Dividend Payments

This study investigates the effect of family firm on corporate performance and financial policy (capital structure, cash holding, and cash dividends). Using a sample of Brazilian firms, the study uses a treatment effect model to address self-selection and endogeneity problems. The results show that family firm has a negative net effect on performance. Family control have a effect on financial policies that indicate an aversive behavior to preserve control. The results indicate less problem of free cash flow and more risk-taking behavior in family-manage companies, suggesting that such aversion behavior is reduced when the family controls and manages the firm. This is the first study that takes into account the effect of family firm behavior through multiple financial policies.

This paper examines Romanian companies' behaviour (listed on the Bucharest Stock Exchange) to a change of dividend tax rate. Even if the number of companies which had paid dividends in 2016, for 2015 decreased to 32, compared with 34 companies from previous year, the total value of paid dividends increased with 53% comparatively with dividends paid for 2014. This can be explained through the new tax rate which has been reduced from 16% to 5%. We found that the shareholders obtain profit from two sources: due to increase of gross dividend and due to decrease of the tax rate. Moreover, the paper found also: for the companies who paid higher dividend for 2015 compared with 2014 the dividend paid for 2015 is statistically significant different than the dividend paid for 2014; for the companies who paid smallest dividend for 2015, we were not able to find any statistical difference. This means that the companies which increased the dividend for 2015, took into consideration the new legislation and they are motivated to pay more to the shareholders; companies which decreased the dividend value for 2015 is due to some internal factors.

The objectives of our research are to examine the impact of profitability and growth opportunity on dividend payment. After analyzing the data of firms in Indonesia over the sample period 2009-2013, by using regression and correlation analysis, for testing hypotheses 1 and 2 to investigate the impact of profitability and growth opportunity on dividend payment, we made the conclusion. For hypothesis 1, we find that there is a positive insignificant effect of profitability on dividend payment, while for hypothesis 2 we conclude that growth opportunity has a positive and significant effect on dividend payment. These implied that the higher profitability and growth opportunity of the firms, the higher dividends pay to firm's shareholders. 1.0. BACKGROUND When a company decided to go public, it means that the firm will issue the stocks to the public. Society will buy the stock of this firm with the aim to get the return which consists of capital gain and dividend. However, this investment is accompanied by the risks that caused the stock price quite fluctuative. The sustainable stockholders should minimize the risks by recognizing and analyzing what factors that can effect the fluctuations of return, as they expect to gain the return from their investment. Dividend payment is a distribution of earnings (income) to shareholders based on the number of shares invested. This distribution will reduce retained earnings available for the company. Based on the results of previous studies, many factors can affect the dividend payments, such as firm's profitability and growth opportunity. The theory also explains the relationship between profitability, growth opportunity, and dividend payments. Profitability is a measure of the overall company's ability to generate profits with the overall amount of assets available in the enterprise. The higher this ratio, the better the financial condition of the company. Profitability of the firms can be measured by using ROA (Return on Assets) and ROE (Return on Equity). Meanwhile, companies that have high growth opportunity will have a high value of investments. A growth company tends to have very profitable reinvestment opportunities for its own retained earnings. Thus, it typically pays little to no dividends to stockholders. Therefore, growth opportunities and return on asset are the two variables which affect the decision to pay the dividend. However, to what extent profitability and growth opportunity can effect the dividend payments is varied. Therefore, we conduct this research for testing the effect of firm's profitability and growth opportunity on dividend payments of the firms from miscellaneous industrial sector.

After 16 years of suspension during the leadership of Steve Jobs, Apple now pays cash dividends. Since the death of Jobs, Apple has distributed twelve quarterly dividends. Of these, cash was paid 7 days after the ex-dividend date on ten occasions, and twice after 8 days. It has been well documented that individuals prefer numbers with salient final digits, such as 0 and 5, when making quantitative decisions. These phenomena motivates us to examine if 7 is a salient number (in other words, a weekly cycle effect is at work) in determining the period between the ex-dividend and payment dates. Since Taiwanese firms pay annual dividends, we conjecture that in Taiwan a period of 28 days is the most common period chosen for annual dividend distribution. This conjecture is verified and we provide evidence that the period decision is mainly affected by weekly cycle effect, and liquidity discretion. The periods are clustering around multiples of 7 from 21 to 49 days. We advance that the cycle of weekdays governs our daily life, just as two hands and ten fingers characterize our human body. Subsequently, we propose a behavioral and heuristic argument to explain why market participants are prone to number with final digits of 0, 5, and even numbers when making quantitative decisions. This paper shows that decision makers tend to link Fridays to the final transfer date of shares and choose time spans that follow 7-day patterns, corresponding to the weekly cycle. We hope to liberate firms from the anchoring effect imposed by the weekday framework and weekly cycles, to allow for more efficient an d rational decisions by both firms and shareholders.

This paper examines Romanian companies’ behaviour (listed on the Bucharest Stock Exchange) to a change of dividend tax rate. Even if the number of companies which had paid dividends in 2016, for 2015 decreased to 32, compared with 34 companies from previous year, the total value of paid dividends increased with 53% comparatively with dividends paid for 2014. This can be explained through the new tax rate which has been reduced from 16% to 5%. We found that the shareholders obtain profit from two sources: due to increase of gross dividend and due to decrease of the tax rate. Moreover, the paper found also: for the companies who paid higher dividend for 2015 compared with 2014 the dividend paid for 2015 is statistically significant different than the dividend paid for 2014; for the companies who paid smallest dividend for 2015, we were not able to find any statistical difference. This means that the companies which increased the dividend for 2015, took into consideration the new legis...

This study presents the results of an analysis of dividend policies in Italian listed companies. In particular, after an empirical analysis of dividends distributed by Italian listed companies, this study seeks to define the main factors that determine choices regarding dividend policy.

The papcr investigate.s IIP d(lernlinanl,t rtl'ditidetd pa1<tLrt bl'exantirtittg the instrratrce sectttr of Bangkrlesh listed in both Dhaka stock exchange and Cltittctgutg Str.,ck exchctn[e. rtofitbitit,v ha.s alwa1,.r beert considered as a printrt4' indica"toril ,Ii,idenrl payout ratio. There ctre ,Lulxerou.\ other .factors other than prtalimbfliil, al.so tlnt afiect tlit,iclentl rlecision.s of'an organization nameh growth' 'letieruge, iangible (t.esets, retunx otl ossets, gross premium, and total re,\erves' Available literature suggests that dit,iclend payout ratio is posititell' related to' retrffn on nrrrtr, gror,-pi"mium and it hu.s inverse relationship with debts, tangible (rs.\et.t, resene, and growth opportunities' This paper is an atte'txpt to empirical\' ttnalyze the detenniiants of dividend parout rdlio qf Insurance sector. The paper also jrtcuses on identilying whellzer various factors available as per literature i.nfluence dit'idend pay:out ratio in Insurance sector in Bangladesh in existing sienario or not. Statistical techniques o.f correkilirtn and regression hat'e been ttsed to explore the relarionship betwien key t'ariables' Thul' t\e main theme of this ,tndi i, to identifi, the t,irious .f'actnr.s that ittfluence the dividend pavout policy decisir.tns of htsurance sector in Bcnglade'sh'