學術產出-期刊論文
| 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, Mia | en_US |
| dc.date (日期) | 2010-08 | en_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), 785-802 | en_US |
| dc.subject (關鍵詞) | dividend stickiness`likelihood to pay`prior payer;prior nonpayer;determinants | en_US |
| dc.title (題名) | Prior Payment Status and the Likelihood to Pay Dividends: International Evidence | en_US |
| dc.type (資料類型) | article | en |
| dc.identifier.doi (DOI) | 10.1111/j.1540-6288.2010.00271.x | en_US |
| dc.doi.uri (DOI) | http://dx.doi.org/10.1111/j.1540-6288.2010.00271.x | en_US |