메뉴 건너뛰기




Volumn 17, Issue , 2013, Pages 76-88

Determinants of dividend smoothing in emerging market: The case of Korea

Author keywords

Dividend smoothing; Financial liberalization; Lintner model; Macroeconomic factors; Tax

Indexed keywords


EID: 84883735105     PISSN: 15660141     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.ememar.2013.08.007     Document Type: Article
Times cited : (42)

References (32)
  • 2
    • 0002286246 scopus 로고
    • Predisclosure information, firm capitalization and security price behaviour around earning announcement
    • Atiase R. Predisclosure information, firm capitalization and security price behaviour around earning announcement. J. Account. Res. 1985, 23:21-36.
    • (1985) J. Account. Res. , vol.23 , pp. 21-36
    • Atiase, R.1
  • 3
    • 70349487039 scopus 로고    scopus 로고
    • Why do U.S. firms hold so much more cash than they used to?
    • Bates T., Kahle K., Stulz R. Why do U.S. firms hold so much more cash than they used to?. J. Finance 2009, 64:1985-2022.
    • (2009) J. Finance , vol.64 , pp. 1985-2022
    • Bates, T.1    Kahle, K.2    Stulz, R.3
  • 4
    • 0010198239 scopus 로고
    • Tax policy and the dividend puzzle
    • Bernheim D. Tax policy and the dividend puzzle. RAND J. Econ. 1991, 22:455-476.
    • (1991) RAND J. Econ. , vol.22 , pp. 455-476
    • Bernheim, D.1
  • 5
    • 0000118836 scopus 로고
    • Imperfect information, dividend policy, and "The Bird in the Hand" fallacy
    • Bhattacharya S. Imperfect information, dividend policy, and "The Bird in the Hand" fallacy. Bell J. Econ. 1979, 10:259-270.
    • (1979) Bell J. Econ. , vol.10 , pp. 259-270
    • Bhattacharya, S.1
  • 7
    • 77955176564 scopus 로고    scopus 로고
    • Is dividend smoothing universal? New insights from a comparative study of dividend policies in Hong Kong and the U.S.
    • Chemmanur T.J., He J., Gang H., Liu H. Is dividend smoothing universal? New insights from a comparative study of dividend policies in Hong Kong and the U.S. J. Corp. Financ. 2010, 16:413-430.
    • (2010) J. Corp. Financ. , vol.16 , pp. 413-430
    • Chemmanur, T.J.1    He, J.2    Gang, H.3    Liu, H.4
  • 8
    • 0038371974 scopus 로고    scopus 로고
    • Dividends, asymmetric information and agency conflicts: evidence from a comparison of the dividend policies of Japanese and U.S. firms
    • Dewenter K.L., Warther V.A. Dividends, asymmetric information and agency conflicts: evidence from a comparison of the dividend policies of Japanese and U.S. firms. J. Finance 1998, 53:879-904.
    • (1998) J. Finance , vol.53 , pp. 879-904
    • Dewenter, K.L.1    Warther, V.A.2
  • 9
    • 84986469538 scopus 로고    scopus 로고
    • Firm size and dividend announcements
    • Eddy A., Seifert B. Firm size and dividend announcements. J. Financ. Res. 1998, 11:295-302.
    • (1998) J. Financ. Res. , vol.11 , pp. 295-302
    • Eddy, A.1    Seifert, B.2
  • 10
    • 84880736337 scopus 로고
    • Dividend policy: an empirical analysis
    • Fama E.F., Babiak H. Dividend policy: an empirical analysis. J. Am. Stat. Assoc. 1968, 63:1132-61.
    • (1968) J. Am. Stat. Assoc. , vol.63 , pp. 1132-1161
    • Fama, E.F.1    Babiak, H.2
  • 11
    • 0000864783 scopus 로고
    • The association between accounting earnings and security returns for large and small firms
    • Freeman R. The association between accounting earnings and security returns for large and small firms. J. Account. Econ. 1987, 9:195-228.
    • (1987) J. Account. Econ. , vol.9 , pp. 195-228
    • Freeman, R.1
  • 12
    • 0040192117 scopus 로고    scopus 로고
    • Dividend behaviour and dividend signalling
    • Garrett I., Priestley R. Dividend behaviour and dividend signalling. J. Financ. Quant. Anal. 2000, 35:173-189.
    • (2000) J. Financ. Quant. Anal. , vol.35 , pp. 173-189
    • Garrett, I.1    Priestley, R.2
  • 13
    • 84986432174 scopus 로고
    • An analysis of shareholder reaction to dividend cuts and omissions
    • Ghosh C., Woolridge J.R. An analysis of shareholder reaction to dividend cuts and omissions. J. Financ. Res. 1988, 11:281-294.
    • (1988) J. Financ. Res. , vol.11 , pp. 281-294
    • Ghosh, C.1    Woolridge, J.R.2
  • 14
    • 0040790529 scopus 로고    scopus 로고
    • Going public without governance: managerial reputation effect
    • Gomes A. Going public without governance: managerial reputation effect. J. Finance 2000, 55(2):615-646.
    • (2000) J. Finance , vol.55 , Issue.2 , pp. 615-646
    • Gomes, A.1
  • 15
    • 78649484070 scopus 로고    scopus 로고
    • Dividend stickiness and strategic pooling
    • Guttman I., Kadan O., Kandel E. Dividend stickiness and strategic pooling. Rev. Financ. Stud. 2010, 23:4455-4495.
    • (2010) Rev. Financ. Stud. , vol.23 , pp. 4455-4495
    • Guttman, I.1    Kadan, O.2    Kandel, E.3
  • 17
    • 84944836061 scopus 로고
    • Dividends, dilution and taxes: a signalling equilibrium
    • John K., Williams J. Dividends, dilution and taxes: a signalling equilibrium. J. Finance 1985, 40:1053-1070.
    • (1985) J. Finance , vol.40 , pp. 1053-1070
    • John, K.1    Williams, J.2
  • 18
    • 84978575526 scopus 로고
    • Firm prominence and the differential information content of quarterly earnings announcements
    • Kross W., Schroeder D.A. Firm prominence and the differential information content of quarterly earnings announcements. J. Bus. Finan. Acc. 1988, 16:55-74.
    • (1988) J. Bus. Finan. Acc. , vol.16 , pp. 55-74
    • Kross, W.1    Schroeder, D.A.2
  • 19
    • 0002694161 scopus 로고
    • Shareholder-manager conflict and the information content of dividend
    • Kumar P. Shareholder-manager conflict and the information content of dividend. Rev. Financ. Stud. 1988, 1:111-136.
    • (1988) Rev. Financ. Stud. , vol.1 , pp. 111-136
    • Kumar, P.1
  • 20
    • 0041025017 scopus 로고    scopus 로고
    • Discrete dividend policy with permanent earnings
    • Kumar P., Lee B. Discrete dividend policy with permanent earnings. Financ. Manag. 2001, 30:55-76.
    • (2001) Financ. Manag. , vol.30 , pp. 55-76
    • Kumar, P.1    Lee, B.2
  • 22
    • 0002979223 scopus 로고
    • On the informational content of dividends
    • Laub M. On the informational content of dividends. J. Bus. 1976, 49:73-80.
    • (1976) J. Bus. , vol.49 , pp. 73-80
    • Laub, M.1
  • 23
    • 80052972703 scopus 로고    scopus 로고
    • Determinants of dividend smoothing: empirical evidence
    • Leary M.T., Michaely R. Determinants of dividend smoothing: empirical evidence. Rev. Financ. Stud. 2011, 24:3197-3249.
    • (2011) Rev. Financ. Stud. , vol.24 , pp. 3197-3249
    • Leary, M.T.1    Michaely, R.2
  • 24
    • 38249036512 scopus 로고
    • A further empirical investigation of the dividend adjustment process
    • Lee C., Wu C., Djarraya M. A further empirical investigation of the dividend adjustment process. J. Econ. 1987, 35:267-285.
    • (1987) J. Econ. , vol.35 , pp. 267-285
    • Lee, C.1    Wu, C.2    Djarraya, M.3
  • 25
    • 0002744905 scopus 로고
    • Distribution of incomes of corporations among dividends, retained earnings and taxes
    • Lintner J.H. Distribution of incomes of corporations among dividends, retained earnings and taxes. Am. Econ. Rev. 1956, 46:97-113.
    • (1956) Am. Econ. Rev. , vol.46 , pp. 97-113
    • Lintner, J.H.1
  • 26
    • 77954130617 scopus 로고    scopus 로고
    • Information uncertainty, information asymmetry and corporate bond yield spreads
    • Lua C., Chen T., Liao H. Information uncertainty, information asymmetry and corporate bond yield spreads. J. Bank. Financ. 2010, 34:2265-2279.
    • (2010) J. Bank. Financ. , vol.34 , pp. 2265-2279
    • Lua, C.1    Chen, T.2    Liao, H.3
  • 27
    • 0000106844 scopus 로고
    • Dividend variability and variance bounds tests for the rationality of stock market prices
    • Marsh T.A., Merton R.C. Dividend variability and variance bounds tests for the rationality of stock market prices. Am. Econ. Rev. 1986, 76:483-503.
    • (1986) Am. Econ. Rev. , vol.76 , pp. 483-503
    • Marsh, T.A.1    Merton, R.C.2
  • 28
    • 84857517758 scopus 로고    scopus 로고
    • Corporate dividend policies: lessons from private firms
    • Michaelly R., Roberts M. Corporate dividend policies: lessons from private firms. Rev. Financ. Stud. 2012, 25:711-746.
    • (2012) Rev. Financ. Stud. , vol.25 , pp. 711-746
    • Michaelly, R.1    Roberts, M.2
  • 29
    • 48549110620 scopus 로고
    • Corporate finance and investment decisions when firms have information that investors do not have
    • Myers S.C., Majluf N.S. Corporate finance and investment decisions when firms have information that investors do not have. J. Financ. Econ. 1984, 13:187-221.
    • (1984) J. Financ. Econ. , vol.13 , pp. 187-221
    • Myers, S.C.1    Majluf, N.S.2
  • 30
    • 0031160921 scopus 로고    scopus 로고
    • A tax motivation for smoothing dividends
    • Rozycki J.J. A tax motivation for smoothing dividends. Q. Rev. Econ. Finan. 1997, 37(2):563-578.
    • (1997) Q. Rev. Econ. Finan. , vol.37 , Issue.2 , pp. 563-578
    • Rozycki, J.J.1
  • 31
    • 84883672497 scopus 로고    scopus 로고
    • Ownership structure, tax regime, and dividend smoothing: international evidence
    • (SSRN:)
    • Shinozaki S., Uchida K. Ownership structure, tax regime, and dividend smoothing: international evidence. Kyushu University Working Paper 2013, (SSRN: http://dx.doi.org/10.2139/ssrn.2139897).
    • (2013) Kyushu University Working Paper
    • Shinozaki, S.1    Uchida, K.2
  • 32
    • 33645072225 scopus 로고    scopus 로고
    • Information uncertainty and stock returns
    • Zhang X.F. Information uncertainty and stock returns. J. Finance 2006, 61:105-135.
    • (2006) J. Finance , vol.61 , pp. 105-135
    • Zhang, X.F.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.