• 재무관리연구
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• 제11권2호
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• pp.175-193
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• 1994

This paper relates the valuation consequences of common-stock, convertible-debt and straight-debt offering announcements to the issuing firms' stock price performance in periods before the announcements. Similar to previous studies on equity offerings, we find that the announcement effects of security offerings, regardless of offering types, are negatively correlated with the short-term pre-offering stock returns. We show that the informational impact of the preceding earnings and dividend(E/D) announcements account for the previous findings of the negative correlation. We further report that security issues following 'good-news' E/D announcements result in larger stock price declines than issues following 'bad-news' E/D announcements. The finding is consistent with the hypothesis that the E/D information affects the investors' assessments of the firm's cash flow expectations and of the probability of external financing.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.1-8
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• 2020

The objective of the study is to investigate the effect of growth opportunities on capital structure and dividend policy in Indonesia. The study employs panel data of companies listed on Indonesia Stock Exchange that distribute dividends from 2007 to 2017. Fixed and random effect regression models are used. Findings based on growth opportunities on capital structure and dividend policy in Indonesia are in line with the existing theory (i.e., contracting theory). Growth opportunities have a significant negative correlation with debt ratio and dividend yield, which suggests that firms with high growth opportunities are discouraged to generate debt to resolve underinvestment and asset-substitution problem. Firms with more investment opportunities tend to adopt a low dividend payout policy because the cash flows will be used up for investment. The positive impact of firm size on leverage is due to the low bankruptcy risk and cost of a large company. Profitability has a positive impact on the dividend policy because profitable companies can reserve larger free cash flows and, thus, pay higher dividends. The positive influence of ownership on leverage is interpreted by the unwillingness of majority stockholders to commit to equity financing in order to avoid reducing the ownership and preserve control of the company.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.289-295
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• 2021

This study investigates the role of corporate governance in the dividend decision of 198 non-financial companies listed on the Colombo Stock Exchange of Sri Lanka, over the period from 2009 to 2016. Four corporate governance indicators are used in this study; managerial ownership, the board size, board independence, and CEO duality. Furthermore, this study considers three control variables such as profitability, firm size, and corporate tax. This study employed the Generalized Method of Moments (GMM) model to estimate the regression models on panel data study. The major contribution of this study is exploring the insight into the effect of corporate governance factors on dividend decisions. The results of the study revealed that managerial ownership showed a significant positive impact on the dividend payout ratio. Board size showed a significant positive influence on the dividend payout ratio. Board independence negatively but significantly influenced the dividend payout ratio. CEO duality showed an insignificant negative impact on the dividend payout ratio. In the framework of these CG indicators, Sri Lankan listed firms are recommended to have dispersed ownerships, large Board size and maintain a balance of power and authority by separating the individual who is assuming the position of the CEO from the Chairperson of the Board and maintain at least two independent directors.

• The Journal of Asian Finance, Economics and Business
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• 제7권5호
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• pp.1-7
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• 2020

This paper investigates the determinants on decision to conduct seasoned equity offerings (SEOs) of listed companies on the Ho Chi Minh Stock Exchange in Vietnam. Seasoned equity offerings (SEOs) are defined as the issue of more stocks by a firm to raise more capital after a primary issue. Using panel data collected from audited financial statements of 99 listed companies on the Ho Chi Minh Stock Exchange during 2014-2018, the study employs a logit regression model by fixed effects method to examine factors that affect the decision to implement seasoned equity offerings of those companies. The findings of this study show that profit, revenue growth and company's size have a positively significant impact on the decision, while dividend pay-out ratio negatively significantly influences the equity issuing decision. Furthermore, these results are robust after controlling for the forms of equity offerings, i.e. bonus stocks, stock dividends and rights to buy shares. These findings are consistent with economic theories such as agency theory, pecking order theory, and growth opportunity theory, and also could be explained by the real situations of the Vietnamese stock exchange. This study has important implications for corporate managers, policy makers and investors.

• 산학경영연구
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• 제4권
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• pp.249-270
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• 1991

• 재무관리연구
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• 제26권1호
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• pp.1-29
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• 2009

외환위기 이후 외국인의 국내 상장기업에 대한 지분이 급격히 증가하였다. 이에 외국자본은 투자수익을 극대화하기 위하여 과도한 배당을 요구하고 경영권을 위협함에 따라 기업들은 자사주 매입에 치중하여 투자가 위축되고 있다는 부정적 시각의 주장이 사회적 논제로 대두되었다. 이러한 주장의 사실 여부를 규명하기 위하여 상당수의 연구가 외국인 지분이 배당에 미치는 영향에 대한 실증분석을 시도하였다. 그러나, 이들 선행 연구가 기업의 고유효과를 통제하지 못하거나 변수들 간의 역인과 관계 가능성을 고려하지 않는 등 분석방법론적 측면에서 한계점을 갖으며, 배당수준을 나타내는 변수들도 각기 상이하여 분석 결과를 비교 해석하기에 어려움이 있다. 이에 본고에서는 배당을 측정하는 변수로 배당성향(현금배당/당기순이익), 배당률(현금배당/총자산), 그리고 배당수익률(현금배당/시가총액) 등 세 가지 변수를 대상으로 정태적 동태적 패널모형, 패널 벡터자기회귀모형 등 다양한 패널자료모형을 이용하여 분석을 실시하여 종합적인 결론을 도출하고자 하였다. 분석 결과 외국인 지분이 배당성향에 통계적으로 유의미하게 영향을 미치지 않는 반면, 배당률에는 통계적으로 유의미하게 정(+)의 영향을 미치는 것으로 나타났다. 이는 외국인 지분의 증가가 총자산 대비 배당액을 증가시키나, 이는 기업이 창출한 수익에 대하여 배당을 증가시킨 것과는 무관한 것이다. 또한, 배당수익률은 시가기준으로 투자자가 주식을 매수한 뒤 실질적으로 얻게 되는 배당수익률을 의미함으로, 외국인 투자자가 단기적 이익에 집착하여 고배당을 유도한다는 주장이 성립하기 위해서는 외국인 지분이 배당수익률에도 정(+)의 영향을 미치는 것으로 나타나야 하나, 분석 결과는 오히려 반대로 나타났다. 이상의 분석 결과는 우리나라에서 외국인 지분의 증가가 고배당을 유도하였다는 주장을 지지하지 않는다.

• 국제지역연구
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• 제14권2호
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• pp.79-105
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• 2010

본 논문은 외국인투자자가 국내 기업의 배당과 투자 의사결정에 미치는 영향에 관하여 2001년에서 2008년까지 거래소에 상장된 12월 결산 비금융업체를 대상으로 분석하였다. 연구결과 첫째, 전체 외국인투자자의 경우 배당성향을 증가시켰으나 이러한 경향은 최근으로 올수록 약화되었다. 또한 투자목적을 구분한 경우 기업의 배당성향 증가에 영향을 미치지 않았다. 둘째 외국인 투자자들의 지분이 증가할 경우 고정자산증가율과 유형자산증가율로 본 설비투자는 감소하였으며 5%이상 외국인 투자자와 경영참가목적 외국인 투자자의 경우 연구개발비율에서 유의한 양(+)의 계수값을 보였다. 또한 5%이상 외국인 투자자의 영향력은 경영참가목적 외국인 투자자에 의해 주도됨을 알 수 있었다. 셋째, 외국인 투자자 지분율과 기업의 배당 의사결정 간의 내생성 문제를 고려하기 위해 HT-IV/GLS 방법을 선택한 결과와 회귀분석, 고정효과 모형 간에 계수 값의 크기와 유의성에 차이가 있어 내생성을 고려할 필요가 있음을 알려주었다.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.977-985
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• 2021

The main aim of the study is to provide empirical evidence about the association between stock market exchange data and weighted price index. This research utilized monthly reported data from the Amman stock exchange market (ASE) and the Central Bank of Jordan (CBJ). The weighted price index was employed as the dependent variable and the independent variables were weighted price index (WPI), turnover ratio (TOR), number of trading days (NTD), price-earnings ratio (PER), and dividends yield ratio (DY). The time period of the study was from January 2015 to October 2020. The study's methodology follows a quantitative approach using the multiple regression method to test the hypotheses of the study. The final results of the study provided conclusive evidence that the market-weighted price index is strongly and positively correlated to three predetermined variables, namely; turnover ratio, price-earnings ratio, and dividend yield but no evidence was obtained for the effect of the number of trading days. The finding of the current study proved that the market price index is not only influenced by macro factors, but also by other variables assumed to not beneficial for the judgment of price index movements.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.11-21
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• 2021

In the last few years, there is growing interest in the field of simultaneous equation estimation in finance due to the endogeneity problem caused by measurement errors, simultaneity, or omitted variables. This study aims to discuss the endogeneity problem in corporate financing decisions and investigate the interrelationship of financial decision-making such as investment decision, dividend decision, and external financing decision in Pakistan Stock Exchange (PSX) using two-stage least squares (2SLS) and generalized method of moment (GMM) estimation. The Bruech-Pagan test shows that the data has no heteroskedasticity issue and 2SLS is a better approach in the context of this study as compared to the GMM approach, and internal instruments are also sufficiently strong and valid. The three financial decision-making attributes are not jointly determined, and the dividend is influenced by one-sided investment. In the emerging stock market context, external financing and investment are not inter-related and did not affect each other. The question of whether the simultaneous equation estimation can be useful in the context of the emerging stock markets and newly-growing firms remains unanswered. The inclusive evidence shows that the theoretical link in the emerging stock market is difficult to prove like in developed stock markets.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.893-902
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• 2021

The paper examines the impact of corporate governance (CG), on dividend policy (DP) of enterprises in Vietnam. The paper studies the impact of CG on DP of businesses listed on Vietnam's stock exchange in the period 2008-2018 with 2,937 observations. The data of these companies is collected from the financial statements of businesses and Vietstock data sets, as well as aggregated from the data published on some reputable securities websites. The study used GLS regression method for data collected at listed companies in Vietnam in the period of 2008-2018. The research results have found that CG, the chairman of the board of directors (BOD), and the managing director have a negative effect on the DP. Specifically, companies with strong BODs tend to pay low dividends. At the same time, research shows that factors such as profitability, financial leverage, firm size, and investment opportunities affect DP. This result underscores the importance of corporate governance (both internal and external) to the income distribution decision and provides policy implications for investors and company executives. The study finds solid evidence that alternative theory explains better the relationship between corporate governance and dividend policy. Accordingly, companies with weak corporate governance will pay more dividends.