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Dividendveranderings in Suid-Afrika - Tekenend Van Die Verlede of Toekoms?

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  • A E Nell
  • W D Hamman
  • E vd M Smit

Abstract

This study attempts to answer the question whether changes in dividends contain information about future and/or present changes in earnings as many dividend theories imply. Results show no significant support for the dividend theory. Also, the size of the dividend increases does not predict future earnings. A strong and consistent observation was that companies that had cut dividends show a growth in earnings in the following years. The results also indicate that companies that increase dividends are less likely to experience a drop in future earnings than those firms with similar earnings growth that do not change their dividends.

Suggested Citation

  • A E Nell & W D Hamman & E vd M Smit, 2001. "Dividendveranderings in Suid-Afrika - Tekenend Van Die Verlede of Toekoms?," Studies in Economics and Econometrics, Taylor & Francis Journals, vol. 25(2), pages 61-86, August.
    • Handle: RePEc:taf:rseexx:v:25:y:2001:i:2:p:61-86
    DOI: 10.1080/10800379.2001.12106313
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