend Policy; OLS; ; Ownership Structure; Retained Earnings;

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References

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  1. Randall Morck & Andrei Shleifer & Robert W. Vishny, 1986. "Management Ownership and Corporate Performance: An Empirical Analysis," NBER Working Papers 2055, National Bureau of Economic Research, Inc.
  2. Williamson, Oliver E, 1988. " Corporate Finance and Corporate Governance," Journal of Finance, American Finance Association, American Finance Association, vol. 43(3), pages 567-91, July.
  3. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, American Finance Association, vol. 39(3), pages 575-92, July.
  4. Mayer, Colin, 1987. "New Issues in Corporate Finance," CEPR Discussion Papers, C.E.P.R. Discussion Papers 181, C.E.P.R. Discussion Papers.
  5. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
  6. Smith, Clifford Jr. & Watts, Ross L., 1992. "The investment opportunity set and corporate financing, dividend, and compensation policies," Journal of Financial Economics, Elsevier, Elsevier, vol. 32(3), pages 263-292, December.
  7. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers, Massachusetts Institute of Technology (MIT), Sloan School of Management 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  8. Jensen, Gerald R. & Solberg, Donald P. & Zorn, Thomas S., 1992. "Simultaneous Determination of Insider Ownership, Debt, and Dividend Policies," Journal of Financial and Quantitative Analysis, Cambridge University Press, Cambridge University Press, vol. 27(02), pages 247-263, June.
  9. Miller, Merton H & Rock, Kevin, 1985. " Dividend Policy under Asymmetric Information," Journal of Finance, American Finance Association, American Finance Association, vol. 40(4), pages 1031-51, September.
  10. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, University of Chicago Press, vol. 34, pages 411.
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