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Study Of Determinant Factors Of Dividend Policy Promoted By Companies Listed On Bucharest Stock Exchange

Listed author(s):
  • VINTILA Georgeta
  • MOSCU Raluca Georgiana

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 listed companies on Bucharest Stock Exchange and to explain their dividend payment behavior. Ten hypotheses were investigated using a series of models. So this paper investigates why companies have established different dividend policies using firm level data from Romania. The models considered the impact of firm profitability, return on assets, previous year`s dividend, ownership structure, government ownership, firm size, free cash-flow, leverage ratio, growth opportunity and market to book ratio on dividend payout ratios.

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File URL: http://economice.ulbsibiu.ro/revista.economica/archive/suplimente/Volume4-2012.pdf
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Article provided by Lucian Blaga University of Sibiu, Faculty of Economic Sciences in its journal Revista economica.

Volume (Year): Supplement (2012)
Issue (Month): 4 ()
Pages: 645-654

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Handle: RePEc:blg:reveco:v:supplement:y:2012:i:4:p:645-654
Contact details of provider: Postal:
Lucian Blaga University of Sibiu, Faculty of Economic Sciences Dumbravii Avenue, No.17, postal code 550324, Sibiu, Romania

Phone: 004 0269 210375
Fax: 004 0269 210375
Web page: http://economice.ulbsibiu.ro/
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  1. Folster, Stefan & Henrekson, Magnus, 2001. "Growth effects of government expenditure and taxation in rich countries," European Economic Review, Elsevier, vol. 45(8), pages 1501-1520, August.
  2. Philip Grossman, 1988. "Government and economic growth: A non-linear relationship," Public Choice, Springer, vol. 56(2), pages 193-200, February.
  3. Ram, Rati, 1986. "Government Size and Economic Growth: A New Framework and Some Evidencefrom Cross-Section and Time-Series Data," American Economic Review, American Economic Association, vol. 76(1), pages 191-203, March.
  4. Robert J. Barro & Xavier Sala-I-Martin, 1992. "Public Finance in Models of Economic Growth," Review of Economic Studies, Oxford University Press, vol. 59(4), pages 645-661.
  5. Holmes, James M & Hutton, Patricia A, 1990. "On the Causal Relationship between Government Expenditures and National Income," The Review of Economics and Statistics, MIT Press, vol. 72(1), pages 87-95, February.
  6. Grier, Kevin B. & Tullock, Gordon, 1989. "An empirical analysis of cross-national economic growth, 1951-1980," Journal of Monetary Economics, Elsevier, vol. 24(2), pages 259-276, September.
  7. Barro, Robert J, 1990. "Government Spending in a Simple Model of Endogenous Growth," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 103-126, October.
  8. Niloy Bose & M. Emranul Haque & Denise R. Osborn, 2007. "Public Expenditure And Economic Growth: A Disaggregated Analysis For Developing Countries," Manchester School, University of Manchester, vol. 75(5), pages 533-556, September.
  9. Oliviero A. Carboni & Giuseppe Medda, 2011. "Size And Composition Of Public Spending In A Neoclassical Growth Model," Metroeconomica, Wiley Blackwell, vol. 62(1), pages 150-170, February.
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