Agency cost, market risk, investment opportunities and dividend policy - an international perspective

Managerial Finance

Volumn 25, Issue 6, 1999, Pages 35-43

  D’Souza, Juliet ^a   Saxena, Atul K ^a  

^a MERCER UNIVERSITY   (United States)

Author keywords

Accounting research; Beta factor; Capital investment; Dividends; Stock ownership

Indexed keywords

EID: 85015621019     PISSN: 03074358     EISSN: 17587743     Source Type: Journal    
DOI: 10.1108/03074359910765993     Document Type: Article

References (10)

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2. Collins, M. Cary, Atul K. Saxena, and James W. Wansley, “The Role of insiders and Dividend Policy: A Comparison of Regulated and Unregulated Firms,” Journal of Financial and Strategic Decisions, Vol. 9, No. 2, Summer 1996, pp.1-9.
3. Easterbrook, Frank H., “Two Agency-Cost Explanations of Dividends,” American Economic Review, Vol. 74, September 1984, pp.650-659.
4. Glen, Jack D., Yannis Karmokolias, Robert R. Miller, and Sanjay Shah, “Dividend Policy and Behavior in Emerging Markets: To Pay orNotto Pay,” Discussion Paper No. 26, International Finance Corporation (World Bank), Washington, DC., July 1995.
5. Green, Peter, Michael Pogue, and Ian Watson, “Dividend Policy and its Relationship to Investment and Financing Policies: Empirical Evidence Using Irish Data,” IBAR, Vol. 14, No. 2, 1993, pp.69-83.
6. Higgins, Robert C., “The Corporate Dividend-Saving Decision,” Journal of Financial and Quantitative Analysis, Vol. 7, No. 2, 1972, pp.1527-1541.
7. Jensen, Michael C. and William H. Meckling, “Theory of the Firm: Manage rial Behav ior, Agency Costs, and Ownership Structure,” Journal of Financial Economics, Vol. 3, No. 4, pp.305-360.
8. Lloyd, W.P., John S. Jahera, and D.E. Page, “Agency Costs and Dividend Payout Ratios,” Quarterly Journal of Business and Economics, Vol. 24, No. 3, Summer 1985.
9. Miller, Merton H., and Franco Modigliani, “Dividend Policy, Growth, and the Valuation of Shares,” Journal of Business, Vol. 34, October 1961, pp.411-433.
10. Rozeff, Michael S., “Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios,” Journal of Financial Research, Vol. 5, Fall 1982, pp.249-259.