Investment Opportunities and Dividend Policy:
Deregulation and Diversification in the Utilities Industry
Lubin School of Business
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Lubin School of Business
Profitability has always been considered as a primary indicator of dividend payout ratio. The value of the firm as dividend is increased, holding everything else (capital budgets, borrowing) constant. Thus, there is a trade-off between retained earnings on one hand, and distributing cash...
Modigliani- Miller theorem
• Are the production and investment decisions of the firms influenced by their financial structure?
• The market value of a firm is given by: Equity + Debt = E + D = V. The objective of the managers is the maximization of the firm’s value i.e. of its share price...
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Explanatory factors of bank dividend policy: revisited
John Theis and Amitabh S. Dutta
D. Abbott Turner College of Business, Columbus State University, Columbus, Georgia, USA
The decision to pay dividend is one of the most important financial decisions made within a company. The term dividend refers to that portion of net earnings of a firm which is distributed among its shareholders. It is the reward of the shareholders for investment made...
Documentos de Trabajo “Nuevas Tendencias en Dirección de Empresas”
Documento de Trabajo 03/01
Dividend Policy of European Banks
José María Díez Esteban Oscar López de Foronda Pérez Universidad de Burgos
Programa Interuniversitario de Doctorado “Nuevas Tendencias en Dirección d...
American Finance Association
Agency Problems and Dividend Policies around the World Author(s): Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer, Robert W. Vishny Source: The Journal of Finance, Vol. 55, No. 1 (Feb., 2000), pp. 1-33 Published by: Blackwell Publishing for the American F...
The Determinants of Corporate Dividend Policy
A dividend decision of a firm is an outcome of various considerations. These considerations differ across
time and industry. The present study re-examines various factors that have a bearing on the dividend
decision of a firm by using a...
Journal of Banking & Finance 27 (2003) 1297–1321
Corporate governance, dividend payout
policy, and the interrelation between
dividends, R&D, and capital investment
Department of Economics, University of Vienna, WP No. 9803,...
FPL An Overview
FPL Group, Inc. is Florida's largest electric utility company. In 1925, through the consolidation of numerous electric and gas companies, they formed Florida Power & Light Company (FP&L). FP&L grew steadily over the next 50 years until rising fuel costs, operating issues, and...
Question 1: There are a number of theories regarding the relevance of dividend policy-discuss these theories. In what situations might management decide to increase dividends?
Dividend Irrelevance Theory
Much like their work on the capital-structure irrelevance proposition, Modigliani and Mille...
Pay Less or More Dividend?
Dividend is the distribution of profits to a company's shareholders. The timing and amount of any future dividend payments will be recommended by the Board of Directors and will depend on the company's future earnings, cash flows, working capital requirements, investme...
BY: WAFAA OMAI
ADVANCED FINANCAIL MANAGEMENT
The purpose of this paper is to help management must decide on the form of the dividend distribution, generally as cash dividends or via a share buyback. Various factors may be taken into consideration: where shareholders must pay tax on dividends, fi...
DIVIDEND POLICY DETERMINANTS: AN INVESTIGATION OF THE INFLUENCES OF STAKEHOLDER THEORY
by Mark E. Holder, Frederick W. Langrehr, J. Lawrence Hexter
There is considerable debate on how dividend policy affects firm value. Some researchers believe that dividends increase shareholder wealth (Gordon, 1...
Dividend Irrelevance Theory definition
A theory that investors are not concerned with a company's dividend policy since they can sell a portion of their portfolio of equities if they want cash.
The dividend irrelevance theory essentially indicates that an issuance of dividends should have li...