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Empirical Evidence on the Relationship among Dividends, Earnings, Investment and Debt-Asset Ratios for the Aggregate Stock Market
Aggregate stock market;Causal relationship;Dividends;Earnings;Investment;Debt-asset ratio
|Issue Date:||2017-11-15 14:54:08 (UTC+8)|
Causal relations and dynamic interactions among dividends, earnings, investments and debt ratios are investigated using the final prediction error (FPE)/multivariate vector autoregression (VAR) approach. Existing empirical studies deal with at most three of these factors at a time and the results are still inconclusive. Based on the whole economic data of the U.S. corporations, this study uses the Granger causality method to examine whether interrelationships exist among financing decisions, investment decisions, and dividend policy. The major findings are: (1) there is no causal relationship from investment to debt ratio and from earnings to dividend, (2) there is no mutual causations between investment and dividends, and (3) there is interdependent relationships among dividends, earnings, investments and debt ratios.
|Relation:||會計評論, 29, 175-193|
|Appears in Collections:||[會計評論] 期刊論文|
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