메뉴 건너뛰기




Volumn 59, Issue , 2016, Pages 186-199

Signaling, corporate governance, and the equilibrium dividend policy

Author keywords

Corporate governance; Cross listings; Dividend policy; Emerging markets; Insider ownership; Signaling

Indexed keywords


EID: 84958875018     PISSN: 10629769     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.qref.2015.06.005     Document Type: Article
Times cited : (29)

References (45)
  • 1
    • 0142060864 scopus 로고    scopus 로고
    • Do emerging market firms follow different dividend policies from U.S. firms?
    • Aivazian V., Booth L., Cleary S. Do emerging market firms follow different dividend policies from U.S. firms?. Journal of Financial Research 2003, 26:371-387.
    • (2003) Journal of Financial Research , vol.26 , pp. 371-387
    • Aivazian, V.1    Booth, L.2    Cleary, S.3
  • 3
    • 66049131570 scopus 로고    scopus 로고
    • Payout policy
    • North-Holland, Amsterdam, G. Constantinides, M. Harris, R. Stulz (Eds.)
    • Allen F., Michaely R. Payout policy. Handbook of the Economics of Finance 2003, 337-430. North-Holland, Amsterdam. G. Constantinides, M. Harris, R. Stulz (Eds.).
    • (2003) Handbook of the Economics of Finance , pp. 337-430
    • Allen, F.1    Michaely, R.2
  • 4
    • 84977708705 scopus 로고
    • Efficient signaling with dividends and investments
    • Ambarish R., John K., Williams J. Efficient signaling with dividends and investments. The Journal of Finance 1987, 42:321-343.
    • (1987) The Journal of Finance , vol.42 , pp. 321-343
    • Ambarish, R.1    John, K.2    Williams, J.3
  • 6
    • 0034465125 scopus 로고    scopus 로고
    • A new database on the structure and development of the financial sector
    • Beck T., Demirgüç-Kunt A., Levine R. A new database on the structure and development of the financial sector. The World Bank Economic Review 2000, 14:597-605.
    • (2000) The World Bank Economic Review , vol.14 , pp. 597-605
    • Beck, T.1    Demirgüç-Kunt, A.2    Levine, R.3
  • 7
    • 0040212676 scopus 로고    scopus 로고
    • Foreign speculators and emerging equity markets
    • Bekaert G., Harvey C.R. Foreign speculators and emerging equity markets. The Journal of Finance 2000, 55:565-613.
    • (2000) The Journal of Finance , vol.55 , pp. 565-613
    • Bekaert, G.1    Harvey, C.R.2
  • 9
    • 84875857157 scopus 로고    scopus 로고
    • International cross-listings and subsequent security-market choices: Evidence from ADRs
    • Boubakri N., Cosset J., Samet A. International cross-listings and subsequent security-market choices: Evidence from ADRs. The Financial Review 2013, 48:311-341.
    • (2013) The Financial Review , vol.48 , pp. 311-341
    • Boubakri, N.1    Cosset, J.2    Samet, A.3
  • 10
    • 34547917652 scopus 로고    scopus 로고
    • Executive financial incentives and payout policy: Firm responses to the 2003 dividend tax cut
    • Brown J.R., Liang N., Weisbenner S. Executive financial incentives and payout policy: Firm responses to the 2003 dividend tax cut. The Journal of Finance 2007, 62:1935-1965.
    • (2007) The Journal of Finance , vol.62 , pp. 1935-1965
    • Brown, J.R.1    Liang, N.2    Weisbenner, S.3
  • 11
    • 0042829594 scopus 로고    scopus 로고
    • The separation of ownership and control in East Asian corporations
    • Claessens S., Djankov S., Lang L.H. The separation of ownership and control in East Asian corporations. Journal of Financial Economics 2000, 58:81-112.
    • (2000) Journal of Financial Economics , vol.58 , pp. 81-112
    • Claessens, S.1    Djankov, S.2    Lang, L.H.3
  • 12
    • 0042261097 scopus 로고    scopus 로고
    • The future as history: The prospects for global convergence in corporate governance and its implications
    • Coffee J. The future as history: The prospects for global convergence in corporate governance and its implications. Northwestern University Law Review 1999, 93:641-708.
    • (1999) Northwestern University Law Review , vol.93 , pp. 641-708
    • Coffee, J.1
  • 13
    • 0036868524 scopus 로고    scopus 로고
    • Racing towards the Top?: The impact of cross-listings and stock market competition on international corporate governance
    • Coffee J. Racing towards the Top?: The impact of cross-listings and stock market competition on international corporate governance. Columbia Law Review 2002, 102:1757-1831.
    • (2002) Columbia Law Review , vol.102 , pp. 1757-1831
    • Coffee, J.1
  • 14
    • 30744455448 scopus 로고    scopus 로고
    • Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory
    • DeAngelo H., DeAngelo L., Stulz R.M. Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of Financial Economics 2006, 81:227-254.
    • (2006) Journal of Financial Economics , vol.81 , pp. 227-254
    • DeAngelo, H.1    DeAngelo, L.2    Stulz, R.M.3
  • 17
    • 0001413464 scopus 로고
    • Two agency-cost explanations of dividends
    • Easterbrook F.H. Two agency-cost explanations of dividends. The American Economic Review 1984, 74:650-659.
    • (1984) The American Economic Review , vol.74 , pp. 650-659
    • Easterbrook, F.H.1
  • 18
    • 84944837552 scopus 로고
    • International asset pricing under mild segmentation: Theory and test
    • Errunza V., Losq E. International asset pricing under mild segmentation: Theory and test. The Journal of Finance 1985, 40:105-124.
    • (1985) The Journal of Finance , vol.40 , pp. 105-124
    • Errunza, V.1    Losq, E.2
  • 19
    • 0036334425 scopus 로고    scopus 로고
    • The ultimate ownership of Western European corporations
    • Faccio M., Lang L.H. The ultimate ownership of Western European corporations. Journal of Financial Economics 2002, 65:365-395.
    • (2002) Journal of Financial Economics , vol.65 , pp. 365-395
    • Faccio, M.1    Lang, L.H.2
  • 20
    • 0003164748 scopus 로고    scopus 로고
    • Disappearing dividends: Changing firm characteristics or lower propensity to pay?
    • Fama E.F., French K.R. Disappearing dividends: Changing firm characteristics or lower propensity to pay?. Journal of Financial Economics 2001, 60:3-43.
    • (2001) Journal of Financial Economics , vol.60 , pp. 3-43
    • Fama, E.F.1    French, K.R.2
  • 21
    • 0002518473 scopus 로고    scopus 로고
    • Corporate payout policy and managerial stock incentives
    • Fenn G.W., Liang N. Corporate payout policy and managerial stock incentives. Journal of Financial Economics 2001, 60:45-72.
    • (2001) Journal of Financial Economics , vol.60 , pp. 45-72
    • Fenn, G.W.1    Liang, N.2
  • 22
    • 43849110787 scopus 로고    scopus 로고
    • Does international cross-listing improve the information environment
    • Fernandes N., Ferreira M.A. Does international cross-listing improve the information environment. Journal of Financial Economics 2008, 88:216-244.
    • (2008) Journal of Financial Economics , vol.88 , pp. 216-244
    • Fernandes, N.1    Ferreira, M.A.2
  • 23
    • 85015664329 scopus 로고    scopus 로고
    • Signaling, free cash flow and "nonmonotonic" dividends
    • Fuller K., Blau B.M. Signaling, free cash flow and "nonmonotonic" dividends. The Financial Review 2010, 45:21-56.
    • (2010) The Financial Review , vol.45 , pp. 21-56
    • Fuller, K.1    Blau, B.M.2
  • 24
    • 0042170206 scopus 로고    scopus 로고
    • Dividends, share repurchases, and the substitution hypothesis
    • Grullon G., Michaely R. Dividends, share repurchases, and the substitution hypothesis. The Journal of Finance 2002, 57:1649-1684.
    • (2002) The Journal of Finance , vol.57 , pp. 1649-1684
    • Grullon, G.1    Michaely, R.2
  • 25
    • 62649173407 scopus 로고    scopus 로고
    • Cost of capital effects and changes in growth expectations around U.S. cross-listings
    • Hail L., Leuz C. Cost of capital effects and changes in growth expectations around U.S. cross-listings. Journal of Financial Economics 2009, 93:428-454.
    • (2009) Journal of Financial Economics , vol.93 , pp. 428-454
    • Hail, L.1    Leuz, C.2
  • 26
    • 0000250716 scopus 로고
    • Specification tests in econometrics
    • Hausman J.A. Specification tests in econometrics. Econometrica 1978, 46:1251-1271.
    • (1978) Econometrica , vol.46 , pp. 1251-1271
    • Hausman, J.A.1
  • 27
    • 0001066475 scopus 로고
    • Agency cost of free cash flow, corporate finance, and takeovers
    • Jensen M.C. Agency cost of free cash flow, corporate finance, and takeovers. American Economic Review 1986, 76:323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 28
    • 32144464931 scopus 로고    scopus 로고
    • The world of cross-listings and cross-listings of the world: Challenging conventional wisdom
    • Karolyi G.A. The world of cross-listings and cross-listings of the world: Challenging conventional wisdom. Review of Finance 2006, 10:99-152.
    • (2006) Review of Finance , vol.10 , pp. 99-152
    • Karolyi, G.A.1
  • 34
    • 84939429904 scopus 로고
    • Dividend policy under asymmetric information
    • Miller M.H., Rock K. Dividend policy under asymmetric information. The Journal of Finance 1985, 40:1031-1051.
    • (1985) The Journal of Finance , vol.40 , pp. 1031-1051
    • Miller, M.H.1    Rock, K.2
  • 35
    • 10644223343 scopus 로고    scopus 로고
    • Corporate governance and dividend policy in emerging markets
    • Mitton T. Corporate governance and dividend policy in emerging markets. Emerging Markets Review 2004, 5:409-426.
    • (2004) Emerging Markets Review , vol.5 , pp. 409-426
    • Mitton, T.1
  • 36
    • 0039015451 scopus 로고    scopus 로고
    • Asymmetric information, managerial opportunism, financing, and payout policies
    • Noe T.H., Rebello M.J. Asymmetric information, managerial opportunism, financing, and payout policies. The Journal of Finance 1996, 51:637-660.
    • (1996) The Journal of Finance , vol.51 , pp. 637-660
    • Noe, T.H.1    Rebello, M.J.2
  • 37
  • 38
    • 84993081801 scopus 로고    scopus 로고
    • Does cross-listing in the USA really enhance the value of emerging market firms?
    • O'Connor T.G. Does cross-listing in the USA really enhance the value of emerging market firms?. Review of Accounting and Finance 2009, 8:308-336.
    • (2009) Review of Accounting and Finance , vol.8 , pp. 308-336
    • O'Connor, T.G.1
  • 39
    • 84866042637 scopus 로고    scopus 로고
    • Do transparent firms pay out more cash to shareholders? Evidence from international cross-listings
    • Petrasek L. Do transparent firms pay out more cash to shareholders? Evidence from international cross-listings. Financial Management 2012, 41:615-636.
    • (2012) Financial Management , vol.41 , pp. 615-636
    • Petrasek, L.1
  • 40
    • 84986465448 scopus 로고
    • Growth, Beta and agency costs as determinants of dividend payout ratios
    • Rozeff M.S. Growth, Beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research 1982, 5:249-259.
    • (1982) Journal of Financial Research , vol.5 , pp. 249-259
    • Rozeff, M.S.1
  • 41
    • 84875531563 scopus 로고    scopus 로고
    • Dividend policy: Balancing shareholders' and creditors' interests
    • Shao L., Kwok C.C.Y., Guedhami O. Dividend policy: Balancing shareholders' and creditors' interests. Journal of Financial Research 2013, 36:43-66.
    • (2013) Journal of Financial Research , vol.36 , pp. 43-66
    • Shao, L.1    Kwok, C.C.Y.2    Guedhami, O.3
  • 42
    • 0001906819 scopus 로고    scopus 로고
    • Globalization, corporate finance, and the cost of capital
    • Stulz R.M. Globalization, corporate finance, and the cost of capital. Journal of Applied Corporate Finance 1999, 12:8-25.
    • (1999) Journal of Applied Corporate Finance , vol.12 , pp. 8-25
    • Stulz, R.M.1
  • 44
    • 0001690533 scopus 로고
    • The information content of dividends
    • Watts R. The information content of dividends. The Journal of Business 1973, 46:191-211.
    • (1973) The Journal of Business , vol.46 , pp. 191-211
    • Watts, R.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.