메뉴 건너뛰기




Volumn 25, Issue 9-10, 1998, Pages 1127-1155

Does the pecking order hypothesis explain the dividend payout ratios of firms in the UK?

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0042622968     PISSN: 0306686X     EISSN: 14685957     Source Type: Journal    
DOI: 10.1111/1468-5957.00230     Document Type: Conference Paper
Times cited : (58)

References (39)
  • 1
    • 0001569186 scopus 로고
    • The pecking order hypothesis: Australian evidence
    • Allen, D.E. (1993), 'The Pecking Order Hypothesis: Australian Evidence', Applied Financial Economics, Vol.3, pp. 101-112
    • (1993) Applied Financial Economics , vol.3 , pp. 101-112
    • Allen, D.E.1
  • 2
    • 38249003761 scopus 로고
    • An alternate test of myers' pecking order theory of capital structure: The case of South Korean firms
    • Ang, J.S. and M.Jung (1993), 'An Alternate Test of Myers' Pecking Order Theory of Capital Structure: The Case of South Korean Firms', Pacific-Basin Finance Journal, Vol.1, pp. 31-46.
    • (1993) Pacific-basin Finance Journal , vol.1 , pp. 31-46
    • Ang, J.S.1    Jung, M.2
  • 3
    • 0003102734 scopus 로고
    • An empirical investigation of the pecking order hypothesis
    • Spring
    • Baskin, J. (1989), 'An Empirical Investigation of the Pecking Order Hypothesis', Financial Management (Spring), pp. 26-35.
    • (1989) Financial Management , pp. 26-35
    • Baskin, J.1
  • 4
    • 0041620995 scopus 로고
    • The determinants of capital structure: Some UK evidence
    • Bennett, M. and R. Donnelly (1993), 'The Determinants of Capital Structure: Some UK Evidence', British Accounting Review, Vol.25, pp. 43-59.
    • (1993) British Accounting Review , vol.25 , pp. 43-59
    • Bennett, M.1    Donnelly, R.2
  • 5
    • 84939793498 scopus 로고
    • On the existence of an optimal capital structure: Theory and evidence
    • July
    • Bradley, M., G.A. Jarrell and E.H. Kim (1984), 'On the Existence of an Optimal Capital Structure: Theory and Evidence', Journal of Finance, Vol.39 (July), pp. 857-878
    • (1984) Journal of Finance , vol.39 , pp. 857-878
    • Bradley, M.1    Jarrell, G.A.2    Kim, E.H.3
  • 6
    • 0002224683 scopus 로고
    • The impact of personal taxes on corporate dividend policy and capital structure decisions
    • Summer
    • Chang, R.P. and S.G. Rhee (1990), 'The Impact of Personal Taxes on Corporate Dividend Policy and Capital Structure Decisions', Financial Management (Summer), pp. 21-31.
    • (1990) Financial Management , pp. 21-31
    • Chang, R.P.1    Rhee, S.G.2
  • 7
    • 0011027853 scopus 로고
    • The empirical significance of tax effects on the valuation of dividends: The UK evidence
    • June
    • Chui, A., N. Strong and J. Cadle (1992), 'The Empirical Significance of Tax Effects on the Valuation of Dividends: The UK Evidence', Journal of Business Finance & Accounting, Vol.49, No.4 (June), pp. 515-532
    • (1992) Journal of Business Finance & Accounting , vol.49 , Issue.4 , pp. 515-532
    • Chui, A.1    Strong, N.2    Cadle, J.3
  • 8
    • 37649023213 scopus 로고
    • Optimal capital structure under corporate and personal taxation
    • March
    • DeAngelo, H. and R. Masulis (1980),' Optimal Capital Structure Under Corporate and Personal Taxation', Journal of Financial Economics, Vol.8 (March), pp. 3-29.
    • (1980) Journal of Financial Economics , vol.8 , pp. 3-29
    • DeAngelo, H.1    Masulis, R.2
  • 9
    • 0002188278 scopus 로고
    • Investment, dividends and external finance behaviour of firms
    • R. Ferber (ed.), Columbia University Press, New York
    • Dhrymes, P.J. and M. Kurz (1967), 'Investment, Dividends and External Finance Behaviour of Firms', in R. Ferber (ed.), Determinants of Investment Behavior (Columbia University Press, New York).
    • (1967) Determinants of Investment Behavior
    • Dhrymes, P.J.1    Kurz, M.2
  • 12
    • 0000692893 scopus 로고
    • The empirical relationships between the dividend and investment decisions of firms
    • - (1974), 'The Empirical Relationships Between the Dividend and Investment Decisions of Firms', American Economic Review, Vol. 64, No. 3, pp. 304-18.
    • (1974) American Economic Review , vol.64 , Issue.3 , pp. 304-18
  • 15
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance and takeovers
    • Jensen, M.C. (1986), 'Agency Costs of Free Cash Flow, Corporate Finance and Takeovers', American Economic Review, Vol.76, pp. 323-329
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 16
    • 84982571693 scopus 로고
    • Agency costs, taxes and debt: The UK evidence
    • Lasfer, M.A. (1995), 'Agency Costs, Taxes and Debt: The UK Evidence', European Financial Management, Vol.1, pp. 265-285
    • (1995) European Financial Management , vol.1 , pp. 265-285
    • Lasfer, M.A.1
  • 17
    • 0030116885 scopus 로고    scopus 로고
    • Taxes and dividends: The UK evidence
    • April
    • - (1996), 'Taxes and Dividends: The UK Evidence', Journal of Banking and Finance (April), pp. 455-472
    • (1996) Journal of Banking and Finance , pp. 455-472
  • 18
    • 38249007357 scopus 로고
    • Stock market anomalies: A reassessment based on UK evidence
    • Levis, M. (1989), 'Stock Market Anomalies: A Reassessment Based on UK Evidence', Journal of Banking and Finance, Vol.13, pp. 675-696
    • (1989) Journal of Banking and Finance , vol.13 , pp. 675-696
    • Levis, M.1
  • 19
    • 0002744905 scopus 로고
    • Distribution of incomes of corporations among dividends, retained earnings and taxes
    • May
    • Lintner, J. (1956), 'Distribution of Incomes of Corporations Among Dividends, Retained Earnings and Taxes', American Economic Review (May), pp. 97-113.
    • (1956) American Economic Review , pp. 97-113
    • Lintner, J.1
  • 20
    • 0000983494 scopus 로고
    • The effects of dividends on common stock prices: Tax effects or information effects
    • Litzenberger, R.H. and K. Ramaswamy (1982), 'The Effects of Dividends on Common Stock Prices: Tax Effects or Information Effects', Journal of Finance, Vol.37, pp. 429-443
    • (1982) Journal of Finance , vol.37 , pp. 429-443
    • Litzenberger, R.H.1    Ramaswamy, K.2
  • 22
    • 84977428664 scopus 로고
    • Equity rights issues and the efficiency of the UK stock market
    • September
    • Marsh, P. (1979), 'Equity Rights Issues and the Efficiency of the UK Stock Market', Journal of Finance, Vol.34 (September), pp. 839-862
    • (1979) Journal of Finance , vol.34 , pp. 839-862
    • Marsh, P.1
  • 23
    • 84977409606 scopus 로고
    • The choice between equity and debt: An empirical analysis
    • March
    • - (1982), 'The Choice Between Equity and Debt: An Empirical Analysis', Journal of Finance, Vol.37 (March), pp. 121-144
    • (1982) Journal of Finance , vol.37 , pp. 121-144
  • 24
    • 0009903934 scopus 로고
    • Seasoned equity offerings: An empirical investigation
    • Masulis, R.W. and A.N. Korwar (1986), 'Seasoned Equity Offerings: An Empirical Investigation', Journal of Financial Economics, Vol.15, pp. 91-118.
    • (1986) Journal of Financial Economics , vol.15 , pp. 91-118
    • Masulis, R.W.1    Korwar, A.N.2
  • 25
    • 84974223988 scopus 로고
    • The empirical relationship between investment and financing: A new look
    • M arch
    • McCabe, G. M. (1979), 'The Empirical Relationship Between Investment and Financing: A New Look', Journal of Financial and Quantitative Analysis, Vol.14 (M arch), pp. 119-135
    • (1979) Journal of Financial and Quantitative Analysis , vol.14 , pp. 119-135
    • McCabe, G.M.1
  • 26
  • 27
    • 33747078364 scopus 로고
    • Valuation effects of security offerings and the issuance process
    • Mikkelson, W.H. and M.M. Partch (1986), 'Valuation Effects of Security Offerings and the Issuance Process', Journal of Financial Economics, Vol.15, pp. 31-60.
    • (1986) Journal of Financial Economics , vol.15 , pp. 31-60
    • Mikkelson, W.H.1    Partch, M.M.2
  • 28
    • 0001699517 scopus 로고
    • Dividend policy, growth and the valuation of shares
    • Miller, M. and F. Modigliani (1961), 'Dividend Policy, Growth and the Valuation of Shares', Journal of Business, Vol.34, pp. 411-433
    • (1961) Journal of Business , vol.34 , pp. 411-433
    • Miller, M.1    Modigliani, F.2
  • 29
    • 84939429904 scopus 로고
    • Dividend policy under asymmetric information
    • and, September
    • - and K. Rock (1985), 'Dividend Policy Under Asymmetric Information', Journal of Finance, Vol.40 (September), pp. 1031-1051
    • (1985) Journal of Finance , vol.40 , pp. 1031-1051
    • Rock, K.1
  • 30
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • November
    • Myers, S.C. (1977), 'Determinants of Corporate Borrowing', Journal of Financial Economics (November), pp. 147-176
    • (1977) Journal of Financial Economics , pp. 147-176
    • Myers, S.C.1
  • 31
    • 84944830772 scopus 로고
    • The capital structure puzzle
    • July
    • - (1984), 'The Capital Structure Puzzle', Journal of Finance, Vol.39 (July), pp. 575-592
    • (1984) Journal of Finance , vol.39 , pp. 575-592
  • 32
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information investors do not have
    • and, June
    • - and N.S. Majluf (1984), 'Corporate Financing and Investment Decisions When Firms Have Information Investors Do Not Have', Journal of Financial Economics (June), pp. 187-221.
    • (1984) Journal of Financial Economics , pp. 187-221
    • Majluf, N.S.1
  • 33
    • 0030117757 scopus 로고    scopus 로고
    • The monitoring rationale for dividends and the interaction of capital structure and dividend decisions
    • Noronha, G.M., D.K. Shome and G.E. Morgan (1996), 'The Monitoring Rationale for Dividends and the Interaction of Capital Structure and Dividend Decisions', Journal of Banking and Finance, Vol.20, pp. 439-454
    • (1996) Journal of Banking and Finance , vol.20 , pp. 439-454
    • Noronha, G.M.1    Shome, D.K.2    Morgan, G.E.3
  • 34
    • 84924126032 scopus 로고
    • Bankruptcy, secured debt and optimal capital structure
    • March
    • Scott, D. (1977), 'Bankruptcy, Secured Debt and Optimal Capital Structure', Journal of Finance, Vol.32 (March), pp. 1-19.
    • (1977) Journal of Finance , vol.32 , pp. 1-19
    • Scott, D.1
  • 35
    • 0001216365 scopus 로고
    • An examination of the empirical relationship between the dividend and investment decisions: A note
    • December
    • Smirlock, M. and W. Marshall (1983), 'An Examination of the Empirical Relationship Between the Dividend and Investment Decisions: A Note', Journal of Finance, Vol.38 (December), pp. 1659-1667
    • (1983) Journal of Finance , vol.38 , pp. 1659-1667
    • Smirlock, M.1    Marshall, W.2
  • 36
    • 84978585650 scopus 로고
    • Intertemporal dividend models - An empirical analysis using recent UK data
    • Spring
    • Theobald, M. (1978), 'Intertemporal Dividend Models - An Empirical Analysis Using Recent UK Data', Journal of Business Finance & Accounting, Vol.5, No.1 (Spring),pp. 123-132
    • (1978) Journal of Business Finance & Accounting , vol.5 , Issue.1 , pp. 123-132
    • Theobald, M.1
  • 37
    • 84977737536 scopus 로고
    • The determinants of capital structure choice
    • March
    • Titman, S. and R. Wessels (1988), 'The Determinants of Capital Structure Choice', Journal of Finance, Vol.43 (March), pp. 1-19.
    • (1988) Journal of Finance , vol.43 , pp. 1-19
    • Titman, S.1    Wessels, R.2
  • 38
    • 84972037059 scopus 로고
    • Strategic considerations, the pecking order hypothesis, and market reactions to equity financing
    • June
    • Viswanath, P.V. (1993), 'Strategic Considerations, the Pecking Order Hypothesis, and Market Reactions to Equity Financing', Journal of Financial and Quantitative Analysis, Vol.28, No.2 (June), pp. 213-234
    • (1993) Journal of Financial and Quantitative Analysis , vol.28 , Issue.2 , pp. 213-234
    • Viswanath, P.V.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.