Access the full text.
Sign up today, get DeepDyve free for 14 days.
Loading next page...
/lp/emerald-publishing/determinants-of-corporate-dividend-policy-in-jordan-an-application-of-LLB268gyOX
References (69)
-
Wilbur Lewellen, Kenneth Stanley, Ronald Lease, Gary Schlarbaum (1976)
Some Direct Evidence on the Dividend Clientele PhenomenonCorporate Finance: Capital Structure & Payout Policies
-
S. Bhattacharya (1979)
Imperfect Information, Dividend Policy, and "The Bird in the Hand" FallacyThe Bell Journal of Economics, 10
-
S. Deshmukh (2003)
Dividend Initiations and Asymmetric Information: A Hazard ModelThe Financial Review, 38
-
Ronald Lease, Kose John, A. Kalay, Uri Loewenstein, O. Sarig (2000)
Dividend Policy: Its Impact on Firm Value -
Elena Huergo, J. Jaumandreu (2004)
Firms' age, process innovation and productivity growthInternational Journal of Industrial Organization, 22
-
R. Pettit (1977)
Taxes, transactions costs and the clientele effect of dividendsJournal of Financial Economics, 5
-
Merton Miller, Myron Scholes (1982)
Dividends and Taxes: Some Empirical EvidenceJournal of Political Economy, 90
-
10.1093/0198283164.001.0001
-
Byeong Kim, G. Maddala (1992)
Estimation and specification analysis of models of dividend behavior based on censored panel dataEmpirical Economics, 17
-
R. Pettit (1972)
DIVIDEND ANNOUNCEMENTS, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCYJournal of Finance, 27
-
10.1007/BF01192478
-
V. Aivazian, L. Booth, S. Cleary (2003)
DO EMERGING MARKET FIRMS FOLLOW DIFFERENT DIVIDEND POLICIES FROM U.S. FIRMSJournal of Financial Research, 26
-
10.1093/rfs/15.1.1
-
10.2307/2327916
-
William Lloyd, J. Jahera, Daniel Page (1985)
AGENCY COSTS AND DIVIDEND PAYOUT RATIOSThe Financial Review, 20
-
J. Nicholas, Signaling External (1978)
Gonedes, Nicholas. , Corporate and Capital Market Equilibrium: Evidence on Dividends, Income, and Extraordinary Items, Journal of Accounting Research 1, ., 16
-
D. Dhaliwal, Merle Erickson, Robert Trezevant (1999)
A Test of the Theory of Tax Clienteles for Dividend PoliciesNational Tax Journal, 52
-
Kose John, Joseph Williams (1983)
Dividends, Dilution, and Taxes: A Signalling EquilibriumJournal of Finance, 40
-
F. Black, Myron Scholes (1974)
The effects of dividend yield and dividend policy on common stock prices and returnsJournal of Financial Economics, 1
-
10.1016/0304-405X(76)90026-X
-
T. Breusch, A. Pagan (1979)
A simple test for heteroscedasticity and random coefficient variation (econometrica vol 47 -
M. Gordon (1959)
Dividends, Earnings, and Stock PricesThe Review of Economics and Statistics, 41
-
Stephanie Abrutyn, R. Turner (1990)
TAXES AND FIRMS' DIVIDEND POLICIES: SURVEY RESULTSNational Tax Journal, 43
-
Kasim Alli, A. Khan, G. Ramírez (1993)
Determinants of Corporate Dividend Policy: A Factorial AnalysisThe Financial Review, 28
-
F. Easterbrook (1984)
Two Agency-Cost Explanations of DividendsThe American Economic Review, 74
-
Roni Michaely, R. Thaler, Kent Womack (1994)
Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?Corporate Finance: Capital Structure & Payout Policies
-
10.2307/2672910
-
J. Scholz (1992)
A direct examination of the dividend clientele hypothesisJournal of Public Economics, 49
-
F. Gul (1999)
Government share ownership, investment opportunity set and corporate policy choices in ChinaPacific-basin Finance Journal, 7
-
Michael Barclay (1987)
Dividends, taxes, and common stock prices: The ex-dividend day behavior of common stock prices before the income taxJournal of Financial Economics, 19
-
Michael Jensen (1986)
Agency Cost of Free Cash Flow, Corporate Finance, and TakeoversIndustrial Organization & Regulation eJournal
-
C. Leuz, Robert Verrecchia (1999)
The Economic Consequences of Increased DisclosureJournal of Accounting Abstracts
-
Gustavo Grullon, Roni Michaely, B. Swaminathan (2002)
Are Dividend Changes a Sign of Firm MaturityThe Journal of Business, 75
-
(1984)
The Capital Structure Puzzle -
L. Booth, V. Aivazian, A. Demirguc-Kunt, Vojislav Maksimovic (2001)
Capital Structures in Developing CountriesJournal of Finance, 56
-
10.1016/S0304-405X(01)00038-1
-
R. Bali (2003)
An empirical analysis of stock returns around dividend changesApplied Economics, 35
-
W. Greene (1999)
Marginal Effects in the Censored Regression ModelEconomics Letters, 64
-
Merton Miller, Kevin Rock (1985)
Dividend Policy under Asymmetric InformationJournal of Finance, 40
-
R. Litzenberger, K. Ramaswamy (1979)
The effect of personal taxes and dividends on capital asset pricesJournal of Financial Economics, 7
-
J. Fariñas, L. Moreno (2000)
Firms' Growth, Size and Age: A Nonparametric ApproachReview of Industrial Organization, 17
-
E. Lie (2000)
Excess Funds and Agency Problems: An Empirical Study of Incremental Cash DisbursementsReview of Financial Studies, 13
-
10.1016/0304-405X(84)90023-0
-
E. Fama, K. French (2000)
Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?MIT Sloan School of Management Working Paper Series
-
Marno Verbeek (2000)
A Guide to Modern Econometrics -
M. Brennan (1970)
TAXES, MARKET VALUATION AND CORPORATE FINANCIAL POLICYNational Tax Journal, 23
-
Michael Jensen, W. Meckling (1976)
Theory of the Firm -
Keith Black (2002)
Testing Trade-Off and Pecking Order Predictions about Dividends and DebtCfa Digest, 32
-
Nicholas Gonedes (1978)
Corporate Signaling, External Accounting, And Capital-Market Equilibrium - Evidence On Dividends, Income, And Extraordinary ItemsJournal of Accounting Research, 16
-
L. Godfrey (1978)
Testing for multiplicative heteroskedasticityJournal of Econometrics, 8
-
Merton Miller, F. Modigliani (1961)
DIVIDEND POLICY, GROWTH, AND THE VALUATION OF SHARESThe Journal of Business, 34
-
K. Gugler (2003)
Corporate governance, dividend payout policy, and the interrelation between dividends, R&D, and capital investmentJournal of Banking and Finance, 27
-
Gerald Jensen, Donald Solberg, Thomas Zorn (1992)
Simultaneous Determination of Insider Ownership, Debt, and Dividend PoliciesJournal of Financial and Quantitative Analysis, 27
-
(1984)
Corporate financing and investment decisions when firms have information that investors do not have -
Michael Rozeff (1982)
Growth, Beta and Agency Costs as Determinants of Dividend Payout RatiosCorporate Finance: Capital Structure & Payout Policies
-
R. Watts (1973)
The information content of dividendsThe Journal of Business, 46
-
J. Lintner (1956)
DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES, 46
-
David Denis, Diane Denis, Atulya Sarin (1994)
The Information Content of Dividend Changes: Cash Flow Signaling, Overinvestment, and Dividend ClientelesJournal of Financial and Quantitative Analysis, 29
-
Doron Nissim, Amir Ziv (2001)
Dividend Changes and Future ProfitabilityJournal of Finance, 56
-
Ho-Chuan Huang (2001)
Bayesian analysis of the dividend behaviourApplied Financial Economics, 11
-
R. Conroy, Kenneth Eades, Robert Harris (2000)
A Test of the Relative Pricing Effects of Dividends and Earnings: Evidence from Simultaneous Announcements in JapanJournal of Finance, 55
-
M. Holder, Frederick Langrehr, J. Hexter (1998)
Dividend policy determinants: An investigation of the influences of stakeholder theoryFinancial Management, 27
-
Ghassan Omet (2004)
Dividend Policy Behaviour in the Jordanian Capital MarketInternational Finance
-
J. Poterba, L. Summers (1984)
New Evidence that Taxes Affect the Valuation of DividendsNBER Working Paper Series
-
L. Booth, V. Demirgu-Kunt, Vojislav Maksimovic (1999)
Capital Structure in Developing Countries -
Alicia Rodríguez, Miguel Molina, A. Perez, U. Hernández (2003)
Size, Age and Activity Sector on the Growth of the Small and Medium Firm SizeSmall Business Economics, 21
-
G. Morgan, Stephen Thomas (1998)
Taxes, dividend yields and returns in the UK equity marketJournal of Banking and Finance, 22
-
P. Yoon, L. Starks (1995)
Signaling, Investment Opportunities, and Dividend AnnouncementsReview of Financial Studies, 8
-
Michael Barclay, Clifford Smith, R. Watts (1995)
THE DETERMINANTS OF CORPORATE LEVERAGE AND DIVIDEND POLICIESJournal of Applied Corporate Finance, 7
- Publisher
- Emerald Publishing
- Copyright
- Copyright © Emerald Group Publishing Limited
- ISSN
- 1026-4116
- DOI
- 10.1108/10264116200700007
- Publisher site
- See Article on Publisher Site
Abstract
This paper examines the determinants of corporate dividend policy in Jordan. The study uses a firmlevel panel data set of all publicly traded firms on the Amman Stock Exchange between 1989 and 2000. The study develops eight research hypotheses, which are used to represent the main theories of corporate dividends. A generaltospecific modeling approach is used to choose between the competing hypotheses. The study examines the determinants of the amount of dividends using Tobit specifications. The results suggest that the proportion of stocks held by insiders and state ownership significantly affect the amount of dividends paid. Size, age, and profitability of the firm seem to be determinant factors of corporate dividend policy in Jordan. The findings provide strong support for the agency costs hypothesis and are broadly consistent with the pecking order hypothesis. The results provide no support for the signaling hypothesis.
Journal
Journal of Economic and Administrative Sciences – Emerald Publishing
Published: Dec 1, 2007