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Wyświetlanie 1-2 z 2
Tytuł:
What drives the dividend decisions in BRICS countries?
Autorzy:
Mrzygłód, Urszula
Nowak, Sabina
Mosionek-Schweda, Magdalena
Kwiatkowski, Jakub M.
Powiązania:
https://bibliotekanauki.pl/articles/19233700.pdf
Data publikacji:
2021
Wydawca:
Instytut Badań Gospodarczych
Tematy:
payout policy
dividend smoothing
emerging markets
BRICS countries
Opis:
Research background: We examine the dividend payout policies across companies listed on the main stock exchanges in Brazil, Russia, India, China, and South Africa (BRICS). Unlike the highly developed capital markets, the literature regarding dividend policy on BRICS' stock exchanges is scarce.  Purpose of the article: The purpose of this paper is threefold: verification of the existence of dividend smoothing pattern; selection of the significant drivers that affect both dividend levels and dividend smoothing; examination of differences between dividend policy of cross- and single-listed companies. Methods: Based on a dataset of 564 companies that paid dividends for at least 11 consecutive years in the period of 1995-2015, we apply a GMM two-step estimator to assess the speed of dividend adjustment (SOA) coefficient. Further we employ the linear panel regression to indicate the individual and market determinants of the dividend levels and SOAs. In the latter case, we base on time series of the SOAs obtained from the rolling estimation technique. Finally, we conduct separate estimations for cross-listed companies. Findings & value added: We confirm a moderate level of dividend smoothing within BRICS countries. Among the firm-level characteristics affecting the SOA the most important are: ownership dispersion, age and size of a firm, retained earnings, leverage, long term debt, asset tangibility, liquidity risk ratio, and issuing the depositary receipts (DR). Two relevant market factors are found: market capitalisation and turnover in relation to GDP. Similar characteristics have a significant impact on dividends' levels in the entire sample, whereas in the subsample of cross-listed companies fewer variables are significant. Our paper is the first comprehensive attempt to investigate the dividend policy and determinants of dividend smoothing among BRICS countries.
Źródło:
Oeconomia Copernicana; 2021, 12, 3; 593-629
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Do managers really care about shareholders’ expectations? Evidence on dividend smoothing on Latin American emerging stock markets
Czy menedżerowie spółek starają się uwzględniać oczekiwania akcjonariuszy? Analiza zjawiska wygładzania dywidend na wybranych giełdowych rynkach Ameryki Łacińskiej.
Autorzy:
Mosionek-Schweda, Magdalena
Mrzygłód, Urszula
Nowak, Sabina
Powiązania:
https://bibliotekanauki.pl/articles/424937.pdf
Data publikacji:
2017
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
payout policy
dividend smoothing
emerging markets
Latin American stock markets
Opis:
The main goal of the paper is to examine dividend smoothing behaviour among companies listed on the stock markets in Brazil, Chile, Colombia, Mexico and Peru in the period of 1994-2015. The research sample consisted of 227 companies and 4968 observations. On the basis of Lintner’s dividend partial adjustment model, we calculated the speed of dividend adjustment (SOA) in response to the change in earnings. We found many companies with low SOA values, which on the grounds of the classic Linter’s approach implies the existence of dividend smoothing. However, the obtained average SOA values varied in four out of five analyzed stock markets from 0.731 for Chile to 0.914 for Brazil.This means that on selected emerging stock markets of Latin America – except Peru – the dividend smoothing has not been confirmed. Moreover, the obtained SOA levels varied among the selected stock markets, which implies that the differences in the speed of dividend adjustment may be driven by either national or stock markets characteristics.
Źródło:
Econometrics. Ekonometria. Advances in Applied Data Analytics; 2017, 2 (56); 67-91
1507-3866
Pojawia się w:
Econometrics. Ekonometria. Advances in Applied Data Analytics
Dostawca treści:
Biblioteka Nauki
Artykuł
    Wyświetlanie 1-2 z 2

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