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題名 Prior Payment Status and the Likelihood to Pay Dividends: International Evidence
作者 屠美亞
Twu, Mia
貢獻者 政大財管系
關鍵詞 dividend stickiness`likelihood to pay`prior payer;prior nonpayer;determinants
日期 2010-08
上傳時間 6-十二月-2013 15:22:46 (UTC+8)
摘要 By using the signaling model and the life-cycle theory, I examine the importance of prior payment status in determining the likelihood to pay dividends. I categorize firms into those that paid dividends previously and those that did not. My results show that strong dividend stickiness exists and the determinants to pay differ significantly for the two groups of firms. High growth and low insider holdings make prior payers more likely to pay but prior nonpayers less likely to pay. Furthermore, prior payers are more sensitive to profitability and earned/contributed equity mix, while prior nonpayers are more sensitive to risk and dividend premiums. Finally, taking the prior payment status into account eliminates the problem of overestimating the portion of payers put forth by previous studies.
關聯 Financial Review, 45(3), 785-802
資料類型 article
DOI http://dx.doi.org/10.1111/j.1540-6288.2010.00271.x
dc.contributor 政大財管系en_US
dc.creator (作者) 屠美亞zh_TW
dc.creator (作者) Twu, Miaen_US
dc.date (日期) 2010-08en_US
dc.date.accessioned 6-十二月-2013 15:22:46 (UTC+8)-
dc.date.available 6-十二月-2013 15:22:46 (UTC+8)-
dc.date.issued (上傳時間) 6-十二月-2013 15:22:46 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/62221-
dc.description.abstract (摘要) By using the signaling model and the life-cycle theory, I examine the importance of prior payment status in determining the likelihood to pay dividends. I categorize firms into those that paid dividends previously and those that did not. My results show that strong dividend stickiness exists and the determinants to pay differ significantly for the two groups of firms. High growth and low insider holdings make prior payers more likely to pay but prior nonpayers less likely to pay. Furthermore, prior payers are more sensitive to profitability and earned/contributed equity mix, while prior nonpayers are more sensitive to risk and dividend premiums. Finally, taking the prior payment status into account eliminates the problem of overestimating the portion of payers put forth by previous studies.en_US
dc.format.extent 126228 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.relation (關聯) Financial Review, 45(3), 785-802en_US
dc.subject (關鍵詞) dividend stickiness`likelihood to pay`prior payer;prior nonpayer;determinantsen_US
dc.title (題名) Prior Payment Status and the Likelihood to Pay Dividends: International Evidenceen_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1111/j.1540-6288.2010.00271.xen_US
dc.doi.uri (DOI) http://dx.doi.org/10.1111/j.1540-6288.2010.00271.xen_US