上市企业融资文献综述及外文文献资料Word文件下载.docx
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上市企业融资文献综述及外文文献资料Word文件下载.docx
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AborJ;
BokpinA.Investmentopportunities,corporatefinance,anddividendpayoutpolicy.StudiesinEconomicsandFinance.2015;
27(3):
180-194.
Investmentopportunities,corporatefinance,anddividendpayoutpolicy
AborJ;
BokpinA
Abstract
Purpose-Thepurposeofthispaperistoinvestigatetheeffectsofinvestmentopportunities and corporate finance on dividend payout policy.Design/methodology/approach-Thisissueistestedwithasampleof34emergingmarketcountriescoveringa17-yearperiod,1990-2006.Fixedeffectspanelmodelisemployedinourestimation.Findings-Asignificantlynegativerelationshipbetweeninvestmentopportunitysetanddividendpayoutpolicyisfound.Thereare,however,insignificanteffectsofthevariousmeasuresofcorporatefinancenamely,financialleverage,external financing,anddebt maturityondividendpayout policy.Profitabilityandstockmarketcapitalizationarealsoidentifiedasimportantininfluencingdividendpayoutpolicy.Profitablefirmsaremorelikelytosupporthighdividendpaymentstoshareholders.However,firmsinrelativelywell-developedmarketstendtoexhibitlowdividendpayoutpolicy.Originality/value-Themainvalueofthepaperisinrespectofthefactthatitusesalargedatasetfromemergingmarketcountries.Theresultsgenerallysupportexistingliteratureoninvestmentopportunitysetanddividendpayoutpolicy.
Keywords:
International;
Dividends;
Corporatefinance;
1.Introduction
Theimpactofinvestmentandfinancingdecisionsonfirmvaluehasbeenthefocusofextensiveresearchsince[50]ModiglianiandMiller(1958)proposedthe"
separationprinciple"
.Thetheoryassertsthatinaperfectcapitalmarket,thevalueofthefirmisindependentofthemannerinwhichitsproductiveassetsarefinanced.Infactsome
authorslike[12]Barnesetal.(1981)supporttheirview.However,othershavecontrastedthefindingsoftheearlierstudiessuggestingthatinvestment,financing,anddividendpolicyarerelated([30]GrabowskiandMueller,1972;
[46]McCabe,1979;
[5]Anderson,1983).ThisispredicatedontheassumptionthatModiglianiandMiller'
sidealworlddoesnotexist.Financialmarketsarenotperfectgiventaxes,transactioncosts,bankruptcycosts,agencycosts,anduncertaininflationinthemarketplace.Accordingto[13]BiermanandHass(1983),managementusuallyaddressesthedividendtargetpayoutlevelinthecontextofforecastingthefirm'
ssourcesanduseoffunds.Consideringprospectiveinvestmentopportunitiesandtheinternalcashgenerationpotentialofthefirm,bothcapitalstructureanddividendpolicyarechosentoensurethatsufficientfundsareavailabletoundertakealldesirableinvestmentswithoutusingnewequity([14]Black,1976).Butwhatconstitutesa"
desirable"
investment?
Ifitisonethathasanexpectedreturngreaterthanthecostoffundsthatfinanceit,andifthecostofretainedearningsisdifferentfromthecostofnewequitycapital,thendividendpolicy,capitalstructure,andinvestmentstrategyarenecessarilyjointlydetermined([15]BlackandSchools,1974).
Dividendpayoutpolicyisanimportantcorporateissueandmaybecloselyrelatedto,andinteractswith,mostofthefinancialandinvestmentdecisionsfirmsmake.Aproperunderstandingofdividendpolicyiscriticalformanyotherareassuchasassetpricing,capitalstructure,mergersandacquisitions,andcapitalbudgeting([2]AllenandMichael,1995).Firms'
dividenddecisionscouldalsobeinfluencedbytheirprofitlevel,risk,andsize.Thoughdividendpolicyhasbeenidentifiedasamajorcorporatedecisionfacedbymanagement,itremainsoneofthepuzzlesincorporatefinance([52]Obi,2001).Therehasbeenemergingconsensusthatthereisnosingleexplanationofdividends.[19]Brooketal.(1998)agreethat,thereisnoreasontobelievethatcorporatedividendpolicyisdrivenbyasinglegoal.
Attentionofempiricalresearchhasbeenatascertainingtherelationshipbetweeninvestmentopportunities,corporatefinancinganddividendpayout([54]PruittandGilman,1991;
[6]AviationandBooth,2003).However,thesefindingshavefailedto
establishanyclearlinkconcerningthisissue.Mostofthesestudiestendtofocusondevelopedmarkets.Littleis,however,knownabouthowinvestmentopportunitiesandcorporatefinanceinfluencedividendpayoutpolicyofemergingmarkets.Thispresentstudycontributestotheextantliteraturebyfocusingonemergingmarkets.FirmsinemergingmarketstendtoexhibitdifferentdividendbehaviorfromthoseofdevelopedmarketsliketheUS.Thismaybearesultofthedifferencesinlevelsofefficiencyandinstitutionalarrangementsbetweendevelopedmarketsandemergingmarkets.Itis,therefore,usefultoimproveourunderstandingoftheissuefromanemergingmarketperspective.
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